Buy Dogecoin (DOGE)
Dogecoin in the Philippines
In today's world, cryptocurrency is gaining popularity. However, not many people know what it is, how it works and why it competes with classic forms of money.
The first digital currency projects emerged back in the 1990s (Ilon Musk's PayPal, David Chom's DigiCach, Sholom Rosen's "digital dollars"). In 2009, the world saw the first currency that could be used to pay in electronic trading platforms, shops, restaurants and hairdressing salons.
Cryptocurrency is a type of digital currency whose creation and control are based on cryptographic methods.
Cryptocurrencies have no physical counterpart. They exist only in virtual space. Cryptocurrency is not backed by anything except the demand for it. It is not controlled by anyone - there is no central bank on the internet, as there is in the traditional financial system. The main advantage of cryptocurrencies is the involvement of the widest segment of the population in financial transactions.
The strengths of cryptocurrencies include:
- Decentralised (distributed) management. No single entity controls the network;
- Global access, which allows absolutely any user who has access to the internet to participate in the cryptosystem;
- Security through cryptography, which protects a medium that gives virtually unlimited freedom of action to its users.
Interest in cryptocurrency is growing rapidly every day. Today we will look at investing in Dogecoin in Philippines, a very popular cryptocurrency with an unusual history.
Dogecoin: a short history of creation
The history of Dogecoin is particularly interesting to follow, as it was first conceived as a joke, involving nothing serious. It was created in 2013 by two programmers, Billy Marcus and Jackson Palmer, as a parody of bitcoin. Billy Marcus said: "Cryptocommunities are usually elitist and closed, we wanted to create a fun, open community".
In 2010, a Japanese woman, Atsuko Satoona, posted a picture of her dog on her blog with the caption 'DOGE'. She did not expect that the picture would later become so popular and become the name and image of the cryptocurrency.
Internet users really liked the idea. Dogecoin communities started to use coins as a symbolic reward for authors of articles they liked. Dogecoin also played another important role - the role of an educational course for many people who were first plunged into the world of cryptocurrency. And all thanks to its low cost and friendly, welcoming community.
In its first month, Dogecoin.com was visited by around one million people. Dogecoin had a capitalization of $60 million.
One of the ways Dogecoin stood out from the mass of other virtual currencies was through philanthropy. So in January 2014, Billy Marcus and Jackson Palmer announced a campaign: raise Dogecoin to send the Jamaican bobsleigh team to Sochi for the Winter Olympics, which finally made it to the competition after two failed qualifications.
Dogecoin has also raised funds for NASCAR driver Josh Wise's racing performance, wells in Kenya, training companion dogs for sick children, etc.
Dogecoin has the best brand among all cryptocurrencies. Since its inception, the cryptocurrency has experienced both downs and ups. Now, it seems to be at another peak in its popularity.
How do I start investing in Dogecoin in the Philippines?
One of the questions that newcomers to the financial industry often ask is how to invest in cryptocurrency. Cryptocurrency trading has become quite popular in the last year. Major changes in this market are constantly hitting the newswires. With the rise in popularity of digital currency, more and more people are getting interested in investing in cryptocurrency.
We will tell you how to invest in Dogecoin in the Philippines, what options are available, and look at some suggested strategies.
When investing in cryptocurrency, it is important to choose the right online trading platform. A modern good trading platform should have a number of advantages:
- availability of a demo account for training;
- accessible training resources, online courses and trading guides;
- an online community that allows you to communicate with other traders;
- up-to-date information about market movements;
- 24/7 technical support.
For those who prefer to trade Dogecoin in the short term - you will need to find an online broker that offers CFDs on Dogecoin. CFD trades are a convenient option for investing in cryptocurrencies. CFDs allow investors to speculate on the direction of a cryptocurrency's exchange rate, without actually owning that cryptocurrency.
