How to Buy, Store and Use Dogecoin
Everyone is talking about it, but do you know what Doge is? Most importantly, do you know how to buy, store and use dogecoin? Keep reading and you’ll get the answer.
What is Dogecoin?
Doge has a meme mascot and a meme-loving community, but Doge itself is not a meme but a very meticulously thought out transactional currency.
Dogecoin’s biggest asset as a coin is not having a set cap but rather a soft cap inflation allowing full adoption long term as a currency without infinite growth in price per coin once in full adoption (imagine having to pay .000000000000000000000069 for a big mac).
How do you buy Dogecoin?
Here’s how to buy, store and use Dogecoin:
You store your Dogecoin in a digital wallet — usually in an app or through the vendor where you purchase your coins. Your wallet gives you a private key — a unique code that you enter in order to digitally “sign off” on purchases. It’s a mathematical proof that the exchange was legit.
Cryptocurrencies operate on what is called blockchain technology. A blockchain is like a really long receipt that keeps growing with each exchange. It’s a public record of all of the transactions that have ever happened in a given cryptocurrency.
Okay, but where can I use Dogecoin?
Doge is about spending not hoarding. Unlike other deflationary cryptos, Doge is meant to actually be spent. If you want it to work you have to actually spend some of it and just buy more!
A lot of people still see cryptocurrencies and Dogecoin as an investment. But Doge spending is becoming more and more popular. SpaceX paid in Doge for a major space mission and is going to launch DOGE-1 to the Moon!
“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector.”
– Samuel Reid, Geometric Energy’s Chief Executive Officer