Dogecoin is a cryptocurrency built on a forked version of the Litecoin network. DOGE is a cryptocurrency developed in 2013 as a parody of cryptocurrency culture and named after the Shiba Inu Doge.
Billy Markus and Jackson Palmer founded the project with the notion that a satirical coin will garner more public attention than a serious project such as Bitcoin. Since the coin’s introduction, a large number of supporters, including Elon Musk, have rallied behind and backed it.
Dogecoin uses a Proof of Work consensus technique to create new coins, which involves using specialized mining equipment. The quantity of Dogecoins is unlimited to prevent hoarding, reward miners, and keep transaction fees low. This, however, means that the coin is inflationary. Despite its humorous origins, Dogecoin has appealed to investors as a viable alternative to other major cryptocurrencies.
What Makes DOGE Valuable?
Before making a Dogecoin (DOGE) investment, you should know what is driving the digital asset’s price movement, principally social buzz. Dogecoin is mostly used for online transactions and for tipping TikTok influencers and other online content providers. If you want to swap it for something tangible, like a piece of Dallas Mavericks memorabilia, you can use fiat currency.
Fans of the show refer to themselves as “Shibes,” and it has one of the largest followings. Most people use DOGE coins to tip a favorite creator or a random post on Reddit.
Dogecoin had a supply limit of 100 billion DOGE originally. DOGE mining is now unrestricted, with no limits on the amount that may be mined. For new investors, Doge is a good starting place because of its reputation as an easy-to-buy cryptocurrency with a vibrant community that backs it wholeheartedly.
Where and How to Buy Dogecoin? (DOGE)
“Where can I buy Dogecoin?” is a frequently asked question on social media by cryptocurrency newcomers. You’ll be relieved to know that it’s a very basic and straightforward process. Because of its huge popularity, you can now acquire DOGE in three simple steps on most cryptocurrency exchanges like Changelly. You will not have to look hard.
Step 1: Open an account on a Dogecoin-accepting exchange (DOGE)
First, you must create an account with a cryptocurrency exchange that accepts Dogecoin (DOGE). To sign up, you will need to enter some basic information such as your email address, password, complete name, and, in certain situations, a phone number or address. When you decide to buy DOGE, make sure to compare exchanges to choose one with the lowest fees and the most up-to-date exchange rates.
Note: In order to purchase cryptocurrencies on some exchanges, you may need to undergo a Know Your Customer (KYC) procedure. This is particularly typical in licensed and regulated exchanges.
Step 2: Put money into your account.
Dogecoin (DOGE) may be purchased with fiat currencies such as EUR, USD, AUD, and others on several cryptocurrency exchanges. Furthermore, they will present you with various deposit methods for funding your fiat accounts, such as credit and debit cards, e-wallets, or direct bank transfers.
It should be noted that some payment methods, such as credit card payments, will incur larger fees than others. Before financing your fiat account on your preferred exchange, make sure to do your homework and learn about the fees associated with each payment method to prevent incurring excessive charges.
Step 3: Purchase Dogecoin (DOGE)
Almost every bitcoin exchange follows a similar procedure. All you have to do is locate a navigation bar or a search bar and enter DOGE or DOGE trading pairs. Look for the part that allows you to buy DOGE and input the amount of cryptocurrency or fiat cash that you wish to spend on buying DOGE. The exchange will determine the corresponding number of DOGE based on the current market rate.
Note: Always double-check your transaction information, such as the amount of DOGE you will be purchasing and the total cost of the purchase, before finalizing the transaction. Furthermore, many cryptocurrency exchanges will provide you with their proprietary software wallet to store your cryptocurrencies; however, you can design your private software wallet or purchase a hardware wallet for the utmost level of security.
As you can see, Dogecoin isn’t like the other cryptocurrencies we’ve discussed. It wasn’t intended to be a deflationary currency (the supply is always getting bigger). Unlike many other cryptocurrencies, Dogecoin has a real function.
It has found a useful application as a currency for tipping a few fractions of a cent to online users who create entertaining or educational content. The DOGE community and the present team of developers who have used the currency for charity purposes are worth using the case.