So you saw all the craze with Dogecoin, the meme cryptocurrency that went up hundreds of percent, and are wondering “How can I get my hands on some?”
The first question you should ask yourself is “Why should I even buy it?”
The major reason is that Elon Musk, current CEO of SpaceX and Tesla, supports it, and plans for it to be the major currency that runs Starbase, the city he plans to build in Texas around the SpaceX launch site as a gateway to the stars.
This means the value of a single Dogecoin can go higher from its current average of 20-30 cents to well over $1 per coin, making it one of the world’s most valuable currency next to Ethereum and Bitcoin.
So if you’re looking to “buy some Doge” in the hopes that it will go up and give you a nice return, or you support Elon Musk and the ideas of Starbase, or for any other personal or financial reasons you may have, here are 3 simple steps to buy dogecoin.
Step 1: Download Robinhood app
Robinhood app is one of the safest apps in terms of security, speed, and ease of use.
It doesn’t charge a fee to buy or sell Dogecoin unlike some other apps.
If you use my invite link here, we can both get free stocks as a bonus when you sign up, at no additional cost to you.
Step 2: Make An Account
After you download the Robinhood app, make an account and then link your bank account.
Once you’ve verified your bank account, transfer some money over.
Remember, only transfer what you are okay with losing.
Step 3: Buy Dogecoin
Once your money clears and gets deposited in the Robinhood app, search for “Dogecoin” and click “Buy.”
You can either enter the amount of dogecoins you can afford or enter the dollar amount you’re looking to buy.
Then you click “Submit” and Robinhood will take care of the rest.
You might see something pop up like “You need to set a limit order.”
This means that you’re trying to buy very close to the amount of money you have, so you have to set it as a limit instead of as a buy order so it doesn’t go over the money you have.
Instead of going into detail about limit buying, just know that Robinhood usually does a really good job at taking care of it.
Just follow their prompts.
Then you wait until the order clears, and usually within a few minutes (if there is a lot of market volatility), your order will be fulfilled and you’ll be the proud owner of some Dogecoins!
Link a bank account and transfer money over.
Buy dogecoin and rejoice.
Disclaimer: I am not a financial professional. This is meant to be for entertainment purposes only. None of this is meant to constitute financial advice and you should probably seek “real” financial advice from a “real” financial advisor before you do anything with your money. Don’t take my word on any of the numbers, info, etc. Do your own research.
Digging A Little Deeper – Analysis –
Should you buy dogecoin?
Should you actually buy any dogecoin?
The question is more so what are your plans?
If you have a boatload of money and have extra to spare and don’t really care what dogecoin does for the next couple of years or so, then it might make sense to plonk a couple tens of thousands or hundreds of thousands of dollars into dogecoin and see where it goes, ESPECIALLY if Elon Musk does try to operate Starbase on dogecoin.
If you’re just going into this to make a quick buck, then factor in that, at the time of this writing end of April 2021, dogecoin is around 20-46 cents and swinging up and down 20-50% in price at any given time.
Let’s say you buy it at 30 cents per dogecoin.
If it goes to $1, you’d get more than 2X your money back.
If you buy it around 46-50 cents a dogecoin and it goes to $1, you’d get roughly 1X your money back.
The question you have to ask yourself is “Is 1X to 2X a good return on my money or am I better off investing it elsewhere?”
Is dogecoin a good investment?
Keep in mind that dogecoin has value right now because there are enough people in the world to deem that it has value.
Much like gold.
If tomorrow everyone in the world said that gold no longer has monetary value, then it would have no monetary value.
So keep in mind that if tomorrow everyone decides dogecoin has no value, then it could be true.
On the flip side, if tomorrow enough people decide that dogecoin is very valuable, then the worth of a dogecoin might get even higher.
So when you’re asking yourself if dogecoin is a good investment or not, keep that in mind.
And remember, only put in as much money as you’re okay with losing.
Long-term hold or short-term hold?
In cryptocurrency lingo, we say HODL when it comes to holding long term (whatever long term means to you).
Some say it arose from a mispelling of “hold” when someone was talking about holding their bitcoin and not selling it when it goes up.
HODL is now used on other cryptocurrency as well when hodlers (people who hodl) want people to hold to keep the price high.
So the question you have to ask yourself here is whether you are buying dogecoin for the long-term or the short-term?
What are your financial goals?
If you’re trying to support Elon Musk, Starbase, and believe that Dogecoin can be one of the main digital currencies of the future, one without borders or political agendas or governmental financial oversight/manipulation, a part of decentralized finance, etc. then it might make more sense to hodl.
However, if you don’t need the money because you’re rich or you have play-money and “just want to see where this goes” and are along for the ride, the ups and downs, the memes, etc. then it might make more sense to hodl as well.
If you’re looking to make a quick buck because you’re trying to pay off that lamborghini and mansion you bought right before covid-19 hit and you lost your high-paying job, then selling out right away to pay down debts might make more financial sense to you.
There are countless reasons why you should hold dogecoin long-term or short-term and ultimately it’s up to you to factor in your lifestyle, mental state, personal reasons, monetary goals, etc.
Stuff to factor in whether you’re long-term or short-term
#1: Being okay with selling out
If you sell out when it goes up because you’re trying to pay bills, you also have to be okay reconciling with yourself if it goes up even more and you lost out on that gains opportunity.
#2: Being okay with losing it all
If you’re tryin to hodl long-term and put in a lot of money (remember only put in what you can risk losing), but somehow tomorrow dogecoin goes to zero and you’ve lost everything, you also have to be okay with that.
#3: Be like a jedi when it comes to this stuff
Master Yoda in Star Wars once said that the fear of loss leads to the dark side.
Fear of loss leads to attachment, which leads to jealousy, which leads to greed.
Which, in my opinion, can lead to heartbreak.
Don’t get as attached to this stuff as you might see others do on twitter, reddit, stocktwits, etc.
Basically, control your own emotions on this dogecoin journey regardless of which path you choose and, if possible, factor in all possible contingencies on your life and plan for the worse case scenario and what you would do if you lost it all.
The best case scenario is you’re swimming in a boatload of cash and networth from a skyrocketing valuation of dogecoin and you’re figuring out what to do with all that money.
Maybe buy Kishu Inu coins, the new coin that pays holders a percentage of all transactions on it’s network, but that’s a story for another blog post.
Let me know what you think in the comments below! Thanks for reading!