Is DogeCoin A Good Investment? – The Joke Gets Real

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Will Dogecoin Be the Next Bitcoin? Or Maybe Something ...

People are starting to wonder, “Is Dogecoin a good investment?” I’ve seen the question floating around the Internet and decided to look it up for myself.

Many of us recall Doge as an Internet meme of a friendly-looking Shiba Inu. I remember my kids occasionally using Doge as an avatar for various online games, such as Agar.io.

So, from the Chief Magistrate of Venice to a loveable dog to a cryptocoin.

Such graph | Doge | Know Your MemeBirth Of A Doge

Dogecoin is a cryptocurrency that was released in December of 2013 as a joke. Billy Markus and Jackson Palmer soon found the joke they created reach a capitalization of $60 million in January 2014.

Markus wanted it to be a fun cryptocurrency that could reach a broader population than Bitcoin. He also wanted to keep it clear from the controversy of other coins.

Dogecoin had an exceptionally fast production schedule, to begin with. By June 30, 2015, its 0ne-hundred-billionth coin (DOGE) had been mined. Production was initially supposed to stop there, but the decision was made to produce DOGE indefinitely.

What To Do With Dogecoin

Similarly to BAT, Dogecoin was and is primarily used as a tipping or reward system across the Internet. The altcoin is given by fellow users to people who make enjoyable content across the web. (I’m taking notes, now.)

Dogecoin is used with a wallet on your computer, your smartphone, or a website.
You can use it to buy or trade goods, services, and other currencies (crypto or fiat).

The website says, Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.

Dogecoin can be purchased or sold on the following cryptocurrency exchanges: Gate.io, BtcTrade.im, Poloniex, HitBTC, ZB.COM, Bittrex, Fatbtc, Sistemkoin, Upbit, CoinEgg, Indodax, Kraken, Ovis, QBTC, Exrates, Koineks, YoBit, CoinExchange, Cryptopia, Exmo, Livecoin, BCEX, Coinsquare, Instant Bitex, BX Thailand, CoinEx, Bitsane, Bitbns, BTC Trade UA, LiteBit.eu, Trade Satoshi, Mercatox, OpenLedger DEX, C-Patex, Stocks.Exchange, Bit-Z, Crex24, CCEX, Novaexchange, SouthXchange, Cryptohub, Bleutrade, Graviex, Tidex, Bittylicious, Coindeal, Bits Blockchain, Tripe Dice Exchange, BitFlip, CoinFalcon, Tux Exchange, Coinbe, cfinex, Cryptomate, BiteBTC, FreiExchange, and Robinhood.

I don’t have accounts on any of these platforms, although I could make one with several of them if I so decide.

Dogecoin Today

Keeping in mind that DOGE was never meant to become a lifestyle investment, its value – while never high – has been plummeting lately. At this moment, the value is about $0.002.

People aren’t giving up on it, though. Search the web, and you’ll find that millions of people want little pet Doges. They’re everywhere. Despite its almost complete lack of value, it remains highly popular.

Make yourself an online wallet for Dogecoin by going to their website’s Getting Started page and selecting your operating system. Sadly, ChromeOs and iOs are unavailable at this time.

Thankfully, I have an Android.

Making A Dogecoin Account With Cattington

From my Android phone, I click the little Android box and it sends me to the Google Play store. The Dogecoin Wallet has a rating of 3.6, but what are people expecting?

I click Install and wait. The 3.83 MB app installs and downloads quickly. After opening, the whole thing doesn’t reek of promise.

At the top is a beige bar with a code square and the message, Synchronizing with network, 7 months behind. I guess months aren’t very long in Doge country, as it soon lowers to 6. I remain hopeful.

Below that it informs me that I have no Dogecoins. Then explains that I can trade for traditional (fiat) money or sell goods or services or earn by working. I’m intrigued.

In red is the frightening message, Do not use this wallet for many transactions with lots of small payouts like for example mining pool or faucet payouts. These can slow down the wallet to a halt and make your coins inaccessible! Image result for dogecoin + royalty free

Already fraught with terror, I see the very bottom, “Use at your own risk.” Then they have the kindness of a link to safety notes.

Since I’m still 6 months behind in synchronizing with the network, I read the safety notes.

I will copy them exactly, may Dogecoin forgive me; the credit is all theirs:

  • Dogecoins are stored on the device. If you lose it, you’ll lose your Dogecoins.
  • This means you’ll need to back up your wallet! Use the in-app backup facility for this, rather than a third party backup app. Keep your backup safe and remember the password.
  • Before uninstalling (or clearing app data/wiping your device), transfer your Dogecoins to another wallet. Remaining Dogecoins will be lost.
  • Payments are irreversible. If you send your Dogecoins into the void, there is almost no way to get them back.
  • Keep your mobile device safe! Do not root your device. Do only install apps you fully trust. Malicious apps could be trying to steal your wallet.
  • Keep the risk low! Store only a reasonable amount for day use.

