Where & How to Buy Dogecoin in Canada in 2019 (Updated for 2022)
Dogecoin, a virtual currency depicting a rotund Shiba Inu and named for its endearing propensity for grammatical errors, is hilarious. You can ask the market: in May of 2021, they estimated a value of over billion. Following the meteoric rise in Bitcoin's value, a previously obscure internet joke became a global phenomenon, helped along by the endorsements of celebrities like Elon Musk, Gene Simmons, and Snoop Dogg.
The mock Bitcoin currency first appeared several years ago. The coin managed to rise above the rest of the market's noise to become one of the most valuable digital currencies. Many people believe that the value of one Dogecoin will eventually exceed $1. Whence did we comeWealthsimple is a cryptocurrency trading platform where you can buy and sell Bitcoin, Ethereum, and more than a dozen other cryptocurrencies.
How Dogecoin Got Its Name
Dogecoin was created in 2013 by programmers Jackson Palmer and Billy Markus as a humorous jab at the bitcoin and cryptocurrency scene. Later in 2015, Palmer declared the cryptocurrency community "toxic" and sold all of his Dogecoin.
Dogecoin was named after the popular internet meme depicting a Shiba Inu dog next to some comic sans text. In 2010, Japanese kindergarten teacher Atsuko Sato uploaded the first photo of her dog, Kabosu. In a separate development, the term "doge" was first widely used in a 2012 Tumblr post that failed to credit the original image of Kabosu.
In response to this Tumblr post, various doge-related memes appeared online; however, unlike the Kabosu image, these memes were created by the Internet at large. Doge threads on 4chan featured photos of various costumed canines, and "doge"-themed Tumblr blogs proliferated. Simultaneously, a blog called Shiba Confessions rose to prominence, wherein Shiba Inu-related memes were posted.
Shiba Inus and the typo "doge" for "dog" came together as a meme in the beginning of 2013. The meme quickly gained popularity, leading to the creation of a subreddit devoted solely to Shiba Inu-themed doge memes. Kabosu's likeness was even used for Dogecoin, and her picture continues to be the most iconic representation of these memes.
Despite the fact that most internet memes fade away within months or even weeks, this one has maintained some level of relevance for eight years now, with the memes becoming increasingly surreal and bizarre over that time.
Dogecoin was created in 2013 by two software engineers. At first, Palmer's tweets were meant as a joke, mocking the abundance of alternative cryptocurrencies available. However, the response to his tweet inspired him to go ahead and make the coin.
The coin itself is a derivative of Bitcoin and its many forks. In reality, it's a split off of Luckycoin, which split off from Junkcoin, which split off from Litecoin, which split off from Bitcoin itself to become a payment cryptocurrency. Since then, it has expanded into something much bigger than Palmer's original idea for a side project.
Dogecoin users banded together to sponsor NASCAR racer Josh Wise in 2014. With the help of the Dogecoin subreddit, the NASCAR subreddit was able to raise $55,000 for sponsorship. That's what 67 million Dogecoins were worth back then (over $25 million at today's exchange rates).
Redditors exchanged their Dogecoin for dollars, even though receiving payment in Dogecoin would have made Wise very wealthy in the long run. As a result, Wise had his second-best finish of the season and, out of goodwill, competed in a few more Dogecar races. After a hiatus in 2015, Stefan Parsons will have the Dogecar back under his sponsorship in 2021.
The Jamaican bobsleigh team was another 2014 event supported by the Dogecoin community. Unfortunately, the team's budget didn't allow them to travel to the Sochi Winter Olympics despite having already qualified. As a result, the Dogecoin community enthusiastically donated $30,000. Dogecoin's relative value to Bitcoin increased by 50% as a result of the charity event. The bobsled team's 29th-place finish was a huge letdown.
Additionally, the community raised $32,000 as part of the Doge4Water initiative to construct a well in Kenya. Eric Nakagawa, creator of the popular meme website I Can Haz Cheezburger, spearheaded the initiative.
The return of Dogecoin in 2021
Dogecoin, despite widespread support, never gained traction. Almost simultaneously with Bitcoin's first significant bull run in 2017, a Dogecoin price spiked. Dogecoin's value increased from zero dollars. 0.001 in October of 2017 to a peak of 0.00 1.2018, January, No. 016 The value of Dogecoin fell in tandem with Bitcoin's at that time. Lows of zero dollars were reached. By the month of April, we will have 00279 Until the year 2020, it made very little headway.
