How To Buy Dogecoin in the UK

The pandemic has wreaked absolute havoc on the world economy over the past couple of years. Thousands of people have lost their jobs, which is a tragedy unlike any other in the economic world.

With more and more countries legalising cryptocurrencies, it is only a matter of time before they are widely accepted all around the world. Not being run by the state gives them an inherent advantage when it comes to determining and maintaining their value.

 

However, at the moment, many countries still don’t allow the circulation of cryptocurrencies officially. And if you are one of those people who really want to start dealing in crypto in the UK but don’t know how to start, allow us to introduce you to Dogecoin (DOGE).

What is Dogecoin?

Dogecoin was created by two software developers in 2013. Palmer originally tweeted about it as a joke, ridiculing the plethora of alternative cryptocurrencies available at the time. But it wasn’t until after his tweet that there was sufficient interest for him to start working on the coin.

 

The coin is descended from a long line of forks of the Bitcoin protocol. Forked from Bitcoin, it is a fork of Luckycoin, which in turn is a fork of Junkcoin, which in turn is a fork of Litecoin, a cryptocurrency for payments that was originally derived from Bitcoin. Since then, it has grown into much more than Palmer had originally intended as a side project.

 

Dogecoin was created as a result of a popular internet meme that included a Shiba Inu dog and words written in comic sans font. Atsuko Sato, a Japanese kindergarten teacher, created the first image of the dog, which she named Kabosu, and released it to the internet in 2010.

What Makes Dogecoin Worth Buying

Of course, there are many reasons behind Dogecoin’s success, but let us focus on three:

Popularity

Dogecoin is worth what it is currently worth because others believe the token’s value will improve in the future. Those who invest in DOGE are also placing their bets on the emergence of more celebrity-driven headlines. Of course, the fact that Dogecoin is currently so popular is a wonderful development. 

 

On the other side, investors are taking a chance by investing in a token that has gained popularity in such a short period of time. If another cryptocurrency grabs the attention of the bulk of investors, Dogecoin may be phased out entirely.

A Gateway to Crypto

If investors hold onto Dogecoin for an extended period of time, they will get a taste of what cryptocurrency investing is all about. Surges and declines in the stock market caused by transitory sentiment are unavoidable, though. In order to weather the storms that may emerge, investors must be prepared to act quickly.

 

Dogecoin is considered to be one of the more speculative and, as a result, volatile cryptocurrencies on the market today. As a result, those looking to embark on an exhilarating voyage may choose to put a few dollars into Dogecoin. It is recommended that investors only invest what they are willing to lose in highly speculative assets such as these.

Unique Market Positioning

Because it was an early crypto entrant, Dogecoin’s mining technique is based on proof-of-work. Difficult computational difficulties must be solved in order to validate transactions on the Dogecoin blockchain. Dogecoin is also thought to use less than 2% of the energy that Bitcoin does per transaction. 

 

Finally, the inflationary nature of Dogecoin has previously scared a number of investors. Buying anything that naturally inflates over time (supply isn’t capped like Bitcoin’s) requires demand to outpace natural inflation.

How To Buy Dogecoin

Users from the United Kingdom must first register on a cryptocurrency exchange like Changelly before purchasing Dogecoin. Providing identification documents such as a driver’s licence is frequently required to complete the verification process.

Dogecoin will very definitely have to be bought using a different cryptocurrency (that you can buy with a fiat currency like GBP). One of the most popular is Tether (also known as USDT), a US dollar-pegged stablecoin that can be used to purchase Dogecoin on an exchange.

 

It’s important to keep in mind that you may have to pay several fees. Depending on whatever exchange you choose, you may have to pay more to make a deposit, then more to buy Tether, and ultimately more to buy Dogecoin. Fees are charged when moving your Dogecoin to another cryptocurrency or back to fiat money.

Conclusion

Dogecoin is a fantastic asset to have and hold, and now that you know how to get your hands on it and why you should, you should proceed with caution. You’ll be OK if you do your homework!

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