Doge is the native cryptocurrency of dogecoin, a parody cryptocurrency based on a viral internet meme of a Shiba Inu dog. At first, the crypto project was created purely as a mockery of other cryptocurrency projects that were being launched at the time.
The cryptocurrency is essentially a direct copy of Litecoin’s code and can be used to transfer value over the internet like all other digital assets. Doge was never designed to have any real-world utility beyond being a simple blockchain-based payment system; however, it quickly amassed a diehard community of fans who found and developed new use cases for it. Those included a third-party online tipping service, which led to doge becoming a leading tipping coin on social media platform Reddit and crowdfunding charitable causes using dogecoin.
What is Dogecoin (DOGE)?
1. Who Controls Dogecoin (DOGE)?
In 2013, Palmer and Billy Markus created dogecoin as a joke based on the “Doge” meme, which portrays a shiba inu dog. Markus and Palmer didn’t intend for dogecoin to be taken seriously.
But the coin has recently taken off, and dogecoin is currently one of the top 10 cryptocurrencies by market value. Earlier this year, it hit an all-time high of nearly 74 cents. Despite its recent surge in popularity, Markus and Palmer haven’t profited, as they both sold out before dogecoin’s meteoric rise.
In his Twitter thread, Palmer criticized those in power in the cryptocurrency space, saying that it is “controlled by a powerful cartel of wealthy figures” who “have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
Palmer also criticized how crypto is shared and marketed. In another tweet, he alleged that “the cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like ‘get rich quick’ funnel designed to extract new money from the financially desperate and naive.”
Palmer admits this type of “financial exploitation” existed before cryptocurrency, but says he still believes that the crypto industry hurts the “average” people who join it. He also believes it is susceptible to fraud, similar to other cryptocurrency critics.
2. Who Created Dogecoin (DOGE)?
Dogecoin launched in 2013 as a peer-to-peer, open-source cryptocurrency, developed to reward content creators for creativity. Its somewhat curious name is based on the popular Doge meme featuring a Shiba Inu dog…Why? Because its co-creators, Billy Markus and Jackson Palmer wanted to fill the gap for a more lighthearted, accessible, fun altcoin that would be embraced by the masses.
And it worked: calling itself “the fun and friendly internet currency”, Doge soon gained traction online with a large following on social media and is now considered one of the most popular cryptocurrencies used to tip and incentivise content-creators across various social platforms.
More recently, Doge’s popularity has been given a boost by Tesla CEO, Elon Musk (AKA the DogeFather) who proclaimed it to be “the people’s crypto” and promptly set the value soaring by 12,000%. It may have started as a joke, but the historically volatile Dogecoin has a market value in the same range as some of the world’s largest companies.
3. Dogecoin (DOGE) Pros and Cons
Dogecoin (DOGE) Pros:
- Day Trading DOGE is Profitable
- Elon Musk’s Positive Dogecoin Comments
- Engaging Social Media Fans
- Dogecoin Has a Humanitarian and Friendly Feel to it
- There Are Several DOGE Available For Purchase
- Trade Volumes Are Soaring Through the Roof
- More Exchanges Have Started Listing Dogecoin
- Dogecoin scales relatively faster than Bitcoin
- Could Benefit from More Mainstream Partnerships
- DOGECOIN Is Based On Its Cultural Value
Dogecoin (DOGE) Cons:
- There are Questions Surrounding Leadership’s Belief in the Cryptocurrency
- Dogecoin Relies On Its Fun Nature and Not Any Real Innovation
- Too Much Reliance on Elon Musk to Drive its Price
- Associated With Pump and Dump Schemes
- Dogecoin Is Not the Number One Transactional Currency
- Over-Reliance of the Price Patterns of Bitcoin
- Infinitely Mineable
4. The Difference Between Dogecoin (DOGE) and Traditional Currencies
The main difference between them is, the traditional currency is a centralized system and bitcoins are decentralized one and peer-peer systems. Hence there are no central authorities to regulate rules and regulations on a bitcoin transaction. But a traditional currency is strictly regulated by the governmental authorities. Both the bitcoins and fiat currency have values which can be used for buying and selling of goods in the market.
