How To Buy Dogecoin in The USA
A Beginner’s Guide to Buying and Selling Dogecoin Cryptocurrency in the USA
Based in the USA and looking to buy Dogecoin? If so, there are several regulated crypto exchange in the USA to choose from. most of which give you access to the top digital assets including DOGE. But how do you know whether Dogecoin is a good buy, and which Exchange is best for you?
With the recent popularization of meme coins, more and more such digital currencies emerged in the crypto market. However, Dogecoin is the first and most famous cryptocurrency of its kind, although it was not until the beginning of 2021 that Dogecoin became so popular.
Before that, it was traded at below one cent. But with a huge army of followers and support from celebrities helped Dogecoin's price to increase by over 7000% during the first half of 2021. The recent crash of the crypto market also affected Dogecoin, and it significantly lost its value. That said, Dogecoin is still a hot cryptocurrency, and there is a massive public interest in this digital asset.
So, if you want to know how to buy Dogecoin in the USA and learn more about this funny and exciting cryptocurrency, this guide is for you.
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What's in This Guide?
- QUICK GUIDE: HOW TO BUY DOGECOIN IN THE USA
- What is Dogecoin?
- How Dogecoin Works and What Affects its Price?
- Is Dogecoin A Buy Right Now?
- How to Buy Dogecoin online in the US - A Step by Step Guide
- How to Trade Dogecoin in the US - A Step by Step Guide
- Dogecoin Advantages and Disadvantages
- What is Dogecoin Price Prediction?
- How Do I Mine Dogecoin in the US?
- What is the Total Supply of Dogecoin?
- Things to Consider Before You Invest in Dogecoin in the US
QUICK GUIDE: HOW TO BUY DOGECOIN IN THE USA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Dogecoin.
- Enter how many Dogecoin coins you want to buy.
- Check the details and confirm your purchase.
What is Dogecoin?
Dogecoin is the first meme cryptocurrency created in December 2013 by two engineers Billy Marcus and Jackson Palmer. The Dogecoin project was developed in just two hours, and it was, in fact, launched as a joke to mock the speculations and seriousness leading in the cryptocurrency market.
The business couple was inspired by a Doge meme representing the Shiba Inu dog and some writings on it in broken English that became popular at that time. They took the name Doge as their project name and Shiba Inu dog picture as their cryptocurrency icon. But Dogecoin has become mainstream only over the last two years. Until that, the project succeeded in gathering a large army of followers who started a campaign on Reddit called "Doge to the moon," aiming to raise Dogecoin's price to $1.
How Dogecoin Works and What Affects its Price?
Dogecoin is a digital payment system pretty much similar to Bitcoin. It uses the Proof-of-work protocol and Scrypt algorithm to run its blockchain, and much like Bitcoin, Dogecoin can be used to buy goods and services as well as to trade and make a profit on its price fluctuations.
Apart from its minor technical differences, Dogecoin developers mention its funny nature as another privilege over other cryptocurrencies. They describe this meme coin on Dogecoin.com as a peer-to-peer digital currency that stands out with its fun and friendly nature and sets itself apart from other cryptos with its vibrant community. In that matter, Dogecoin essentially does not have any innovative ideas to offer the crypto industry and solve real-world problems.
So how did Dogecoin become so popular? Perhaps, one thing is the creative approach to the project, and the broad community gathered around it. The next factor is the support from such celebrities as Elon Musk, Mark Cuban, and others. Tesla CEO Elon Musk frequently posts funny tweets and memes about Doge, and he even announced the Doge-1 mission in which Falcon 9 rocket will carry a private satellite, and the whole project will be paid in Dogecoin.
And the last factor is the bizarre nature of the crypto market which is highly volatile and speculative and often runs on rumors and speculations on famous sites and forums like Reddit.
Is Dogecoin A Buy Right Now?
Generally, there are at least two factors that can negatively affect Dogecoin's price. The first one is that it does not have a finite supply which means that miners can issue an unlimited number of coins. Bitcoin, for example, is limited to 21 million coins, which makes it a more valuable asset.
The second factor is that Doge doesn't have a unique technical characteristic that can help it become utilized by wider communities. In this perspective, Dogecoin is a speculative asset, meaning its long-term success is under question.
Nonetheless, it is impossible to ignore the hype around Dogecoin and the increase in its price since the beginning of the year.