Bitcoin's price started to rise in October of 2020. Several factors contribute to this. To begin with, the pandemic sank interest rates to rock-bottom, diverting funds into riskier investments. In those days, investors who were housebound found cryptocurrency to be a more entertaining pastime than watching Netflix. In addition, decentralized finance—non-custodial financial protocols—experienced their own mini-boom this summer, made possible by the Ethereum network. Then came NFTs, which shifted the spotlight onto crypto.
Bitcoin's price skyrocketed as a result of a confluence of these factors, reaching springtime highs of around ,000. Almost every cryptocurrency experienced a bull market as a result of this massive increase in value. Dogecoin hopped on board. On January 21st, the account balance was subsequently confirmed to be $0. 0085 After that, it went up to a whopping $0. Tuesday, February 11th, 2007 at 7 p.m. In April, when the increase was clearly noticeable, prices went from zero to 0 on April 6th, down to $.06 29 as of April 22 And then it went from $0 to $0 in a flash! By the end of the following month, you'll be 59. According to CoinMarketCap data, Dogecoin's market cap peaked in May at billion.
Dogecoin's virality begs the question: how did it happen? Possible explanation: tweets about the coin from extremely well-known people. Elon Musk, CEO of Tesla and SpaceX, is probably the most well-known person to advocate for it.
For months, whenever Musk tweeted about the coin, its value increased dramatically. After revealing that his company had purchased billions of dollars' worth of Bitcoin, Musk shot a shot of optimism through the crypto market. Musk then promised to bring up the cryptocurrency on NBC's Saturday Night Live. Speculators were excited by the news, betting that his popularity would increase demand for Dogecoin and bring in millions of new users.
Later, almost all at once, Musk would let down his fans. On SNL, he referred to the currency as a "hustle." The coin's value plummeted, losing $20 billion in value. Then, Musk lost another $10 billion when he tweeted his disapproval of Bitcoin's mining process, which is harmful to the environment. (The same method is used by the popular cryptocurrency Dogecoin.)
Dogecoin: How Does It Operate?
Dogecoin is a cryptocurrency that works similarly to Bitcoin in that it facilitates peer-to-peer transactions through a decentralized payments network. Dogecoin, like Bitcoin, relies on a consensus mechanism based on proof-of-work to issue new coins and verify trades.
The Dogecoin network efficiently processed transactions by grouping them into units called blocks. For the Dogecoin network, each block stores the data for the previous minute's worth of transactions between accounts. Together, these blocks form a ledger that the network uses to keep track of its users' collective and individual holdings.
Each block on the blockchain is verified through the process of "proof-of-work." Computers require a lot of processing time and energy to solve these kinds of difficult mathematical problems. The goal of the puzzles is to determine a final digit that, when appended to the end of a block, verifies its legitimacy. Miners are rewarded with freshly created Dogecoins.
When compared to Bitcoin, how does Dogecoin vary?
While Dogecoin shares many similarities with Bitcoin, it also has some key distinctions.
One major difference is that there will only ever be 21 million Bitcoins in circulation. When all Bitcoins have been mined, which is expected to happen in about 120 years, no more can be made. In contrast, there is theoretically no limit to the amount of Dogecoin that can be mined. The previous cap on Dogecoin's total supply of 100 billion has been lifted.
Bitcoin, on the other hand, is a solid, serious project built by exceptionally bright people who value decentralization, censorship resistance, and libertarianism above all else. Dogecoin was never meant to be taken seriously by anyone.
Where to Get Dogecoin
In order to purchase Dogecoin from a cryptocurrency exchange, a user must first open an account with the exchange. These transactions typically necessitate some form of identification, such as a driver's license.
Dogecoin can't be purchased directly with fiat currency, so you'll need to use another cryptocurrency to get some. Tether, also known as USDT, is a popular stablecoin that can be used to purchase Dogecoin on an exchange.
Take into account the possibility of multiple fees. It's possible to incur fees when depositing funds into an exchange, purchasing Tether, and finally purchasing Dogecoin. Fees incurred when exchanging Dogecoin for another cryptocurrency or for traditional currency are also to be considered.
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