10/12/2022 | Cryptopolitan
What Apps Support Dogecoin Wallets?
The cryptocurrency world has become the talk of the town as it has garnered an excellent attention through its significant return on investment (ROI) and futuristic vision. Since its inception, the crypto space has revolved around leading crypto projects, including Bitcoin and Ethereum, but the advent of several overwhelming memecoins and altcoins has forced the crypto community to switch their spotlight. Finding out what apps support Dogecoin wallets is helpful in facilitating transactions and keeping your crypto safe.
Dogecoin is one such memecoin that has a growing community with popular influencers like Elon Musk. Dogecoin is one of the emerging and oldest memecoins that appeared to be a joke but gradually secured the first choice of the crypto investors.
Dogecoin wallets can be in the form of web apps, mobile (Android and iOS apps), desktop apps, VPS installations, or extensions. These are used to store Dogecoins but can also be used to send and receive crypto. Some have extra functionality, including crypto exchanges, swapping, or buying with fiat.
What Is Dogecoin?
Dogecoin is a digital ledger which uses a distributed blockchain ledger which secures and executes transactions in a decentralized manner. At the time of its launch, Dogecoin was used for tipping on popular social media platforms like Reddit and Twitter. However, it gathered the great attention of the crypto community over time and became a prominent crypto project in the market, providing lucrative profits in trading and mining dogecoin.
In 2013, Billy Markus and Jackson Palmer took an initiative to launch the Dogecoin project (DOGE) with the hope of replacing leading market dominators, including Bitcoin. The idea behind naming it ‘Dogecoin’ came from a popular social media meme, ‘Doge Puppet Show,’ and the logo was motivated by a Japanese dog breed, ‘Shiba.’ Dogecoin has been the favorite of the broad crypto community as investors show immense interest by investing billions of dollars in it, as DOGE increased over 5000% in 2021.
After becoming popular through the influence of Elon Musk, Dogecoin seeks to provide peer-to-peer trading and transactions to its users regularly with zero network congestion. Dogecoin price saw a pump of 91% after Elon Musk tweeted that DOGE was his favorite cryptocurrency. There are several crypto assets that aim to replace the need for fiat currency, and Dogecoin is one of them.
Technology Behind Dogecoin
The technology behind running the Dogecoin network is quite impressive. Dogecoin contributes a significant value to the massive blockchain database. Dogecoin confidentially stores transactions’ details and users’ privacy through numerous nodes, making the network completely decentralized. Let’s find out Dogecoin’s working module from the following example.
Suppose X wants to send 10 DOGE to Y.
The database keepers on the Dogecoin network run an operation to ensure the authentication from the sender’s end. If a maximum number of nodes vote for the execution of the transaction, then the transaction gets validated, and 10 DOGE get deposited to Y’s Dogecoin wallet address, and a final confirmation block is added to the Dogecoin network.
Dogecoin works on a Proof-of-Work consensus mechanism and utilizes Scrypt hashing instead of SHA-256. It creates an easy and convenient infrastructure for users to send and trade dogecoin within the network with quick execution time.
What Is A Dogecoin Wallet?
Like fiat currencies, cryptocurrencies also need a wallet to be stored. Cryptocurrencies are usually held in a digital wallet, and Dogecoin is no exception, meaning the funds are kept in network databases. There’s no shortage of wallet options when it comes to Dogecoin. There are several Dogecoin wallets in the crypto market from which you can choose depending on various features, convenience, usability, and security.
A Dogecoin wallet is almost similar to a physical wallet to spend crypto; it is something where you can securely store, receive or send Dogecoins. Dogecoin wallet consists of a public and private key, which bridges the distributed ledger with the Dogecoin Network. Users can use the wallet’s public key to trace transactions while maintaining the anonymity of the user. The private key allows the authentication of a transaction in the network. Dogecoin wallet’s public key is used to receive Dogecoin from a sender. On the other hand, the wallet’s private key can only be used to send Dogecoin to a receiver’s address in the network.
How To Buy Dogecoin?
Dogecoin is widely available in the cryptocurrency market. In this section, we will discuss how you can buy and deposit Dogecoin to your crypto wallet.
First of all, you need to create a Dogecoin wallet and get a Dogecoin deposit address.
Then, you have to find an exchange platform where you can buy Dogecoin directly from the exchange or via p2p trading using bank transfers and deposit it to your Dogecoin wallet address.
You can also deposit funds to your Dogecoin wallet and buy Dogecoin from an exchange.
Once your DOGE gets deposited, you are all set to start trading Dogecoin.
Types of Dogecoin Wallet
Dogecoin Hot Wallets
A hot wallet will store the private key of your DOGE wallet on your device, whether it be a mobile phone, a desktop computer, or a laptop. These wallets are somehow connected to the internet, and they have more exposure to exploits, attacks, and malware. Therefore, it is recommended to use trusted Dogecoin hot wallets, which can secure your funds better.
Dogecoin offers users two software wallets:
Dogecoin Core: This wallet contains the entire Dogecoin blockchain, so it can take a long time to download. With the help of this wallet, your computer becomes a Dogecoin node.
MultiDoge: MultiDoge is offered by Dogecoin itself. Without being a full node, this wallet will store enough information to use Dogecoin.
Hardcore Dogecoiners can find the full client version for Dogecoin on the official site; however, this is not recommended for beginners as its user interface is quite complex to understand. For Android users, there is an official Dogecoin Mobile Wallet, which generally has excellent reviews from users. Unfortunately, the iOS version is not released yet.
Dogecoin Cold Wallets
A Dogecoin cold wallet is just the opposite of a hot wallet, meaning they are not connected to the internet. As these wallets do not work with the internet, it makes them more secure from attackers and hackers. Dogecoin cold wallets can be in the form of hardware wallets or paper wallets.
Hardware Wallets: A hardware wallet is one of the safest wallets available in the crypto market, and it requires an initial investment. While software wallets are entirely free, resulting in less security than hardware wallets. The reason behind considering hardware wallets safe is that they store the private key of your Doge wallet offline on a physical device.
Paper Wallets: Paper wallets store your Dogecoin wallet address and private keys securely. As the name suggests, these wallets are papers on where your Dogecoin wallet details are printed. As it is essential to access your wallet, you need to store it in a secure place on your premises.
Best Dogecoin Wallets for 2022
Following the crypto boom in 2021, cryptocurrencies’ prices surged to the moon, and Dogecoin became a messiah for investors. The crypto world is truly unique, and the exponential growth of this industry has influenced the world.
Crypto enthusiasts often worry about choosing the best Dogecoin wallet for them to keep their funds securely. Here is a list of the best Dogecoin wallets if you are serious about securing your funds.