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Dogecoin (DOGE) is a popular “meme” cryptocurrency that was conceived as a joke in 2013; it was largely used as a tipping mechanism for years until it found a resurgence in popularity from a mainstream audience in 2021 thanks to support from celebrity influencers like Elon Musk, Mark Cuban and Snoop Dogg.
DOGE is synonymous with its famous logo of a Shiba Inu dog, which is constantly utilised in memes and tweets to encourage crypto investors to join the growing “Doge army”. It has been powered by “Dogefather” Musk’s tweets and adoption from the Gamestop and TikTok communities that saw a failed push to 1USD cap out at an incredible $0.70 price tag.
Dogecoin became one of the most highly traded cryptocurrencies with a market capitalisation of US$78 billion in May 2021. At the time of writing (late July 2021), this figure has shrunk to US$23 billion. In this article, we’ll show you how and where to buy DOGE, as well as ways to store it safely.
Dogecoin is based on the code of the now defunct Litecoin (LTC) fork, Luckycoin. The proof-of-work blockchain borrowed Litecoin’s Scrypt consensus algorithm, which is how it achieves consensus from the network of computers that run the software. Litecoin itself is a fork of Bitcoin.
Unlike these pioneering networks, Dogecoin has no maximum coin supply by design, as it was intended to discourage hoarding, be cheap to use and reward miners.
Anyone can dedicate computing power and become a validator on the Dogecoin network, or in other words, engage in mining, and in exchange for their contribution they are rewarded in newly minted DOGE tokens.
In 2014, “merged mining” was introduced, which means that the Dogecoin mining process was integrated alongside Litecoin’s mining process. Anyone that mines Litecoin can now mine Dogecoin simultaneously, without impacting operational efficiency on either network.
Before investing in DOGE, you should really understand what drives the digital asset’s price action, which is mainly social hype. Failure to do so will most likely result in a bad investment. Dogecoin is mostly used in online commerce, as well as for tipping online creators such as TikTok influencers. It can be bought, traded, sold and exchanged for fiat currency or even physical items in the real world, such as Dallas Mavericks merchandise.
It has one of the largest communities of fans who dub themselves “Shibes” that mostly use the cryptocurrency to tip their favorite creator, or just some random post on Reddit, for example.
Dogecoin used to be capped at 100 billion DOGE that could ever be mined, but over time, this cap was removed, and now there can be a limitless supply of it available.
It has a reputation of being an easy-to-buy and affordable cryptocurrency that fills the role of an entry point for newcomer investors and has one of the most unique communities out there that support it with a passion.
A common question you often see on social media from crypto newbies is “Where can I buy Dogecoin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy DOGE on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
First, you will need to open an account on a cryptocurrency exchange that supports Dogecoin (DOGE). In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address. Make sure that you compare the exchanges when you decide to buy DOGE in order to find one that has the lowest fees as well as the most up-to-date exchange rates.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Many cryptocurrency exchanges will allow you to purchase Dogecoin (DOGE) with fiat currencies, such as EUR, USD, SGD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for DOGE or DOGE trading pairs. Look for the section that will allow you to buy DOGE, and enter the amount of the cryptocurrency that you want to spend for DOGE or the amount of fiat currency that you want to spend towards buying DOGE. The exchange will then calculate the equivalent amount of DOGE based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of DOGE you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
If you want to sell your DOGE, you will need to select the “Sell” option in the Dogecoin exchange wallet then enter the amount of DOGE you would like to sell as well as specify the cryptocurrency trading pair or fiat currency you would like it to be exchanged to.
Note: If you are storing your DOGE on an external wallet, you will need to re-transfer them onto the exchange’s wallet first in order to complete this process.
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