A beginners guide to Dogecoin

By now, you have likely heard of Dogecoin after it completely took off when Elon Musk tweeted about it. Dogecoin is considered almost a mockery of all other cryptocurrencies considering the fact that it was made as a joke, but it has actually become something quite admirable. Dogecoin is named after the famous internet meme Doge (pronounced DOJH) which was substantially popular back in 2013.

While it may seem like a joke, it is very real and actually quite popular, perhaps that pertains to the joke of it. As of March 2021, Dogecoin has a market cap of $7 billion which is really quite impressive considering it entered the cryptocurrency market as a joke. This wonderful cryptocurrency can only be described as odd, however, odd has never been bad and now more than ever, odd is proving to be something quite special.

It can be traded on sites such as News Spy and it is adapting fairly well to becoming one of the most well-known cryptocurrencies. Let’s now take a good look into a once minuscule form of cryptocurrency that is now becoming big in the cryptocurrency world all because of one simple tweet from investing legend Elon Musk.

What is Dogecoin?

Dogecoin is essentially like every other form of currency in the way that you can use it for the purchase of good and services from many types of retailers and merchants that willingly accept cryptocurrency. Much like other forms of cryptocurrency, Dogecoin is built on a database using highly intelligent blockchain technology which is essentially a public record that keeps track of all of the previous transactions made using cryptocurrency. Unlike normal currency, each Dogecoin is a token and it is not a physical type of money, instead, it is stored in a cryptocurrency wallet.

How to buy Dogecoin?

Like all of the other cryptocurrencies available right now, Dogecoin is very easy to buy and there are many avenues to take in order to buy it. The most common way to buy Dogecoin is via a currency exchange platform which you can find almost anywhere, but make sure that you do your research before you decide on one. Coinbase is among the most popular of currency exchanges and is also the most reliable one that investors from all over prefer to use.

You can also look at downloading a Dogecoin wallet straight from the official site.

The bottom line of Dogecoin

If you are a very serious investor, perhaps Dogecoin isn’t the way to go, simply because it is still seen as somewhat of a mockery. It is a slightly less serious approach to investing as opposed to Bitcoin and Ethereum, however, if you aren’t in it to invest seriously, Dogecoin can be a worthy contender. It started off as somewhat of a genuine laugh though it is now an official cryptocurrency that people are investing in worldwide.

Dogecoin is definitely worth a look if you’re in it just for fun, however, if you are more serious, try Bitcoin, Ethereum, or Litecoin which are all worthy opponents to Dogecoin but a little bit more serious.