- Dogecoin is a meme token that features the image of a popular internet meme Shiba Inu dog as its logo.
- It was launched in 2013 by software engineers Billy Markus and Jackson Palmer as “fun” version of Bitcoin.
- Some firms that accept DOGE as payment include the Dallas Mavericks and Microsoft Store.
Social media giant X, where web3 enthusiasts are normally located, is owned by Elon Musk. For some, he is the billionaire behind the Mars-bound company, but for the crypto community, he is the Dogefather.
Why was he considered the Dogefather? What is with this token? Why has it captured the heart of one of the wealthiest people in the world?
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DOGE to PHP
DOGECOIN: The King of Meme Tokens?
Dogecoin is a meme token that features the image of a popular internet meme Shiba Inu dog as its logo. A meme coin is created as a joke or meme, often based on popular internet memes or trends, which are most of the time produced as a parody or satire of traditional cryptocurrencies.
Primarily, a meme coin’s value depends on its popularity and the level of social media hype it generates rather than any significant underlying technology or utility. In this case, there are times when Musk tweets about the token, its fiat value rises.
Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer. According to them, it was created as “fun” version of Bitcoin.
Because it has an unlimited supply, Dogecoin is considered an “inflationary coin,” as per the online publication Investopedia. It is the opposite of tokens with limited supply, like Bitcoin, which are called deflationary coins because the time will come when all the tokens will be released into circulation and no more tokens will be released.
Dogecoin More Key Information
|All Time High
|$0.7376 (May 8, 2021)
|All Time Low
|$000085 (May 7, 2015)
Not Just a Meme Coin: DOGE Use Cases
Dogecoin is mainly used for online tipping, donations, and some fun transactions. In fact, DOGE fans already organized publicity stunts to raise its profile.
In 2014, the community raised 27 million $DOGE, or about $30,000 that time, to fund the Jamaican bobsled team’s contest at the Sochi Winter Olympic games. In the same year, the community also donated $11,000 worth of $DOGE to build a well in Kenya.
Further, more and more companies now accept $DOGE as a form of payment. Recently, known crypto enthusiast and billionaire Mark Cuban announced that tickets and merchandise of his NBA team, the Dallas Mavericks, can be bought using $DOGE on their website.
$DOGE is also among the cryptocurrencies that are accepted as payments for Microsoft’s products on the Microsoft store, like software, hardware, cloud services, games, movies, and music.
For more list of companies that accept $DOGE, find it here.
Where to Buy Dogecoin?
Most exchanges support Dogecoin, including PDAX, Maya, Coinbase, Kraken, and Binance.
Step 1: Verify the account by submitting the needed requirements—normally, a valid ID, an email address, mobile number and selfie verification.
Step 2: Choose the DOGE trading pair, it could be DOGE/USDT, DOGE/USD, DOGE/PHP or others.
Step 3: Buy DOGE by typing the desired amount.
Step 4: Check the crypto wallet of the exchange, select the transfer or send option, and type in the wallet address of the receiver. Make sure that the wallet is compatible with DOGE.
Step 5: Check if the transaction is complete. Usually, the amount has already been loaded to the wallet.
But take note that since it is a meme coin, it could be too volatile depending on the hype of the community. Its fiat value could go up rapidly, could go down, or be stable.
Thus, it is recommended to always DYOR and practice due diligence when starting to buy, hold, or trade $DOGE.
Meme coins are one of the exciting and fun parts of the crypto ecosystem, as what Coins.ph CEO Wei Zhou said, mem coins are part of the crypto culture.
This article is published on BitPinas: Dogecoin Philippines | Meme Token Guide and Usecases
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
Original article follows. May contain outdated information:
Initially introduced as a joke cryptocurrency, Dogecoin is created in December 2013. This is to remove all the seriousness around cryptocurrency and cryptocurrency trading. A growing form of digital cryptocurrency and just like bitcoin, it is completely anonymous, decentralized, and extremely secure.
This article had a minor update on October 2, 2018.
In this article, we will teach you how to purchase this form of cryptocurrency in the Philippines. Although it is not available in the country directly, interested parties may use cryptocurrency exchanges to get their hands on Doge.
The article is also for informational purposes only and must not be misconstrued as an investment advice.
What is Dogecoin?
Its creator, programmer Mr. Billy Markus from Portland, Oregon visualized the token as a “fun cryptocurrency” and away from the controversial history of other coins. At the same time, Mr. Jackson Palmer from Sydney was also encouraged to bring the idea to fruition. After a couple of mentions on Twitter, Mr. Palmer decided to purchase the domain dogecoin(dot)com that later on caught the attention of Mr. Markus. He reached out to Mr. Palmer and then Dogecoin was born.
Dogecoin is a form of digital currency that uses a decentralized, peer-to-peer network. This form of digital currency is much like bitcoin but according to the Dogecoin website, its most popular usage is:
“”Dogecoin” – tipping fellow internet-goers who create or share great content. Think of it as a more meaningful “like” or upvote, with real value that can be used all across the internet.”
Dogecoin was based on Luckycoin that rewards miners randomly for each successful block mining. This changed on March 2014, when the coin changed it to a static block reward. The token, Luckycoin, was based on Litecoin that uses *scrypt technology in its proof-of-work algorithm.
Initially, Dogecoin or DOGE had a 100 billion DOGE cap but it was later changed to infinite. This means that if bitcoin only has 21 million BTC, DOGE has an infinite supply.
Where to Buy DOGE in the Philippines
The Dogecoin is not yet readily available in the country. Instead, Filipinos can purchase DOGE by using cryptocurrency exchanges.
You can purchase Dogecoin from Binance through P2P. This is the simplest out of the options mentioned in this article. Here are the steps:
- Log in or register to Binance
- Go to its P2P page
- Find a seller of USDT for your PHP
- Transfer USDT from Binance P2P to Binance Spot
- Find DOGE/USDT Pair
Here is our step-by-step guide to buy crypto using Binance P2P: How to Use Binance P2P to Buy Bitcoin, USDT in the Philippines
Abra is a cryptocurrency wallet and exchange app available in the Philippines. As of this writing (September 24, 2018), it has bitcoin, litecoin, and bitcoin cash as its natively supported cryptos. This means that you can directly deposit and withdraw with these coins.
Using Abra to purchase DOGE is easy. You will need to cash in your account first by going to an accredited pawnshop, usually Tambunting and deposit PHP to your account. You can also use your BTC, BCH, or LTC in your Abra wallet to purchase DOGE. After putting funds in, you can now exchange it for DOGE within the app.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
Changelly You can get DOGE in the Philippines by using Changelly. It is a cryptocurrency broker which means it works just like a money changer. You pay with bitcoin and exchange it to Dogecoin for a fee. You can not set the DOGE price as it is dictated by the market price. It has over 100 altcoins that you can exchange and will let you buy bitcoin with a credit card/debit card. Transactions using Changelly is easy and quick as it can only take 10-30 minutes. In order to use Changelly, you will need to have BTC funds. You can either buy directly from the Changelly website or use your stored BTC. You will then exchange your BTC to DOGE. Don’t forget to get your Dogecoin wallet. Read more: Buy bitcoin using Changelly!
Traditional Cryptocurrency Exchanges
These traditional cryptocurrency exchanges are your usual trading platforms where users can purchase a coin using its market price or set their own price. Usually, these exchanges can trade in different DOGE tradings such as BTC/DOGE, ETH/DOGE, USDT/DOGE etc for the sake of this article and since BTC is the token of choice of many we’ll use BTC/DOGE pair.
- Cryptopia – How to Buy, Sell, Trade in Cryptopia with Bitcoins for Altcoins
- Bittrex – Beginners Guide on How to Buy Altcoins from Bittrex
- Poloniex – How to Buy Altcoins Using Poloniex From the Philippines
You can choose from any of the three crypto exchanges listed. It usually works by initially registering an account, making a BTC deposit, go to the exchange, search BTC – DOGE pair, choose to whether to buy using the market price or set your own price, after a successful trade, withdraw your DOGE to your online wallet or Dogecoin wallet.
If you’re wondering where you can get a Dogecoin wallet, the official Dogecoin.com website has its own wallet to keep your DOGEs.
It uses MultiDoge as its official wallet and is downloadable on Desktop Windows, Mac OS X, and Linux. Dogecoin’s official phone wallet is sadly only available to Android users.
- Download MultiDoge Dogecoin Wallet
Another wallet that can keep your DOGE is Trezor Hardware Wallet. It looks like a portable wifi device where users just need to plug it in via USB, enter a pin, send currency and confirm. The transactions are made online but after that, it stores your cryptos offline and away from danger.
Lifetime Dogecoin Price Chart
The initial Dogecoin price on December 15, 2013 was 0.000559 USD. It was then at a steady price of around 0.000100 USD to 0.000200 USD from 2014 to 2017. If bitcoin hit its highest price on December 2017, Dogecoin hit its peak on January 8, 2018 and was sold at 0.017359 USD a token. As of this month (September 2018), its price is dancing around 0.005 to 0.006 a piece.
DOGE – Difference with other Coins
Dogecoin was created as a joke cryptocurrency. Its logo is a Shiba Inu, a popular meme on the internet. According to its website, the token is a fun and friendly internet currency. Another key difference is it doesn’t have a market cap and miners can mine an infinity of DOGE.
Dogecoin Key People
- Billy Markus, Creator & Co-Founder, Dogecoin (Twitter)
- Jackson Palmer, Creator & Co-Founder, Dogecoin (LinkedIn)
Dogecoin, although created as a joke coin, has 116,280,623,285 circulating supply as of this writing with no limit is to how many there will be in the future. It is based on Luckycoin, which was also built using the codes in Litecoin. A fun and friendly token that is popularly used as a more meaningful “like” or upvote as it has value.