Dogecoin is a digital token which gained popularity in 2021. Due to its uncapped maximum supply and comedic status, Dogecoin has seen price highs and has become available for trading on Coinbases, as stated by Cointelegraph.
According to the publication, Dogecoin doesn’t have a limit on its coin supply as around 10,000 new DOGE comes into circulation every minute. While DOGE’s blockchain produces a new block every minute, Bitcoin’s blockchain has an approximate 10 minute block time, which makes DOGE transactions faster than Bitcoin. DOGE’s price rose from less than a penny in 2019, all the way up to around $0.74 in 2021, according to Cointelegraph’s DOGE price index. History has shown that investors or traders who bought and sold DOGE made a significant level of profit.
Preparing to buy and sell Dogecoin:
Explanation on a little about Coinbase- Cryptocurrency exchange Coinbase went public in 2021 with its stock listing on Nasdaq under the ticker COIN. The exchange has got applications such as its mobile application, website platform, and its Pro mobile application and website interface. Coinbase and Coinbase Pro are two platforms for users to make Dogecoin based transactions. While Coinbase Pro has a trader-centric layout, Coinbase platform is comparatively simpler in approach.
Set up of a Coinbase account- The purchase and sell of Dogecoin on Coinbase requires the set up of an account with the exchange. When the process takes place, Coinbase guides users through various steps, which include details such as name, date of birth, email address, and phone number. Users should follow Anti-Money Laundering (AML) information and submit an image of government-issued identification that matches the name used for signing up. Users who are interested to open a Coinbase account must be at least 18 years old, and involves verification through an email address and the user’s phone number.
Providing funds to the account- Creation of a Coinbase account requires linkage with a way to spend or send fiat funds. Users can also send cryptocurrency assets to their Coinbase account, as well as send funds directly to their Coinbase Pro platform from external cryptocurrency wallets or banks. However, main Coinbase platform has more fiat payment options than Coinbase Pro.
(With insights from Cointelegraph)