Dogecoin to the Moon! This is the phrase that you might have heard in the past few days. Well, Dogecoin surely gained a lot of eyeballs and made waves. Its value skyrocketed and benefited many investors. But will the value keep on rising or it will ditch the investors? Is it really worth investing in Dogecoin Canada? Well, we’ll find that out and know more about Dogecoin in this post. This guide is for you if you want to know all about Dogecoin in Canada. So, let’s get this party started. 

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Is Dogecoin a safe investment in Canada?

Dogecoin (DOGE) is a new decentralized, peer-to-peer cryptocurrency that has gained popularity in recent months due to Elon Musk’s sponsorship. 

In theory, Dogecoin is similar to other well-known cryptocurrencies such as Bitcoin (BTC) and Litecoin (LTC). Dogecoin, also known as DOGE, is named after the popular meme of Shiba Inu dog, as you may expect from the name. 

After the meme, the cryptocurrency was created as a joke. However, it has grown over time to become one of the most popular and widely traded cryptocurrencies on the planet. As of May 2021, it has a market valuation of more than 70 billion dollars. On numerous exchanges, Dogecoin can be purchased, sold, and exchanged. 

What is Dogecoin (DOGE), and how does it work?

Dogecoin was created as a joke in 2013 by Jackson Palmer, an Australian and IBM programming designer Billy Markus. In a January 2018 interview in the Sydney Morning Herald, Palmer explained that the idea for Dogecoin came from a joyful tweet criticizing the rapid climb of “deceitful” altcoins at the time. The massive mainstream (in 2013) viral “doge” imagery inspired Dogecoin. Its mascot is a Shiba Inu, which is shown prominently on the Dogecoin website.

Regardless, there is a well-known cryptocurrency hidden under all of Dogecoin’s nonsense. This open-source computerized money, designed to provide swift and moderate online exchanges, can be used as a form of payment for labor and products. It’s a vehicle to swap for multiple monetary standards and a way to “tip” other Internet users who create or offer mainstream content.

Dogecoin uses the Scrypt encryption calculation under the LuckyCoin protocol, which is a fork of Litecoin. Within two months of its launch, Dogecoin has amassed a market capitalization of $74 million. DOGE’s value has risen and fallen since then, reaching an all-time high in January 2018 with a market capitalization of more than $2 billion and a price of $0.017359.

How to Purchase Dogecoin in Canada?

Purchasing Dogecoin is a simple process like any other cryptocurrency. Here are some simple steps to follow: 

1st stage: You must first open an account with a Dogecoin-supporting exchange before purchasing Dogecoin.

Find an exchange that supports DOGE in one cash pairing at least, and register with your email address. When acquiring DOGE, compare deals to find the best rates of exchange and lowest costs. Many exchanges also need your full name, contact information, and proof of ID before allowing you to trade. 

Stage 2: Funds are deposited into your account.

If your trade supports Dogecoin, you’ll be able to buy DOGE with CAD (Canadian dollars). Be aware that certain exchanges impose variable fees based on the value of the Dogecoin you’re buying, so keep track of your transaction costs.

Stage 3: Obtain DOGE

To locate the right match for your Dogecoin, go to the markets area of your exchange. 

Find the section on buying DOGE and type in the quantity of matching digital money you want to spend or the number of DOGE you want to buy. Before completing the trade, double-check your exchange details, such as the number of DOGE you’re buying and the total cost of the purchase.

Getting Started with an Online Exchange

Coinsquare and other digital currency exchanges provide a quick and easy way to buy Dogecoin and other currencies like Bitcoin. In general, exchanges are meant to make it easier to sell and buy virtual currencies at best possible price.

Digital currency exchanges are required to collect information that can be used to authenticate the user’s identity for legal purposes as part of their Know Your Customer (KYC) duties.

Both newbies and seasoned traders looking for a less complicated process will find digital currency exchanges appealing.

How to Use a Bitcoin ATM

Bitcoin ATMs are becoming more common in Canada. These machines make it simple for people to purchase digital currencies in person.

Users can swap Bitcoin for Dogecoin on an exchange after obtaining Bitcoin. However, there is a chance that this strategy will result in significant transaction fees.

What is the best way to sell Dogecoin?

If you ever need to sell the Dogecoin you own, you can do so using a similar process to the one outlined in Step 3. You’ll obviously need to look for the “Sell DOGE” option, and it’s also worth noting that you won’t be able to exchange DOGE for the money you require directly.

Which wallets are suitable for storing Dogecoin?

It’s ideal if you don’t keep your Dogecoin in your account unless you intend to exchange it. It’s far safer to keep your DOGE in a secure wallet.

The safekeeping of digital assets is an essential aspect of the investment process. You store Dogecoin in a ‘wallet’ after purchasing it, which contains vital information about the user’s holdings.

Digital currency wallets can be software or hardware, and they must be secure to prevent funds from being lost or stolen.

To begin keeping Dogecoin after purchasing it, you must first locate a wallet that supports the currency. In today’s world, people have access to a plethora of free wallets.

Users are provided a web-based wallet to secure their assets when acquiring a digital asset like Dogecoin through Coinsquare’s exchange. Users can then choose to move their funds to another digital currency wallet or leave them in their web-based wallet for convenience.

Will Dogecoin ever be worth a dollar?

Nobody can predict whether Dogecoin will ever reach $1. Due to Dogecoin’s incredible 11,000 percent increase in value in 2021, many Reddit users are clamoring for more. For a long time, Dogecoin has been regarded as a meme coin, which has helped it cope with price swings caused by big-name tweets, bizarre events, and the revitalization of internet networks. Given that about 150 million Dogecoins are produced every day, the price of Dogecoin will need to hit $1 through more huge buying days.

Factors to consider before purchasing Dogecoins in Canada

Cryptocurrencies are a relatively new financial tool that can be difficult and risky. Several factors influence their worth. Before purchasing any cryptocurrency, you should always be aware of the hazards involved. If you’re considering buying Dogecoin, consider the following aspects concerning your financial objectives:

• Availability 

• Support from the community

 • Is it a joke or not?

• Future development 

• Endorsement by celebrities

What role has Elon Musk played in the rise of Dogecoin?

Dogecoin’s spectacular surge in popularity in 2021 was ushered in by one particular celebrity’s endorsement, Tesla founder and billionaire Elon Musk. Dogecoin has hit incredible new highs because of Musk’s influence and interest in memes and internet culture. This was accomplished mainly by Elon Musk’s late-night tweets of Doge-related memes. If Elon Musk suddenly loses interest in Dogecoin, the value of this cryptocurrency could plummet.

Final thoughts

Cryptocurrencies are sophisticated, speculative, and risky investments; they are highly volatile and subject to secondary market activity. Performance is unpredictably variable, and past results are no guarantee of future results. Before relying on this information, think about your own situation and get professional counsel. Before making any decision, you should double-check the nature of any product or service (including its legal status and applicable regulatory requirements) and examine the websites of the appropriate regulators.