With traditional currency functioning for five days a week and die to transaction restriction, there is a chance of freezing of currency. There is no limit in the number of currencies, being printed, and hence when there is inadequate currency, it will affect the buyers and sellers, resulting in inflation.
- No Fraudulent Activity
If you want to transact with a traditional currency system, the users have to provide personal details like name, address, phone number, and lots more. So, with the internet technology, the malicious user will be able to hack the account details of the traditional currency system easily. Traditional currency can suffer from double-spending, where the same money is used for more than one transaction.
- Reduced Cost
In a traditional banking system, for making a national transaction, it will take 2-3 working days, and the transaction fees will be high. In the case of international transactions, the transaction fee will be very higher, and it will take 15 days to complete the transaction. In a Cryptocurrency system like bitcoins, there is no transaction fee for making a national transaction. The transaction will also take place in seconds or within 24 hours.
5. Is It Safe To Use Dogecoin (DOGE)?
Dogecoin uses blockchain technology, just like Bitcoin and other cryptocurrencies. Blockchain tech is considered extremely difficult, although not impossible, to hack. Being among the cryptocurrencies with the largest market capitalization and widest adoption rate, Dogecoin is relatively secure.
How Does Dogecoin (DOGE) Work?
Dogecoin holds pedigree as one of the first altcoins, and was created as a fast and instant payment system based on the Litecoin blockchain architecture. The idea behind the project was to create a fun and easy-to-use alternative to Litecoin (which is itself an alternative to Bitcoin), driven by a powerful community of users.
By the time Dogecoin (DOGE) launched, the concept of cryptocurrency was already well in use with Bitcoin reaching new highs in the market, so the Dogecoin community quickly developed to represent and support Dogecoin, presented as a “meme coin” in its inception.
Dogecoin’s logo features the well-known and popular meme, Doge, using the image of popularized dog breed, Shiba Inu. Against all odds, DOGE has become a top cryptocurrency in the market, primarily due to social media hype and its accessibility to a multitude of demographics around the world.
How to Make Money with Dogecoin (DOGE)?
Here are quite a few approaches for us to make money with Dogecoin (DOGE), such as Mining, Buying & Hold Bitcoins, Accept Payments in Dogecoin (DOGE), Earning Dogecoin (DOGE) by turning into an Affiliate, Lending Dogecoin (DOGE), and Micro Earnings, and Trading.
- Dogecoin (DOGE) Mining
- Buy & Hold Dogecoin (DOGE)
- Accept Payments in Dogecoin (DOGE)
- Determine how you’ll use Dogecoin (DOGE)
- Find a Dogecoin (DOGE) wallet
- Find a Dogecoin (DOGE) payment processor
- Accept Dogecoin (DOGE) payments
- Becoming an Affiliate
- Lending Dogecoin (DOGE)
- Micro Dogecoin (DOGE) Earnings (Faucets, Offer Wall, Short Links, Surf Ads……)
- Dogecoin (DOGE) Games
- Micro Dogecoin (DOGE) Tasks
- Trade Dogecoin (DOGE)
How to Buy Dogecoin (DOGE)?
1. Things To Know Before You Buy Dogecoin (DOGE)
Buying Dogecoin (DOGE) and holding onto it in hopes it will appreciate in value, is the most common form of “investing”. As with all investing, you should never invest more than you are willing/able to lose. This is especially true with Dogecoin (DOGE), since it’s still a very risky investment.
The most important thing to keep in mind when buying Dogecoin (DOGE) is to make sure to buy only from exchanges that have proven their reputation.
