DogeCoin was created in 2013 by Billy Markus and Jackson Palmer. It is an open source peer-to-peer digital currency. Initially, it was called joke cryptocurrency but now has a market cap of more than 600 million dollars as of now and is really now a worthy currency to invest on.
Just like Bitcoin, this coin has blockchain mechanism but the difference is that it has got scrypt algorithm which means that CPU and GPU can be used to mine Doge Coin easy for everyone to almost mine it from their home. This reduces the cost for users to buy expensive ASIC miners and create issues for mining decentralization as it is important for a cryptocurrency.
The initial idea was that there would be 100 billion doge coins but the users really liked DogeCoin and as of February 2018 more than 113 billion coins have been mined so far and the block reward is 10,000 doge coins. That is truly an amazing response.
Doge Coin Community
- 1 Doge Coin Community
- 2 Choosing Doge Coin Wallet
- 3 DogeCoin Exchanges
I think this heading is worth telling readers. The strength of doge coin is that it has a great user community which has been doing fundraising for the community using online platforms like Reddit and Twitter. In 2014 doge coin raised fund for the Jamaican Bobsled team which were qualified to the Sochi winter Olympics but wasn’t able to afford it so they raised around $55,000 to fund the team by the second day the rate of doge coin rose by 50% and $36000 was raised for the team.
Another great example is that doge coin founded another charity to build a Well in Tana River Basin in Kenya for the people this funding got a huge success raising $30,000 with many people donating and one anonymous donor giving $11,000 for the welfare of people.
DogeCoin also raised 67.8 million doge coins ruffly $55,000 in 2014 to support the retired NASCAR driver John Wise. He drove a Doge/Reddit Painted car on the runaway and got a huge crowd attention with discussions on doge coin and it’s community efforts. This success hugely came through Reddit Doge Coin community.
Choosing Doge Coin Wallet
Dogecoin is a really persistent coin around and has wide options when it comes to wallets there are desktop, web, hardware and mobile wallets for storing dogecoin.
Doge Coin Desktop
As desktop wallet is downloaded in your computer and is easy and safer then web wallet it can also be risky at times and malware affected so it is necessary to take precautions. There is a specific Doge wallet known as MultiDoge a wallet specifically made for storing doge on windows mac and Linux. If you want to store multi currencies on your desktop wallets you can take Jaxx.io into consideration it is available on Windows, Mac and Linux it can also be accessed on Android and iOS mobile applications.
Doge Coin Hardware
Well as we have said so far hardware wallets are the most secure means of storing any currency same is with doge coin Ledger Nano S is the best option which can store not only doge coins but also more then 20 alternative currencies just like Trezor so they both might be a good option after an initial investment.
Doge Coin Web
A web wallet may be the easiest way to use but it not might be the safest place to store coins because private keys are stored using third parties. The usual wallet for storing doge coins is doge chain. Encrypted by the browser it stores data on the cloud and can only be decrypted by using a password. The UI is understandable and easy to use by new users.
Doge Coin Mobile
Using currencies on the palm of your fingertips is a go. For accessing dogecoin on mobile there is an official app DogeCoin Mobile Wallet which has positive reviews from the user. However, there is no version yet for iOS but apps like Freewallet might do your job if you are iOS user.
In terms of 24 hour trading, Binance is the number one online exchange available as of today it has more then 150 digital currencies to trade from, including DOGE which can be easily exchanged for BTC or ETH because Binance does not support any fiat deposit options so you need to buy BTC before buying DOGE.
HitBTC claims to be the worlds most advanced online trading exchange as it has a daily volume of more then 250 million dollars in different currency trading.
HitBTC is mainly known for its trading instruments as it has more then 200 cryptocurrencies that can be easily deposited, traded, exchanged and withdrawal options in every currency. It is a legitimate online exchange where DOGE can be easily bought with BTC or ETH in exchange.
Poloniex is an online currency exchange which is based in USA merely known for it’s high trading volumes and vast varieties of currencies. It is the top priority in terms of volumes for Doge Coin but it offers BTC/DOGE means you should have btc to trade for DOGE it does not accept Cash or fiat currencies.
It is suitable for daily traders due to its fees and trading volumes.
You may have heard this name commonly in the world of Online exchanges. It is also another USA based exchange which offers DOGE and many other cryptocurrencies and it is really easy to sign up on bittrex accept wire transfers but the amount is minimum of $10,000 which is a way to much for newcomers.
As it is named after a Greek mythology beast this online exchange is really a beast in online exchange market as it was found in 2011. Kraken offers many deposit options with option of wire transfers also. This exchange has got BTC/DOGE pair and has also got high volumes for traders.
Buying Doge with FIAT
Small cryptocurrency exchanges offer fiat pairs with Doge coin. Examples are Exrates, YoBit, and Livecoin which have DOGE/USD pairs. Moving towards Europe LiteBit.eu provide a DOGE/EUR pair. A DOGE/GBP pair is offered at Bittylicious and Cryptomate. BTC38 can be an option if you are in ASIA.
But as they are relatively smaller in volume make sure to check out online and do all investigation necessary before buying doge coin.
Buying Doge Coin with Credit Card And PayPal
As there are no direct options to buy doge coins directly using paypal or Credit cards but there are alternative routes to this direction for example if you have a credit card you can go to coin mama or coin base which are the biggest exchanges in the world for buying bitcoin directly using credit cards and than after buying BTC , ETH or LTC you can trade them for DOGE. Same way can be used for PayPal you can go to local bitcoins to buy BTC where most vendors may trade BTC for paypal dollars and then you can change it to DOGE online.
We advise users not to save or store their coins on online exchanges if by any change it gets evil or hacked you will lose your precious coins as storing it on an online exchange gives them the authority of the coins so make sure to buy and remove or transfer the coins to secure wallets that we mentioned in our article.
That is all the information you need to trade doge coins as it has a huge user base and mostly positive that is giving something to the community the forums and talk sessions are held on Reddit and twitter as they have a large user base of Doge Coin.
So Doge coin might be a good coin to invest in future as it is gaining the right audience and may gain more value due to it’s user base.