What Are The Best Use Cases For DOGE Coins?
Dogecoin has rapidly gained popularity as an alternative currency. This anonymous form of money was created by two software developers, Billy Markus and Jackson Palmer. While it started as merely a joke, dogecoin has grown into a thriving online trade that is worth several billion dollars each year. Even with the volatility in the price of many traditional commodities, dogecoin has become a resilient market due to the fact that most investors tend to be very conservative when it comes to investing their money.
Dogecoin has no particular logo or image, as is common with many other and coins. It is simply a symbol that represents the unit of currency that is changed into doge, which can be used for purchases and selling on the Internet. As is the case with any other virtual currency, doge is not backed or endorsed by any particular company or government. However, doge is associated with certain companies that are recognized as carrying the doge Meme, such as Litecoin and eBay.
Doge has two forms of transactions: Peer to peer (P2P) and Proof of Work (PoW). Peer to peer trading occurs when you trade with other users who do not require a doge wallet. You instead use your own wallet to conduct the trades. An example would be the sites Flippa and Trade Nick. Proof of work trades involve real world certificates proving that you have acquired the right to trade doge.
One of the distinguishing factors of the doge coin system is the fact that it is traded over the counter. Unlike more traditional types of trading which occur over the trading desk at a regulated exchange, in the case of doge you are allowed to trade anonymously on the Internet. As a result, the volume of activity on the doge market can be tremendously high given the low liquidity of this type of exchange. In addition to this, because there is no centralized authority to supervise the trades, they can be susceptible to manipulation by unscrupulous traders.
To reduce the risk of having your account manipulated by unscrupulous traders, it is important that you use a reliable provider such as Shape Shift Financial, the only provider of regulated and exclusive CFDs in the dogecoin marketplace. CFDs are financial derivatives which are contracts between both buyers and sellers. The most popular types of CFDs at the moment are the Forex contracts and the Metal contracts. Obtaining a CFD is rather simple: just select a provider from a list of providers found on the Shape Shifting website. Once you’ve chosen your provider, follow the instructions for signing up and you will be ready to start buying and selling doges. Just like in any other market, doge contracts can be bought or sold between CFD-issuing brokers, although with doge coins you can also trade between multiple providers instead.
Unlike the litecoin and the dash currencies, the trading of the doge is not limited to any pair. CFDs can be purchased in either the US dollar or in the Australian dollar. Another option is to trade in the British pound, Canadian dollar, Swiss franc, Japanese yen, and Euro. Some of these contracts are traded on the OTCBB and the Pink Sheets but the majority of trading occurs on the CFD market. When trading between multiple currencies, you must be careful to pay attention to the quote of the price of each contract you are considering. These contracts often have margin requirements, and your account may be closed if you run out of money, so be certain to watch for the quotes and make sure you are well within your margin requirements before you execute the trade.
CFDs can also be used to trade non-perishable commodities such as oil, gold, diamond and sugar. This flexibility extends to other forms of asset classes as well. As the CFD market matures, more traders are exploring the possibility of using this Cryptocurrency as an alternative form of payment in the physical world. Many companies are already utilizing the leverage of this new class of contracts to take advantage of lower costs and to hedge their future commodity or equity markets.
For doge, the best use cases are probably going to be those that involve some creative humor. Doge coin is a fun way to poke fun at your favorite things. The popularity of this particular coin is likely going to continue to increase as more people are introduced to this newer, crazier form of currency exchange. You can even use doge to buy an iPhone and then trade it for a joke. Fun things are always worth investing in.