So, for example, you can buy a CFD on Dogecoin and specify the amount you want to buy that fits your budget. If the Dogecoin exchange rate goes up, you will earn on the difference between the purchase price and the sale price. But the nice thing about CFDs is that its sale allows you to make money on the fall in the exchange rate rather than on the rise. So, if you think Dogecoin is going down, you can sell a Dogecoin CFD and then buy it back through your broker at a lower price. In this case, you will earn on the difference between the initial and final price.
A long-term strategy could be called a "buy and forget" strategy - buy it and leave it as an investment for the long term. In this case, you invest money in Dogecoin that you won't need in the near future. Otherwise, if the Doge drops in value, you will have to sell it at a loss. The strategy involves long-term investments in Dogecoin, expecting an increase in the price in the following years.
How to buy Dogecoin in the Philippines?
To buy Dogecoin in the Philippines, you should first choose an online broker. The online broker will provide a trading platform for transactions. Then you need to go through a simple registration process on the platform, open and fund your account.
You will be able to use the demo account to study the platform and learn how to trade.
To find out how to register on the platform, what the demo account is and how to activate the live account, please read below.
How to register?
You will have no trouble registering. The registration process on most platforms is simple and does not require much technical knowledge and skills. After selecting the online broker you will be using, you need to go to their website and do the following
- Fill in the fields with details of your valid email address, think of a password;
- In your inbox, open the email you have received from the broker, click on the link that will take you to the website to confirm the account creation.
How do I open a Demo account?
Most trading platforms have a powerful tool - the demo account. A demo account is an exact replica of a real account. Unlike the real one it is intended for training operations, which will allow you to learn all the intricacies of the platform. On demo account you will see the test funds that you can use for training operations.
Demo accounts do not allow you to make a profit, but they give you a good idea of how the platform works.
How do I open a live account?
Once you have learned how to trade on a demo account, you can switch to a real account. Through a real brokerage account, you can make all your trades and make deposits and withdrawals. The trading platform offers a wide range of cryptocurrencies and also provides good opportunities for both beginner traders.
To get started, you need to log into your account on the trading platform and choose the asset you want to trade. You can fund your account at any time that is convenient for you. Many brokers set the minimum amount of money to open an account. Of course everyone should be guided by his own financial possibilities.
The platform offers the opportunity to trade in the Philippines with leverage in order to make more profit.
How do I make a deposit?
Once you are familiar with the platform and the features of trading, you may make your first deposit. Most platforms cooperate with the most convenient and reliable payment systems. Bank cards (Visa or MasterCard) and electronic payment systems (WebMoney, AdvCash, Neteller, Skrill, Perfect money and others) are available. Modern programs allow you to quickly process and confirm the transaction so that the funds are credited to your account within a few minutes.
You don't need a lot of time or transactions to fund your account for investing in DOGE in the Philippines. The platform provides you with various payment methods. These can be credit or debit cards, bank transfers, or payments via electronic platforms.
Instructions on how to make a deposit:
- Selecting the method of payment.
- Choose the currency you will use in the future.
- Enter the deposit amount.
- Fill in the required details.
How do I withdraw my money?
Withdrawals are made using the same tools as for deposits. The bank cards you can use are Visa, MasterCard. Also electronic payment systems such as WebMoney, Perfect money, Skrill etc. Modern software processes and confirms transactions fairly quickly, and it only takes a few minutes.
The big advantage of cryptocurrency trading is that it is a new and exciting trend that is growing rapidly and making use of new and improved technologies. The rise in popularity of cryptocurrencies has been accompanied by record rate hikes in existing markets and the constant emergence of new cryptocurrencies that offer new opportunities.
Thanks to new technologies, the cryptocurrency market is progressing daily. This is an ideal time to enter this market. The best way to invest in cryptocurrency depends on your goals, experience as well as the capital you have. If you want to actually buy cryptocurrency, you can buy units of cryptocurrency on a cryptocurrency exchange. If you just want to make money on rises and falls in exchange rates, you can buy or sell CFDs on DOGE. You can already test the platform today by opening a free demo account. Register on the platform, try and trade, and let your trades bring you profit!