The world of cryptocurrency is vast, dynamic, and ever-evolving. Amidst the giants like Bitcoin and Ethereum, there’s a playful contender that has captured the hearts of many: Dogecoin. If you’re wondering how to buy Dogecoin on eToro, one of the leading online trading platforms, you’re in the right place. This guide will walk you through the process, ensuring you’re well-equipped to dive into the world of Dogecoin trading.
What is Dogecoin?
Dogecoin, represented by its iconic Shiba Inu mascot from a viral meme, might seem like a light-hearted jest in the cryptocurrency realm. Originally conceived by software engineers Jackson Palmer and Billy Markus, Dogecoin was designed as a fun, instantaneous payment system devoid of traditional banking fees. What began as a playful nod to Bitcoin has now transformed into a prominent cryptocurrency, thanks to endorsements from figures like Elon Musk, Mark Cuban, and a fervent online community.
What is eToro?
eToro isn’t just another trading platform; it’s where finance meets social media in a unique blend. As a leading social trading platform, eToro offers users the chance to trade a plethora of financial instruments, from stocks to commodities and, of course, cryptocurrencies. The standout feature? eToro allows users to observe and replicate the strategies of seasoned financial experts, making it a hub of knowledge and trading expertise.
How to Buy Dogecoin on eToro: 3 Steps
- Sign Up/Log In: Begin by creating an account on eToro or logging in if you already have one.
- Deposit Funds: Navigate to the ‘Deposit Funds’ section and add the desired amount to your eToro account.
- Buy Dogecoin: Once your account is funded, search for ‘Dogecoin’ or ‘DOGE’ in the platform’s search bar. Click on it and select the ‘Buy’ option to purchase your Dogecoin.
Is It Possible To Transfer Doge From eToro To A Crypto Wallet?
Cryptocurrencies like Dogecoin have revolutionized the financial world with the principle of self-custody, ensuring users have complete control over their digital assets. This autonomy sets crypto exchanges apart from traditional stock exchanges. eToro, however, finds a middle ground. While it does allow users to transfer crypto to a digital wallet, the process requires a bit of navigation.
To transfer your Dogecoin from eToro to the eToro Money crypto wallet:
- Download and Set Up eToro Money: Available for both Android and iOS, download the eToro Money app. Once installed, set up your wallet using your eToro login details.
- Connect Your eToro Account: Upon opening the app, you’ll be prompted to log in with your eToro credentials. This connection is crucial for seamless crypto transfers.
- Initiate the Transfer: Head back to the main eToro platform or app. Click on ‘Portfolio’, then ‘Ether’. In the ‘Edit Trade’ section, you’ll find the ‘Withdraw to Wallet’ option. Click to start the transfer.
Remember, transferring Ether to your wallet means it’s no longer on eToro, so trading it there isn’t an option. While self-custody offers more control, it also comes with the responsibility of safeguarding your wallet.
Should you Invest in Dogecoin?
Dogecoin, with its meme-inspired Shiba Inu mascot, has taken the financial world by storm, often driven by viral social media campaigns and high-profile endorsements. Its meme-like qualities have made it both a cultural phenomenon and a highly volatile investment. The cryptocurrency has seen dramatic price surges, often referred to as “pumps,” which can be exhilarating for investors when on the rise but equally devastating when the momentum shifts.
While the allure of significant returns can be tempting, it’s crucial to approach Dogecoin with caution. Its inherent volatility means that its value can swing drastically in a short period, leading to potential losses. As with any investment, especially one as unpredictable as Dogecoin, never invest more than you can afford to lose. Conduct thorough research, consult with financial advisors, and ensure you’re making informed decisions based on risk tolerance and financial goals.
How many Dogecoins are there?
As of September 19, 2023, there are approximately 141 billion Dogecoins in circulation. Each new Dogecoin block has a 10k reward. With 1 minute block time, that means 14.4 million new DOGE are mined daily, or 5.256 billion new coins per year. The supply of Dogecoin is uncapped.
How to mine Dogecoins?
In Dogecoin’s early days, mining was straightforward. Miners simply required a computer with ample disk space and a gaming GPU. However, as the network’s mining hashrate surged, solo mining became less feasible due to the decreased chances of finding a block. This led to the formation of Dogecoin mining pools, mirroring those of Bitcoin and Litecoin. These pools allowed miners to merge their hashing power, increasing their chances of earning rewards, which were then distributed based on the pool’s set rules.
By 2014, Dogecoin introduced merged mining with other Scrypt-based cryptocurrencies, notably Litecoin. This meant miners could simultaneously mine Litecoin and other Scrypt coins while also supporting the Dogecoin network, earning rewards from multiple blockchains for the same effort. Today, while pool mining remains popular, the equipment has evolved. Miners now predominantly use specialized hardware known as Application-Specific Integrated Circuits (ASICs), specifically designed for Scrypt-based Proof of Work cryptocurrencies.
How do you pronounce Dogecoin?
The correct pronunciation of Dogecoin is “do-jh coin”. This is confirmed by Dogecoin co-creator Jackson Palmer, who said the name was inspired by the animated series Homestar Runner. In one of the episodes, a character spells out D-O-G-E and another character reads it as “dohj” (dəʊʒ).
Some common mispronunciations of Dogecoin include: