Elon Musk called Dogecoin “the people’s crypto”. As soon as he said that, the prices of Dogecoin surged dramatically. What started as a joke is now the 10th largest cryptocurrency globally. With a Shiba Inu dog in the background, its official logo is instantly recognizable and endears it to almost everybody.
DOGE holds the 3rd position in terms of popularity and exposure in Australia. So, if you want to invest in Dogecoin with websites like https://swyftx.com/au/buy/dogecoin/, it would be a great choice when considering its growth potential and uniqueness.
However, there are some things you should first know about Dogecoin.
What is Dogecoin?
Not many cryptocurrencies have a history as colourful as Dogecoin. It was launched on 6th December 2013 by software engineers Billy Marcus and Jackson Palmer. The idea was to create a currency as a joke, taking inspiration from the random fluctuations associated with digital currencies.
It is believed to be the 1st meme coin and dog coin. And it currently sponsors the English football club Watford FC. After receiving encouragement and mention from celebrities like Snoop Dog, Elon Musk and Gene Simmons, the crypto reached an all-time high of 0.08 AU$ in February 2021. Experts suggest that its value might reach 0.9 AU$ by 2022.
What are some of its features?
Dogecoin is a decentralized digital currency that is regarded as an altcoin. Just like other digital currencies, it operates using blockchain technology. All transactions are secured using cryptography. However, unlike other currencies, it is not owned by an individual or company. A consensus among the users determines its operation and day-to-day functioning.
For example, if developers or programmers develop new software, it must secure the users’ approval. The users could mean anyone from miners to payment processors. The timestamp for it is Proof of Work (PoW). Miners who ensure that the system operates optimally are rewarded with additional Dogecoins.
It does not have any supply limit, unlike other currencies. However, around five billion new Dogecoins are expected to be in circulation every year. As of December 2021, its value is 0.26 AUD.
Why should you invest in it?
Dogecoin is the first choice of investors who lack sufficient capital to invest in other cryptocurrencies. It also offers an excellent opportunity for first-time users to gain experience in the digital currency market. A vast network is associated with this crypto, willing to provide tips and valuable suggestions to users. The transactions are fast and cheap.
While most other currencies have a problem with scaling (the ability to deal with numerous transactions simultaneously), Dogecoin can handle many transactions. It also works efficiently with different operating systems and cryptocurrency exchange and trading platforms. Since the users manage all transactions, the chances of a transaction getting cancelled are relatively low.
How can you buy DOGE?
You can buy DOGE on almost any cryptocurrency trading platform. The company will ask you to first create an account by filling out details like name, email, contact number, and country of residence. You can deposit some money with either cryptocurrency or AUS dollars. Once the platform clears your deposit, you can start buying, selling and exchanging the coins as you want.
If you are interested in Dogecoin, you can invest in it through a cryptocurrency trading platform like https://swyftx.com/au/buy/dogecoin/. It will be a fun experience, and you can also expect some decent profits in the future.