Dogecoin price history, source: coinmarketcap.com
When we look at the chart, we can conclude that Dogecoin can be a good short-term investment. At the time of writing, the cryptocurrency market is in a crisis, and Doge has lost its value significantly. Still, it might recover as soon as Bitcoin and other leading digital currencies will rise again.
After all, Dogecoin is a cryptocurrency, and all the cryptocurrencies are highly volatile and speculative meaning there are lots of opportunities in the crypto market including Dogecoin. Further, Dogecoin is not too expensive, so it is a good start for newbies. You can invest in small amounts and wait until the prices go up and profit. On the other hand, you should always be careful and don't risk your capital if you can't afford to lose it.
From the perspective of a long-term investor, if you want to invest in Dogecoin, it's the right time to do that as DOGE price have significantly dropped in the last few weeks and the coin is currently trading at relatively low prices. But it's also worth mentioning that you should be very careful when investing in this crypto asset.
How to Buy Dogecoin Online in the USA - A Step by Step Guide
In this part of the article, we will provide you with a step-by-step guide explaining how to buy Dogecoin in the USA.
1. Find a US Regulated Crypto Exchange that Supports Dogecoin
First, you need to find a cryptocurrency exchange platform that operates in the US and allows you to buy Dogecoin. As there are several cryptocurrency exchanges nowadays, finding the best platform may be challenging for you. Some of the factors you need to consider in this phase include fees, safety, tools, customer service, payment methods, etc.
eToro, one of the leading exchanges in Europe and the USA, has started offering Dogecoin on May 3 2021. The exchange has managed to retain its reputation over the years to become one of the most outstanding online brokers.
eToro offers user-friendly features and a large variety of trading tools from which you can choose. The process of opening a trading account and purchasing Dogecoin is easy. And one of the best things about eToro is that does not charge users with a deposit fee.
2. Buy Dogecoin
Now, when you have a verified account, you just need to search for Dogecoin on the exchange dashboard and fill in the amount you want to invest. Some exchange platforms allow you to buy Doge directly with fiat currencies, while others may require that you buy another coin with fiat and swap it with Dogecoin.
3. Transfer Your Funds to a Hardware Wallet
Finally, when you buy your coins, it's highly recommended that you transfer them to a hardware wallet. The primary purpose is to keep your coins safe and away from the third party as long as exchange platforms can be easily hacked.
For those unaware, a hardware wallet is a physical device where you keep your coins offline, so it's almost impossible to lose your coins when using this method to protect them.
How to Trade Dogecoin in the US - A Step by Step Guide
Dogecoin is a highly volatile digital asset, which means you can profit from its price fluctuations. So, if you want to trade Dogecoin and don't know how to start, here is a full guide on how to trade Dogecoin in the US.
1. Find an Online Trading Platform in the US that Supports Dogecoin
You need to start by looking for a brokerage platform that supports Dogecoin and accepts US residents. For that matter, if you plan short-term trading, you will probably make lots of transactions, so consider what trading fees the platform charges and how quick and easy it works. If you want to buy Dogecoin for long-term trading, consider monthly account fees, inactivity fees, safety, etc.
2. Fund Your Account
After finding the best trading platform, you need to register for an online account and verify it. When your account is verified, you must add some money to start trading. To do that, choose one of the payment methods that the broker supports to deposit the minimum of funds required for trading.
3. Develop a Dogecoin Trading Strategy
Before you start trading DOGE or any other asset for that matter, it's strongly recommended to develop a trading strategy to lower the risk of losing your money and be more confident with your trades. If you are an active trader and have lots of time to devote to this, you can choose a scalping method when you buy and sell coins in a matter of seconds. Day trading is another active strategy when the buy and sell processes occur with the same trading day.
For those of you who are a bit busier, the swing is the ideal trading strategy, in which trades last from a couple of days to several weeks. At last - "Buy and hold" is a more passive strategy; when you buy assets and wait until their value increases, then you sell them and make a profit.
4. Start Trading Dogecoin
Finally, you have a funded account and a trading strategy, so you can start trading Dogecoin. In this case, we suggest we follow several crypto news sites and even join popular crypto forums in order to get a better sense of the Doge market.
Dogecoin Advantages and Disadvantages
If you still cannot decide whether you want to invest in this cryptocurrency, below we have listed Dogecoin's most notable advantages and disadvantages.