Solid. Now I’m only 4 months behind after typing all that. There are two arrows I can click on. One points left that says REQUEST COINS and one points right that says SEND COINS.

I have no coins to send, so I’ll request. I type in 100 DOGE for a dollar value of $0.2696. Now all I need is someone to give me some. The app seems to think I have someone nearby for Bluetooth or I can send the code to be scanned by the sender.

Does anyone out there want to send me some Dogecoins? The wallet has the convenience of its own address book if you’d like to make me a regular.

As I mentioned above, I have no accounts with any of the platforms that deal with DOGE, but if I get serious, I can always make one.

Now I’m down to 3 months. *sigh*. 9 weeks *yawn*.

So, my phone gets a notification that I now have 6 peers connected. Interesting. Down to only being 4 weeks behind…*deep breathing* 9 days … 8 days … DONE!!!!

Now I can see exchange rates. Well, that took a while, but I was writing, anyway.

wow much coin how money so crypto plz mine v rich very ...

Is Dogecoin A Good Investment?

Not for profit. Dogecoin is more of a labor of love. You either think it’s cool and fun or you don’t fool with it.

The dollar or other fiat value of the Dogecoin is so negligible that unless you enjoy hard-core mining just for fun, there’s no gain. Yes, DOGE is mined the same way LTC is mined.

How about you? Up for some Dogecoin? Share your questions and experience in the comments below!

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14 Thoughts to “Is DogeCoin A Good Investment? – The Joke Gets Real”

  1. This was very interesting to read. Never thought I’d read a whole article about a Dogecoin but I learned a lot and enjoyed it. It definitely gives me a different perspective of crypto.

    1. Why thank you! I’m glad you were able to read the whole article. 🙂

  2. Ali

    What a nice post you wrote! I really enjoyed reading it and I could not be silent about your post so I decided to leave my comment here and say Thank You for sharing this quality post with others.
    Actually this is exactly the information that I was looking for information about the dog coin and when I landed on your website and read this post, it answered all my questions in detail.
    So I’m happy that you decided to write about this topic and share it with people. It’s very useful and can definitely be used as a great source for everyone who is interested in this topic.
    I will come back to your website again for sure and I’m looking forward to reading your new posts.)

    Thanks!

    1. Thank you very much for stopping by and leaving a comment, Ali. I’m glad you found the information about Dogecoin to be useful. Stop on by any time!

  3. Jessie

    Thank you so much for the awesome post!! I have several different online currencies in my wallet but only recently heard of this one. I’ve been looking up a lot about it and I’m glad I came across your post as well! I prefer to buy the currency that will have some value later, and you’re right, Doge just does not seem to have that going for it. 

    1. Cattington

      Thank you, Jessie, for another kind comment. Dogecoin is one of those things that – I guess – would give people more bragging points than actual benefits. 🙂

  4. Alblue

    Huh, so Dogecoin isn’t really a cryptocurrency joke anymore? I heard about it once and thought it’s just a joke and no way to use it for real. While the value is very low, it may be a fun thing to keep, especially since I love Doge 🙂 I’ll check the app and download it for my personal use. Thanks for the information

    1. Cattington

      Hello! Thank you for your comment! I haven’t done anything with the app since I downloaded it, but Doge really is cute. 🙂

  5. Scott Hinkle

    Hello,

         I vaguely recall DodgeCoin.  I never mined it because I didn’t see potential for profit in it.  It was more of a novelty at the time.

    It’s funny that it actually reached the 16 million dollar milestone.  Impressive, considering it was a “joke”.

    I’d donate some to you but I don’t have any to give.  Sorry.

    Frankly, I’m surprised you moved forward with your endeavor with all those warnings you were talking about.

    Thank you,

         Scott

    1. Cattington

      Haha! Thank you for the offer, Scott. I didn’t set up any way to send me coins. I just feel that when something isn’t too dangerous, I should try it out if I’m writing an article on it. I can’t see myself getting into Dogecoin. 🙂

  6. Rose

    Thanks for this post about the dodge coins, yeah I have been mining the Coins now for some months and I can’t really see myself making huge progress on it, I agree with you that the dodge coin is just like LTC you have to have a lot of patience before it can add up, and their exchange rate is very small, well what a nice post you have written about the dodge coin,many would have an idea on it now .thanks 

    1. Cattington

      Thank you, Rose, for your nice comment. 🙂

  7. Gracie

    What a nice post you have written on the dodge coin, a friend of mine started just like a game and till this moment I can’t really see him making any huge progress on it their exchange rate is very slow, it’s very easy to get some coins though, but then it takes a lot of times to accumulate ,thanks for the review on dodge coin.

    1. Cattington

      Thank you for your nice comment. I hope your friend has fun. 🙂

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