Today, we will take a look at one of the most unique cryptocurrencies, Dogecoin, and find out where and how to buy Dogecoin.
In this guide, you will learn what doge coin is, what it was created for, what it is used for today, and if you should consider Dogecoin as a good way to invest in cryptocurrencies.
After this, in the next section, we will discuss the options to buy Dogecoin. This part will cover: where to buy Dogecoin, how to buy Dogecoin, how to buy Dogecoin with USD, and how to buy Dogecoin with PayPal.
By the end of the guide, you should know the following:
A brief history of Dogecoin.
- What can Dogecoin be used for?
- Whether Dogecoin is a good or bad investment.
- How to buy Dogecoin.
- Where to buy Dogecoin.
- What is Dogecoin?
Dogecoin is:
Open Source: The code is freely available for any programmer to modify.
Decentralized: Your blockchain, or database, exists on many computers around the world.
Peer-to-peer currency: Sending and receiving currencies do not need a central server or authority to work with the currency.
If you already know a bit about Bitcoin, you will probably realize that the description of Dogecoin is very similar to that of Bitcoin. However, there are some important differences.
First of all, there is much more Dogecoin than Bitcoin. At the time I am writing this article, there is almost 114 billion DOGE in existence and maybe, in the end, you will buy Dogecoin. Another difference is that there is no maximum limit to the number of Dogecoins that can be created.
Note: When you see Dogecoin often appearing on exchanges, it is because it uses the “nickname” DOGE. This applies in the same way that BTC is used for Bitcoin and ETH is used for Ethereum’s native currency, Ether.
Lastly, Dogecoin uses a different encoding for its miners. It’s a bit confusing and too technical for this article. All you need to know is that normal computers can mine Dogecoin. This is different than Bitcoin.
Currently, only computer systems that have been designed for cryptocurrency mining can profitably mine Bitcoin. These systems are known as Application Specific Integrated Circuits or “ASICs” for short. The difference is that CPUs (normal computer chips) can mine Dogecoin.
What is the purpose of Dogecoin?
As you can see from the logo above, Dogecoin was originally created as a kind of joke currency. Obviously, Dogecoin is fun to buy. It started in 2013 and was created by Billy Markus and Jackson Palmer. These two founders have left the project.
The name itself comes from a popular internet “meme”. The original meme featured a Shiba Inu dog (Japan’s smallest breed of dog). The meme featured a picture of one of these dogs with comical multicolored text without (the font) written in some sort of mispronounced English. Examples of this text can be seen around the dog in the photo of the Dogecoin logo:
“Please mine, I’m rich, good coin, wow, a lot of coins, how much money, so mine.”
Despite starting out as a joke coin, DOGE quickly developed a strong community around it. This community started using the coin to tip other internet users for their content. This way of tipping has become Doge’s main purpose.
Since its inception, Doge has also been used to donate money to charities. Among them are the 2014 Jamaican Bobsled team that couldn’t afford to make it to the Sochi Winter Olympics, a Nascar driver named Josh Wise, and a clean water project in Kenya called Doge4Water.
Has Doge been a good investment?
As with any other cryptocurrency, whether Doge was a good investment depends on when the investor first bought Doge and when they decide to sell it.
If they bought it at the all-time high of just over $0.0178 and sold it today at around $0.0026, that would have been a terrible investment. On the other hand, if they bought in December 2013, when the price was around $0.000256, and sold to the max, they would have been very satisfied with their investment. Everything is relative!
A better question would be, “If I buy DOGE today, how likely is it to increase in value?”
The short answer is: Not much (But it’s still possible!).
How to buy Dogecoin
Buying Dogecoin can be a bit tricky if you are not used to buying cryptocurrencies. However, there are some ways to do it. Below you will find instructions on how to buy Dogecoin with USD, how to buy Dogecoin with a credit card, and how to buy Dogecoin with PayPal.
How to buy Dogecoin with USD
There are not many options to buy Dogecoin with USD directly. However, some smaller cryptocurrency exchanges offer fiat pairs with DOGE. Examples of this include:
- Exrates
- YoBit
- Livecoin
