Introduction
Dogecoin prices are continuing to rise at an alarming rate, which has some investors worried about the riskiness of investing in this cryptocurrency. But are they worried for good reason? Or could it be that there’s still time to get in on this low-priced currency? Twitter may be adding dogecoin as a payment option, and it’s certainly worth paying attention to the technology that powers this coin-blockchain technology and its potential implications in the future. Here’s why you should invest now if you haven’t already done so.
What is Dogecoin?
Dogecoin is an open-source peer-to-peer cryptocurrency that was created in 2013. It was developed from the popular doge Internet meme and features a Shiba Inu on its logo. The coin has since seen wide acceptance and adoption across the crypto community, with investors of all types seeking to capitalize on its potential.
Dogecoin uses the Scrypt algorithm, with a token limit of 100 billion coins. The mining process is much more simple than Bitcoin mining, making it easier for less experienced miners to enter the space. The average time for someone to create blocks is about one minute, meaning that transactions are processed very quickly.
The History of Dogecoin
Dogecoin (DOGE) is an open-source peer-to-peer cryptocurrency with a focus on low transaction fees and quick confirmation times. It has been described as the fun coin and it was originally intended for microtransactions. The coin uses the proof of work mining algorithm, but it does not suffer from the same extreme difficulty problem because the reward for mining is much lower than that of Bitcoin or Litecoin. It is currently valued at $0.13 USD, but if you invest now, you may be able to sell it in 2023 for over $2 USD per DOGE token.
Why is Dogecoin Going Up in Value?
Twitter may be adding dogecoin as a payment option in the future, and this could have something to do with the bullish trend in the cryptocurrency market. The cryptocurrency market has been on a bearish trend lately but some coins are becoming more popular in spite of it. Elon Musk is now invested in Bitcoin and Ethereum, which may have influenced the recent bullish trend. If Twitter does add dogecoin, then it will be easier for people to invest in dogecoin without having to go through an exchange like Coinbase. This could push up its value even further than before because of its potential for mass adoption.
How to Buy Dogecoin
The easiest way to buy dogecoin is to use an exchange. There are many options out there, but the easiest and most popular one is Coinbase. To start, create an account and link your bank account or credit card so that you can purchase some fiat currency like USD or Euros. Next, go to the Buy/Sell tab and select Bitcoin for the type of cryptocurrency you want to purchase. Once you have bought your bitcoin, go back to the Exchange tab in order to convert it into dogecoins with your desired price per coin (you can also just leave it there if you want). You will now be able to send your BTC from Coinbase to any other wallet address where you will be able to keep your coins secure and safe from theft.
Should You Invest in Dogecoin?
Dogecoin is still in its early stages. The crypto market is still volatile and the price of Dogecoin could skyrocket at any time. With Twitter verification on the horizon, this will only boost its value. It may sound risky, but if you buy now, you’ll be gaining while others are losing.
Originally published at read.cash
