When is a good time to buy Dogecoin? There is no one easy answer to that question, but there are several factors you can consider as you try to decide if this coin (or any cryptocurrency) might be worth investing in. Here are five pros and cons that you should keep in mind as you make your decision about Dogecoin and when is the best time to buy it.
Dogecoin Price
The Dogecoin price is currently $0.15 but has seen highs above $0.68 over its lifespan. The coin has a circulating supply of 132.67 Billion and can be bought on popular exchanges like Coinbase and Bitfinex. If you’re wondering when to buy dogecoin or whether now is a good time to invest in it, consider reading our evaluation below:
Despite nearly dying out in 2014, Dogecoin proved itself as one of the most resilient cryptocurrencies out there.
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The Pros and Cons of Investing in Dogecoins
The main reason why people invest in dogecoins is that it has risen more than 100% every year. This tells that investors are making great money by investing in dogecoins. The primary benefit of dogecoins is that they provide more security and safety. One cannot lose money on doges as it runs through blockchains. This means you can’t hack your account or steal your funds as there are many benefits of holding these coins. Some of Dogecoin’s other advantages include:
- The coin is relatively inexpensive as compared to other cryptocurrencies such as Bitcoin and Ethereum.
- It’s easy to access, purchase and transfer from one person or business to another through its online wallet.
- It’s got history on its side.
- It has a large community that keeps growing by new people joining in every day who are eager about contributing towards it and using it for transactions of their goods and services in exchange for more coins.
Dogecoin doesn’t have too many cons, but it does have underlying inflation of 5.2 billion coins, meaning that the market will be flooded with more dogecoins than ever before. The growth of supply will most likely cause a decline in demand for new dogecoins, making your investment drop in value. Many folks who have bought in at higher prices have sold their holdings for profits and exited, leaving little incentive for new investors to jump on board now.
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How to Buy Doges
There are several different ways to buy Dogecoins, including through cryptocurrency exchanges such as Coinmama or Coinbase. In addition, it is possible to buy physical coins that are redeemable for cryptocurrency, but investors should note that these coins are not currently legal tender and may be difficult for beginners to use. A DOGE debit card also allows users in select countries, such as Poland and Ukraine, to access crypto without first acquiring it from an exchange.
Storing Doges – Desktop Wallet vs. Mobile Wallet
When you’re buying cryptocurrencies, there are two options available to store them: 1) desktop wallets and 2) mobile wallets. Since most cryptocurrency users are also tech-savvy, they use desktop wallets as their primary storage solution. But if you’re just getting started with cryptocurrencies and want an easy way to carry your digital assets around without being connected to an external hard drive or flash drive, then mobile wallets are for you. According to SoFi Invest, “Both exchanges and crypto wallets have become targets for hackers, so it’s important to make security a priority after you’ve purchased crypto.”
Should You Invest in Dogecoin?
Admittedly, I was at first surprised that there was enough excitement around Dogecoin to warrant an entire subreddit. However, once I started reading through some of these posts (and learning more about what Dogecoin actually is), I could see why people were so into it. As it turns out, Dogecoin can be a great addition to any investment portfolio—but only if you know how to invest in it correctly.
Conclusion
The first step in determining whether or not now is a good time to buy Dogecoin is knowing how Dogecoin has performed historically. Investors can look at historical data such as price, volume, and volatility to determine if now is a good time to buy. If you consider buying cryptocurrencies like Dogecoin, it’s always important to keep up with news and research about your investments.
