How to Buy DOGE?
Dogecoin (DOGE) is a cryptocurrency that has gained significant popularity in recent years, especially with amateur investors. This is partly due to its association with the internet meme featuring a Shibu Inu dog. In addition, the support of high-profile figures such as Elon Musk has also contributed to its growing popularity
Despite its humorous origins, Dogecoin has seen a significant price surge in 2021, which has piqued the interest of many potential investors. As a result, buying DOGE has become an increasingly popular option for those looking to invest in cryptocurrencies beyond the big names like Bitcoin and Ether.
Background. History of Dogecoin
Dogecoin was born out of the idea of Jackson Palmer, an Adobe product manager from Sydney, Australia in 2013. It was meant to mock the hype surrounding new cryptocurrencies. Palmer began tweeting about Dogecoin and, to his surprise, received favorable responses. Billy Markus, an IBM developer, liked this whole Dogecoin joke concept. Markus reached out to Palmer to determine if he could develop software to support the coin. Together, they subsequently founded Dogecoin.
Dogecoin was first introduced in December 2013. Due to the anticipation created prior to the coin's release, it gained a community rather quickly. Much of its appeal stemmed from its loose and laid-back design, which was based on a popular internet meme. Specifically, it gained a large and fervent following on Reddit.
In the realm of cryptocurrencies, the Dogecoin community is well-known for being rather unique. As is typically the case in the world of Internet culture, things that begin as a joke or for amusement frequently attract devoted communities. In addition, the Dogecoin community is known for engaging in organized action, such as supporting individual athletes and sports teams.
How does it work?
Aside from this, Dogecoin is comparable to other cryptocurrencies. It is a coin mined via a proof-of-work (PoW) consensus algorithm, and miners are rewarded with it for solving blocks. Dogecoin utilizes blockchain technology, but, unlike Bitcoin, there is no limit on the amount that can be mined. This makes it an inflationary coin, unlike Bitcoin, which is deflationary.
Proof of Work VS. Proof of Stake
Overall, Dogecoin can be viewed as a viable investment; however, those looking to purchase DOGE as an investment should be aware of its volatility and the coin's limited utility.
Learn more about ways to buy crypto
So how do I buy DOGE?
When it comes to buying Dogecoin, the process is simple. If you already have experience buying cryptocurrencies, buying Dogecoin will be similar.
To buy Dogecoin, you need to complete the following basics:
- Find a wallet that supports Dogecoin.
- Find an exchange that trades Dogecoin.
- Complete your first Dogecoin transaction and transfer the coins to your wallet.
You can choose a software program, a piece of hardware, or even a paper wallet when searching for a wallet. The purpose of a wallet, regardless of its form, is to store your private keys and facilitate transactions. Different wallets may offer varying levels of security and features, so it is essential to conduct research to find a wallet that offers the features you require.
Read more How to Choose Bitcoin Wallet
Dogecoin's popularity may be growing, but it is only available on a small number of exchanges. To invest in Dogecoin, you must locate an exchange that offers the coin for trade and operates legally within your jurisdiction. Once you have compiled a list of Dogecoin exchanges, you must assess your needs and investigate the exchanges to find the one that meets them.
In conclusion, it is essential to understand the risks associated with purchasing Dogecoin. Cryptocurrencies are highly volatile, and their values can fluctuate significantly over a short period of time. Before investing in Dogecoin, it is essential to conduct research and understand market trends and potential risks.
