The evolution of digital currencies is gradually becoming visualized with lots of cryptocurrencies being released on a regular basis.
Several trendy cryptocurrencies are currently available in the world of digital currencies among which Dogecoin is of good relevance.
So, giving a straight answer to the question, “Is Buying Dogecoin too late?” No, buying Dogecoin is not too late. This is because Dogecoin is a digital currency with expectations of increasing in value and not a physical product.
What is Dogecoin?
Dogecoin is a digital currency that operates on its blockchain just like Bitcoin, Ethereum, Litecoin, and so on. Its release has contributed to the growth and stability of cryptocurrencies.
The creators of Dogecoin who are software engineers, Billy Markus and Jackson Palmers, derived the brand logo of the coin from a popular meme that featured a purposely misspelled word “Doge” which portrays the face of a Shiba Inu Dog.
A quick online community was developed as soon as it was introduced to the crypto market on the 6th of December, 2013.
Why You Should Consider Buying Dogecoin
Dogecoin was one of the top-performing currencies in the year 2021, reaching its peaking in May before it started to gradually dip in the months that followed. However, there have been several optimistic speculations about the rise in the coin value of Dogecoin.
The value of Dogecoin as of present is around 0.13 US Dollars, which is around 0.12 Euro. Based on forecasts and predictions, the value of Dogecoin is expected to experience up to a 500% increase by the end of 2024.
This is a result of the strong backup from the online communities, implementation of online tipping in which users can send payments in form of cryptocurrencies to other accounts, as well as effective and consistent marketing. However, online tipping makes more people hold their Dogecoin.
How to Buy Dogecoin
Buying Dogecoin is a good actionable step to take. However, there are certain important steps to follow to ensure a successful purchase of your Dogecoin. Let’s take a look at them.
Deliberate your proposed amount of investment in Dogecoin
You may have heard about people who invested massive amounts in Dogecoin and are now richer. Some other stories talk about people who invested very little but are also millionaires.
The truth is, cryptocurrencies are volatile and you need to be careful about how much you invest in cryptos. When deliberating on the amount you want to invest, consider your overall financial capability.
Choose a Cryptocurrency Exchange Platform for Purchase
Purchasing Dogecoin requires that you register with an online currency exchange platform where you can easily buy or sell your cryptocurrency. It is more advisable to choose a simple-to-use platform with a good user interface and low charge rates.
Choose a Funding Method
Funding your exchange account is a critical step to purchasing your Dogecoin. Without enough funds in your wallet, you will not be able to purchase your desired amount worth of Dogecoin. Hence you need to deposit the fund that is enough for the quantity that you require.
There are several funding options that you can consider. However, most cryptocurrency exchange platforms make use of bank transfers, PayPal transfers, credit cards, and cryptos as their funding methods.
It is pertinent to note that on a few occasions when funds greater than 1000 US Dollar is being deposited, you may have to wait for some days to ensure a complete transfer.
Put in a request for Dogecoin
Having funded your wallet with the relative amount that you want to use to purchase your Dogecoin, the next step is to go ahead and put in a request for the purchase of your Dogecoin from the cryptocurrency exchange platform.
Simply search for Dogecoin and input the amount that you are willing to buy. This should be an immediate action.
Store Your Purchased Dogecoin in Secure Wallets
Normally, your Dogecoin is stored in your crypto wallet on the cryptocurrency exchange platform from which you purchased the Dogecoin, but you can decide to withdraw your coin to an external wallet.
While there are several platforms where you can store your cryptocurrencies, you need to carefully look out for which of them has considerably extreme security to prevent your cryptos from being hacked.
Wrap up – Is buying Dogecoin too late
No doubt, Dogecoin is one of the fast-rising cryptocurrencies with a massive user database.
Just like every other cryptocurrency, Dogecoin is often bought as a means of investment, and its increase in price value is based on how many users can hold the coin and for how long as well as how well the coin is doing in comparison with other cryptocurrencies.
Records show that there are about 132.67 billion Dogecoin as of January 2022 with an expected and consistent increase in circulation. So, in case you are still not sure whether it’s not too late to buy Dogecoin, it is not too late.