Another key tip is to make sure you don’t buy all of your Dogecoin (DOGE)s in one trade. Instead use a dollar cost averaging method—buy a fixed amount every month, week or even day throughout the year. This ensures that you buy the most Dogecoin (DOGE) when it’s on the rise, and less when it’s going down in price.
2. How to Buy Dogecoin (DOGE) on a Crypto Exchange
- Coinbase – Secure online platform for buying, selling, transferring, and storing cryptocurrency.
- eToro – Trade and invest in a diversified portfolio, starting at $10, or practise risk-free with a virtual portfolio.
- Bitfinex – Digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
- Binance – Low trading fees, a generously wide range of leverage, and high liquidity.
- KuCoin – A large cryptocurrency exchange offering the ability to buy, sell, and trade cryptocurrencies
3. How to Buy Dogecoin (DOGE) with Cash
- Find a seller in your area who accepts cash.
- Select amount of coins and place an order.
- Receive account number from the seller.
- Deposit cash into the seller’s account.
- Upload your receipt to prove you made the deposit/trade.
- Receive Dogecoin (DOGE)!
4. How to Buy Dogecoin (DOGE) with Credit Card
Not all platforms will allow you to use a credit card to make your Dogecoin (DOGE) purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.
5. How to Buy Dogecoin (DOGE) with Paypal
- Login to Paypal and Select Cryptocurrency
- Select ‘Dogecoin (DOGE)’
- Select ‘Buy’
- Choose How Much You Want to Buy
- Select Payment Method
- Hit the ‘Buy’ button
6. Should I Buy Dogecoin (DOGE) In 2022?
Is Dogecoin a good investment as we move further into 2022? This is a question that many meme coin enthusiasts ask all the time. Keep reading as we dive deeper into how the price of DOGE could perform in the foreseeable future.
Much like when you buy Bitcoin, it’s wise to get an idea of Dogecoin’s prospects over the short term and long term before you make your investment. As noted previously, the Dogecoin price today is hovering around $0.1192, down 30% since the beginning of 2022. However, given this start, what sort of performance can we expect from Dogecoin in the remainder of the year?
It’s important to note that Dogecoin has strong support from both retail investors and high net worth investors. An article from CNBC reported that billionaire Mark Cuban said Dogecoin was at its “strongest” when being used as a medium of exchange. Cuban doubled down on this statement by accepting DOGE as a payment method for Dallas Mavericks merchandise – which helped boost sales dramatically.
This aspect of Dogecoin’s utility was also reinforced by Elon Musk, as The Guardian reported in January 2022 that Tesla would begin accepting DOGE as a method of payment for the car maker’s merchandise. Musk has previously referred to Dogecoin as “the people’s crypto”, with this announcement paving the way for other use cases for Dogecoin.
These use cases are essential to Dogecoin’s long term success, as high price levels cannot be sustained purely by speculation and retail buying. The acceptance of DOGE by the Dallas Mavericks and Tesla could pave the way for more companies to allow customers to purchase items using this crypto, increasing demand for DOGE.
Due to this, our Dogecoin price prediction for 2022 estimates that the coin could reach $0.3500 by the end of the year – a 191% rise from today’s levels.
How to Sell Dogecoin (DOGE)?
1. Things to Know Before You Sell Dogecoin (DOGE)
To get started with Dogecoin (DOGE), you’re going to need three things: an exchange, a wallet and the knowledge of how to buy the cryptocurrency. This last one is easy with our guide on how to buy Dogecoin (DOGE), but the other two are still important. The exchange allows you to buy Dogecoin (DOGE) from sellers, and the wallet gives you somewhere to store it long term.
When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time.
On the other hand, wallets can be much more complex. “Cold wallets” — physical devices holding cryptocurrencies offline — come with a steep up-front cost, but “hot wallets” — pieces of software that hold your coins on a computer — are often less secure. However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them.
