What is Dogecoin? Who made it?
When talking about cryptocurrencies, one of the most well-known coins is Bitcoin but we have got a lot of alternatives also called “Altcoins”. Many coins are famous due to their different unique reasons, out of which one coin which has been talked about by many users is Dogecoin. This coin is made by Billy Markus, Oregon, and Jackson in 2013. They are from Portland and Sydney, Australia. Dogecoin is commonly called “Doge”. It doesn’t have anything that much different from other cryptocurrencies except that it has some cultural relevance. On its homepage, it is described as a currency that is decentralized and user-friendly that lets you transfer your money online. It should be taken as a digital currency.
Almost all of the currencies are decentralized and user-friendly which lets you shop online therefore this description is quite vague. For better understanding we need to further examine how this coin was made and how does it work. Let’s start with how it came into existence.
What is “Doge”?
In order to know more about Dogecoin, we will first have to see what is Doge. Doge is basically a Dog. Dogecoin is based on a Shiba Inu which was named Kabosu and it was rescued by Atsuko Sato, who was a Japanese Kindergarten teacher. She posted the picture of her dog to her blog in 2010. After that blog, the picture itself became an “Internet Meme”. Dogecoin is placed as The Internet Currency, therefore this cultural prevalence of Doge is the reason which has driven the Dogecoin value, which is currently at 0.197 USD per coin. Bitcoin is being used in almost every area of commerce and Dogecoin is being used in crowdfunding, just because of its low value.
Is dogecoin a good investment?
While Dogecoin was founded as a meme, it is now being taken seriously by investors.
However, it is still a very risky investment.
For this reason, experts advise you not to invest more than 3% to 10% of your portfolio in cryptocurrency.
Your decision on how much money to invest should be based on your current financial situation and your risk tolerance.
If you don’t have an emergency wallet and are behind on your retirement savings, for example, you should invest a small amount in Dogecoin. You may be willing to invest more in Dogecoin.
How to buy Dogecoin? Best ways to invest in Dogecoin?
Dogecoin is a popular crypto option, although its price is not consistent, with a significant fall in mid-2021 from its total peak of more than 70 cents per coin.
Here’s what you need to know about how to buy Dogecoin.
1. Decide how much money you want to put in Dogecoin.
There are stories of people becoming millionaires by just putting a low amount of money on DOGE, but still, investors should be cautious.
Cryptocurrencies are a very risky investment, and Dogecoin fluctuates mainly due to its unlimited availability.
In fact, one of Dogecoin’s manufacturers has deliberately removed the amount of money available to prevent people from keeping it, which is in stark contrast to other popular cryptocurrencies, such as Bitcoin, which limit the number of coins that can be issued.
Shortages are created as a result, allowing coins to retain their value.
Think about your overall financial situation, investment portfolio, and risk tolerance before deciding how much to invest.
Experts do not advise investing more than you can afford to lose in cryptocurrency.
2. Select the Cryptocurrency Trading Platform
To get Dogecoin, you will need to sign up for a digital currency exchange, which is where buyers and sellers meet to trade cryptocurrencies for dollars.
Coinbase, Binance.US, and Kraken are all popular exchanges that offer a simple, easy-to-use interface at a high cost and a highly advanced retailer with low cost.
You can also buy cryptocurrency using start-up financial apps like Robinhood, but remember that you may not be able to transfer your money out of the app.
To protect their funds from hackers, some investors choose to convert their crypto into separate crypto wallets. To do so using a trading app like Robinhood, you will need to sell your coins and repurchase them in exchange to transfer them to a separate fund, which contradicts the intent to use the original investment app.
All of this shows that if you are thinking of moving your coins to a different wallet, you should start by exchanging them.
Important note: While Dogecoin has recently grown in popularity, it is not yet available in all digital currency exchanges.
If you want to buy DOGE, make sure it is available in any exchange you think of.
3. Decide on the payment method
You must pay your exchange or trading account before you can start trading in cryptocurrensets.
Exchanges will usually allow you to deposit money into a test or savings account.
Cord payments and PayPal transfers are accepted by others. Usually, you are given instant trading access to a portion of your deposit.
If you have deposited a large amount of money (usually more than $ 1,000), you may have to wait a few days for a transfer before you can spend all your money.
4. Make a Dogecoin purchase.
You can buy Dogecoin after your funds are in your account.
Search for Dogecoin or enter its tick mark: DOGE on the interface for trade or purchase.
Then select your trading type and enter the amount or amount of Dogecoins you want to purchase.
When you place your order, it should be processed immediately.
Dogecoin, like other cryptocurrencies, has no trading hours; you can buy and sell at any time, seven days a we
Make sure you have an unrestricted internet connection and a reliable power source that can meet the needs of your miner before you start digging for Dogecoin.
How to mine dogecoin?
Make your own hardware selection.
You should find a miner at first.
Make your choice of software.
After setting up your devices, it’s time to check and download the appropriate software.
Mining software is easy to set up, but be sure to choose one that fits your GPU or ASIC rig.
Create your wallet.
Make sure your wallet is safe by remembering your seed phrase and keeping your key secure. Besides that, Dogecoin must be backed up by your wallet. Both Trust Wallet and MetaMask are excellent options. Connect your wallet to your mining software as soon as it is set up.
Start your mining activities.
Launch the mining software after everything is in place and watch your DOGE stacks build. Your mining software should give you an estimate of how much you make per hour.