Did you know that bitcoin is considered to be the original cryptocurrency and it was founded in 2009? If you have been paying attention to crypto lately, you have probably been hearing about dogecoin a lot thanks to people like Elon Musk and Mark Cuban. This has become another popular cryptocurrency that some investors are taking an interest in.
Keep reading to learn everything there is to know about dogecoin.
What Is Dogecoin?
The truth is that this cryptocurrency coin was initially created as a joke in 2013 by Jackson Palmer. After the joke, they realized that this coin was a more approachable alternative to Bitcoin. Because it was originally not made to serve a major purpose there are not huge technicalities that set it apart from the pack of other coins.
You can learn about bitcoin vs dogecoin here and it is important to keep in mind that the value of this coin really lies in the community that it has built.
Common Use
One of the most common uses of Dogecoin is to tip others. Sometimes users will tip other users for contributions or posts that they feel deserve some recognition. You can compare it to the tipping services on YouTube that sometimes fellow viewers make.
It is also being used as a currency to buy items in certain stores online.
Where Can You Buy Dogecoin?
As of the writing of this post, there are a few places that you can buy dogecoin. You can currently buy on Gemini exchange, Coinbase, Crypto.com, Binance.US, and eToro. Make sure to check the laws in your local area to ensure that you only create an account that is legal where you live.
How to Make a Purchase
Once you create an account in one of the exchanges you will have a few options to buy Dogecoin which usually include bank transfer, credit card, or cryptocurrency. If you choose a bank transfer, it is the slowest method because it can take between 2-3 days to complete the transfer.
The credit card option is the fastest and the easiest method when you want to buy any crypto on an exchange but it is also the most expensive. The exchanges that accept credit cards will charge you fees that can range from 2-3% plus a flat fee on top of it.
Opting to buy with cryptocurrency simply means that you trade one cryptocurrency coin that you already own for Dogecoin. Usually, this has the lowest fees but it all depends on the exchange you are working with.
Feeling Like a Dogecoin Pro?
We hope that now that you read all of the ins and outs of dogecoin above, you can make an informed decision whether you want to jump on the dogecoin bandwagon. Please don’t invest money that you can’t afford to lose because just like any investment you are always taking a risk and Dogecoin has proven to be extremely volatile.
If this article came in handy please feel free to keep browsing our cryptocurrency section to catch all of our latest tips and tricks.
