What is Dogecoin? What difference does it have? Where to create a reliable and safe storage wallet and buy DOGE Coin? Should you invest in Dogecoin? It will answer in the following content.
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- What is Dogecoin?
Dogecoin is a decentralized, peer-to-peer digital currency that allows you to send money online easily. Dogecoin is denoted by DOGE. It was built and developed on top of Litecoin, launched on December 8, 2013.
The DOGE design is inspired by the meme “Doge,” which has a faster initial coin generation rate than other digital currencies.
There are about 100 billion coins in circulation since the end of 2014. Subsequently, 5.2 billion coins will be generated each year. Although Dogecoin currently has few commercial applications, it is still among the most popular coins in the cryptocurrency market.
Features of DOGE
Because Dogecoin is based on Litecoin, when there are new changes and updates to Litecoin, it will also apply to Doge.
Dogecoin has a low value with minimal transaction costs, aims to become a cryptocurrency that people regularly use, rather than as a coin to invest in it. Jackson Palmer – founded Dogecoin, has stated that this is a digital currency mostly traded as currency instead of being purchased as an investment.
Therefore, Dogecoin has become the most popular coin to direct people through the internet, create a growth community no less than Bitcoin, which aims to be a form of “the internet currency.”
- Birth history of Dogecoin virtual currency
Dogecoin was created by Billy Markus – an IBM programmer and former engineer. He initially experimented with his other digital currency named “Bells” based on Nintendo’s Animal Crossing series. He hopes that the digital currency will attain another group of users additionally investors, and create an economy like Bitcoin without the controversy of Bitcoin in history.
At the same time, Markus’s friend Jackson Palmer was the one who originally came up with the idea of Dogecoin. Convinced by a student at Front Range University via Twitter to turn the ideas into reality, Palmer decided to see Markus. After a few prompts on Twitter, Palmer bought the domain dogecoin.com, then showed it to Markus and created a partnership between Markus and Palmer.
Dogecoin was released a short time after Markus completed the Dogecoin wallet. Markus created Dogecoin based on Litecoin, so it also uses the script algorithm.
- How Dogecoin works
The way Dogecoin works is based on public password encryption. Each address will have one public password and one personal password. Because only the personal password can decrypt the encrypted data that comes with the public password, community passwords can be shared while still being secure.
Dogecoin addresses are hashed public passwords, 34 characters in length, beginning with the letter “D.”
- Dogecoin’s current price
Dogecoin’s current price is: $0.002049 / 1 coin (LATEST update on Coinmarketcap)
Dogecoin currently ranks 31st out of 4950 cryptocurrencies.
Number of Dogecoin in circulation: 123,420,006,089
Total market capitalization reached: 326,948,330 USD (LATEST update).
- Should you invest in Dogecoin virtual currency?
Many people wonder whether to invest in Dogecoin or not. There is my opinion – I write this article for your reference: Dogecoin currently does not have any use and reality applications, its price also fluctuates erratically, so it will be more suitable for you to trade. Investing in Dogecoin can make you huge profits but you can lose money.
In my opinion, it is more appropriate if we consider it as a coin used for regular trading than an asset held for speculative investment.
However, looking at the development of this coin we can see that it has grown significantly since its inception. If you see this as a potential coin you can try your luck.
Generally, these are just some personal views of the writer for your consultation, and we do not encourage you to invest or not. Because of the same other coins, Dogecoin is susceptible to extreme volatility and speculation, making it difficult to predict the price.
- How to create a Dogecoin wallet
Dogecoin needs to be stored in a separate Dogecoin wallet like Bitcoin.
You can access the Dogecoin wallet with a computer, a phone that allows you to send, receive and store Dogecoin.
There are a lot of wallets that can store DOGE, but generally, people use Dogecoin Core and DogeChain:
Dogecoin Core is a wallet created by Dogecoin’s founding team for easy and secure user support, available in desktop (Windows, Mac OS, Linux) and phone versions (Android only, iOS will launch in future). You can download your wallet HERE.
DogeChain is currently the best wallet for DOGE storage because it is simple and easy to use, secure. After all, there is no need to download all Blockchain data, so it is much lighter and faster than Dogecoin Core. This is an online web wallet platform dedicated to storing Dogecoin which is highly appreciated by the community, Dogechain.info is also blockchain explorer or Dogecoin’s transaction check website, so this platform is trusted by many users.
To create a Dogecoin wallet on DogeChain.info you can visit HERE.
Next, you scroll down to select “Create a wallet.”
Enter full information to create a wallet, include Email, Password, Verify Password (Re-enter Password above).
Then select “Create a wallet.”
Next, you will get a Dogecoin wallet address (wallet ID) which is a sequence of characters including numbers and letters, and characters. What you need to do is carefully save this address with your password, if you lose your wallet ID and password, you will be lost your wallet.
Finally, select “Open your wallet” to open the wallet.
Then, creating a GOGE storage wallet completely.
- How to buy Dogecoin?
Although Dogecoin is not highly valued in terms of technology furthermore commercial applications, Dogecoin virtual currency is pretty popular. Many exchanges in the world list DOGE, including Binance – one of the most popular and the largest cryptocurrency exchanges in the world.
If you want to buy Dogecoin on Binance, you need an account on this exchange. It must be noted that Binance only accepts popular trading coins such as BTC, ETH, or USDT …
Therefore, to have BTC traded on Binance, you need to create a wallet and buy BTC (or USDT, ETH) from an intermediary such as Remitano firstly.
You can refer to the instructions on how to open accounts on Remitano and Binance, how to deposit money into Remitano’s wallet and how to buy BTC and transfer BTC to an account on Binance in the article below:
After opening both Remitano and Binance accounts, you will directly deposit VND into your wallet on Remitano, and then use that amount to buy Bitcoin or ETH or USDT (with instructions in the above article). After that, you transfer BTC to the account on Binance used to trade Dogecoin.
The steps to buying DOGE are similar to buying Ripple, Binance supports Dogecoin trading now, so you can easily trade. The detailed steps are as follows:
– Step 1: Log in to Binance with your newly created account HERE
– Step 2: Go to Exchange => Basic (the web display in Vietnamese will be “Exchange” => “Basic”)
– Step 3: You need to select the BTC market and type in the search box “DOGE” that will appear DOGE / BTC for you to choose from this.
– Step 4: Enter the amount of Dogecoin to buy and set the required price and select “Buy DOGE.” Thus, the purchase of Dogecoin on Binance is completed.
If you need to sell DOGE, you will enter the same price and quantity parameters as buying, but on the right side, it says “Sell DOGE.”
The information above is the primary content about Dogecoin and create a wallet and buy Dogecoin on the stock exchange instruction. I hope that through here, readers can get themselves the necessary information and understand more about this electronic currency.
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