How to Sell Dogecoin (October 2022) + Get up to $200 in bonuses - Comparewise
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How to Sell Dogecoin (October 2022)

Dogecoin was presented to the public for the very first time in December of 2013, and its conception is generally attributed to software engineers Billy Markus and Jackson Palmer, who were employed by IBM and Adobe, respectively. Check out how to sell Dogecoin.

A cryptocurrency that is based on Litecoin that is distributed through a peer-to-peer network and open source. Dogecoin distinguishes itself from other cryptocurrencies, such as Bitcoin and Litecoin, since there is no cap on the total amount of coins that may be mined.

This makes it possible for an infinite number of Dogecoins to be produced. While there are now 114 billion Dogecoins in circulation, the maximum amount of Bitcoins that may ever exist is 21 million. As a result of this, the price of Dogecoin won’t spike in the same way that it does with some other cryptocurrencies, which makes it a fantastic option for transactions involving lesser sums.

The community that exists in conjunction with Dogecoin is already rather substantial and is rapidly growing in size. There is also the term “the friendly coin” that refers to it.

Owning some Dogecoin is a prerequisite for engaging in any kind of Dogecoin-based commerce. In order for a user to be able to invest in Dogecoin, they will first need to register with a cryptocurrency exchange that is compatible with the Shiba-faced asset.

Only then will the user be able to sell Dogecoin. After successfully registering for an exchange, a user will be needed to either give a payment method or move any bitcoin they currently own to the wallet associated with the exchange.

After that, investing in Dogecoin is as easy as recognizing the asset, buying it with fiat cash, or converting an existing cryptocurrency position into DOGE. All these steps may be completed in less than a minute. On the other hand, there are a few distinct ways to obtain DOGE, and the specifics of these ways alter based on the exchange.

Traders may select from a range of order types when buying or selling cryptocurrencies. This provides them with a number of options to choose from depending on whether they want to target a certain selling or purchase price or manage the timeline of the transaction.

Market orders are often used by traders when purchasing or selling digital currencies. Limit orders provide investors the opportunity to acquire DOGE at a price that has been established in advance. Take into consideration the following hypothetical situation: someone is interested in purchasing DOGE for $0.20, however the price at the time is $0.23.

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The investor would begin by putting up a limit buy order at $0.20, indicating the amount of DOGE that they wished to acquire at that price, and then waiting for the order to be filled. This order will not be executed until the price of DOGE hits $0.20.

If the price of a cryptocurrency never exceeds the level that is stated in a limit order, then the order will not be fulfilled under any circumstances. Because of market orders, investors are able to acquire DOGE at the price that is currently being offered on the market. When a market order is placed, it is almost always executed instantly, or at the very least, within the subsequent few seconds.

Limit orders are riskier than market orders since they are executed very instantly and are not influenced by the volatility of the market. Market orders, on the other hand, are subject to the effects of market volatility. The owners of DOGE have the opportunity to sell the cryptocurrency at any time, and this may be done on any cryptocurrency exchange that takes Dogecoin.

This capacity exists regardless of the method that was used to get DOGE. Those users who have never moved their dogecoin out of the wallet that is connected with their exchange account may easily create a sell order. If the Dogecoin was sent to a separate wallet, it will need to be transferred to a wallet that’s hosted on the exchange that was selected.

When Dogecoin is kept in a wallet that is given by an exchange, the investor has the choice of selling it immediately with a market order or at a price in the future with a limit order.

The market order, the limit order, and the stop-loss order are the three distinct varieties of sales orders that are available. The market order is the one used most often. In the event that the price of an asset unexpectedly declines, a trader may protect themselves from suffering a loss of money by placing a stop-loss order.

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An investor who is selling Dogecoin has the option of using a stop-loss order with a value that is equivalent to 15 percent of their overall holdings in Dogecoin. The stop-loss order would have triggered the sale of the portfolio when it fell to a level where it had lost 15 percent of its value.

This would have occurred in the event that DOGE had an overnight collapse and a reduction of 25 percent. In either scenario, the trader will wind up with a loss of financial resources. The implementation of a stop-loss order, on the other hand, safeguards the trader from incurring losses that are more severe than those that might have been prevented by selling assets before the price drops too far.

Pros and Cons of Selling Dogecoin

Next in how to sell Dogecoin we’ll cover some pros and cons to consider.

Pros of Selling Dogecoin

Here are the pros we found when researching how to sell Dogecoin.

Growing both the User Base and the Community

Dogecoin already has an established community of users and advocates, and this community is continuing to grow, which is one of the advantages of using Dogecoin. It is one among the top 10 cryptocurrencies in the world according to the total market capitalization of all cryptocurrencies, making it one of the most valuable cryptocurrencies.

It even managed a fourth-place result in one of the competitions. Both Cuban and Musk emphasized the fact that the cryptocurrency’s fast growing user base makes it an ideal method of exchange.

It is important to note that the community contributed a donation with a value of USD 30,000 to fund the trip of the Jamaican bobsled team to the 2014 Sochi Winter Olympics, a donation with a value of USD 11,000 to build a well in Kenya, and a donation with a value of USD 55,000 to sponsor NASCAR driver Josh Wise. All of these donations were made in the name of the community.

Maintaining Compatibility with Decentralized Trading Platforms

There is the potential for transactions using this cryptocurrency to take place on decentralized exchanges, and the coin itself may be traded. To be more exact, the Ethereum blockchain platform has been modified by the Ren Project so that it may operate with it.

Additionally, the Ren Project gives access to the decentralized financial network. This shows that it is acceptable for usage within the growing decentralized financial system that is widespread within the bitcoin market because of its suitability for use inside this system.

It is also possible to “wrap” it, which will lock it in a state that is interoperable with a contract until it is later released. This is something that can be done even though it is not possible for it to interact with smart contracts directly because it runs on its own blockchain, which does not include a feature for smart contracts.

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A Silver Lining to the Market’s Cloudy Future

Cryptocurrencies are notorious for having a high degree of inherent volatility. This is largely attributable to the fact that they are susceptible to events that are associated with speculation, the ever-increasing intensity of competition, and the absence of universal agreement as a collective class of assets.

In the past, their performances have been characterized by very high prices, which were then suddenly followed by low prices within a short period of time. Dogecoin is susceptible to the same criticisms as well.

However, there are circumstances in which volatility may be advantageous, such as in the case of day traders or other individuals who buy and sell assets inside the same trading day. In these cases, the benefits of volatility may include increased profits. Day traders that capitalize on the swings in the price of cryptocurrencies during the course of a single day stand to earn considerable gains from their trading activities.

Cons of Selling Dogecoin

Here are the cons we found when researching how to sell Dogecoin.

Has No Supply Limits That Are Currently In Effect

The fact that there is no upper limit on the number of Dogecoins that may be produced is among the most major disadvantages of utilizing this cryptocurrency.

In contrast to other cryptocurrencies such as Bitcoin and Cardano’s Ada token, which are also deflationary in nature due to the fact that they have a specified supply limit in order to create scarcity and possibly increase their value in the future, this one has a tendency to decrease in value over time.

If there is no cap on the amount of a particular cryptocurrency that may be produced, then that cryptocurrency cannot be considered a suitable asset for use as a hedge against inflation.

In addition, the continuously expanding supply will, at some point in the future, need the performance of blockchain mining activities that are more comprehensive. Because this cryptocurrency relies on a proof-of-work mechanism to reach a consensus, it will be necessary to significantly increase the size of its pool of miners and the power of the computers that they use in the future in order to successfully process an increasing number of transactions.

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The Criticisms of Dogecoin

Both the mainstream media and the experts in the financial industry found it difficult to take this cryptocurrency seriously. This was especially true of the former. A handful of industry professionals have also pointed out that it is an extremely high-risk investment that is characterized by pump-and-dump behaviors as well as heightened susceptibility to speculations and fads that are driven by herd mentality. It has also been referred to as a pyramid scheme by others.

David Gerard argued that the only good use of cryptocurrencies is for trading reasons in an article that was published in 2021 by Foreign Policy. In addition to this, he said that these “assets” do not have any examples of how they should be used. People who are not informed about what they are doing and who are simply following the crowd are prone to fall prey to fads in connection to their personal money and investments.

Insufficiency of Available Technical Support

The cryptocurrency known as Dogecoin has a growing community of users and enthusiasts; yet, the cryptocurrency’s technical help is rather weak. When compared to Bitcoin, Ethereum, and Cardano, the number of individuals working on the project is far lower.

In addition, the product roadmap is not as clear as the ones presented by these industry giants, which is a major drawback. Since 2015, there have been no substantial technological advancements or changes made to the relevant technologies. It is also very important to underline the fact that it does not present any type of unique selling proposition in terms of the technical capabilities it has.

How Much Does it Cost to Sell Dogecoin

Confirming whether withdrawal methods are permitted before proceeding with an attempt to sell Dogecoin via a site that permits withdrawals of fiat currency is a critical step before taking any further action. When choosing a method of exchange and withdrawal, be sure to take into account the following elements in their respective contexts.

Fees The ability to withdraw money from many platforms will incur a price; however, this is not the case with all of them. The amount of this fee will often change depending on the method of withdrawal that the user selects. On certain exchanges, users have the possibility to sell their dogecoins instantly for fiat cash at the current market price. The profits from the sale may then be deposited into an account of the user’s choice.

The total amount of time spent processing

How much longer until the Canadian dollars are placed into your wallet or bank account? For instance, withdrawing cash from an ATM takes almost no time at all, yet transferring money between banks might take anything from a few hours to several days.

Any extra requirements that must be fulfilled

If you want to withdraw cash from certain exchanges, for example, they could need you to pay using the same method of payment that you used to make your original deposit in order to do so before they would let you withdraw the money.

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How to Sell Dogecoin on an App

Here’s how to sell Dogecoin on a crypto app. Before you get started with selling Dogecoin in Canada, there are a few things that you need to think about and take into mind first. These are important factors to take into account, and they will guide you in determining the right moment to make your Dogecoin sale as well as the right service for you to make use of.

When considering an investment in any sort of asset, the position in the market is obviously one of the most important factors to take into account. If this is the case, you will want to have a comprehensive awareness of the current pricing that is prevalent in the market at the time that you are selling in order to get the best price for what you are selling.

The trading charges or limits are also extremely important, and depending on the service that you choose to trade your dogecoins, they may be anywhere from very inexpensive to very pricey. This is because they vary based on the market.

The costs or restrictions might be really reasonable, depending on the service that you make use of. You should also be aware that the trustworthiness of some of the platforms that sell Dogecoin is not on par with that of other platforms, which leads us to our last issue. By ensuring that you do your own research and analysis.

The Best Apps to Sell Dogecoin

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Bitbuy

Bitbuy is a cryptocurrency exchange based in Canada that mainly caters to the needs of traders located inside the country. They provide a wide range of cryptocurrencies, one of the most well-known ones being Dogecoin, which is now one of the many cryptocurrencies that are in circulation (DOGE).

The cryptocurrency exchange began doing business for the first time in 2016, and since that time it has grown to become a well-known and dependable platform for crypto-traders in Canada.

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At the moment, there are more than 350,000 users registered on the site. Bitbuy has put in a lot of effort to build a good reputation in the market as a trustworthy and forthright company. Their reputation has grown as a consequence of a lot of various aspects, one of which is that they were the first exchange in Canada to conduct audits of proof of reserve.

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How to Sell Dogecoin with a Wallet

Here’s how to sell Dogecoin with a crypto wallet. Keep in mind that the purchase and sale of products is subject to its own unique set of limitations, which vary from wallet to wallet. Using a wallet to execute a transaction and sell Dogecoin when time is of the importance and you need to do it immediately is a viable alternative that should be considered.

The digital asset trading platform Bitbuy is a great place to start. If you want to store your Dogecoin in a way that is guaranteed to be both safe and secure and also if you want to sell it from that wallet as well, you can make use of the built-in wallet that is a part of your Bitbuy account.

If you hold a significant amount of dogecoin, it is strongly suggested that you use cold wallets rather than hot wallets since cold wallets provide a higher level of security.

How to Sell Dogecoin Conclusion

Let’s wrap up how to sell Dogecoin. Dogecoin is intrinsically better to Bitcoin as an investment asset due to the fact that it is feasible to perform transactions with DOGE more rapidly and at a lower cost than with its competitors such as Bitcoin.

However, before determining whether or not DOGE is a good investment, there are a lot of critical factors to take into account first. These factors include: A lot of investors believe that bitcoin is an asset that will contribute to inflation. Due to the fact that there is a limitless supply of DOGE inside an inflationary system, the cryptocurrency known as dogecoin no longer has the same sense of scarcity it once had.

The lack of a scarcity mechanism in DOGE may cause the value of Dogecoin to decrease over time as more tokens are issued by the network. This may be the case since DOGE is a decentralized cryptocurrency. When it comes down to it, the only thing that counts when assessing whether or not DOGE is a worthy investment is the views of investors.

There is a chance that some individuals may utilize DOGE for their day-to-day financial dealings or for making payments for goods and services. Others could be interested in a long-term investment in DOGE so that they can sell DOGE at a later period; in this case, they need to do some research before deciding whether or not to go forward with such a decision. Thanks for checking out how to sell Dogecoin.

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August 18, 2022
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FAQs about How to Sell Dogecoin

Are Canadians able to purchase Dogecoin?

The purchase and sale of digital currencies such as Dogecoin is open to residents of Canada. You have the option of purchasing Dogecoin either directly with a fiat currency such as the Canadian dollar or indirectly using another cryptocurrency such as Bitcoin or a stablecoin such as USDT.

Is it wise to put your money into Dogecoin?

DOGE is not a valuable asset for investment in the same way that stocks or ETFs are. There are a lot of individuals who would just invest their gambling money on Dogecoin.

What is Dogecoin?

The doge meme served as the inspiration for the cryptocurrency known as Dogecoin, which is decentralized.

What kinds of computing devices are suitable for mining Dogecoin?

ASIC mining hardware, such as the Antminer L7 and the Goldshell LT6, may be used to mine Dogecoin.

What do you mean when you say that something is "decentralized"?

There is not a single corporation or person operating the Dogecoin network. To put in more technical terms, it functions according to rules that have been agreed upon by consensus, rather than norms that have been decided upon by any founding or owning institution.

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