Dogecoin is one of the most popular cryptocurrencies in the world. It’s also extremely volatile, which makes it a risky investment. However, Dogecoin has a lot of potential for growth as well. Because of this, it’s become something of a haven for cryptocurrency investors who want to get in cheap but still profitable altcoins. If you’re interested in investing in Dogecoin and going with an upside-only strategy, this guide will show you everything you need to know about investing in DOGE and how to get started.
What is Dogecoin?
Dogecoin, also called “the Internet’s currency,” is a cryptocurrency that uses the Doge meme as its logo. The Dogecoin community has made a lot of online memes that poke fun at the cryptocurrency, which has helped the currency become a very popular investment. The intention behind creating Dogecoin was to create a cryptocurrency that would be as easy to use as cash. One of the main reasons people don’t invest in cryptocurrencies is the complexity of setting up an account and transferring money. Dogecoin’s low transaction fees and simple wallet make it an excellent investment vehicle for both novices and experienced investors.
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How to Invest in Dogecoin
Dogecoin is one of the easiest cryptocurrencies you can buy. All you need is an account on an exchange like Binance, Bittrex, or Huobi. If you don’t already have one, go to the exchange to sign up for an account. Once you have an account, head to the exchange and search for DOGE. You can also find it by scanning the following QR code: Once you have the DOGE address, send the cryptocurrency to your address. It can take a few hours, but once it lands in your wallet, you can hold and manage it like any other coin. If you want to check how much DOGE you have, you can use the “address” command in your wallet.
Before You Buy, Find a Dogecoin Exchange
Next, you’ll want to find a good exchange where to buy Dogecoin. There are a lot of exchanges out there, but a few stand out as better than the rest. Binance: Binance is the world’s largest cryptocurrency exchange. It offers a wide variety of altcoins, including Dogecoin, and it has a great trading system that makes buying and selling easy. If you’re new to cryptocurrency trading and don’t know where to start, Binance has a great platform for beginners that walks you through the process step by step. Bittrex: Bittrex is another great exchange for beginners. It has fewer coins listed than some of the other more popular exchanges, but it has a great interface, supports more trading pairs than many of the others, and is super easy to use. Coinbase: Coinbase is still one of the most popular platforms for buying and selling cryptocurrencies. It has a very easy interface and is backed by a $100M+ company. If you want to get in on the ground level and can afford to buy a larger amount of coins, this is a great choice. Huobi: If you want to get in on the smaller exchanges, Huobi is a good option. It has fewer trading pairs than many of the other large exchanges but is a good choice for beginners.
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Buy DOGE on an Exchange
Once you’ve found an exchange to buy Dogecoin, you’re ready to start investing. Register with the exchange, fund your account with money from your bank, and then go to the exchange’s buy/sell page for DOGE. Under the “Selling DOGE” option, you’ll see the price of 1 DOGE. This price is the minimum you can sell at and is determined by the exchange. Under the “Buying DOGE” option, you’ll see the price of 1 DOGE as well as the amount of USD you’ll pay for it. This is the amount you must use to buy DOGE. Follow these steps and you’ll be ready to start buying DOGE in a few minutes. Keep in mind that you’ll most likely want to buy some of the top coins and hold them for a while before investing. You can use the rest of your money to buy 1-2 of the coins you want to hold and then sell the rest of your investment in the coins you bought with the first bit to fund the second purchase.
The Best Time to Buy Dogecoin is when it’s Low
While Dogecoin is a great investment for investors, it’s also extremely volatile. Although it’s done very well in the last year, it could drop 10% or more at any moment. This makes it a dangerous investment during times of high market volatility, which is why you want to buy Dogecoin when it’s low. You can tell when the price of a coin is low because the price is below the exchange’s buy/sell price. Now, if you wait until the price falls below the buy/sell price, you risk buying it at a discount. That’s why you want to wait until the price has dropped a little bit, where it’s still low but not too low. That way, you still have a chance to make some money.
Diversify Your Investment Using Stocks and Bonds
One of the best ways to diversify your investment is to use stocks and bonds as your primary funds. There are a number of websites that let you invest in stocks and bonds, so you can select a mix of 50/50 stocks and bonds for your investment. You can also use a service like Wealthy Invest (review) to find a mix of high-quality stocks and low-risk bonds that suits your risk profile. Wealthy Invest takes care of the trading for you, so you don’t need to worry about day-to-day ballancing or trading. Just invest in a high-quality portfolio and forget about it.
Also Read- How to Make Money with Ethereum: 5 Tips for Beginners
Final Words: Should you invest in DOGE?
DOGE is a great investment because it’s easy to buy, safe, and has immense potential. The best part is that it’s relatively cheap right now, so you can buy a lot of it for a low price. If you’re looking for a cheap, safe investment that’s expected to grow quickly, DOGE is the perfect choice. Now that you know how to invest in Dogecoin, it’s time to get started. If you’re tech-savvy and have some money to invest, DOGE is a great opportunity for you to make a lot of money.
