The virtual currency Dogecoin reached a record level this week and has a capitalization of 86 billion dollars, surpassing world-renowned companies. However, its co-founder, Billy Marcus, is far from one of the rich in the world.

Billy Marcus, 38, now works as a programmer for an education company. He revealed that he sold all his virtual coins in 2015 and used the profits to buy a second-hand Honda Civic.

He now says he's surprised to see the huge value of Dogecoin, which has reached a higher market capitalization than Honda.

The Dogecoin virtual currency was launched in 2013, being an allusion to Bitcoin and the "Doge" meme, two of the most popular items on the internet that year. The company's logo is composed of a gold coin, similar to Bitcoin, on which appears the head of a Shiba Inu dog.

Dogecoin was successful and the market value of the company exceeded 100 million dollars in the year of launch, but later decreased, in 2014 being worth only a third of that amount.

A year later, in a financial stalemate after losing his job, Marcus sold all the coins. He did not know then what wealth might bring him six years later.

However, Billy Marcus says that he still has a few cryptocurrencies, which he does not intend to give up, just so as not to repeat the mistake of 2015.

While automaker Honda Motor has a market capitalization of $ 54.52 billion in 2021, Doge has overtaken the company with a market capitalization of $ 86 billion.

Dogecoin also surpassed Ford Motor Company, which has a market capitalization of $ 45.6 billion, and even defeated the social media giant Twitter, which has a market capitalization of $ 43.6 billion.

Doge is considered a resounding success, and accelerated growth seems to be just beginning. In fact, the cryptocurrency began to grow, especially after billionaire Elon Musk posted several messages on Twitter about it.

Dogecoin hit $ 0.69 on May 5, 2021 and is trying to reach its first $ 1 target. Doge has risen 60 percent in just two days, and investors hope to cross the $ 1 threshold on May 8, 2021.

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On Sunday, the head of Tesla and SpaceX published several more posts about the comic digital currency. It temporarily hit the top 10 cryptocurrencies in terms of capitalization.

Last weekend, Elon Musk tweeted several posts about the Dogecoin cryptocurrency. This led to a twofold increase in its quotations - from $ 0.043 to $ 0.087. The value of the coin was approaching the all-time high set on January 29, also against the background of previous posts by the head of Tesla and SpaceX.

On February 6, Musk published a poll in which he jokingly asked about the future currency of the Earth. 2.4 million people took part in the vote, 71.3% of whom chose the answer "Dogecoin to the moon", while 28.7% - "All other cryptocurrencies together."

The next day, the entrepreneur published a picture with the Doge cryptocurrency symbol - a Shiba Inu dog. A few hours later, Musk wrote a line from the song “Who let the Doge out? (Who released the dogs - English) ".

Against the background of the latest wave of growth in value, Dogecoin has risen to the top 10 cryptocurrencies in terms of capitalization. According to Coinmarketcap, the project has a market valuation of $ 9.1 billion as of February 8.

Dogecoin cryptocurrency was created in 2014 as a joke. Its symbol is the Internet meme "Doge". In 2017, altcoin quotes increased by 50,000%. In 2021 interenet explodes with memes about it, Bemorepanda collected them all.

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Every year, more people become interested in cryptocurrencies and invest in them. In the article, we will talk about what electronic money is, how novice investors can understand the intricacies of their work, and what pitfalls you can stumble upon.

 

Facts about cryptocurrencies 

 

 

Although cryptocurrencies have been on the market for a long time, investing in them can still be a relatively new phenomenon. Many people do not understand how electronic money works and are afraid to invest their hard-earned money.

 

In addition, if we compare digital assets with other types of investments, such as deposits and securities, it becomes clear that electronic money has several significant drawbacks.

 

For example, deposits always bring guaranteed income, albeit not very large, and securities quotes are much easier to predict. The value of cryptocurrencies is often influenced by factors that have nothing to do with the economy.

 

For example, you can invest in some relatively “fresh” but good coin, and the next day its value will collapse by 40% due to another joke by Elon Musk on Twitter.

 

The absence of any regulation of electronic money by states and banks also raises questions because if you make a deal with scammers, you will not be able to return the money. And such cases are not uncommon.

 

Also, do not forget that cryptocurrencies are currently in the "gray zone." Formally, they are not prohibited, but the bank may refuse such a transfer or conduct an additional check.

 

Most people, of course, are only interested in cryptocurrencies in terms of potential earnings. And periodically pop-up news about how someone got rich on electronic money only fuels interest in this topic. But it is essential to understand that earning "easy" money will not work here.

 

Indeed, the electronic money market is potentially the most profitable, but the likelihood that you will lose everything is also relatively high.

 

To start investing, you need first to study many factors.

 

What is a cryptocurrency?

 

Cryptocurrency is a digital asset with no physical embodiment and a single center that would control it. Depending on the type of electronic money, the unit of accounting for a cryptocurrency can be either a “coin” or a “token.”

 

Electronic money is located and works in the so-called "blockchain" or a chain of blocks, each of which stores information.

 

Such blocks can be located in different parts of the world; therefore, it is almost impossible to hack such a system, especially if you compare it with conventional servers, where all the data is physically located in one place.

 

Where to begin

 

Where to start, what cryptocurrencies to buy, where to buy them - these and many other questions begin to be asked by any novice crypto-investor.

