The meme-currency Dogecoin has garnered much interest from crypto investors in the recent past. Just the last few days have seen a huge rise and a sharp decline in its rates. Elon Musk had pumped the valuation of Dogecoin again last month. Let’s see if he indeed takes Dogecoin “to the moon.” Know all about it and whether it is even safe to invest in.
What is Dogecoin?
Dogecoin is a cryptocurrency or digital currency that was developed in 2013. A lot of people don’t understand that a cryptocurrency is a kind of digital currency in which the transactions take place in a peer-to-peer manner with no intermediary. All in all, cryptocurrencies are not legal tender. In a way, the use of these currencies is very similar to sending money via snail mail and people who have participated in the transaction tend to believe that the money is real. Dogecoin is one of the most popular cryptocurrencies out there right now. However, it was started very recently. Its only attraction is that it is associated with Shiba Inu, a breed of dog. It is named after a meme.
How to Buy Dogecoin
You can buy it in the following ways: Use Coinbase to buy it. Coinbase is the world’s largest Bitcoin exchange, and Dogecoin is also available for purchase. to buy it. Coinbase is the world’s largest Bitcoin exchange, and Dogecoin is also available for purchase. Go to Cryptsy. Cryptsy is a pretty popular online crypto exchange, and you can buy it there. in the following ways: You can also purchase Dogecoin from the following online exchanges. eBay is a website that allows you to buy almost anything imaginable, and you can buy Dogecoin using PayPal as well. Sell Dogecoin on Cryptsy You can sell Dogecoin on Cryptsy too.
What to do with Dogecoin
First off, you have to know that the currency has been derived from an internet meme – the Doge meme. It was all about posting funny images on the internet. And before anyone tries to explain that you do not need the internet to spend money; well, it might be true but you will also need a suitable bitcoin wallet to accept and send coins. Before we go into the details of the wallet and how you should deal with it, a look at the major highlights of this interesting and experimental cryptocurrency – It is decentralized. No one single entity controls Dogecoin, that is one of the interesting features about it. It has also, thankfully, reached a point where it has an established currency exchange where you can buy and sell it.
Is Dogecoin Safe To Invest In?
There is no clear answer, but we will go with a No here!
Dogecoin is a virtual currency, which is used and promoted by internet-based fans and memes. It was built on the sale premise of an internet meme and has no real stability to prove its valuation. Dogecoin launched in December 2013 and has since gained traction. With its value climbing on a daily basis, many of its backers have expressed an interest in investing in it and a lot of users of the Internet have offered to exchange Bitcoins for Dogecoin at a large discount. Dogecoin is an open-source currency that is created and traded on the Internet by users and the currency is not regulated by any central authority. It is not meant to be a viable currency, but merely a means of exchanging it. The Dogecoin network currently has over 5,500 exchanges that accept it as a means of exchange.
Cryptocurrencies like Bitcoin, Ethereum and many other altcoins have outshined traditional means of storing money. Cryptocurrencies don’t require a bank or a broker. They are highly decentralized. And as such, no two people have the same level of understanding about them. But regarding Dogecoin, many experts are clear with their verdicts, stay away from it if you don’t want to lose all your money in a single crash!