October 27, 2022 9:21 am in Alt Coin

Common Dogecoin Questions Answered

While many people have heard of Bitcoin, not everyone is familiar with Dogecoin. We answer some of the most common Dogecoin questions. So, if you plan to invest your money into Dogecoin, read on to find answers to the questions you have always asked.

What is Dogecoin?

Dogecoin is a decentralized currency traded and used on the internet. However, Dogecoin is seen as a "joke" since it was coined after a popular meme – "Doge." Jackson Palmer was the meme creator, but Billy Marcus turned it into cryptocurrency in 2013.

A total supply of a 100-billion-coin limit was created, hoping it would make a lack of desirability. But, the limitation on supply has since been lifted. And currently, we are 129.2 billion coins in circulation, with an unlimited amount to be disbursed in the future.

What is the Purpose of Dogecoin?

Initially, Dogecoin was designed to be a cryptocurrency to reward meme creators. However, this purpose has since become a clone of Bitcoin with much more coins. And since Dogecoins are intended to be spent, the tipping bots are some of Dogecoin’s most common uses.

What is Dogecoin Worth?

As of today, Dogecoin is worth AUD 0.003661.

How can you buy Dogecoin?

You can buy Dogecoin in different ways. First, you can get Dogecoin from the 348 exchanges available for buying, selling, and trading Dogecoin. These exchanges work the same way you would invest in stocks, Mutual Funds, and ETFs.

Dogecoin ATMs

You can also obtain Dogecoin through mining. Since money is not printed in the crypto world, miners can dig up new coins per the pre-set schedule and release them into circulation. This way, miners add a new currency to their blockchain ledger. The miners are then rewarded with payment in their mined cryptocurrency. Even though this mining process sounds simple and easily doable, it requires special hardware and high internet speed. You can also obtain Dogecoins through a mining pool or cloud mining. Moreover, you can consider joining a Dogecoin club to buy it from other club members.

What is Required to Buy Dogecoin?

A cryptocurrency wallet is an online wallet or app that you can easily download onto your smartphone. The online wallet is ideal for newbies not yet planning to invest large amounts of money into Dogecoin. You can also get a cryptocurrency wallet by buying a hardware wallet. This is considered the most secure option and best for those intending to invest big in cryptocurrency.

How Many Dogecoins Are Left?

Since there is no cap on the amount of Dogecoins that can exist, the amount of Dogecoins left is infinite.

How Much is Dogecoin Worth?

Dogecoin is currently $0.002 or simply one-fifth of a cent. Doge’s price peaked at a high of 1.7 cents in 2018 but has since bounced off to the $0.002 level.

Will the Price of Dogecoin Go Up?

Essentially, the Dogecoin price has been low. However, in early 2018, the price did go up. But since then, it bounced to its lowest level of $0.002 and has remained stagnant. Moreover, it is difficult to say if Dogecoin will go up in value or if it will ever be worth USD 1. But if more people start buying it, the price will undoubtedly go up, but until then, it will stay stagnant.

Will Dogecoin Reach $1?

Should Dogecoin’s price reach $1, it would put the total market limit of the cryptocurrency at 117 billion. This is a higher market limit than all cryptocurrencies combined. In the current state, there is no probability that Dogecoin will reach $1 anytime soon. But, anything is likely if some new developments or use cases get introduced to Doge.

What can I do with Dogecoin?

Since Dogecoin isn’t worth a fortune, you can do little with it in real-world stuff. However, websites like Twitch and Reddit use Dogecoings to tip people. Moreover, Dogecoin has been used to create charities worldwide, like doge 4 water, which helped raise 50 million Dogecoins to sink a water well in Kenya.

Is Dogecoin Legal?

Undoubtedly, the legality of cryptocurrencies has always been a concern for most people since it is a decentralized currency designed to be invisible. Regardless of this grey area, Dogecoin is 100% legal and can be used as long as it is not for illegal purposes.

Does Amazon Accept Dogecoin?

Currently, Amazon doesn’t accept Dogecoin. Generally, it doesn’t openly support any cryptocurrency. If you are keen on using your cryptocurrency to buy items from Amazon, some sites will sell you Amazon gift cards for Dogecoin and other cryptocurrencies. Besides, there is a petition asking Amazon CEO, Jeff Bezos, to support Dogecoin.

What are the risks associated with buying Dogecoin?

There are risks associated with buying Dogecoin and other cryptocurrencies, and the main one is the lack of regulation. However, some countries, like the US, are working toward regulating crypto owing to its high demand. For instance, the US introduced the US Crypto Currency Act 2020-2022 to deliver a legal outline for crypto. The new regulations may provide stringent laws to manage the growth of crypto in the future.

Another risk to consider is the possibility of the Dogecoin network being hacked. In 2014, the Dogecoin network was hacked, and 21 million coins were stolen. Luckily, this time the Dogecoin community came together and was able to return some of the losses from the hack.

Also, consider the new cryptocurrencies coming into the market, which usually come with unique features that could overshadow the current parts of Dogecoin. Besides, innovation is a crucial aspect of maintaining popularity or luring customers. So, with crypto coming into the market, Dogecoin and other cryptocurrencies will have to innovate to stay competitive and be shoved out into the past.

Moreover, Dogecoin is quite volatile. Thus it would help if you made an informed decision when you want to invest in it.

What do Experts Predict for Dogecoin?

According to market sentiment and experts’ opinions, the price of Dogecoin may register a gradual rise in 2023. And possibly by mid-2023, Dogecoin will be able to cross the $0.1 mark. Experts predict that the high for Dogecoin in 2023 might go beyond $0.2; on the downside, the low might be about $0.06.

In 2024 price prediction, Dogecoin might be trading a $0.4 by the end of 2024. However, the predicted high-end price for 2024 might be about $0.45, and the low-end might be around $0.08. Remember that these predictions do not essentially reflect the long-term earning potential.

Conclusion

Dogecoin offers unique features that allow users not to hoard tangible assets and bank on more liquidity because it will enable active trade and use of their currency. Besides, it offers the advantage of being a fixed inflationary currency.

However, more and more people are becoming aware of Dogecoin and, in the same breath, worried about their investments as markets become more competitive. For that reason, people have invested their confidence in coins and other cryptocurrencies. And with more money following into the crypto market, Dogecoin’s future may experience a significant increase in its current price. Experts predict that the DOGE price will likely hit new highs of 0.75.