What Is Dogecoin? How To Invest In A Dogecoin Faucet?

The booming market of cryptocurrency does not need any outward introduction. People have been revving about crypto investments for a few years now and how they are easy and profitable. Yes, it is risky, but the risk factor is comparatively lower. Crypto started rising through the ranks after the consecutive rise in bitcoin investing in 2011-12. Bitcoin is the most sought-after crypto currently. But other cryptocurrencies, like Ethereum, Tether, Binance coin, and Dogecoin, make an excellent dime if invested right.

What is a Dogecoin faucet?

Dogecoin, also popularly known as “meme coin” in the crypto world, had come out as a joke. Because of the rising popularity and prices of the bitcoin, software engineer Jackson Palmer mentioned this idea as a joke. Anyone interested in making a cryptocurrency should text him on Twitter. But another software engineer Billy Markus took him up on this idea, and that’s how Dogecoin came into existence. Hence the name “meme coin.”

The Dogecoin faucet tempts users by rewarding them with one or two dogecoins in their crypto wallet after finishing a task. The tasks can be as minimal as watching an ad, a video of a certain length, completing a captcha, or solving a puzzle. The rewards are directly sent to the users’ crypto wallets.

History of Dogecoin

After being started as a joke in 2013, Dogecoin was doing particularly okay, but it started rising as the Tesla & Space X owner, Elon Musk, started tweeting about Dogecoin often. It leads to people, especially A-line celebrities like Snoop dog & Gene Simmons, among others taking an interest in it. What drove the point home was a tweet by Elon Musk back in 2020 saying, “Doge barking at the moon.” In 2021, Dogecoin saw a substantial rise in value and investors.

Almost 130 billion Dogecoins are in the world currently. Initially, the number of dogecoins brought into the system was 100 billion. Which was mined by 2015. 5 billion Dogecoins have been introduced every year after that. Dogecoins are inflationary coins, meaning there is no exact number of coins to be supplied like bitcoin.

How to use Dogecoin Faucet?

The Dogecoin faucet is like any other crypto faucet, which needs a PC and a steady internet connection. A lot of crypto exchanges support mobile apps. The Dogecoin faucet is prominently known as the “water bowl” in the doge community. It asks the users to enter their public key, and the account is successfully set up. It is necessary so that the faucet will know where to send money. Once the registration process finishes, the user must complete the tasks assigned. Some faucets even give away the rewards with one or two clicks. Now, the users have to keep a note of is that users can use the faucets only at certain times of the day. They must refrain from spamming. Take note that the rewards are generally smaller, and with the rising prices of your preferred crypto, the rewards get even smaller in quantity.

How to buy Dogecoin?

Buying Dogecoins is relatively easy if you have done thorough research or with proper financial guidance. But here are some of the steps after the research that would make it easier for you to buy Dogecoin in followed.

1. You have to create an account on a crypto exchange that lists Dogecoin.
2. You have to finish the verification process, which includes scanning a copy of your identity proof, such as a driver’s license or passport.
3. Transfer money from the bank account to your chosen crypto exchange to buy Dogecoin. Some other money transfer apps also work on the crypto exchange, but the bank transfer usually charges the lowest fees.
4. Once the money transfer is complete, select the buy option and purchase the coin.

Dogecoin is available on several crypto exchange platforms. Some of these are:

• Coinbase: Coinbase is one of the most widely used crypto exchanges all across the world.
• Binance: Binance has enabled Dogecoin on its exchange platform since 2019.
• eToro: eToro is one such exchange that helps users copy high-performing traders’ decisions in real-time. It has enabled dogecoin trading since May 2021.

Once the purchase is complete, transfer your Dogecoin into a crypto wallet that allows you to store dogecoins. It is best to hold the Dogecoin in your crypto-wallet and not on the exchange.

Are there any risks with Dogecoin faucets?

Any crypto-related investment is risky. Dogecoins are just another form of cryptocurrency that is doing remarkably well these days. But there’s yet to be definite while investing or trading in crypto. The first thing to do is thoroughly research the crypto you think to invest in and the crypto exchange platform. A genuine faucet has only one page, whose main job is to sell the coins and let others trade with them. It also has a Recaptcha underneath it.

Due to their free nature, most faucets are full of advertisements and ad-tracking cookies. In addition, some sites have dog pictures or doge memes on their sites. If there is more than just all that, then the faucet is mostly a big scam.

Can I mine Dogecoin?

Anyone can mine dogecoins. It is an essential process, primarily similar to other cryptocurrencies. Mining is running strong computers in return for which the programmers receive a new chain of dogecoins. The reward for each block is approximately 10,000 doge or $2500 currently.

Mining doge can go two ways: alone or as a part of a pool. Most people find it easier to mins doges in a pool.

Uses of Dogecoins.

Dogecoin is usable as a form for transactions by a lot of institutions. Such as restaurants, grocers, e-book sellers, travel services, and product retailers. The transactions are as easy as other cryptos or actual money transfers.

Is it worth investing in Dogecoin?

From an investor’s perspective, Dogecoins aren’t worth investing in. Other stablecoins have added benefits and extra monetary value. The only attraction is that it is known as a meme coin. Initially, people invested in it as a joke. Initially, people invested in it as a joke. Hence, investing in dogecoins can be a rewarding short-term goal, but it cannot help with any long-term plans you have. Dogecoin is already at its peak popularity, which will only last until another crypto catches the investor’s eye.

Other ways to earn free crypto

We have learned that Dogecoin is a popular crypto, but it will only earn you profits until its popularity is at its peak. But some other cryptocurrencies are stable and will help you gain profits evenly for a long time. The oldest and the most popular of which is Bitcoin. Bitcoin was the first cryptocurrency ever. There are a lot of faucets that can help you win free bitcoins without having to invest anything but just your time. Freebitcoin io is one such faucet that offers users an opportunity to win free bitcoins worth $300. It has the users doing minimal tasks such as watching videos, ads or solving puzzles. Many other crypto faucets can help you earn free cryptocurrencies at Casino guru.

Conclusion

People don’t have any clue about more than a few famous bitcoins. But dogecoins are ranking up in charts these days. This article has covered as many aspects as possible about Dogecoin and investing in them. Dogecoin investing and mining is as simple as it is with other cryptos. Dogecoins, though not an apt choice for a long-term goal, can indeed work their part as a short-term investment. That is up until they’re famous. Most crypto investors avoid investing in dogecoins, and if they do, they only do it in small amounts.

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