Want To Buy Dogecoin? What To Know Before You Purchase

Dogecoin has been making news in recent months due to its incredible returns.

As of this writing, the price of Dogecoin has increased by approximately 7,000 % since the beginning of the year. It has increased by more than 15,500% in the last year.

Despite the fact that it has been around since 2013, it has only recently gained popularity. Many retail investors are getting on the cryptocurrency bandwagon, and some credit Elon Musk for driving up the price of Dogecoin by tweeting about it.

Cryptocurrencies have made a lot of noise in the investment world in recent months because they are the hot new thing, and some investors might make a lot of money.

Check Out: How To Buy Bitcoin In Canada | Best Profitable Ways In 2021

WHAT IS DOGECOIN?

Dogecoin was created as a joke in the first generation of cryptocurrency. Literally.

The coin was launched in 2013 and has since risen to become one of the top five most valuable cryptocurrencies in terms of market capitalization.

According to Dogecoin’s designers, the coin was created to provide some levity to the crypto sector, which at the time was awash in blockchain jargon.

They claim that Dogecoin will serve as a stepping stone for folks who are new to bitcoin to learn about different currencies. DOGE’s meme status swiftly gained popularity among internet users, and the video quickly went global.

DOGE is, however, nothing more than a Bitcoin hard fork, despite its present popularity and worth. It’s just a copy-paste of Bitcoin’s code with a few tweaks. The coin was manufactured in three hours, according to reports.

This hasn’t stopped the coin from exploding in value, especially this year. The coin is mostly supported by celebrity conjecture and excitement, as well as an active online community.

Dogecoin is now the world’s fourth largest cryptocurrency by market capitalization, according to CoinMarketCap.

IS DOGECOIN WORTH INVESTING

Your desire to invest in an unstable, inflationary coin with no objective other than to gain in value determines whether or not you should buy Dogecoin.

It’s reasonable that, following the recent price increase, you’re worried about missing out. Dogecoin appears to be a completely profitable investment based on current numbers.

However, because this is a cryptocurrency, and one that is quite volatile, you should avoid making any hasty decisions. Dogecoin has shown to be a worthwhile investment so far.

If the price continues to rise, buying now could save you money in the long term. However, because it is an unpredictably valuable asset, there is a fifty-fifty probability that it will perform poorly.

It is advised that you do not follow the crowd’s lead. Take your time and carefully examine the coin. If it is worthwhile to invest in, the price will continue to rise.

Otherwise, you risk losing a significant amount of money if you succumb to what others are doing.

The truth is that no one knows when the optimum time is to acquire any cryptocurrency; the best you can do is monitor the market because the price may be high at times, but there is a good possibility it will fall.

WILL DOGECOIN CRASH ANYTIME SOON

Dogecoin is expected to be worth 42 cents by the end of 2021, a 60 percent rise from its current value, according to a panel of cryptocurrency specialists.

The panel polled 42 crypto specialists on what they predict to happen to the price of dogecoin in the future years, with 80% of them calling the cryptocurrency a bubble.

The majority of people who believe dogecoin is a bubble (55%) believe it will burst this year, while 42 percent believe it will burst in 2022 and 3% in 2023.

The panel average predicts that dogecoin will be worth 42 cents by the end of 2021, $1.21 by 2025, and $3.60 by 2030, while experts are split, with some believing the meme-based cryptocurrency will crash to zero shortly, and others predicting a massive rise to $10 per dogecoin.

Read Also: Is Sweatcoin Legit? Is Sweatcoin Safe to Invest in in 2021?

CAN DOGECOIN BE BOUGHT DIRECTLY? / WHAT IS THE MOST EFFECTIVE WAY TO PURCHASE DOGECOIN?

DOGE can be obtained in a number of ways. Any cryptocurrency exchange can sell Dogecoin to you directly.

Many people, however, believe that purchasing it through a reputable global exchange is the most convenient option.

To buy Dogecoin, you must first set up an account with a DOGE-accepting cryptocurrency exchange. Dogecoin is accepted by Coinbase, eToro, Robinhood, Gemini, and Webull.

You can get DOGE by placing a buy order after both your wallet and your exchange account have been funded. Below are a detailed explanation of the steps to take in buying Dogecoin;

1. Decide how much money you want to put into Dogecoin:

While there have been viral stories of people who spent small amounts of money in DOGE and became billionaires, investors should proceed with caution.

