What Is Dogecoin And How Can You Buy It?
Dogecoin is a peer-to-peer, open-source cryptocurrency, similar to a Bitcoin altcoin, that offers its users a fully unknown, decentralized, and secure environment devoid of any third-party influence in transactions.
However, there are nuances regarding how DOGE’s monetary policy operates that may make it more tempting to enthusiasts and less desirable to long-term portfolio growth investors.
What Exactly is Dogecoin?
Dogecoin is one of the dozens of new cryptocurrencies that have lately emerged. However, unlike many other digital currencies that were formed to solve a problem, was designed to mock Bitcoin and the absurdity of purchasing a digital asset that was not backed by any asset or cash flow. Dogecoin is now worth money, and the tables have turned.
Everything about the coin’s origins suggests that it is a joke:
- Following the rapid spike in Bitcoin values, software programmers Jackson Palmer and Billy Markus created Dogecoin in 2013.
- In 2013, in roughly two hours the “altcoin” was created.
- It was inspired by the Doge meme, which depicts a Shiba Inu dog speaking in bad English.
- The number of coins has no limit, highlighting the folly of “scarce” digital assets.
Start of Dogecoin:
On December 6, 2013, two software programmers, IBM engineer Billy Marcus and Adobe engineer Jackson Palmer, invented Dogecoin. It began as a “joke” for prominent cryptocurrencies such as Bitcoin, inspired by the popular Doge meme featuring a Shiba Inu. But it was an instant success after that, and Dogecoin is now worth roughly 45 billion dollars in the cryptocurrency market.
How to Purchase Dogecoin?
You may purchase Dogecoin from a variety of websites:
- If you want to acquire just for speculation, you may use an online brokerage such as Robinhood, which supports cryptocurrency trading. You may also trade the currency on Webull and eToro, however many other brokers do not enable crypto trading at all. The broker will hold the stake you have in the coin.
- If you want to acquire to utilize it, you may do it using an exchange like Coinbase or US. Exchanges may allow you to take physical possession of the asset, allowing you to transmit or spend it.
- If you want to utilize your crypto assets, a crypto wallet can provide an additional degree of security beyond what an exchange’s typically provided.
How to Exchange Dogecoin?
If you want to sell your Dogecoin, the method is fairly simple. You’ll go to your crypto exchange or brokerage platform’s holdings and input the amount you want to sell. Processing will start with your order.
Should I Invest in Dogecoin?
Investors now take it much more seriously However, it remains a high-risk investment. As a result, experts advise investing no more than 3% to 10% of your portfolio in cryptocurrencies.
Your risk tolerance and current financial status should dictate how much you finally decide to invest For example, on your retirement savings, you don’t have an emergency fund, you should invest less in Dogecoin. If you’re financially secure then, you could be willing to invest a larger portion
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