Buy Dogecoin – click here
If you want to invest money in Dogecoin, you can simply buy the cryptocurrency in euros and put it in your wallet. In this practical tip you will learn where to create such a wallet and which exchanges offer the purchase of Dogecoin.
Worth knowing about Dogecoin – Currency started as a joke
In early February 2021, the cryptocurrency Dogecoin , which was launched in 2013 as an internet joke, started to soar (8.6 US cents on February 7, 2021). A few weeks earlier, the price was still at the zero mark. The level sounds like little, but the market value of all Dogecoins in circulation is a good ten billion US dollars. For the time being, however, the price is considered to be very volatile.
- The “joke” currency is given a boost primarily by prominent Twitter messages. For example, the billionaire and Tesla boss Elon Musk has commented on Dogecoin several times. Other well-known personalities came later, such as the rapper Snoop Dogg or the bassist of the rock band Kiss, Gene Simmons.
- Musk’s statements did not only lead to price increases. In early May, Elon Musk co-hosted the US show “Saturday Night Live” and criticized Dogecoin, causing the price to plummet by a few percentage points.
- The rise of Dogecoin was quick nonetheless. At the beginning, the digital currency was hardly known to anyone outside of the crypto scene. In terms of market value, however, it is one of the ten largest digital currencies (as of May 2021)
- The name is based on the English term for dog (dog), as the symbol of Dogecoin is an Asian dog species. This symbol, in turn, was once a fun image commonly used on the internet, a so-called meme .
A cryptocurrency like Dogecoin can only be purchased with other cryptocurrencies such as Bitcoin or Ethereum. In order to be able to successfully invest in Dogecoin, you must first acquire Bitcoin or another cryptocurrency.
Buy Dogecoin: How to create a wallet
Dogecoin (DOGE) was originally conceived as some kind of internet joke. In the meantime, it has become a serious cryptocurrency that is being traded by more and more people. To trade with it, you need a wallet.
- One of the best and easiest wallets for Dogecoin can be found on the official website of the currency .
- Click “Create Wallet” on the webpage.
- Enter your email address and a password. Keep in mind that the security of your wallet depends on the password. It should not be too short or easy to guess. At the same time, you must be able to remember the password well, otherwise you will no longer have access to your Dogecoins.
- Your personal wallet ID will then be created. Be sure to make a note of these. The ID is required so that you can log in in the future.
- After logging in, you will see the “DOGE address” item below, next to a QR code. You must send your Dogecoins to them so that they appear in your wallet.
Buy cryptocurrency Dogecoin at bitpanda.com
A large, reputable provider for Dogecoin is bitpanda.com . You can also find Dogecoins on Coinbase.com , but you cannot trade the cryptocurrency, only watch it. Read more about the two providers Bitpanda and Coinbase in comparison here .
- Visit the bitpanda website in your browser. Sign up and deposit funds into your wallet.
- Then click Trade in the top right corner and then click Buy .
- Now select Doge or Dogecoin .
- Next, use your wallet to buy the cryptocurrency. You will then receive a summary by email.
- Lastly, you can transfer the coins to your original wallet. To do this, enter the desired address, the wallet ID mentioned above and click on Send now .
Earn Dogecoins by mining
As with any cryptocurrency, new Dogecoins can be mined. This symbolizes the process of cryptographically calculating new coins. Anyone can take part in this process, provided they have the appropriate hardware.
- First of all, you need a powerful computer. In order to be able to keep up with global mining farms and to keep the high power consumption economical, you cannot do without a fast server processor, a modern graphics card and a lot of RAM.
- The more people dig for a cryptocurrency, the smaller your chances of making quick money. Because with an increasing number of coins already mined, the difficulty increases, i.e. arithmetic operations become more complex. So get on board quickly before it’s no longer worthwhile.
- If you don’t have a large server farm, it’s worth joining a mining pool. You work together with other users and share your hardware. The profit is then shared.
- Be sure to choose a reputable mining pool so you get a fair profit share. For example, create an account with Multipool or Prohashing .
- Also, you need to create a wallet to manage your winnings. You can do this either with a service provider or self-administered.
- Your mining pool tells you how to start mining. Some of these prospecting networks develop proprietary software to make it easier to work together.
- You can find out more about digging Dogecoin in another practical tip.