Should I put all my retirement funds in Dogecoin? If you are a significant risk taker and look at possible long term gains as a positive. Then by all means you should go for it.
In reality while this might be very enticing the answer is NO. Let me say that again. No you should not put any money you cannot afford to lose into Dogecoin.
Crypto Currency – What is going on
Crypto currencies are huge right now and very volatile. There are a lot of them out there but for this post we are going to concentrate on a few of the most popular ones. The Best known Crypto Currency and biggest gainer to this point has been Bitcoin. Bitcoin has been around since 2008. When it first started it was not worth a lot of money. There are a few crypto currencies that are now worth quite a bit of money. The top ones being Bitcoin and Ethereum and Lite coin.
That brings us to Dogecoin. What is a Dogecoin and how to they relate to other crypto currencies out there?
Dogecoin a little background
Dogecoin was created in 2013. More as an amusing project than to be a serious currency. Billy Markus and Jackson Palmer created Dogecoin to be a fun free and instant payment method that would be free of banking institutions. The name and the icon for it came from a popular meme of the time. Over the years there has been some significant ups and downs with Dogecoin. That can pretty much be said of all crypto currencies. None of them are that stable at this point.
One of the things that is a plus for Dogecoin is that they are readily available. As far as investing goes that could also be a con. There is a limit that has been posed on Dogecoin but it is an extremely high limit and thus means that the coins will never be scarce like other coins out there.
Should you invest
That depends on you. Putting some money in Dogecoin is not going to be a complete loss but chances are that you could lose some money. On the flip side there is also a chance that you could make some money. Though the chances of that are looking to be pretty slim at this point. If you are a player of large jackpot games you probably have a better chance of making some money with Dogecoin than you do of hitting the Mega Millions jackpot.
Investing in Crypto currency is very risky
It is definitely a risky proposal. Like the lottery it is something that you have very little control over. This is true of all crypto currency. There is always a chance that someone holds a large number of what ever coin you have. It is possible that they could decide to dump the coin they have. Unless they announce it there would be no way for you to know this was about to happen. It is these types of things that are out of your control that can lead to a huge loss.
It is not a secret that investing in Crypto Currencies has some significant risk. It surely can pay off and for some it really has paid off well. It can also leave you with almost nothing. As with any gambling you have to be careful in how you treat it.
Dogecoin the investment of a lifetime – NOT
Is Dogecoin the investment of a lifetime? Probably not. It is possible that you could make some money. It is also possible that you will lose it all. As with any gimbaling you should not invest more than you can afford to lose.
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