Guides & Explanations

Dogecoin – all you need to know!



Dogecoin is a cryptocurrency developed by a former IBM employees, Billy Markus and Jackson Palmer. Initially, Doge’s creators were experimenting with another cryptocurrency – this coin is derived from Litlecoin and has had a significant impact on multiple markets.

The first thing you need to know about Dogecoin is that it is a currency that is fast, flexible, and whose transactions are processed faster than BTC. Dogecoin use is mostly trading online and twitter payment. As of this writing, Dogecoin moves 150 million dollars a day in volume and is ranked as the tenth most valuable coin in coinmarketcap.com.

How to get Dogecoin

There are different ways to obtain this cryptocurrency. The first way is by mining. However, mining for Dogecoin is different than mining for BTC. Dogecoin can be mined infinitely, and it has no limit of coins mined per user.

The mining of the kryptonet can be done from a platform that connects to the blockchain. Another form of mining is through platforms that connect to a cryptocurrency pool. An example of that is the Mizel mining platform, where you can mine from the cloud.

Moreover, Dogecoin mining does not require powerful equipment, unlike BTC. It’s true that if you have a decent miner, you can get more coins in less time. But, you can still obtain Dogecoin quickly if you don’t. Many mining platforms will allow you to acquire Doge without having to spend a couple of thousand dollars in mining equipment.

However, if you don’t want to mine, don’t worry. There are other ways to acquire Doge. There multiple pages and applications that pay users with Dogecoin for doing a particular activity. For example, there is Freedogecoin that pays users in DOGE to spin a roulette among other activities.

People can work or bargain for Doge. If you are planning to have an online store, you can provide products and services, and get paid with this cryptocurrency. This way is entirely dependent on you and not on a platform, so your returns might not be as significant as expected.

Another way to do it is to buy it in exchange sites at a given price. You can purchase DOGE at whatever is the dollar exchange rate at that moment or exchange it for another crypto coin.

As you can see, there are all these ways to get Dogecoin. That’s why it is one of the most flexible cryptocurrencies. The best thing is that you can apply them all at the same time since one does not exclude the other. In short, you can use and obtain this coin as you please. It’s up to you to how to do it.

Elements to consider with the Dogecoin – Wallets

Crypto wallets are available in various platforms, each with their pros and cons. So it’s worth taking a moment to consider them since a crypto wallet is the most important thing anyone can have when it comes to cryptocurrencies.

Multidoge

This is a very versatile and straightforward wallet available for all operating systems. You can store Dogecoin or instantly send them to another user. The platform allows you to create different types of wallets according to your needs, whether it is for desktop, paper or online.

Dogecoin Wallet

It is a wallet created for smartphones, which takes approximately 4Mb of storage space. The app was designed to make transactions immediately online. You can use QR codes to transfer coins to pay or between wallets.

Lastly, Dogecoin Wallet purpose is commerce. It’s especially useful for instant payment system. And, if you are a seller of goods and services, it is an excellent way to receive payments reliably.

Dogechain

The Dogechain wallet works with cloud computing. Users can store all the Dogecoin received in the cloud. It is a platform developed for people who do not want to have their crypto coins on a computer. The platform is ideal for business owners and online stores that hold small amounts of coins at a time for day-to-day operations.

Be careful, though. Dogechain is a hot wallet, which means it’s always connected to the internet. Therefore, it is recommended to have a secondary off-line wallet for long-term crypto storage.

Atomic Wallet

Atomic Wallet is a crypto wallet that stores several cryptocurrencies at the same time. The wallet can store BTC, Ether, Dogecoin, and Litlecoin, among others. You can exchange different cryptocurrencies within your wallet. However, the exchange rate may not be the most favourable.

Atomic Wallet is available for PC and smartphones, which makes it ideal for traders. The wallet has a quick payment option that generates a safe QR code so that you can pay in different cryptocurrencies.

Ledger

Ledger is a multi-cryptocurrency wallet that works on mostly on computers. It allows you to store said coins, exchange them, make payments, and receive cryptocurrencies. The wallet only works on computers. But, it’s still prevalent among crypto traders.

Dogecoin current position in the market

Dogecoin’s position is currently interesting, as it is on the rise. DOGE ended 2019 at the 30th place in the cryptocurrency ranking. But, as of this writing, it’s ranked among the top 10 crypto coins in the world.

There are 125 billion DOGE coins in circulation, and it moves 150 million dollars in volume daily. Moreover, its market cap sits at 463 million USD. And, as previously stated, Doge offers the possibility of mining and obtaining in multiple ways.

Doge has become one of the favourite trading coins in conjunction with Litecoin. The reason is that it is fast, and has a large number of nodes within its blockchain. Those two key points allow for zero limitations within the users giving you infinite possibilities.

The covid-19 also benefited the development of Dogecoin because it encouraged online business. Every day more users are trading DOGE or using it for transactions. That is why it has seen a rise since the last beginning of the pandemic.

The future of Dogecoin is bright because of its e-commerce appeal. Its market cap is indeed low compared to BTC or Ether. However, because of the number of options that Dogecoin provides, the sky is the limit.

Image from Flickr



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