The Buyt Desk
Cryptocurrency refers to a cryptography-secure digital currency based on blockchain technology. As share trading was a turning point for the financial system globally, cryptocurrency is the latest innovation in the financial system. Bitcoin is the most prominent cryptocurrency. However, there is a new player in town. With the idea of creating a competitor of Bitcoin, which can be widely accepted worldwide, Billy Markus and Jackson Palmer came up with Dogecoin. It is named after a Japanese dog breed, Shibu Inu, whose meme went viral on the internet in 2013. Dogecoin is a freely available and easy to transact cryptocurrency. Though it began as mere fun among cryptography enthusiasts, it has not remained so. Today, a worldwide community supports Dogecoin as a promising financial currency.
What is Dogecoin at right now?
In the past six months, the value of this digital currency has increased by 26,000%. This jump is greater than other cryptocurrencies like Bitcoin and Ethereum. Today, it stands at Rs.23.92 according to Coinbase. The rate of Dogecoin in USD is 0.31.
Should you be investing in Dogecoin?
Dogecoin is giving stiff competition to Bitcoin. While the supply of Bitcoin is capped at 21 million, there is no such capping for Dogecoin. Miners do not have a limitation on the number of Dogecoin they can create. Also, miners find it easy to solve the mathematical equations concerning Dogecoin. The transacting time for Dogecoin is lesser than that for Bitcoin.
A large and interconnected community is supporting the growth of Dogecoin (https://dogecoin.com/). In fact, this community has grouped together to fund several events and charitable functions. One such event was a NASCAR race.
The rising stakes of Dogecoin resulted from the continuous support by this community and also by the support from several famous personalities the world over. Elon Musk, CEO of Tesla, has been regularly tweeting about the humongous potential of Dogecoin. Snoop Dogg, Gene Simmons, and Mark Cuban are other celebrities rallying for Dogecoin publicly.
Overall, the market conditions have been just right to skyrocket the value of Dogecoin. The price of other cryptocurrencies was on a rise. The availability of easy-to-use and commission-free brokerage apps like Robinhood provided further impetus.
How to invest in Dogecoin?
You can buy Dogecoin online through the Dogecoin-supporting exchanges such as Binance, Huobi and Kraken. It is interesting that the largest cryptocurrency exchange, Coinbase, does not allow the purchase of Dogecoin. In India, you can use exchanges like BuyUcoin and WazirX to purchase Dogecoin.
You can use debit or credit cards, and net banking to buy Dogecoin. However, first, you have to make an account at the exchange. Few broker apps like Robinhood, crypto.com, TradeStation also trade Dogecoin along with other trading assets.
After acquiring Dogecoin, keep them safe in a crypto-wallet that is protected with a password. The wallet may be a service provided by the exchange, an app on your phone, or your own hard disk. You cannot buy Dogecoin at Coinbase but you can store them in the Coinbase wallet.
In conclusion, Dogecoin started as something minor but shaped into something gigantic. The value of Dogecoin was low in 2020. However, in 2021, it has been on a rise with the backing of a dedicated community and Elon Musk. The supply of Dogecoin is limitless. The present for this cryptocurrency is shining bright, however, it needs to be seen what the future holds.
