It wasn’t until May 1, 2019 that you could finally store Dogecoin (DOGE) in a Coinbase Wallet. The Coinbase exchange allows you to buy or sell DOGE. In order to buy DOGE, you’ll need to buy Bitcoin (BTC) on Coinbase. Then, transfer that BTC to Binance, another popular cryptocurrency exchange. Next, buy DOGE from the Binance exchange with BTC. Finally, you send your Dogecoin to your Coinbase Wallet.
Store Dogecoin in a Coinbase Wallet
Dogecoin isn’t on Coinbase because it was introduced as a joke cryptocoin named after an Internet meme based on a funny-faced “skeptical” Shiba Inu dog making googly eyes. The joke is that “doge” is how a dog says “dog.” Like how cats “has cheeseburger.”
It was Portlander programmer Billy Markus who made it on a lark and took it online as a joke. Even so, everyone loves Internet memes, and Dogecoin has become an immensely popular currency since launching in 2013.
Dogecoin is a Joke, Coinbase Isn’t
Because Dogecoin was just a joke, it is a fork of Litecoin and shares many of the same features. Although, Litecoin does have a hard cap of how many coins that can be produced while Dogecoin does not.
While originally limited to 100 billion coins, the Dogecoin Foundation later decided to open it up to have a limitless supply. All the silliness associated with Dogecoin has attracted the attention of Elon Musk, who said it might be his fav cryptocurrency, calling it “pretty cool.” The community is extremely devoted and has become more of a fanbase than simply investors.
What is Dogecoin (DOGE)?
And you need not only rely on buying a Dogecoin on an exchange, you can mine your own DOGE as it does have a blockchain and is based on Litecoin. Plus, it does not require Application-Specific Integrated Circuits (ASICs) processor like Bitcoin but can use a regular computer with a normal CPU or GPU. Dogecoin does not use Bitcoin’s SHA-256 algorithm, however, but Scrypt. Another benefit of Dogecoin is it’s peer-to-peer, decentralized, and open source.
You can recognize a Dogecoin address in the wile because the hash always starts with a capital D: DBXu2kgc3xtvCUWFcxFE3r9hEYgmuaaCyD
A Passionate Dogecoin Community
The community likes to give back, both to help and to draw attention to DOGE. The fans raised money to sponsor NASCAR driver Josh Wise, help get the Jamaican bobsled team to the Olympics and for a Kenyan project called Doge4Water.
They’ve even been committed enough to start a hashtag on TikTok as a way of getting people excited about DOGE. In the world of cryptocurrency, there are two kinds of cryptocoins: long-term investment (HODL) coins and coins you spend. Dogecoins are coins you spend and are often used to tip folks as a sort of up-vote for their good shares and content. Additionally, it can be used everywhere on the Internet. You can gift your Dogecoin coins directly from Coinbase after you buy DOGE and move them to your Wallet.
While there have been many drinking wines that have proven good long term investments, it’s better to drink drinking wine than to collect bottles to save for your future. That said, storing as much Dogecoin in your Coinbase Wallet as you can afford is not a bad bet. While Bitcoin sells itself, Dogecoin has the benefit of the wisdom—and the rabid, passionate, promotional support—of the crowds, of the people.