In 2013, Dogecoin was created as an alternative to traditional cryptocurrencies like Bitcoin. There are thousands of different types of cryptocurrencies on the market. However, unlike traditional cryptocurrencies, Dogecoin is abundant. Bitcoin is very limited while thousands of new Dogecoin is mined every minute. There is an unlimited supply. However, you may know that the value of something increases when there is more demand and less supply. Therefore, when you are wondering how to buy Dogecoin in Canada, you may also be wondering why you should buy Dogecoin in Canada. Here are 8 reasons why you should buy dogecoin.
- The Value
The demand for Dogecoin (DOGE) has surged enormously over recent years. As previously discussed, thousands of new DOGE are mined every minute. The astronomical demand for DOGE with the unlimited supply has driven values extremely high. At the beginning of 2021, the value of doge increased by approximately 7,000 percent. DOGE is not just any “meme” coin on the market. However, the meme-craze was a huge contributing factor to the value of DOGE. Large retail investors in the meme culture broadcasted on popular social media networks. Well-known tech investors tweeted about it, while Reddit users promoted the coin. These interactions paired with the booming popularity of cryptocurrency skyrocketed the value of DOGE. You can greatly benefit from its value.
The cost of each DOGE is much lower than other cryptocurrencies. Because the supply is limited with cryptocurrencies like Bitcoin, a single bitcoin can cost over forty thousand dollars. Recently, a single bitcoin exceeded sixty thousand dollars. Because there is no supply cap, you can buy DOGE for 20 to 30 cents per token. If you carefully watch trends, you can make a significant amount of money buying cheap tokens. Whenever you invest in any cryptocurrency, you should know it is very risky. However, unlike other cryptocurrencies, you can buy more DOGE with less money.
- Simple to Purchase
You do not have to know how to mine cryptocurrency, how cryptocurrency works, or the technical aspects of cryptocurrency to buy DOGE. When you are searching for how to buy Dogecoin in Canada, you will find it is fairly simple. You will need to open an account with a Canada-based cryptocurrency service. They may require you to verify your ID and residency. After you are verified, you can simply search for DOGE and purchase DOGE using Canadian dollars.
You will want to verify the legitimacy of any website or company before entering private information. Canada has laws these companies must follow to protect their users such as implementing security measurements and protocols. These companies will charge you a small fee for converting your Canadian dollars to Dogecoin. However, you do not need to understand how this conversion works, only that there is an associated fee. Because DOGE is very cheap, you will want to also make sure that you have made your money back before selling your tokens.
- Make a Significant Amount of Money
Buying any cryptocurrency is risky. It is considered a very risky investment by many professional brokers. However, riskier investments come with high returns. Typically, the riskier the investment, the higher the return. On the other hand, you could also lose a significant amount of money. Dogecoin is a huge opportunity to make a significant amount of money.
- Unique Marketing Position
Dogecoin has a unique mining model and interesting ties to Litecoin (LTC). Dogecoin is intriguing for many crypto investors and enthusiasts. You may have heard your friends talking about DOGE, or you may have seen it posted on social media hundreds of times in recent years. You want your investment to have popularity because it increases demand. Unlike other cryptocurrencies, DOGE markets itself. The demand continues to increase with its supply.
Many crypto miners choose to mine DOGE over other coins like Bitcoin because they can mine more tokens faster and receive money quickly. Thousands of DOGE can be mined in a minute. It takes fewer resources and power to mine DOGE. For example, miners need less electricity and hardware. Therefore, they can mine more DOGE without spending a lot of money on bills or large physical equipment.
The fast rise of the value of DOGE caught the media’s attention. News outlets, social media moguls, and other sources created this phenomenon of viewers not wanting to miss out on a huge opportunity and investment. Therefore, they created more demand for the coin, driving the value of DOGE.
Because of this unique marketing position, DOGE is an amazing investment. You will see the demand continues to increase and the production increases exponentially.
- The Goodwill Coin
Dogecoin started as a meme. Like many other cryptocurrencies, it was considered a “joke” coin. However, due to its popularity and demand, it took off in value. While it was a “meme” or “joke” coin, many popular creators would donate their profits to various humanitarian causes all around the world. It created this spirit of goodwill. Dogecoin has carried this reputation of goodwill and nobility. Because of this reputation, it has become extremely popular. DOGE connects people through not only laughter (a meme), but also happiness (goodwill). Therefore, when you invest, you will know it will carry this same reputation and growth.