Cryptocurrencies are extremely dangerous investments, and Dogecoin is particularly volatile due to its infinite supply.

Consider your total financial condition, investment portfolio, and risk tolerance before selecting how much to invest.

Experts advise against investing more than you can afford to lose in cryptocurrency in general.

2. Select a Cryptocurrency Trading Platform:

To acquire Dogecoin, you’ll need to register with a cryptocurrency exchange, which is a place 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 with higher costs as well as a more advanced trader platform with lower fees.

You can also buy cryptocurrency using beginner-friendly financial applications like Robinhood, but keep in mind that you might not be able to transfer your funds out of the app.

To secure their currencies from hackers, some investors prefer to shift their crypto into different crypto wallets.

While Dogecoin has recently grown in popularity, it is not yet available on all cryptocurrency exchanges. If you want to buy DOGE, be sure it’s available on any exchange you’re considering.

3. Choose a Payment Method:

You must fund your exchange or brokerage account before you can start trading cryptocurrencies. The exchangers will usually allow you to deposit money from a checking or savings account.

Wire payments and PayPal transfers are accepted by some.

You may buy Dogecoin and other cryptocurrencies using a credit card on a few exchanges.

Keep in mind that if you use a credit card to finance your crypto purchases, your credit card company will treat the money as a cash advance, resulting in additional costs and a higher APR.

This might make crypto even more expensive and risky to invest in. As a result, most experts advise individuals to avoid purchasing cryptocurrency in this manner.

4. Place Your Dogecoin Order:

You can buy Dogecoin after your funds are in your account. Search for Dogecoin or enter its ticker symbol: DOGE on the exchange’s trading or purchase interface.

Then select your trade type and enter either a monetary value or the number of Dogecoins you want to purchase.

When you place your order, it should be processed right away. Dogecoin, like other cryptocurrencies, has no trading hours; you can buy and sell it at any time, seven days a week.

5. Take into account your storage options:

When you acquire Dogecoin, it is automatically stored in the crypto wallet of your exchange or brokerage.

Some investors prefer to withdraw their crypto from their exchange or brokerage and put it in another wallet because these are often connected to the internet.

Outside of your exchange, you can store your Dogecoin in a hot wallet or a cold wallet.

Hot wallets are digital and linked to the web, but cold wallets are actual hardware that may be disconnected from the internet, making them less vulnerable to hackers.

Cold wallets, on the other hand, are often more expensive than hot wallets, and you risk losing access to your cryptocurrency if you misplace or forget the code to access your cold wallet.

WHERE CAN DOGECOIN BE BOUGHT?

There are various cryptocurrency exchanges that offer DOGE, which may be acquired by registering and financing an account on one of them. Here are a few sorts:

1. Kraken:

If you already have an account with Kraken, you can fund it using Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), Qtum (QTUM), Cardano (ADA), Zcash (ZEC), and Monero (XMR).

By clicking the “Acquire Crypto” option after you’ve financed your account, you can buy DOGE in under 10 minutes.

2. Binance:

Depending on your country, Binance allows you to purchase cryptocurrency using a bank transfer, credit or debit card, peer-to-peer (P2P) trading, and third parties.

Major currencies such the US dollar, the British pound, the euro, the Canadian dollar, the Australian dollar, the Japanese yen, and a variety of other currencies are available as funding alternatives for the exchange.

Binance accepts a variety of cryptocurrencies, including Bitcoin, Ethereum, and its own Binance Coin, to finance your account.

3. Coinbase:

Dogecoin enthusiasts in all countries with Buy/Sell capabilities can now buy DOGE on both Coinbase.com and Coinbase Pro, Coinbase’s more advanced trading interface.

4. eToro:

After you’ve registered, go to eToro’s Doge website and select the “Trade” button. Choose the amount of Doge you want to buy and complete the transaction.

5. Bitpanda:

On the desktop version, click the “Trade” button, then “Buy” then “Dogecoin” from the drop-down menu.

Go to Portfolios on the mobile app’s homepage, touch the “Buy” button, and choose Dogecoin Wallet. Choose your funding wallet and confirm payment on the next screen.

6. Robinhood:

To purchase DOGE online, go to:

  • Go to the Dogecoin page for Robinhood.
  • In the Order window on the right side of the page, enter the quantity you’d like to purchase.
  • Select Review and Confirm Order to review and confirm your order.

