Dogecoin (DOGE) is a meme token that many see as a viable crypto investment despite having originated as a satire of the cryptocurrency ecosystem. Coupled with a growing market price and thriving community support, Dogecoin has become a widely-accepted asset tradable for an increasing range of products and services. Users can now send or receive Dogecoins like other cryptocurrencies. This article aims to provide you with a guide: How to use dogecoin and how should a beginner invest in Dogecoin?
Introduction
Dogecoin is represented by a picture of a Japanese hunting dog breed Shiba Inu and was launched with an initial circulating supply of 100 billion coins that can be scaled to infinity. Dogecoin’s popularity as a lucrative investment is one of the reasons for its growing user base. As a result, nearly all mainstream crypto avenues, including exchanges, wallets and businesses in the free market, support Dogecoin trades. Today, a myriad of platforms accept the meme token as a mode of payment for their products and services.
How to use dogecoin？
There are four key avenues to use Dogecoin as a payment method.
-Peer-to-peer
Peer-to-peer (P2P) is the most direct and private method to send or receive Dogecoin or any other cryptocurrency. A typical P2P transaction involves transferring funds from one blockchain address to another with no involvement of a third party. Sending DOGE in a P2P trade can be as easy as scanning the QR code of the recipient’s Dogecoin wallet and authenticating the transaction on their own Dogecoin-supported wallet service. One can also choose to type down the recipient wallet address and risk sending Dogecoins to the wrong address.
As an investor, one can use P2P platforms to find people to directly purchase or sell Dogecoins in exchange for fiat currencies like the U.S. dollar. Also, numerous brick and mortar stores have also started accepting crypto as payment and stand as the fastest growing mode of P2P trade.
-E-commerce/online stores
The partnership of cryptocurrencies with e-commerce establishments can be traced back to Bitcoin's first use case as an asset. Years later, numerous e-commerce fronts no longer shy away from accepting cryptocurrencies for payment. The number of venues that readily accept Dogecoin as payment is also increasing. Given the extensive reach of e-commerce businesses, Dogecoin can be used to make purchases from any corner of the world via services that offer international shipping.
-Mainstream adoption
While Dogecoin has successfully led several fundraisers related to sporting events, the cryptocurrency’s adoption gained further momentum after Elon Musk opined that Dogecoin is money and showed support for the ecosystem’s development. Following suit, many mainstream businesses have now started accepting payments in Dogecoin for products, services and subscriptions.
How should a beginner invest in Dogecoin?
When exploring the investment options in an emerging marketplace like Dogecoin, one must be wary about the bad actors and scammers that prey on unsuspecting victims.
Do your own research (DYOR) still stands as one of the best pieces of advice for investors, especially a beginner. Also,it is highly recommended before diving into the crypto ecosystem. One must also take proactive measures to identify a possible fraud before it happens, including confirming the legitimacy of platforms and individuals, staying updated with authentic news and steering away from uncertain trades and offers.
Hope this article can provide you with a better understanding about how to use dogecoin and how should a beginner invest in Dogecoin.
