The development of digital technology and the emergence of digital platforms in today's world is rapidly changing the structure of financial systems and even the nature of money itself. The digitalisation of money itself is nothing new. Bank accounts, for example, and their settlement have long existed in electronic form. But new digital currencies can underpin large technological platforms that transcend national borders, and the emergence of such money can change the nature of currency competition and the role of money issued by states. We are talking about the changing nature of money, its new forms and the fact that the consequences of these changes could include a disconnection and reorientation of the core functions of money.

Digitalisation, which has substantially reduced the costs of currency exchange, may lead to a disconnection of the three main functions of money - as a unit of account, as a means of payment and as a means of saving.

The emergence of computers, computing and telecommunication equipment in the financial sector led to the replacement of paper money by its non-cash equivalent, namely the recording of numbers in bank accounts. This happened naturally and did not cause great upheaval. The fundamental difference between digital money and the money in use today is not its paperless (electronic) form, but the absence of banks as issuers. It is not essentially banknotes; it is issued by means of a computer algorithm that is protected against copying by cryptography. Each unit of digital money, being in electronic form, has a unique number, which makes it similar to a banknote. But while banknotes circulate impersonally and can be stolen or counterfeited, any transactions in digital money are recorded by a computer. They cannot be counterfeited or stolen if their circulation algorithm is properly organised.

Technology has now changed not only the way we shop, but also the way we pay for goods. Companies and customers are no longer always opting for cash, opting for contactless payments such as Apple Pay. The use of modern smartphones allows consumers to pay digitally. A new payment system, cryptocurrency, is now gaining popularity. Cryptocurrency is a digital asset and at the same time a payment system that uses cryptography to encrypt records. Cryptocurrencies are based on distributed ledger technology - blockchain. Cryptocurrency is considered an alternative to fiat money, which is issued by the government.

Today we will tell you about an interesting cryptocurrency - Dogecoin, which has gained popularity all over the world. 

Information about Dogecoin
Information about Dogecoin

History of Dogecoin 

The story of the Dogecoin cryptocurrency, whose records are so often reported in the media, takes us back to 2013. It took IBM software engineer Billy Marcus from Portland just a few hours to create DOGE. It was December 2013. It took him three hours to create the graphics and user interface. To create the cryptocurrency, Marcus used an attractive meme with the contented face of a shiba-inu dog. The idea was to mock the rise in popularity of all the cryptocurrencies that have emerged since bitcoin, and to turn the meme itself into a cryptocurrency.

But this ridiculous idea had a deeper meaning. Marcus wanted his cryptocurrency to be accessible to the general public - unlike bitcoin, whose story attracted a small group of miners. Marcus was helped to realise the idea by Jackson Palmer, an Adobe employee. 

An image of the popular dog is still emblazoned on the home page of their website, with the caption below: "Dogecoin is an open-source digital currency preferred by the Shiba Inu around the world." 

An interesting detail that speaks to Marcus' awesome sense of humour: his Twitter nickname is Shibatoshi Nakamoto. It's a reference to the alias of bitcoin creator Satoshi Nakamoto.

Popular cryptocurrency
Popular cryptocurrency

The idea succeeded - Dogecoin was indeed very easy to use. In addition, there can only be 21 million bitcoins in the world (currently just over 1.2 million), and there is no limit to the number of DOGE. There are about 129 billion coins in circulation right now. 

At one point, coin owners started to band together to help solve the world's problems. The community of owners, for example, donated about $50,000 to fight the clean drinking water crisis in Kenya, and raised money for an organisation that provides service dogs to help children with developmental disabilities.

Dogecoin trading conditions
Dogecoin trading conditions

How do I start investing in Dogecoin in Nigeria? 

Most non-professional investors today are increasingly investing in so-called "meme assets". This was already the case with GameStop, Microvision, and now history is repeating itself with the cryptocurrency Dogecoin. After celebrities, including Elon Musk, took notice of the asset, it all went viral. There are now many reasons why Dogecoin is being bought. The coin is one of the most volatile assets to invest in. Unlike bitcoin, which has a coin issue limit, you can buy and sell Dogecoin at a low price. For the past ten years, the coin could be bought for almost nothing, making it easier to accumulate. 

DOGE quotes are very much subject to verbal interventions by big investors. One of them is Elon Musk. His tweets drive up the coin's quotes by 10-15% or more.

Investing in DOGE is about making a profit by investing your economic resources, which should exceed your initial investment. Investing in Dogecoin in Nigeria will help you to:

  • Protect your savings from inflation;
  • Generate additional income;
  • Create a safety cushion and gain financial freedom.

Due to the high volatility of cryptocurrencies, it is possible to make good money. There is little influence from a single political factor. Initially, it does not require a large amount of capital to make money from it. You can easily learn how to invest in Dogecoin in Nigeria, because there are many opportunities for that: most of the advanced online platforms have extensive educational resources, such as useful articles, tutorial videos, mobile applications, etc.

