The popularity of cryptocurrencies is growing every day, and more and more people are investing their money in these assets. At the same time, new coins keep appearing on the market; consequently, it may be hard to decide which one to choose. This is especially true if you are new to this industry.
That is why you should do little research before you use a cryptocurrency. In this article, you will get acquainted with DOGE, will understand what it is about, as well as which Bitcoin to Dogecoin exchange is best.
What Is DOGE?
DOGE stands for Dogecoin, and it happens to be a cryptocurrency. The coin was created and launched by Jackson Palmer and Billy Markus, whose goal was to develop an instant payment solution. They also wanted it to be free from conventional banking regulations. The crypto asset is called DOGE because it features Shiba Inu from that well-known meme.
Many people prefer this coin, so it is possible to find it on exchanges, like Binance. DOGE is also often used for apps. For example, it can be tipping for social media users who submit good content. The cryptocurrency is also known for the lowest fees in the industry when it comes to sending forth and back, which means that it is preferred for microtransactions.
How Does Dogecoin Work?
Just like most other cryptocurrencies, this one runs on blockchain technology, which is a digital ledger that keeps all transactions secure. Each user obtains a blockchain ledger identical copy, and they usually update it in the case of a new transaction. Like other digital assets, this one utilizes cryptography to make sure that all processes are secure.
There are miners who make use of computers to get complicated mathematical equations solved, and their aim is to process and record transactions on the DOGE blockchain. These miners get extra DOGE coins for the mentioned actions, and they are free to hold in their wallets or sell them.
It is possible to use these digital assets for purchases or payments, but this store of value is not effective. The thing is that the lifetime cap on the number of coins that might be made by mining does not exist; consequently, DOGE happens to be highly inflationary.
Millions of new digital assets are created each day to reward miners, so it is hard to hold up speculative price gains over time.
Dogecoin at Crypto Exchanges
If you decide that you want to use this cryptocurrency, you may wonder how to get Dogecoin. The great news is that it is available on many online services, such as Kraken or Binance. They usually require customers to set up an account and fund it with cryptocurrency or dollars. After that, they are allowed to purchase or exchange cryptocurrencies. However, you should remember that it is not possible to buy Dogecoin while using some crypto exchange services.
At the same time, there are online brokers that allow their customers to purchase DOGE in addition to traditional assets, including mutual funds, stocks, and bonds. This kind of platform does not usually offer a lot of cryptocurrencies, but this coin tends to be accessible.
It is recommended to move the coins to a wallet when you have bought Dogecoin. These wallets exist in various forms, from apps on a mobile device to online services provided by exchanges or even a physical hard drive. The security of the wallet is guaranteed to the private passwords created by their holders. As these crypto assets are kept outside of an exchange, there is an additional layer of protection.
Before DOGE became popular and its price grew, people used to be allowed to earn free coins for performing simple tasks online, such as taking a survey or watching advertisements.
List of 5 Best BTC to DOGE Exchanges
It is crucial to know how to navigate exchanges if you are willing to manage your DOGE. Thus, you should take additional precautions for protection against viruses, fraud, and others risks. Hence, it is necessary to track your access codes carefully. At the same time, there risks that you cannot control exist because the chosen exchange is responsible for the security of its clients` money. That is why it is crucial to go for a reliable online service. Below, you can find the best platforms where you can sell Dogecoin for Bitcoin.
Changelly allows its customers to trade digital assets instantly and with no registration or identity verification. It was founded in 2013 and offers more than 140 cryptocurrencies these days. There are also different features that can help people figure things out, such as video tutorials.
- The online service guarantees the best prices possible;
- It allows customers to easily exchange numerous digital assets for a low fee;
- The online service is integrated with various well-known exchanges and wallets.
- Cryptocurrency trading is not available.
It is the biggest cryptocurrency exchange on the market that appeared in 2017. The online service has more than 300,000 customers a day, and they come from different parts of the world. Binance is suitable for crypto-to-crypto trading, peer-to-peer trading, and cryptocurrency traders.
- The registration process is fast;
- The fees are low;
- The online service offers hundreds of cryptocurrency pairs;
- The trade setups are not only basic but advanced as well;
- Extensive educational resources are available.
- The deposit options are limited;
- Fiat-to-crypto trading on the main exchange is not available.
With the help of this cryptocurrency exchange, you can swap between different crypto assets quickly and privately. The platform introduced in 2018 is focused on simplicity and provides its customers with a sleek user experience. In addition to that, it is not required to open a new account to swap between cryptocurrencies.
- No personal details are required from customers;
- Over 200 cryptocurrencies are available;
- The size of orders is not limited;
- The design is user-friendly.
- Fiat currencies are not supported;
- There are no advanced order types.
Kraken happens to be a sophisticated trading service, which means that it is best for experienced customers. Unlike the above platforms, this one accepts fiat currencies, such as Euros, US dollars, British pound, etc. One more good thing about Kraken is that it is available in many countries worldwide.
- Kraken is very safe to use due to its high-security measures and two-step authentication on the login;
- The fees on deposit and withdrawal are reasonable;
- The design is sleek;
- Numerous cryptocurrency pairs to trade;
- Experienced traders prefer it due to its outstanding services.
- It is not suitable for beginners;
- The verification process is slow;
- It is not possible to use credit or debit cards for deposits.
This platform was launched in 2014, and it holds more than 60 cryptocurrency pairs. The great part is that customers can use it on their mobile devices. Furthermore, they can benefit from various trading tools and educational resources.
- It offers more than 100 cryptocurrency pairs;
- The mobile trading platform is intuitive;
- Customers can access a trading blog;
- Margin trading and lending with 2x leverage;
- High liquidity.
- The deposit options are limited;
- It is not regulated;
- Poloniex is not accessible for US customers;
- There is no contact phone number.
Purchasing any kind of crypto asset involves risk, and this is also true for Dogecoin. At the same time, this cryptocurrency has made an incredible journey from a fun concept to one of the leading coins on the market. You can always use the provided information, pick the best Dogecoin exchange, and benefit from this crypto asset.
Ethan Moore, crypto and stock trader since 2012. Co-founder of Blockwatch experts team.