How To Join The Dogecoin Frenzy
Whether you’re new to the crypto industry or you’ve been around awhile, you may be aware of the now infamous Dogecoin. It’s the industry’s “parody coin”, meaning that it has no specific utility. No utility however doesn’t mean this coin isn’t worth a few dollars. Until a recent pullback in price, Dogecoin briefly broke the $2 billion mark in total value in the first week of 2018.
So What The Heck Is Dogecoin?
It’s a coin that people use for tipping. Its creator thought it would be funny to invent a coin based on a Shibu Inu dog named Doge, who’s stare down meme went viral online, particularly in Japan. While Doge has since passed away at the age of 16, Dogecoin continues to carry on his legacy.
All of this is happening despite the fact the coding structure for the coin hasn’t been upgraded in over two years.
The fact is Doge isn’t just a joke currency anymore. The Doge community has used the currency to sponsor NASCAR driver Josh Wise with over $67 million Dogecoins. Dogecoin also sponsored the Jamaican Bobsled team at the 2014 Winter Olympics in Sochi.
How To Buy Dogecoin
Many top cryptocurrency exchanges are no longer accepting new users due to overwhelming demand and slow verification processes. Luckily, Dogecoin has been around awhile and can be traded on many different exchanges including:
CoinExchange.io Yobit CEX.io HitBTC Gate.io Mercatox
For the purposes of getting you into the Dogecoin community as quickly as possible, we recommend using CoinExchange.io. Here’s what you need to do:
1) Register With CoinExchange.io
Go to CoinExchange.io and click Register New User. Enter an email address and credentials only you can remember. When prompted, go into your email inbox and click the verification link sent to you.
Once you’ve done that you’ll see the screen above where you can set up added security features that connect your smartphone to your CoinExchange account using Google Authenticator.
2) Deposit Coins CoinExchange.io doesn’t let users link their bank account to the exchange for deposits, so you have to have coins already in order to buy Dogecoin. Despite the fact altcoins are gaining on Bitcoin quickly, Bitcoin is still the most widely used cryptocurrency for trading online.
To buy some Doge, all you need to do is click on the My Accounts tab in the right hand corner of any page, and then go to Balances. The next page will show you an Actions button on the far right where you can deposit Bitcoin. Once the transaction is confirmed and the BTC is on your CoinExchange account, you’ll stay on the same page and go to the far left clicking the Doge/BTC pairing in the BTC Markets box.
3) Ordering Dogecoin Once you’ve chosen the Doge/BTC market, you’ll be taken to this page:
Notice the price movement chart in the center of the screen. To the right of that, you’ll see information about Dogecoin’s price and daily trade volume. Below that is where you will find the buy and sell order books. You can enter in the desired number of Dogecoins to buy and submit your order, or you can click on pending orders lower down on the page and the appropriate fields will automatically populate.
4) Setting up a Dogecoin Wallet
Once you have your Dogecoin, you can send and receive the currency to a desktop wallet. Just go to the coin’s website. Download by selecting your operating system at the bottom of the homepage. Downloading the MultiDoge wallet means you won’t need to sync all of the data on the Doge network to your device. If you do want to store the whole blockchain, choose the core wallet.
There you have it! By executing the steps in this guide you’ve now got a small piece of the so- called ‘joke coin’ that’s making waves all across the crypto world.
Rest in peace Doge!