Advantages of Dogecoin
- Dogecoin is the most popular digital asset among meme coins.
- It’s supported by celebrities, entrepreneurs, including Elon Musk, Gene Simmons, Snoop Dog, etc.
- Its value has increased 8343.09% in the last 12 months.
- Meme coins are becoming more and more popular.
- Dogecoin has an enormous army of followers.
Disadvantages of Dogecoin
- Dogecoin has an infinite supply which can have a negative impact on its value.
- The project doesn’t aim to solve any real-world problems.
- It’s a speculative asset created just for fun.
What is Dogecoin Price Prediction?
We have already viewed in detail the essence of this unique digital asset and discussed its price history. Now, let's talk about its future price and see how Dogecoin's future is forecasted. We have taken forecasts from the following three websites, and all of them are optimistic about the future of this digital currency. According to these analysts, Dogecoin will not crash, and its value will increase in the upcoming years.
Digital Coin Price considers Doge a profitable investment and predicts that it will be traded at $0.428 in 2022, $0.5079 in 2023, and $0.6161 in 2024. According to its predictions, Dogecoin will hit $1 in 2028.
Long Forecast predictions show almost the same results as in the case of Digital Coin Price. They predict that Doge will fluctuate between $0.19-$0.40 in 2022; then, prices will increase to $0.55 in 2023 and grow in 2024 to $0.65. Dogecoin will take a fall in 2025, and it'll be traded at $0.36 in August 2025.
Dogecoin price predictions, according to Long Forecast
Wallet Investor predictions are a bit more bullish compared to that of the previous two. They consider Dogecoin a profitable investment with a 91.99% earning potential. According to their predictions, the meme coin can hit $1 by 2025 and will be trading at $1.64 in five years.
Read Also: Is Dogecoin Worth Buying
How Do I Mine Dogecoin in the USA?
Dogecoin uses the same protocol to manage its blockchain, like Bitcoin, called Proof of Work. This means that miners spend substantial computational power and electricity to solve tricky puzzles and are rewarded with a new block.
But, mining Dogecoin is not as complex as Bitcoin; Dogecoin uses an algorithm called Scrypt, which requires fewer resources and less powerful computers. Due to this algorithm, a new block is created each minute and the miner gets rewarded with 10,000 for each block.
To start mining Dogecoin in the USA, you need to find the appropriate laptop for mining. Also, there are certain things to consider in this process, including internals, dimensions, etc. Then you must create a Dogecoin wallet to which you can transfer all your rewards. After these steps, you need to find an app that allows you to mine Dogecoin and start mining DOGE coins.
What is the Total Supply of Dogecoin?
Unlike Bitcoin, Dogecoin doesn't have a finite supply. Its cap is unlimited, which, in its turn, can have a negative impact on its value. The circulating supply of Dogecoin at the time of writing is 131 billion, which increases with over 5 billion Dogecoin each year. It means that every minute of the day, 10,000 new Dogecoins are being issued.
Things to Consider Before You Invest in Dogecoin in the US
To sum up, Dogecoin is clearly one of the trending cryptocurrencies that won the attention of a vast army of followers, including celebrities, entrepreneurs, and other prominent people. It's an inexpensive asset to invest in that can attract several newbies in the field of trading. Plus, Dogecoin increased 20,000% from its initial price - a growth that even the leading cryptocurrencies in the market, including Bitcoin and Ethereum, didn't make over the last years.
Another factor that makes Dogecoin appealing is the recent popularity of meme coins. More and more such digital currencies are created nowadays, but none of them could even be closer to Dogecoin's value. So, we can surely say that presently, Doge is the leading meme coin in the cryptocurrency market.
While all these characteristics make Dogecoin an inviting asset to invest in, there are certain risks to consider before you put your money at risk. One problem is that Dogecoin is a speculative asset. The cryptocurrency industry is not as well-established as the traditional method we use to pay for goods and services. To make their projects successful, founders try to solve a particular problem through their technology.
But Dogecoin does not aim to do so; it's a meme coin created in 2 hours and does not offer any innovative ideas to the industry. In this perspective, Dogecoin isn't a good long-term investment as people can lose interest in this crypto at any time. On the other hand, Doge can be an excellent short-term investment if you buy and sell it at the right time, in large due to the high volatility, and the relatively low liquidity in the crypto markets.
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