How to choose between Bitcoin, Dogecoin and Ethereum

October

28

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With cryptocurrency investments being the latest sensation all over the world, it is natural for you to wonder which makes the best choice out of the three most popular ones today namely, Bitcoin, Dogecoin, and Ethereum.

Investing in cryptocurrencies involves a great deal of speculation and the market is highly volatile. So, nobody can surely forecast whether it will certainly give you good returns or have a secure future. Before making any investment, you must make it clear which is better and more suitable for you, their unique advantages and disadvantages. But ultimately it depends on you – which one you prefer.

Bitcoin:

Bitcoin is one of the most popular cryptocurrencies, which according to experts, is a safer choice than Dogecoin and Ethereum. However, that totally depends on the investor’s preferences and requirements.

Bitcoin is now so popular that you will find many merchants who adopt crypto as their mode of payment. Bitcoin is also known by the name of “Digital Gold”. This is because there is a limited number of tokens. The scarcity of Bitcoins increases its demand to a great extent. Most people prefer to buy bitcoins more than any other cryptocurrency.

Dogecoin:

Introduced in the year 2013, you might feel amazed to learn that Dogecoin was launched as a satirical piece on social media. 

In the current year i.e. 2021, there had been an incredible increase in Dogecoin. But you must know that Dogecoin is the riskiest one among the other cryptocurrencies. It does not have an immense advantage in the market. Only a few merchants allow and accept Dogecoins. It was originally created and formed as a meme or a joke. The present scenario reflects that the price of Dogecoin fell by 40%. Many people like to think that this is more of gambling rather than investing. If you plan to invest in Dogecoin it is better to invest the amount you are ready to lose.

If you are interested in finding out how to invest in dogecoin for beginners, you first need to know the actual place where it is available. Dogecoin is not available frequently like Bitcoin and Ethereum. However, you can get dogecoin in some exchanges like Webull, Kraken, and others. If you wish to invest in Dogecoins as a novice investor, you have to log in to any of these exchanges and make the payment through credit cards, bank transfers, or cryptocurrency.

Paying through credit cards is one of the more accessible modes to buy Dogecoins. The fees can range between 2% to 3% and a flat fee. However, a bank transfer is found to be a slow process. It takes about two to three days to complete the transaction. It is found that direct trading for Dogecoin can be challenging. Thus, you must rely upon the traders or other modes to invest in Dogecoins.

Ethereum

Ethereum is another popular cryptocurrency that relies upon blockchain technology. It is good to invest in Ethereum by buying coins like bitcoin and dogecoin. But it is impossible to invest directly in Ethereum. You can do it by investing in the cryptocurrency that supports blockchain technology. If Ethereum flourishes, these companies will make a profit. The primary benefit of using Ethereum is that it has applications above cryptocurrency.  The risk factor is high in Ethereum, but still, you have to take the risk.

So, how to choose between these three popular cryptocurrencies?

It is a tough job to select the right cryptocurrency because there are always potential risks. By far, Bitcoin is the best one on the list. It has fewer risks and is safer for investors.

It is always good to gather useful information from the market about the best cryptocurrency. Mere investing will never be the right choice or decision. You must remember while investing in cryptocurrency to go through the market capitalization and total circulation of the coin in which you want to invest. This will help you to a great extent. You must only invest after making a proper analysis of the market. As it is a risky affair, you need to follow and maintain the Government regulations. Try to invest in those that are less risky. It would help if you can accept calculated losses.

About the author, Declan Yin

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