 

There are enough successful examples of investments. Take the same bitcoin - in 2010, 5 thousand bitcoins would barely be enough to buy a pizza with mushrooms, and today its rate is already 21 thousand dollars.

 

It should be noted that speculation is the primary way to make money on cryptocurrency. You buy crypto on a decline in value and sell on its rise - in theory; everything is quite simple. But problems begin to appear when trying to analyze these same ups and downs.

 

A separate issue is the choice of coins for investment. There are many tokens on the market, and each has its advantages and disadvantages.

 

What else is essential to know?

 

The course of most digital money depends on the demand for Bitcoin since it occupies a large part of the market. For example, in second place is the equally promising invention of our compatriot Vitalik Buterin - Ethereum. This coin occupies less than 20% of the market.

 

Many coins are protected from inflation because they have a limited supply. For example, bitcoin - the most popular cryptocurrency - currently can not have more than 21 million units.

 

The rates of electronic assets are highly volatile - their quotes can change many times a day.

 

To invest, you need an investment plan. You have to decide for yourself how fast you want and can benefit.

 

In addition, a novice crypto investor should be prepared to lose money, so it is worth investing only in free funds and constantly monitoring the news of the world of cryptocurrencies.

 

Market analysis

 

If you don’t want to throw money away, you should start with a thorough crypto market analysis. Everything is the same as in regular trading – you apply fundamental and technical analysis.

 

 

Fundamental analysis

 

This method is more often used to analyze a particular coin in order to find out how reliable it is, what opportunities and prospects it has, as well as how many people use it.

 

For example, if you want to invest in new promising crypto projects, you must first evaluate several factors.

 

Project plan. Find out if this new cryptocurrency has a roadmap and in what direction it will develop. On the sites of such platforms, there are usually documents in which you can find answers.

Who is behind the development? The team is almost the most critical factor influencing the success of an electronic asset. If, behind the coin, there are people who have experience, understand the business, have a long-term plan, and all the resources necessary to implement it, the chances of failure are minimal.

 

When studying a particular coin, try to collect as much information as possible from various sources and, if possible, ask the opinion of real people who have dealt with it. So you minimize the risks of running into a fraudulent scheme or just a “soap bubble.”

 

Also, when choosing an asset for financial investments, you must decide on its type. Among the most profitable types of cryptocurrencies are:

 

Bitcoin and its forks. That is coins that work based on bitcoin.

Altcoins. They work on other platforms and often have interesting and promising features that should also be considered when investing.

Stablecoins. Quotes of this type of electronic currency are tied to economic assets—for example, the US dollar.

Tokens. They are not cryptocurrencies, as they do not have their crypto platforms. But you can also invest in them.

 

Technical analysis

 

With the help of technical analysis, you can study the quotes of electronic currencies at different time intervals. Most of the cost forecasting techniques apply to stable markets that have existed for more than 10 years. Since the cryptocurrency market is relatively “fresh” and has high volatility, most of the technical analysis methods are not suitable in this case.

 

Therefore, it is better to focus on the fundamental part of the analysis in order to understand more clearly what you are investing in. However, it is still necessary to monitor the quotes of coins throughout the day.

 

In addition, when investing in a certain cryptocurrency, do not forget to follow the news. For example, if your coin has been listed on a popular new exchange or a well-known person has commented on it, this is a very good sign and you can expect quotes to go up.

 

Advantages and disadvantages

 

When investing in digital assets, there are many nuances that need to be considered. However, there are plenty of benefits too.

 

Advantages

 

High yield. The cost of coins is constantly changing, and sometimes quotes can grow several times.

 

Rapid market development. Cryptocurrencies are one of the fastest growing assets with a capitalization of over $3 trillion. Of course, most of the market is bitcoin, but its competitors are also “catching up”.

 

Flexibility. If we compare bitcoin with the same stocks or precious metals, we see that cryptocurrencies are more convenient to use. Today, many companies accept payment in bitcoins, and every year the number of such organizations is only growing.

 

Disadvantages

 

Safety problems. Yes, the blockchain makes the entire system more secure, but it also has problems. For example, if you fall for the trick of scammers, you will not be able to return the money, because cryptocurrencies are not regulated by anyone.

 

In addition, if you keep money on the trading platform, hackers can hack into your account and withdraw funds.

 

Volatility. It is almost impossible to predict fluctuations in the rate of coins, which makes this way of earning one of the most unreliable.

 

Taxes and regulation. Cryptocurrencies are almost not integrated into the economy of most countries, and in the future there may be additional difficulties in paying taxes and performing transactions with electronic money.

 

 

Exchange selection

 

There are many cryptocurrency exchanges, but in order not to run into fraudulent sites, it is better to focus on the number of transactions on the trading floor - this is the most reliable option.

 

In addition, bonuses provided by some exchanges can be a nice addition. For example, the largest platform at the moment, Binance, has its own tokens. For their purchase, you can get discounts on site services.

 

Don't forget to look at the commissions of the exchanges, because if you successfully buy coins, the amount for withdrawing funds may surprise you unpleasantly.

 

You can store electronic money on the same trading platforms, but this is not safe, so we recommend using special cryptocurrency wallets.

 

Investing in cryptocurrencies is always a big risk. The rate of coins can fluctuate from 1 to 200% for short periods of time, and fluctuations are possible in both directions. And the worst thing is that you will almost never be able to predict it.

 

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Visit Now>> https://www.osiztechnologies.com/cryptocurrency-exchange-software-development

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