How to buy Dogecoin in Nigeria? 

You decided to become a trader? 

You can buy Dogecoin in Nigeria on a cryptocurrency exchange. The cryptocurrency is available on different exchanges: Binance, EXMO, Yobit, Huobi, Crex24, etc. You can make financial transactions in traditional currencies: rubles, dollars, euro. Available payment systems: Skrill, Qiwi, Neteller, Visa/Mastercard, Payeer, Perfect Money, etc. 

You can trade Dogecoin on a trading platform in Nigeria. You need to choose an online broker who will guide you in any question and help you understand the trading platforms.

There is an option for you to use leverage. This allows you to pay only a small part of the bet and borrow the rest from your broker.

Once you have explored all the possibilities of the platform, you can choose a strategy for yourself: long-term or short-term.

A long-term strategy involves waiting for the cryptocurrency value to rise for a long time to increase your profits. By choosing this strategy, you may have to make a high cash investment and a longer wait for profits. The main advantage of this strategy is that you do not have to worry about short-term market volatility. But if you are interested in a short term strategy, you should learn about such concepts as CFDs. CFD (Contracts for Difference) is an amazing way to trade cryptocurrencies online that does not require you to own the asset itself. The CFD will allow you to speculate on price movements. In doing so, you will get all the benefits that come with trading cryptocurrencies but not owning them. If you are interested in short-term investments, this is the right choice. If you choose this strategy, you will aim to make smaller profits, but more often.  With this strategy, it is possible to make several trades in a short period of time.

Dogecoin has more potential. Although the DOGE hype has faded a bit, the forces that pushed the coin to new records have not died down.

How to invest in Dogecoin?
How to invest in Dogecoin?

How to sign up? 

Anyone can invest in Dogecoin in Nigeria: all you need to do is register a free account on an online trading platform. The registration process on the platforms is very simple.  Go to the broker's website, to the "registration" section, clicking on it will open a standard registration form.

Next you need to:

  • specify your email (or mobile phone number);
  • create a password.

After that you will receive an email with an activation code, which you need to enter in a special form to complete your account registration.

Registrating on the investing platform
Registrating on the investing platform

How do I open a demo account? 

If you are new to trading, choose a demo account. You can open a Demo account for free, in just a few minutes, from the comfort of your home. With your demo account you can learn how to trade on the investment platform, test your strategies and learn to handle different situations.  With this, you do not risk anything, because the money is completely virtual!

To open a demo account, all you have to do after registering on the platform is to choose trading in demo mode. Remember: practice is the key to success in every aspect of life, and trading is no exception!

How to open an account?
How to open an account?

How do I open a live account? 

The procedure to open a live account is simple and straightforward. Switch to a live account as soon as you understand how the trading platform works and study its features. Once you are on the trading platform, submit a request to open a real account to trade with real money. To do so, fill out a few simple forms: provide your personal details, as well as documents that prove your identity and address.

You have an opportunity to set a stop-loss which protects your deposit from uncontrolled losses when the price reaches a pre-defined level. 

How to make a deposit? 

Do you want to replenish the deposit?  It is very easy. The procedure takes only a couple of minutes. You can top up your account at any convenient time using your bank card and popular online payment systems in just a few clicks. Buying cryptocurrencies by card is the fastest and most convenient way available.

Almost all investment platforms cooperate with reliable and convenient payment systems such as Visa, MasterCard and electronic payment systems WebMoney, Perfect money, Skrill and others.

Top-up your real account
Top-up your real account

The advantage of the trading platform is that you do not need to deposit large sums of money into your account. You can start trading by investing a small amount of money.

How do I withdraw money? 

While in the personal cabinet on the broker's official website you can see your current account status and the funds involved in the current trades. Here you need to select the amount and withdrawal method. 

A bank card is one of the most convenient and operative tools of crediting and withdrawing money from the account. Money is transferred in a short period of time after you make the request. The main condition of successful transaction is that the card must be verified by the security service of the brokerage company.

To a bank account. Unlike a bank card, account verification is instant. To use this way it is necessary to open a currency account in any bank in advance. It is enough to make a deposit from the currency account once, and the brokerage company will obtain all necessary requisites.

The benefits of online investing 

The question of obtaining additional income is acute for many people. However, you do not have to look for a part-time job out of home - you can earn by means of online trading. The main thing is to have a modern and reliable trading platform with a number of advantages:

  • many useful tools;
  • free training and a demo account;
  • minimum threshold to start real trading;
  • easy and timely withdrawal of funds; 
  • quality support around the clock.

Investment platforms value their reputation and always keep their security measures at a high level. So when you register and verify, you can safely provide your personal information without worrying about it leaking.

Test the operation of a modern and reliable investment platform today, open a free demo account!  

Register on the platform, invest, try it out - let your trading be profitable and enjoy it!

The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose