Some unscrupulous users have been known to scam new traders. If you get a bad feeling or see poor reviews, it is generally best not to make the trade. Some users even meet in person to exchange their currency. If you are interested in trading cryptocurrencies, see our reviews of regulated brokers available in. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please Note: Availability subject to regulations.
Keep in mind that cryptocurrency exchanges are not safe and you will need to be serious about your security. It is arguably safer to store your Dogecoin privately in a wallet. There are different types of wallets for Dogecoin storage:. Cold storage involves keeping your cryptocurrency in an offline wallet that only you have access to.
Hardware wallets are a form of cold storage. Examples include Ledger and Trezor, both of which support Dogecoin. You will also need to take extra care to ensure that your computer is secure and password protected.
Any breach could result in your coins finding their way into the wallet of a hacker. Important: This is not investment advice. We present a number of common arguments for and against investing in this commodity. Please seek professional advice before making investment decisions. Unlike Bitcoin , Litecoin , and many other cryptocurrencies, Dogecoin is an inflationary currency.
It may seem counterintuitive to call inflation a good thing since it devalues individual Dogecoins more than scarcity would. When a cryptocurrency, like Dogecoin, is inflationary, it means that there is no maximum limit to the number of coins in circulation. With most cryptocurrencies , a large number of coins can be lost or damaged as a result of users losing hardware, or forgetting wallet passwords.
This is especially true for a cryptocurrency like Dogecoin, where users regularly spend their coins. An inflationary coin can help ensure a constant supply and that mining will also be at least semi-profitable. Dogecoin undoubtedly has one of the best communities out there.
They are approachable, friendly, and helpful. This community is what has allowed Dogecoin to survive and it means that the cryptocurrency is unlikely to die anytime soon. In essence, they are saying that Dogecoin is a transactional currency, rather than a speculative asset.
From a trading point of view, this means that even though Dogecoin might not have cutting-edge technology behind it, it is being treated as a proper currency by many users which means that it has a utility purpose. Dogecoin has not seen a major update since v1. While the security behind the coin is still strong, a lack of updates could well leave the cryptocurrency behind as newer coins bring new features to the table.
There are reports that the Dogecoin Dev team is considering coming back and making changes, but there are no guarantees as they essentially work on the cryptocurrency in their spare time. A lack of updates could well find Dogecoin being left behind.
Dogecoin is designed to maintain a constant supply of around 1 billion tokens. However, this limits its potential as a realistic long-term hold. Dogecoin started as a joke that its creator Jackson Palmer made in Programmer Billy Markus then worked with Palmer to bring the coin to life in less than two weeks.
Indirectly, yes. A common use for Dogecoin is to tip online content creators and social media posters in recognition for their work. However, Dogecoin is unlikely to be useful in a broader retail sense until its value increases and adoption rates are higher. Historically altcoin price fluctuations had a positive correlation with bitcoin price movements. This meant that if bitcoin price increased, you would soon expect the altcoin prices to increase, but recently bitcoin price and altcoin prices seem to be independent.
Factors that drive price of an altcoin are interest around the altcoin, if there is an upgrade coming up, listing on prominent and trusted crypto exchanges and new partnerships formed by the altcoin. Altcoin adoption has a major role in positive price increases, adoption is hugely influenced by the use cases of the coin. Spreading of FUD by media, negative press from influential people, banning of crypto by certain countries regulation and hacking of altcoin and exchange platforms has a negative effect on altcoin prices.
Dogecoin can be bought throught on our marketplace , or converted from major digital currencies on our cryptocurrency conversion service. Supporting 25 countries, DOGE can be bought using the most convenient local payment method; including bank transfers, PayPal, TransferWise, supported fiat deposits, direct deposits and M-Pesa. Credit card payments are coming soon. Dogecoin can be sold for BTC or other cryptocurrencies via the Coindirect conversion service. If you are located in one of our other 24 supported countries, you can instantly sell your DOGE by selecting the best buy offer from vendors in your country or you can set up a sell offer on our marketplace if it's one of our major supported currencies.
Popular choices include Bitcoin, Ethereum and Tether, which are accepted on a wide range of exchanges. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft.
Learn more about what Gemini can do for you in our review. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality. Kraken is a cryptocurrency that offers access to more than 50 supported coins and tokens, staking capabilities, futures trading and more. Kraken offers a variable maker-taker fee schedule, which often results in lower fees compared to flat-rate brokerages.
In addition to a wide range of crypto choices, Kraken offers customizable ordering platforms and mobile apps that you can use to fully refine your trading experience. It appeals to both seasoned professionals and new investors looking to learn more about the market. Dogecoin offers a number of benefits over other cryptocurrencies like Bitcoin and Ethereum when it comes to scaling.
Dogecoin expands on blockchain technology, adding 1 block once every 60 seconds. By comparison, Bitcoin adds 1 block once every 10 minutes, while Litecoin adds 1 block once every 2. This allows Dogecoin to process transactions faster, which also limits vulnerability to hacks and fraud.
Dogecoin users also pay a single flat-rate fee when transferring coins, which can be beneficial for users transferring large amounts of crypto. Despite these features, charts show that not many investors believe that Dogecoin is a good investment. There are thousands of cryptocurrencies on the market, and each offers its own unique use cases.
Instead, it focuses on using internet memes and crowdfunding efforts to help the public learn more about how cryptocurrency works as a whole. If you do decide to invest in Dogecoin, we recommend using it as only a minor percentage of a highly diversified portfolio. Gemini builds crypto products to help you buy, sell, and store your bitcoin and cryptocurrency.
You can buy bitcoin and crypto instantly and access all the tools you need to understand the crypto market and start investing, all through one clear, attractive interface. Gemini Crypto Platform offers excellent account management options. You can manage your account at a glance, view your account balance hour changes and percent changes.
Get started with Gemini now. Learn more about the best cryptocurrencies and altcoins you can buy based on reputation, historical price and more. Learn more about the best cryptocurrency wallets you can buy to protect and store your Bitcoin, Ethereum, Litecoin, and other altcoins. Discover the best crypto apps you can use on your iPhone or Android phone, based on security, data, availability and more.
Learn more about the best cryptocurrency exchanges to buy, sell, and trade your coins. Exchanges are rated based on security, fees, and more. Looking to learn or improve upon your cryptocurrency trading knowledge? Check out some of the best online courses you can take. Learn more about the best cryptocurrency trading platforms to trade your coins. Rankings are based on usability, fees and more. Bitcoin is rising in value once again.
Our guide to investing in Bitcoin will help you open an account, add your funds and make your first purchase. Learn how to trade cryptocurrency whether you're a beginner or advanced trader. Our how-to guide provides simple instructions. Learn what it means to mine Bitcoin, how to do it, and a list of the best Bitcon mining software for casual miners and professionals alike. Benzinga's financial experts go in-depth on buying Ethereum in Read, learn, and compare your options to make the best investment.
Check out our guide on how to buy Bitcoin cash and get statrted. Beninga's financial experts detail buying bitcoin with your PayPal account in Read, learn, and compare your options for investing. Benzinga Money is a reader-supported publication.
We may earn a commission when you click on links in this article. Learn more. At the peak of the meme's popularity near the tail end of , Palmer, an Australian marketer for one of the world's largest tech companies, made a joke combining two of the internet's most talked-about topics: cryptocurrency and Doge. It was a joke taking aim at the bizarre world of crypto and bitcoin's multiple derivatives. For laughs, Palmer decided to keep the joke going.
He bought the Dogecoin. He'd just finished "Bells", a project he was working on in his spare time. Bells was a cryptocurrency named after money used in the Nintendo game Animal Crossing. It was , the original crypto gold rush. Markus saw that bitcoin's code was open-source. He decided to take a weekend and do something weird.
He tried to create his own cryptocurrency for "sillies," as he put it. Bells was weird as hell. The major difference between Bells and regular cryptocurrencies was the rewards: they were completely random. If you mined bitcoin, using a decently powerful home computer, the rewards were consistent.
If you mined Bells, there was no telling whether the reward would be one Bell or Bells. And that's because Bells wasn't meant to be serious, it was a digital currency based on a video game about animals who live in a village and go fishing together. But then Markus read Palmer's message on Dogecoin.
