Today, cryptocurrency holders are not doing so well. The market has crashed, and most gains made by up-and-coming currencies have all but been lost. And even as SpaceX joins the likes of Tesla in accepting cryptocurrencies like Dogecoin, the future of crypto is still in doubt.
But is this just a typical crash usually experienced in other markets, and should we expect cryptos like Doge to bounce back? This article will look at the future of Dogecoin and how you can also buy into the cryptocurrency. So if you’re ready to take a reading on cryptos pulse, keep reading to learn more.
What is the Future of Dogecoin?
As the depression caused by the pandemic persists, Dogecoin and other cryptocurrency prices should continue to drop. Conservative estimates show that the downward trend will continue for the time being. We’ve provided a link to estimates that should help you envision its future.
However, we think this is just a rough patch that the markets will weather.
How to Buy Dogecoin
When buying Dogecoin and other cryptocurrencies, there are different payment methods. Each payment method has its pros and cons, and traders should use the one that fits their needs.
1. PayPal
Latest information can be found on different websites where it is well explained how to use PayPal and other payment methods to buy cryptocurrencies such as Dogecoin. For example the German site Cryptomonday.de created a step-by-step guide on how to buy Dogecoin with PayPal, where it says: “Dogecoin mit PayPal kaufen ist eine der sichersten Optionen, da PayPal ist eine hochsichere Online-Plattform mit über 300 Millionen Nutzern. Es ist auch eine ideale Zahlungsmethode für diejenigen, die große Investitionen tätigen”.
This translates in English as “Buying Dogecoin with PayPal is one of the safest options due to PayPal being a highly secure online platform with over 300 million users. Also it is an ideal payment method for those making big investments”.
Here are some pros and cons of using PayPal as a payment method to buy Dogecoin.
Pros
- Safety- Dogecoin kaufen PayPal, or buying Dogecoin with PayPal is secure. Paypal has a state-of-the-art encryption system that keeps users’ information safe and secure.
- Easy to use- PayPal’s interface is well organized, and users can navigate its features relatively easily.
- Supports different currencies- you can transact with any currency on PayPal to make your Dogecoin purchases.
Cons
- You have to create an account with PayPal and Dogecoin. Increasing the number of accounts you need to monitor and potential online financial weak points.
2. Digital Wallets
A digital wallet or an e-wallet is an online service that allows users to make electronic payments using digital currency units. It can come as a mobile app, an electronic device, or a computer program. The wallet preserves a virtual version of your credit or debit card and allows you to make payments without entering your card details.
Essentially, it generates a single-use token instead of sending your card’s number to a merchant, in this case, a Dogecoin seller. They then redeem the token to receive payment.
Pros
- Safety- they hide your card’s details from the other party while still allowing for payment to go through. In addition, they use encryption to secure your one-time token, which only the Dogecoin merchant you bought from can redeem.
- Convenience- you can quickly swipe or use your phone to scan a QR code to make a payment. You also don’t need to have your credit card with you or leave your details with a merchant.
- Mobile app- digital wallets come in easy-to-use and intuitive applications.
Cons
- Expensive- using e-wallets can cost you more from the added charges.
- Reckless spending- the ease of payment may encourage bad spending behaviors.
3. Bank Transfers
Bank transfers are one of the most trusted payment methods in any field. If you decide to buy your Dogecoin this way, the merchant or the platform you’re buying from will provide you with their bank details. In turn, you will request your bank to make a transfer of a specific amount to their bank account.
Pros
- Secure- transfers from one bank to another are safe and usually ensured by the transacting bank. So unless you’re buying Dogecoin from a fraudster, your money should be safe.
- Online banking- you don’t have to pay a visit to your local bank. Instead, you can handle all the transitions online.
Cons
- Takes long- transitions can take up to a full day to reflect on the payee’s account or even longer, depending on where and what bank they are using.
- Expensive- bank transfers come with hefty charges. So be ready to cough out more than your Dogecoins price.
Conclusion
As the cryptocurrency markets waiver, many are concerned about the future of their investments. For example, Dogecoin might not have crashed by summer, but it will have lost a lot of its value. But if you still think that this is the time to get into crypto, we’ve provided you with some of the best ways to do so.
So what are your thoughts on the current crypto situation? Let us know in the comment section below.
