Dogecoin Live Price, Charts, News – How to Buy Dogecoin
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Dogecoin live price is $0.0724. Find the Latest News, All Charts, Price Predictions & Learn How to Buy Dogecoin coin. Its price is -0.09% down in last 24 hours.
There's a cryptocurrency called Dogecoin, and it started off life as a parody of Bitcoin. A plug from Tesla CEO Elon Musk helped launch the digital currency into the public eye and into the stratosphere, and it is now one of the most highly valued cryptocurrencies.
Find out what Dogecoin is, how it works, and where you can get it.
What Is Dogecoin?
Dogecoin is a cryptocurrency that has recently gained popularity.
Many new cryptocurrencies have lately come into existence, including Dogecoin. Dogecoin, on the other hand, was established to make fun of Bitcoin and the absurdity of owning a digital asset that was not backed by any tangible asset or cash flow. Until recently, Dogecoin was a joke currency, but now it has value.
A look at the coin's origins reveals that it's a prank.
- Jackson Palmer and Billy Markus founded Dogecoin in 2013 following the rapid rise of Bitcoin values.
- After around two hours of brainstorming in 2013, the "altcoin" was born.
- Doge, a Shiba Inu dog who speaks in terrible English, was the inspiration for the meme's creators.
- Coins may be created indefinitely, illustrating the ridiculousness of claiming digital assets are "scarce".
Although it began as a joke, Dogecoin has caught the attention of the investing and speculating public. Investors on Robinhood love it, and as of February 2022, the estimated total market value of all Dogecoins is $19 billion.
Much wow, in the words of Doge.
Do you know what you can do with Dogecoin?
If you're looking to transfer money between people, Dogecoin can be used in the same manner that other cryptocurrencies, like Bitcoin, are used. Even if a record of the transaction is publicly available on the blockchain, users can still make semi-anonymous transactions. And they don't have to go through a typical middleman like a bank to do it.
As a decentralized cryptocurrency, Dogecoin relies on the distributed ledger technology known as a blockchain to operate. A blockchain can be compared to a long-term receipt for all of a currency's transactions. Verifying transactions and ensuring data integrity is done by a computer network, which subsequently saves that data on the blockchain.
The origin of Dogecoin remains a mystery
This currency, like other cryptocurrencies, mines itself through the use of computers in a decentralized network. For processing transactions, the networked computers use complicated mathematical equations to release coins or portions of them.
More than 132.7 billion Dogecoins were in circulation in February 2022, but new coins are being minted constantly. There is no limit on the number of Dogecoins that may be mined, unlike Bitcoin's hard ceiling of 21 million. There is no limit to how many coins can be made. A maximum of 5 billion new coins can be issued each year, but that issuance can continue indefinitely.
How to Buy Dogecoin?
Dogecoin may be purchased on a variety of websites, and your choice of which one to use may depend on your specific needs.
Dogecoin can be purchased through an online brokerage like Robinhood, which allows for cryptocurrency trading, if you're only wanting to speculate. In addition to Webull and eToro, not all brokers enable cryptocurrency trading. Any cryptocurrency holdings you have will be held with the broker.
Dogecoin can be purchased on an exchange like Binance, Kucoin, Coinbase if you're interested in speculating or actually using it. You may be able to send or spend the item directly after receiving it via an exchange.
Cryptocurrency wallets can provide an additional layer of security beyond what is often provided by exchanges. To help you out, we've compiled a list of some of the best bitcoin wallets.
Is it wise to put money into Dogecoin?
As with most cryptocurrencies (stablecoins not included), Dogecoin has no assets or cash flow to back it up. As a result, its price is totally decided by the demand for it. When it comes to a stock, on the other hand, the long-term price appreciation is determined by how well the company's core operations operate. Dogecoin's appreciation is based on the "greater fool theory of investing," in which speculators become even more enthusiastic.
For these reasons, Warren Buffett and Charlie Munger of Berkshire Hathaway, two of the world's greatest investors, advise their followers to avoid cryptocurrencies.
This doesn't mean that you can't earn money trading Dogecoin, but rather that it's unlikely to have a long-term worth.