2. Sell Dogecoin (DOGE) in Cryptocurrency Exchanges
- Step 1: Set up an exchange account
- Step 2: Transfer your Dogecoin (DOGE) to your exchange wallet
- Step 3: Place a sell order
3. Sell Dogecoin (DOGE) in P2P Trading
- Step 1: Go to the P2P Trading Page
- Step 2: Choose to Sell and Set Your Currencies
- Step 3: Find a Buyer
- Step 4: Choose How Much You Want to Sell
- Step 5: Send the Offer
- Step 6: Confirm the Release
4. Sell Dogecoin (DOGE) in Dogecoin (DOGE) ATMs
- Step 1: Choose withdraw cash
- Step 2: Choose Dogecoin (DOGE) (these machines normally may support other cryptocurrencies)
- Step 3: Choose amount to withdraw
- Step 4: Send Dogecoin (DOGE) to given address QR code
- Step 5: Receive cash immediately as Dogecoin (DOGE) transaction is propagated on the network
Can Dogecoin (DOGE) Be Mined?
Mining Dogecoin requires the provision of processing power, also known as hashpower, to the Dogecoin network. Because Dogecoin represents an open, permissionless system like Bitcoin, anyone with access to computer-processing power can participate in mining. In the early days of Dogecoin, it was very well possible to mine the cryptocurrency using home CPU and GPU computer hardware. Due to Dogecoin’s surge in popularity, ever more hashpower is being provided to the network, making mining increasingly more difficult. Today, Dogecoin cannot be mined efficiently with a computer processing unit (CPU) anymore. At least a powerful graphic card unit (GPU), or better, a so-called application-specific integrated (ASIC) mining machine, is necessary to provide relevant hashpower to the network.
Just like the Bitcoin mining industry, Dogecoin mining today is dominated by mining pools. If a miner can only provide limited computing power, it is best to connect these mining machines to so-called mining pools. This way, a smaller miner can team up with a lot of other hashpower, making it more probable that they will get a steady flow of block rewards from their mining activities. Whenever the respective mining pool finds a new block, each miner gets a share of the rewards proportional to the hashpower they have contributed. Further, most of these mining pools allow for merged mining, which allows miners to participate in the mining of multiple scrypt-based currencies at once without having to split up their hashrate.
How to Get Free Dogecoin (DOGE)?
Most genuine websites that allow you to earn free Dogecoin (DOGE) require you to spend money on other things like buying cloud computer mining power, connecting your CPU for mining, playing a game, or completing micro-tasks.
In other words, they offer free Dogecoin (DOGE)s as an advertisement for their services. Otherwise, it takes time and effort to get free Dogecoin (DOGE) given its current high value.
- Dogecoin (DOGE) Faucet
- Dogecoin (DOGE) PTC Sites
- Dogecoin (DOGE) Airdrop
- Dogecoin (DOGE) GameFi
- Dogecoin (DOGE) Bounties
- Learning About Dogecoin (DOGE)
- Shopping Reward
- Dogecoin (DOGE) Interest
- Owning a Dogecoin (DOGE) Faucet
- Write about Dogecoin (DOGE)
- Dogecoin (DOGE) Affiliate Program
- Free Dogecoin (DOGE) Cloud Mining
What is a Dogecoin (DOGE) Wallet?
1. Dogecoin (DOGE) Wallets for Beginners
You can’t have Dogecoin without having a Dogecoin wallet. It’s essential. A Dogecoin wallet is where you hold your DOGE. Some wallets have advanced features like savings accounts, Doge trading, and multi-currency exchange but by and large, most people use Dogecoin wallets for just storage
A Dogecoin wallet works in the same way every other Ethereum-based wallet works. At the moment, DOGE is an ERC20 token which means it’s on the Ethereum Mainnet. Elon Musk has proposed the idea of moving off-chain and going independent but that idea has yet to see the light of day. So for now, simply download any Ethereum wallet and you should be able to hold your Dogecoin on there.
Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure DOGE wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event.
2. How To Make A Dogecoin (DOGE) Paper Wallet?
Although there are ways to manually generate a private key, the vast majority of paper wallet creators use a private key generator. Once a private and public key have been created, you are able to print a paper wallet, which because it’s not online doubles as a cold storage wallet. This will include the public and private key you’ve generated, usually as both a string of characters and QR codes.
Anyone with a paper wallet’s public key can send crypto to it as often as they like. Using the corresponding private key, you can move the crypto balance of the paper wallet into a software wallet. This transfers the funds to a new private key on your software wallet.
3. Ways To Set Up a Dogecoin (DOGE) Wallet
There are many Dogecoin (DOGE) wallets out there, and all of them differ in their characteristics. Mobile software wallets are great for day-to-day use, while desktop software wallets bring about a great balance between convenience and security. Lightweight web wallets are the best choice for quick online transactions. Cold encrypted hardware wallets like Ledger or Trezor are the best for long-term storage of bitcoin. However, unlike other options, hardware wallets aren’t free and cost $50 or more.
Set up a Dogecoin (DOGE) Software Wallet
- Bread (BRD) wallet
- Bitcoin wallet
Set up a Dogecoin (DOGE) Web Wallet
Set up a Dogecoin (DOGE) Hardware Wallet
How to Buy and Sell Dogecoin (DOGE) In Different Area?
1. How to Buy and Sell Dogecoin (DOGE) in India?
You can get Dogecoin (DOGE) in India mainly through buying and mining. To buy it, you can use several online exchanges such as WazirX, Coinbase, BuyUcoin, and CoinDCX. Choosing the best online exchange is another task, but here are a few things you should keep in mind while buying the cryptocurrency in India.
- It’s best to go with an exchange that allows you to withdraw cryptocurrency in INR to your personal online wallet for safekeeping
- Make sure that the internet connection is secure. Also, don’t forget to use safe internet practices like two-factor authentication and unique and strong passwords.
- KYC aka Know Your Customer verification is a must, at least in India. For that, you can use a PAN card and valid address proof
- Now, add the bank account that is linked to your PAN card. Verification will take around 2-3 days
After the verification is complete, you can start trading Dogecoin (DOGE) in India. Money from your bank accounts can be transferred using NEFT, RTGS, and debit and credit cards. Currently, the value of one Bitcoin is around 27 lakh; however, you don’t have to buy a whole coin to begin investing. You can buy Bitcoin in parts, i.e. small investments for as low as Rs 500. That way, you will own a small percentage of the cryptocurrency.
2. How to Buy and Sell Dogecoin (DOGE) in Canada?
- Sign up and get KYC (Know-Your-Customer) verified on a Canadian crypto exchange like Bitbuy.
- Deposit CAD to the exchange directly from your bank account.
- Buy Dogecoin (DOGE).
- Store Dogecoin (DOGE) on your exchange account or transfer it to a wallet.
3. How To Buy and Sell Dogecoin (DOGE) In The UK?
- Create a Coinbase account.
- Complete identity verification to access fiat payment options.
- Navigate to the Accounts and select the GBP wallet.
- Fund your account using Bank Transfer or other methods.
- Once the deposit is complete, go to the Buy/Sell page and select GBP to Dogecoin (DOGE).
4. How To Buy Dogecoin (DOGE) in the United States?
The best way to buy and sell Dogecoin (DOGE) in the USA is through an exchange such as Coinbase, Kraken, Gemini, Coinmama, Binance, or Changelly. There is a plethora of options available, so it is best to look at each of the exchanges’ processes for deposits and withdrawals, fees, and transaction speeds to determine which is best for you.
Dogecoin (DOGE) FAQs
1. Dogecoin (DOGE) History
Jokes aside, Dogecoin developed a rather serious online following. Presenting itself as the “fun and friendly” cryptocurrency, Dogecoin was increasingly bought and sold in online crypto marketplaces by those looking to add an atypical currency to their crypto portfolios. It also became a popular method for tipping online content creators. It experienced explosive growth in the first months of its release, which even resulted in it briefly exceeding the combined trading volume of all other cryptocurrencies (including Bitcoin) in January 2014.
Continuing to defy odds, Dogecoin somehow managed to achieve a billion-dollar market cap without a whitepaper or any viable use cases, cementing its parodical status in the cryptocurrency community.
Cryptocurrencies in general are marked by high market volatility. Dogecoin is no stranger to volatility, and perhaps experiences even more than its fair share because of how much its performance is influenced by social media (a potentially volatile structure in its own right). For example, in April 2019, Elon Musk said on Twitter that Dogecoin “might be my fav cryptocurrency. It’s pretty cool.” The statement dramatically increased the cryptocurrency’s price. Similarly, between May 2020 and July 2020, the price of Dogecoin skyrocketed by almost 200% (from $.001571 to $.004398) due to a push from users on the social media platform TikTok to drive the DOGE price to $1.
2. Is Dogecoin really used by people?
Yes. There are a growing number of businesses and individuals using Dogecoin. This includes brick-and-mortar businesses like restaurants, apartments, as well as popular online services. While Dogecoin remains a relatively new phenomenon, it is growing fast.
3. Should you store your Dogecoin on an exchange?
One feature of many cryptocurrency exchanges is that users can store their coins in the account they have on the exchange. This is convenient for traders who engage in a lot of transactions, but it is not the most secure option for storing your Dogecoin.
The problem with leaving coins in your account is that the exchange could have a security breach, or you could also compromise your own account. If this occurs, all of your coins could be stolen. Once the coins leave an account, it is next to impossible to recover stolen cryptocurrency.
For this reason, it is recommended to withdraw most of your Dogecoin after making a purchase. Online wallets offer some safety, but they may be exploited as well. But storing coins in a hardware wallet will be the safest way. However, with the hardware wallet, the custody of the DOGE you bought now lies solely on the owner, so one would need to do their research to find out how to operate such a device, as mistakes could lead to a loss of funds.
4. Should I invest in Dogecoin?
There is no simple yes or no answer to this question. Investing in Dogecoin will be right for some people, but it might not be a good idea for others. As is true with any form of investing, there is a risk. Cryptocurrency prices can experience significant swings in very short periods. If you have been paying attention to market news, you will have heard of people who became millionaires in a matter of days and others who lost significant sums of money just as fast.
Overall, Dogecoin could be seen as an investment because it has been around for a while; it has a devoted community; and the price has increased over the long term. With that said, you have to be able to withstand the price drops that occur from time to time. If you want to make money investing in Dogecoin, you need to be prepared for the risks and be ready to see the price go up and down in ways that might be hard to stomach.
Ultimately, do your own research to find the right wallet for your purposes and check out different exchanges to find one that meets your needs.
5. Why do people trust Dogecoin?
Much of the trust in Dogecoin comes from the fact that it requires no trust at all. Dogecoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Dogecoin works. All transactions and dogecoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Dogecoin, and the network remains secure even if not all of its users can be trusted.
6. Is Dogecoin fully virtual and immaterial?
Dogecoin is as virtual as the credit cards and online banking networks people use everyday. Dogecoin can be used to pay online and in physical stores just like any other form of money. Dogecoin balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, Dogecoin users have exclusive control over their funds and dogecoins cannot vanish just because they are virtual.
7. Is Dogecoin anonymous?
Dogecoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, Dogecoin is not anonymous and cannot offer the same level of privacy as cash. The use of Dogecoin leaves extensive public records. Various mechanisms exist to protect users’ privacy, and more are in development. However, there is still work to be done before these features are used correctly by most Dogecoin users.
Some concerns have been raised that private transactions could be used for illegal purposes with Dogecoin. However, it is worth noting that Dogecoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems. Dogecoin cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Additionally, Dogecoin is also designed to prevent a large range of financial crimes.