Worthy of note is that Dogecoin is a cryptocurrency that came into existence by software engineers Billy Markus and Jackson Palmer, who chose to make a payment system that started as a joke but happens to be one of the most renowned coins around.
Dogecoin is a cryptocurrency with a fun and friendly brand picture that aims to be a supportive introduction to cryptocurrency. If you are thinking about investing in dogecoin, you need to know more about it. Here is all you need to know about dogecoin and how it works, how dogecoin started, why to invest in dogecoin, how to buy dogecoin in Nigeria or Ghana, how to sell dogecoin in Nigeria or Ghana, etc. Let’s get right into all you need to know about dogecoin.
What is Dogecoin?
As stated earlier, Dogecoin began as a joke. The original cryptocurrency, Bitcoin, was a commendable technical innovation that allowed anyone to exchange digital money at low rates without having to request anyone’s permission to do so. However, Bitcoin happened to be open-source also which implies that anyone could copy it and at a point, everyone did copy it, with clones like Peercoin and Litecoin emerging everywhere.
Dogecoin is the satirical answer to this trend. It is a copy of Bitcoin, Litecoin to be precise, which is also similar to Bitcoin fairly. Dogecoin has a lot of devoted fans . it called the attention of those who admired the idea of crypto currency but wanted to mock Bitcoin.
How did Dogecoin Start?
It is funny and quite hard to believe that this sums up how Dogecoin was created. Dogecoin has as it’s logo and namesake the face of the Shiba Inu dog from the ‘Doge’ meme. In furtherance, Dogecoin was introduced on December 6, 2013, and rapidly grew it’s own online community. On May 5, 2021, it reached a market capitalization of US$85,314,347,523.
Dogecoin.com encourages the crypto currency as the ‘fun and friendly internet currency’ referring to it’s funny origin. Elon Musk often talks about Dogecoin on his Twitter account, advancing it’s fame a significant level in recent years. Truth be told, Dogecoin does not need too much thinking.
The people who love this cryptocurrency simply buy it and hold on to it till something awesome happens. Perhaps, till they become rich. But is it just that or is there more to it? Keep reading, as we will touch all you need to know about dogecoin.
Is Dogecoin Volatile?
One thing that that separates Dogecoin from most other cryptocurrencies is that it is an inflationary, rather than deflationary, cryptocurrency. Palmer, the co-founder of Dogecoin said that the skyrocketing price of Dogecoin was a sign that the cryptocurrency market was overheated.
The cryptocurrency market experienced a terrible crash a few days after. However, Dogecoin was sustained. Probably because it does not need a large amount of active management, and as a result of the crypto space that was recovering in 2020, Dogecoin is much bigger than it ever was.
Should I Buy Dogecoin? How do I Buy Dogecoin?
Dogecoin is not as universal on crypto exchanges like Bitcoin- for instance, popular cryptocurrency exchange e.g Coinbase, do not give DOGE purchases. Whenever you purchase DOGE on an exchange, it is likewise to owning any other cryptocurrency:
You can keep your coins on the exchange, or choose to transfer them to your wallet software. Prestmit is one of the very few platforms that you can buy or even exchange Dogecoin.
Can I Sell Dogecoin?
Yes, it can be. It is sellable. It depends on your choice. You can choose to use it for transactional sake. Prestmit is always ready to buy whenever you are ready to sell.
Convert Your Dogecoin to Naira or Cedis on Prestmit.
You can get naira or cedis in exchange for your dogecoin easily, without unnecessary delays, and for free. For instance, whenever you create a Prestmit account, either on the website or mobile app, you are qualified for a dogecoin wallet that is operational which is unique to you.
There, you can sell dogecoins for naira or cedis.
Not only Prestmit gives access to sell with no minimum or maximum limit. You are allowed to trade BITCOINS or USDT, DOGECOIN. However, Prestmit gives a selling service that is strict. The dogecoins your wallet address receives become converted automatically to any currency using the corresponding rates that are current. Your dogecoins get to exist in your wallet. Your dogecoins can get you money. You can do this on PRESTMIT.
How Do You Cash Out Dogecoins For Cash On Prestmit?
This is very easy. Just create a wallet address on your Prestmit dashboard, then send dogecoins to wait. You should wait for three confirmations. For instance, if it is for naira, the naira that is equivalent will be added to your naira wallet, then you can withdraw when you desire to. The dashboard will display the rates.
Why Do You Have To Wait For Three Confirmations?
Until a transaction gets three confirmations at least on the blockchain network, it is not deemed ‘safe’. So, to avoid internet fraud, it’s best to wait.
How Long Does It Take To Exchange Dogecoin For Cash On Prestmit?
Typically, this takes about 5-10 minutes.