Dogecoin(DOGE) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer in late 2013, who decided to create a payment system as a "joke", making fun of the wild speculation in cryptocurrencies at the time. It is considered both the first "meme coin", and, more specifically, the first "dog coin". 🐶
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a class of digital assets created using cryptographic techniques that enable people to buy, sell or trade them securely.
Unlike traditional fiat currencies controlled by national governments, cryptocurrencies can circulate without a monetary authority such as a central bank, it is peer-to-peer based money transfer system, only sender and receiver have access to the funds, there is no any intermediator between sender and reciever. The use of encryption technologies means that cryptocurrencies functions both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.
You can either buy or sell them on any crypto exchange or you can store them to any crypto wallet. Storing crypto on crypto wallet is more secure than storing them on any exchange, you can make profit or loss by buying or selling cryptocurrencies, if you want that it should give you more value than some hundred or thousand dollars, then you need to HODL(or HOLD) them for a long time(for years).
For example - In 2009, price of 1 Bitcoin was almost $0.00, but now(While writing this on 12/Dec/22) price of 1 Bitcoin is $17,000, thousand times more returns than stock/forex. In OCT 2021, the price of 1 Bitcoin went to its all the high at around $69,000. So cryptocurrencies is a good source of making profit if you have guts to HODL them for years.
If you have any plans of HODLING any crypto then HODL them in a crypto-graphic wallet which can be only accessed by you by having PUBLIC and PRIVATE KEYS of that crypto, public key means the crypto address, that you can share with anyone to receive crypto to your wallet/account, it is like BANK ACCOUNT NUMBER. PRIVATE KEY means the password or secret key which gives access to the crypto funds of any wallet who have private key of an crypto wallet.
Well, we will not go much more deeply into this explaination, let's end it here. I've mentioned some useful links to some keywords or words, you can check their means by clicking on them.
Elon Musk reiterated his support of the cryptocurrency in July 2022 and owns Dogecoin. Musk has detailed in the past that he personally owns Dogecoin but has not indicated that Tesla does, though the electric car company has been accepting Doge payments for some merchandise on their website.
Dogecoin, created in 2013 as a joke for crypto enthusiasts, has emerged as the one of the top 15 cryptocurrency by market cap, according to CoinMarketCap data.
People started using it to tip each other, basically dogecoin is also known as world's first light weight tipping crypto currency, it just charges less than $0.01 even more less than this to send funds from one to another wallet and it is as fast as quick bank transfer, it just takes 3-4 seconds to make a payment.
You can buy or sell or trade Dogecoin on a crypto exchange. You can consider buying dogecoin on some of these world-famous crypto exchanges -
You can buy and send dogecoins from a crypto exchange to your dogecoin wallet if they provide you that service, you can withdraw dogecoins from 3 exchanges mentioned above to your dogecoin wallet.
First of all, let me tell you about dogecoin addresses and their private keys, it is a most important thing to remember while receiving or sending dogecoins to wallet or from a wallet -
Dogecoin addresses starts with capital D and end with an alphabet or numer, it is an alpha-numeric combination. Private key of a dogecoin address starts with Q or sometimes with 6. In past there was some dogecoin addresses which used to start with A or 9 maybe, but at present, 99.99% dogecoin address generates with capital D and followed by a number or capital letter
So keep this thing always in your head while transferring dogecoins to a address that is must be start with D. Although some exchanges provides sending dogecoins using other blockchain networks(Dogecoin has its own blockchain network and all addresses starts with D, always use DOGE network to withdraw your coins from an exchange) but if you do so, then those dogecoin will no longer remain real DOGECOINS, they will become pegged dogecoins which cannot be sent to a DOGE address.
These are some of the famous on-chain dogecoin wallets -
SoDogeTip and MyDogeTip(MyDoge) are on-chain tipping-bots along with being a dogecoin blockchain wallets and mostly used for tipping on social media. So I am writing only about these two famous wallets/tipping-bots here.
