Dogecoin – Is it Worth Investing in For Online Currency Exchange?
Dogecoin is an emerging virtual currency featuring a shiba inu (dog) likeness as its currency symbol. Launched as a “funny” currency on 6 December 2020, Dogecoin has rapidly grown its online presence and reached an estimated capitalization of US $60 million in February 2020.
This humorous yet unique virtual currency is the brainchild of Billy Markus and Jackson Palmer, two Internet entrepreneurs with backgrounds in finance and marketing. The idea for Dogecoin originated when Palmer, the former head of marketing at the advertising agency Wieden+Kennedy, was watching news broadcasts about the dog-themed website ShibaInu.
Dogecoin is designed to provide a friendly alternative to other online currencies, such as PayPal, credit cards, and major online auction sites like eBay. It uses a peer-to-peer network that allows for instant transfers of money between its users. Unlike other virtual money systems, which require users to first deposit funds into their online wallets, Dogecoins are generated by solving mathematical equations rather than being purchased or sold.
The coins themselves are easy to purchase. The value of a single coin increases with the difficulty of finding and using the coin. In fact, it has been said that a Dogecoin transaction is five times faster than a PayPal transaction. This speed is particularly helpful for Internet marketers since the majority of Dogecoins are exchanged for either Doge Cash or the currency’s equivalent.
As of this writing, Dogecoins are not regulated by any central authority. However, they are recommended to be stored securely online in a wallet software program that allows them to be sent from any computer to another. Since there is no centralized administration, no one entity is able to shut down or seize Dogecoins.
Like all virtual currency, DogeCoins are subject to the volatility of online markets. The value of DogeCoins may fluctuate drastically from day to day and from country to country, as they are traded on online marketplaces such as the Internet.
Dogecoins are available at online exchanges where they can be bought or sold. A virtual wallet can be used to store the Dogecoins that are exchanged for other virtual currencies like PayPal, major credit cards, and major online auction sites like eBay.
With an online currency exchange like Dogecoin, anyone with access to the Internet can trade and buy and sell their virtual money. This eliminates the need for a physical money counter at a brick-and-mortar shop or an in-person broker.
Since Dogecoin is a digital currency, it is not issued by a government. Unlike physical currency, there is no central bank issuing it. It is created through the use of mathematical equations and no country has the legal authority to regulate or control it.
In today’s online world, it is common for criminals to obtain and distribute fake DogeCoins in order to trick Internet users. Because of this, many online merchants and users have taken measures to protect themselves against these scams by using several Dogecoin-based scams-protection programs.
Some scam protection software can detect fake Dogecoins and can send an email alert to the owner or user to report the activity. In some cases, a Dogecoin-blocking program will scan incoming emails for scams and automatically delete them.
In addition to spam filtering, many online retailers offer Dogecoin protection programs to limit purchases and sales of real, usable DogeCoins. A reputable program can also provide real time Dogecoin rates and real-time Dogecoin market information to help shoppers with their decision making. Many online stores also provide detailed information on Dogecoin transactions to provide a comprehensive overview of how much a particular Dogecoin will cost in comparison to its counterpart.
Dogecoin has a lot of promise as an online currency exchange, especially in the face of global economic uncertainty. Because of its flexibility, it is an attractive online investment opportunity for anyone who is willing to take the time to learn the ropes. If you need to learn about online currency exchange, Dogecoin could be the currency of choice for you.