Dogecoin Price Today

What Is Dogecoin (DOGE)?

Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency that operates on a secure decentralized public ledger called a blockchain. Dogecoin was built with an ethos in mind that can be summarized in the coin’s unofficial tagline: Do Only Good Everyday.

Dogecoin’s core values are utility over technical brilliance, individuals over profit-driven economics, collaboration and trust over competition and exclusivity, and working solutions over speed of delivery.

Dogecoin aims to be a viable and legitimate alternative to traditional fiat currency by being useful, personable, welcoming, and reliable.

How Does Dogecoin Work?

Dogecoin functions like other blockchain platforms by harnessing the power of a worldwide network of computers running its blockchain protocol to record digital transactions safely, securely, and without interference from a centralized authority.

Similar to BTC, DOGE, Dogecoin’s native cryptocurrency, uses the proof-of-work (PoW) consensus mechanism to conduct and verify transactions.

In PoW, the miners must solve a cryptographic proof in order to validate a block, or bundles of transactions on the blockchain, thus the name "proof-of-work.”

Over 130 billion DOGE are already in circulation, and no maximum limit has been set on the total number of DOGE that can be created.

History of Dogecoin

According to the official Dogecoin website, DOGE was originally created as a joke in late 2013 by Billy Markus and Jackson Palmer in response to other cryptocurrencies that were being taken too seriously.

Markus and Palmer built the Dogecoin network as a fork off the Litecoin blockchain, which still holds the original Bitcoin code as its base. Since then, DOGE has developed a large and passionate following that uses its coins to fund good causes and charitable foundations.

For example, the Dogecoin Foundation partnered with several popular YouTubers (MrBeast and Mark Rober) for their TeamSeas initiative that aims to raise $30 million to remove 30 million pounds of trash from the oceans.

How To Buy DOGE

Buying DOGE, the digital asset of the Dogecoin blockchain, is easy and follows the same protocol as buying other cryptocurrencies.

It starts with finding a crypto platform — like Binance.US — that supports DOGE, offers reasonable fees, gives you resources and tools to help you make the right choices, and provides access to other popular cryptocurrencies on the market.

Once you’ve found a platform that offers these and other features, create an account and verify your identity. Next, fund your account with fiat currency (government-backed money such as U.S. dollars).

Advanced platforms, like Binance.US, will allow you to do this via an established payment service like ApplePay (check platform for details), debit or credit card, bank or wire transfer, or ACH debit from an existing bank account.

When the money arrives in your account, you can use those funds to specify how much DOGE you want to buy and when you want to buy it.

After the transaction is complete, store your DOGE in one of two types of crypto wallet: a cold wallet or a hot wallet. A cold wallet is an offline space like an external hard drive, while a hot wallet is an online space typically provided by the platform through which you made the purchase.

How To Sell DOGE

First, open an account on a crypto platform like Binance.US, then, buy or transfer DOGE to that account.

Once the platform registers the cryptocurrency, you can sell it in a few different ways, including a market buy at the current price, a limit price at a future price that you indicate, or a stop-limit order which will sell the cryptocurrency once the price reaches a specified price.

When the sale transaction is complete, the platform will deposit the funds in your account. You can then use the money to buy other cryptocurrencies or transfer it back to your bank account.

How To Trade DOGE

If you’ve bought or sold DOGE, you can trade it via the same basic set of steps.

Open an account on a crypto ecosystem like Binance.US. Fund your account with fiat currency so you can buy a specific digital asset. Use the platform’s tools and resources to start trading.

Before you jump into trading Dogecoin (DOGE), be sure you research and analyze the market in order to develop a strategy that will further your financial goals. With that information in hand, you’re ready to trade DOGE.

Resources

Official Dogecoin Website

Dogecoin Whitepaper

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