Should You Invest In Doge Coin?

 

Cryptocurrency, also known as virtual currency  took the world by storm in 2017. Four years later, we're seeing bitcoin reaching record highs – before stumbling back down over the weekend. 

Beyond all the hype around digital currencies, are they a good investment? That depends on your tolerance for risk when building your portfolio and your long-term investment goals.We can start by learning more about what you're looking to invest in.

How does blockchain work?

Blockchain technology. Information blocks in digital space. Decentralized global network. Cyberspace data protection. 3D illustration with elements of a binary stock photography

A blockchain is a decentralized and distributed ledger that can be accessed by many different parties simultaneously. When a transaction is completed, it is recorded on a "block." When a block's memory is full, it is added to the end of the blockchain, always in successive order. It then becomes part of the permanent database of transactions of the blockchain. For the purposes of bitcoin, the blockchain records transaction details, such as the amount and time, but not personal details of the parties involved.

What is Doge coin?

Dogecoin phone concept. Digital currency physical metal dogecoin coin. Yellow phone communication concept royalty free stock image

The "meme coin" was created in 2013 as a joke poking fun at the surge in digital coins such as bitcoin. Doge coin was inspired by the popular Doge meme, which offers the image of a Shiba Inu staring sideways at the camera with raised eyebrows, according to the website Know Your Meme.

Doge coin has skyrocketed by more than 5,000% since the start of the year. Its market value is $51 billion, according to Coin Gecko, a crypto-market data site. 

What is Bitcoin?

Bitcoin, Currency, Crypto, Cyber

Bitcoin, the world’s most popular digital coin, is a type of cryptocurrency. It can be used to complete a transaction between two parties without involving a middleman. It enables direct, private transactions between users, with virtually no transaction costs; something it can accomplish because it is powered by blockchain technology.

Should you buy Bitcoin or Doge coin?

It depends on how much risk you're willing to take with your investments. If you had invested in Bitcoin when it was introduced in 2009, your returns could be in the millions or even billions since it was initially valued at $0.

More businesses and investors are likely to buy Bitcoin in the coming year, which could help to drive the cryptocurrency's price sharply higher.

It hasn't always been smooth sailing. 

Bitcoin has been highly volatile. In late 2017, the digital token rose to nearly $20,000, before crashing to almost $3,000 the following year. 

The sharp rise in the value of Bitcoin and Doge coin has led to analysts' worries of a potential bubble in the cryptocurrency market. Bitcoin has more than doubled in value since the start of 2021.

How do you buy cryptocurrency?

There are several ways to buy Bitcoin. One of the most popular is through a Bitcoin wallet. One of the most popular of these wallets is Coinbase, which lets users link a bank account to deposit and withdraw funds for the purpose of purchasing and selling Bitcoin. Another wallet featuring a nifty feature is Wirex, which comes with a payment card that converts Bitcoin into the local currency when making a purchase.

Another way to purchase Bitcoin is through Bitcoin Depot, which allows users to make cash deposits at select ATMs in several states.

For investors, the easiest way to gain exposure to Bitcoin is probably through their brokerage. Funds such as the Grayscale Bitcoin Trust were created for this very purpose, but beware: Often shares in this and similar ETFs trade far above the underlying Bitcoin exposure.

Venmo, the digital payments app owned by PayPal, announced a crypto option, which would allow its users to buy, sell and hold cryptocurrency. Customers will get to choose between four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

 

 

 

 

 

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