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Is Dogecoin a Real Contender in the Crypto World?

BitForex Editor
Apr 23, 2021

Ever since the emergence of digital currencies, there has been an influx of other cryptocurrencies in the market. Despite the fact that there are many digital currencies, the one that stands a chance of being a real contender in the crypto world is Dogecoin. There are certain things you need to know about this coin and whether it stands a chance of being the dominant currency in the crypto world. So, in this article, we would look critically at this cryptocurrency, for what it is, to know whether it is a good investment and general perspective of this currency. This is why you should keep reading to be more enlightened. First off, what is Dogecoin?

What is Dogecoin?

Dogecoin is a cryptocurrency that permits transactions to be carried out across a decentralized network. It is very much similar to how bitcoin operates in terms of the transaction, but they are two different cryptocurrencies with different concepts.

The Dogecoin has a reflection of a dog on its currency, and kicked off in December 2013. Upon its launch, it witnessed an influx of over a million visitors in less than a month. Initially, Dogecoin was more or less like a joke as at then, but that all changed the moment it started developing followers. The thing to know about Dogecoin is that it has supporters who trade in the currency and that speaks volumes.

Dogecoin During and After the Crypto Bubble

In the year 2017, Dogecoin gained momentum and skyrocketed during the bubble at that time. The agonising thing about the following year is that it plunged with the other cryptoverse in 2018. There was a time where it was worth an estimated $2 billion.

The Recent Fame of Dogecoin

What brought Dogecoin to the limelight even though people never took this cryptocurrency seriously,  was when the CEO of Tesla, Elon musk made a cryptic tweet about this currency. His statement about putting the coin on the moon was viewed as a joke or rather a prank. But, as the days go by his cryptic tweet has added a bit more value to this digital currency. He isn't the only one to have come out in support of this currency, as there are other well-known celebrities or prominent individuals that have shown support for accepting this cryptocurrency. What these acts have done is that it has invariably increased the market capitalization of Dogecoin to $14 billion.

How to Purchase Dogecoin?

One thing to know about buying this cryptocurrency is that it isn't by any means supported by Gemini or Coinbase. So, if you are willing to be a part of the revolution or moving train, then you are most likely to get a Dogecoin on BitForex. Aside from purchasing a Dogecoin, another thing that shouldn't be ignored is a Dogecoin wallet, which can be gotten from its official website.

Also, another way to purchase a Dogecoin is if you decide to mine the Dogecoin. What this means is that you would have to use your PC to have other Dogecoin transactions processed and be rewarded with some coins as payment.

Should investors trade or sell Dogecoin?

Unlike the power or popular cryptocurrency like bitcoin,  Dogecoin has a substantially lower value. What this entails is that it is most likely going to be affected by inflation. However, notwithstanding it would interest you to know that Dogecoin can bring value to investors. But it should be made known that the margins for gains on individual tokens aren't going to be high, instead, it is most likely going to be fairly low.   

Before making any investment, here are some vital tips to get you over the line

1.You would need a financial advisor. Getting one if you don't have shouldn't be a problem, as there are lots of advisors to connect with

2.Also, you would have to pay capital gains as it is inevitable.

What makes Dogecoin stand out?

A good feature or benefit that most people don't know about Dogecoin is that in other cryptocurrencies where transactions are given the green light, it comes at a huge cost. What this means is that, while other currencies charge higher, the Dogecoin is by far the lowest when you consider transaction fees.

Also, another stand out point about the Dogecoin is that it's faster than most cryptocurrencies, especially Bitcoin to be specific. Bitcoin takes about 10mins before completing a transaction, while the Dogecoin does that in about a minute or so to complete a transaction.

The Future of Dogecoin

People fail to understand that the fact something is happening doesn't mean it would invariably remain so. What we are trying to convey across is that yes, agreed that Dogecoin might not be globally accepted like bitcoin doesn't mean over time it won't change. As each day goes by, Dogecoin is gradually being accepted as a form of payment by new merchants.  

Also, the fact that Dogecoin isn't supported by many crypto exchanges doesn't mean this trend would remain so. Most crypto exchanges are learning more about this currency, and in the near future, it might become accepted in a lot of crypto exchanges.  

The Final Verdict

Even though Dogecoin may not surpass Bitcoin presently, it is a real contender in the crypto world. Also, you should know that in 2021 alone, Dogecoin has given 1900 per cent returns which is quite impressive if you look at the numbers.  

Lastly, the thing about Dogecoin and what would make it a real force in the crypto world is that, unlike another cryptocurrency where people focusing on utilizing its opportunities to make money, Dogecoin is more or less like a currency for the people. This means that there is every possibility of more people trooping in to support this currency, which can then make it a real force in the crypto world. So, having talked extensively on what Dogecoin is all about, as well as giving you some important.

About BitForex:

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BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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