Install the Robinhood app on your phone, then go to Dogecoin’s detail page. Click on Buy, then Trade.

Select DOGE from the Order Types drop-down menu. To submit, tap confirm and swipe up.

7. Changelly:

To purchase Doge on Changelly, go to the Buy section of the exchange’s website.

After you’ve decided how much you want to spend, click Show Offers. All qualifying sellers and their exchange rates are listed on Changelly.

8. Gemini:

To purchase Dogecoin, go to;

  • Go to the currency’s information page.
  • You have the option of making one-time or recurring purchases.
  • Next, enter the amount you want to spend and click Confirm Order.

9. Bittrex:

Bittrex offers two websites: Bittrex for residents of the United States and Bittrex Global for non-residents of the United States.

You will be automatically led to the appropriate site based on your location when you access the site.

Go to the Buy/Sell page on Bittrex to purchase Doge. Select “I Want to Buy Dogecoin,” then input the amount in USD, USDT, EUR, ETH, or BTC.

You can pay with a Visa debit or credit card, but there will be a 3% transaction fee.

10. OKEx:

You can use your Visa card to buy Dogecoin on OKEx’s Buy Crypto website.

Mercadopago, Yape, Plin, Bundle, Vodafone Cash, M-Pesa, Chipper Cash, FNB eWallet, Revolut, Interac e-Transfer, and Wise are some of the other recent payment methods.

IS DOGECOIN WORTH BUYING IN 2021?

If Dogecoin’s bull run continues, it will be worthwhile to invest in 2021, though investors should be warned that every investment involves risk.

It’s also worth noting that investing in cryptocurrencies, including Dogecoin, isn’t always a good idea.

Cryptocurrency investments can have unanticipated consequences. It’s impossible to predict whether Dogecoin’s value will climb or fall.

The same may be said about any asset. It’s not a good idea to invest in Dogecoin if it’s about to depreciate, at least not in the short term.

Because of the volatility of cryptocurrencies and the fact that Dogecoin has achieved far less public adoption than Bitcoin, many individuals are still undecided.

The lesser market size may appear to investors as a negative flag, but it is actually a proxy for the tremendous growth potential. Dogecoin’s price has risen steadily from a record low to above $0.60, as is the case with most cryptocurrencies.

Many cryptocurrency analysts believe Dogecoin will set a new high price this year.

Dogecoin is an appealing proposition for investors wishing to get their feet wet in the crypto sector because of this level of confidence.

Dogecoin DOGE, on the other hand, is a potential investment for youthful investors, but it is still very speculative.

In comparison to other coins, crypto investors believe Dogecoin is worth buying in 2021. The price of Dogecoin is expected to rise more this year, according to experts.

FAQs

1. Is it worthwhile to invest in Dogecoin?

In other words, at any given time, dogecoin will be worth whatever someone else is willing to pay for it. While this is true of almost any investment traded on the secondary market, because dogecoin has no traditional value, its price is purely determined by market forces.

2. Is it a good idea to put money into Dogecoin?

It’s vital to keep in mind that Dogecoin isn’t a suitable long-term investment. So, if you chose to invest, consider it a fun trial. Only put money into it that you can afford to lose, and go in with no expectations. It’s fantastic if the price of Dogecoin continues to rise.

3. Will Dogecoin be worth $1 in the future?

Dogecoin began as a joke on the internet and has now grown in value by over 11,000 percent in the last year. The race to $1 is on, and while it’s possible, it’s evident that the cryptocurrency will suffer in the long run…. Dogecoin, on the other hand, is certain to fail in the future since it has no inherent value or utility.

4. What is the most secure way to purchase Dogecoin?

Due to its easy-to-use interface, seamless navigation, and thorough security, Coinbase is one of the finest locations to buy Dogecoin. You will have to pay a 0.5 percent premium and additional fees depending on the quantity of the deal, but other than that, Coinbase is an excellent choice.

5. Is it possible to mine Dogecoin on my phone?

Coin Miner Pro, for example, is an Android software that can assist you in mining Dogecoin. It’s a small and simple program that allows you to mine Dogecoin and a variety of other cryptocurrencies.

CONCLUSION

Dogecoin, like most cryptocurrencies, is highly unstable. DOGE is for those who are willing to bet that the hype will continue to drive up the price, at least in the short run.

However, we wouldn’t call it an investment at this stage because it might all come crashing down at any time.

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