That was the moment Billy Markus decided to come out of crypto retirement. When Palmer didn't immediately respond to Markus' offer to help build Dogecoin, he started working on it anyway. It's almost trivial to create a new cryptocurrency. Markus freely admits to finding large chunks of bitcoin's source code completely incomprehensible, but knew enough to change a few core elements for Dogecoin.
For example, Markus created billion dogecoins as opposed to bitcoin's 21 million and made them easier to mine. Dogecoin is already close to being mined out, while bitcoin's final coin will be mined in He changed the font to comic sans of course and changed every mention of the word 'mine' to 'dig' because dogs don't mine, they dig Premining: the act of gathering cryptocurrency before launching your coin into the public domain.
Almost everyone serious about launching a cryptocurrency does this. But Markus and Palmer didn't premine any Dogecoin. Because they weren't serious about launching a cryptocurrency. Markus had a relatively powerful gaming PC, with two graphics cards, so he was officially the first person to mine Dogecoin.
But given the the nature of mining which gets increasingly difficult as the currency is mined Billy's computer was no longer powerful enough to mine Dogecoin after about five minutes. Markus split what he'd mined with Palmer and that was that. In online crypto circles, Dogecoin became popular very quickly.
Forum threads moved rapidly. The name Dogecoin echoed throughout dark corners of the internet. But Reddit was almost certainly the main driver in Dogecoin's rapid rise to crypto stardom. The Dogecoin subreddit exploded almost immediately, and with that explosion came the infrastructure any cryptocurrency needs if it is to become successful: mining pools, services. If a user posted something to the effect of, "hey 'dogebot' tip this person five dogecoin," that Reddit user would automatically receive five Dogecoin.
People were sending Dogecoin back and forth in a feel-good exercise that cost very little money in real-world terms. Reddit users were sharing Dogecoin back and forth constantly, which expanded the user base of Dogecoin and, as a result, increased its value as a cryptocurrency. January Jackson Palmer is already three drinks deep at a trivia night at his local pub in Sydney.
His phone starts buzzing. It doesn't stop buzzing. Earlier that night, Palmer and the Dogecoin community had brainstormed a ridiculous but completely brilliant idea. For the first time in a decade, Jamaica's bobsled team had qualified for the Winter Olympics, but it didn't have enough money to attend. As huge fans of the comedy " Cool Runnings ," Palmer and the Dogecoin crew decided to do something about it. They chucked up a Dogecoin address onto the subreddit and asked for donations. So Palmer and friends stumbled home from the pub, picked up a six-pack of beer for good measure and set about figuring out how to send 26 million Dogecoins to the Jamaican bobsled team.
In Markus' words, they were allergic to the word "invest. They helped build water wells in Kenya and raised money to help train assistance dogs for autistic children. But as the community grew, the initial spirit in which Dogecoin was launched was difficult to preserve.
People started to care about the price of Dogecoin. They were literally and figuratively invested in it. That makes me really, really uncomfortable. Markus began clashing with members of the community. For him, Dogecoin was still crypto "for sillies," but here it was ballooning into a currency people were trading for real money. In his view Dogecoin was a silly thing that should remain silly. Many in the community disagreed. Run by a British man calling himself Alex Green, Moolah was a cryptocurrency exchange designed to help people buy and sell Dogecoin.
They infiltrated the Dogecoin community with startling efficiency. Alex Green began by doling out Dogecoin in exchange for upvotes on the Dogecoin subreddit. The community loved it. Soon Moolah began hiring people from the Dogecoin community for key positions in the company.
Despite removing himself from the day-to-day workings of Dogecoin, Markus attended a Dogecoin convention, organized in part by Palmer. He wanted to catch up with some of the old gang. They poured a glass for Markus. Many key figures in the Dogecoin community shared Markus' suspicions, particularly Palmer, who was wary of Moolah from the beginning. But when concerns were raised they were mostly shouted down by a community that enjoyed the free currency being sent their way.
Later Moolah began soliciting the Dogecoin community for investment dollars and plenty donated Dogecoin to the cause. Why not? Moolah had been generous in the past.
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