SoDogeTip is an custodial on-chain tipping bot, the most transparent cryptocurrency tipping bot. You can use sodogetip bot on twitter, reddit and discord. It is totally secure and easy. You don't need to remember long passwords to make a new account or use a SoDogeTip account. All you need to have one of these social accounts - either twitter, either reddit or either discord. Then login with one of them, after this you have to add and verify your e-mail address in order to withdraw your funds from SoDogeTip to other wallet/exchanges/addresses.
You can use your one same e-mail address to verify the account you created using twitter or reddit or discord separately. Although when you will login with these three different social accounts separately, you will see different dogecoin addresses for all three accounts. Because clearly, all three social platforms are different from each other. But e-mail address can remain same in order to request a withdrawal.
How to use it ? -
Suppose if you are gonna use it only on twitter then you should not connect SoDogeTip with reddit or discord, although nothing will happen if you so so but you will be confused in your mailbox while opening links for withdrawal or other requests.
MyDoge is a free and secure self-custodial Dogecoin wallet. To create wallet on MyDoge, you don't need to login it with social media or no need to remember password or credentials.
As mentioned earlier, MyDoge is a simple wallet designed for everyone, so setting it up is a simple process. But, first, you need to download and install it on your mobile devices.
After installing, select the Create New Wallet button if you don't have one.
You'll then be asked to create a six-digit passcode. This will be your secret security code for sending dogecoins out of the wallet. You should never share this with anyone.
The next step is crucial. You're expected to back up your wallet. This will be the only way to recover your wallet should anything happen to your mobile device. Remember, you cannot contact anyone at MyDoge to retrieve your wallet because the wallet is non-custodial.
In settins(at bottom right), there will be an option to backup your wallet, click on that button then the 12-Words recovery phrase will be shown to you, it is different for everone and cannot be created more than one time for multiple users, which you should write down in the correct order and keep somewhere safe. Click Continue when done.
In order to use MyDogeTip on twitter you will need to connect your MyDoge account with your twitter account and your contact number. You don't need to do this if you are not gonna use MyDoge for tipping on twitter, skip this if you are just creating your wallet for receiving and sending funds.
How to use it ? -
Receive some dogecoins from any exchange, us them to send it to others, there will be option of sending and recieving on wallet page.
Suppose if you are gonna use it on twitter then you should connect it with twitter, it will ask you your phone number too.
In order to have permanent access to your funds of your wallet, you will need to write your PRIAVTE KEY(12-Words Passphrase or Alpha-Numeric Key) somewhere and keep it safe forever and must not share with anyone else.
Just write down your keys on a paper or in any computer file like notepad or word etc and keep it safe and secure.
When you log out of your wallet, your 12-Words Passphrase will help you to login back to your wallet, remember you can logout or delete your MyDoge account from app and uninstall app, but the entire data of your wallet(Public Address, Transactions) will always remains on blockchain database and cannot be deleted. You can use your 12-Words Passphrase to login into your account on other crypto wallets too, like Trust Wallet, Atomic Wallet, and on those wallets which supports 12-Words Passphrase login whenever wherever.
Now comes to Alpha-Numeric PRIVATE KEYS which look likes this - QR94h...dFaQY or 6JqDV...xXa9TP, helps you to access your dogecoins in case you forgot login credentials to login to a website/app which requires email and password to get into your account to access your dogecoin funds.
You can use DogeChain to sweep your coins from your unaccessible account using alpha-numeric private key
You can check this most helpful tweet of mine to know about how to do backup of your account and turns your 12-Words Passphrase private key into an alpha-numeric private key - Helpful Tweet, it is a complete twitter thread about backing up your wallet in two ways.
Myself Naveen Soni, a self-taught front-end web designer and developer from India who loves dogecoin.
If you loved my work and like to donate some dogecoins to me, then here it is my dogecoin address -
DRRSueeU3DWNPFpkmU6hsq6Ur8fwRYAJ3o or Click here to Donate