Posted in: Altcoin NewsArchive
December 27, 2013 9:09 PM UTC

I Bought a Couple Thousand Dogecoin. I Regret Nothing.

Wow. Such risk. Much pointless.

Initially, these were the thoughts going through my head when I decided to buy some Dogecoins. However, as the owner of about 5000 Dogecoins, I regret nothing. First of all, those coins were worth about $3.00 at the time of purchase. Hardly a risk. Let me start by going through the process of purchasing my coins.

There aren’t many exchanges that offer Dogecoin. Three that I knew of were Cryptsy, Coins-E, and CoinEx.

Cryptsy was probably the worst in terms of overall experience. Everything about it was slow. Depositing my BTC took well over an hour. While the site claimed that deposits post after 4 confirmations, It ended up taking around 10. Next, I decided to buy as many DOGE as I could with my deposited BTC – about 1740. I placed my order and had to wait a couple of hours before my order was fulfilled. Finally, I decided to withdraw my newly purchased Dogecoins. The withdrawal was not instant, but instead took several more hours to be completed. As I said, everything about Cryptsy was slow. Even navigating the different pages of the website took a long time on their slow servers. However, Cryptsy had a fairly easy-to-use and cleanish UI. Despite that, I would not recommend Cryptsy to anyone.

Coins-E was the next exchange that I used. While its UI seemed a lot more cluttered than Cryptsy,  the overall process of purchasing Dogecoins was a lot faster here. Coins-E also stated that 4 confirmations were required for deposits to get credited. It actually took 5 confirmations, but that’s much better than Cryptsy. The next step was placing my order. My order was confirmed within seconds and fulfilled within the hour. After that, I decided to withdraw my coins, and this occurred instantly. Coins-E was the best out of the three.

The last exchange that I used was CoinEx. CoinEx features a relatively clean and simple UI – unfortunately too simple. The site is missing many features that Cryptsy and Coins-E have. Furthermore, it has an annoying chat box that is impossible to hide. To be fair, the site is in beta, so improvements are expected. Depositing my BTC to CoinEx was very fast, requiring less than 4 confirmations. My buy order for Dogecoin was half fulfilled within seconds while the other half was fulfilled the next day. Withdrawals were also instant. CoinEx has promise, but for now it cannot really compare to Cryptsy and Coins-E.

So now I’ve got about 5000 Dogecoins – a currency that no one, including its creators, takes too seriously. So is there any point in Dogecoins? There is.

Unlike Bitcoin, which is often associated by the public with drugs and other crime, Dogecoin is associated with a silly meme. Furthermore, Dogecoin has a very enthusiastic and friendly community at reddit, making it a great choice for newbies just starting to learn about cryptocurrency. Even though Dogecoin isn’t worth much currently, it’s great to see optimistic chimes of “DOGECOIN TO THE MOON!”. Dogecoin could serve as a friendly, entry-level cryptocurrency before moving on to more serious currencies like Bitcoin.

So what am I going to do with all these Dogecoins? I’ll probably do what most people do with them – tip them. Dogecoin is the most tipped virtual currency on reddit. How long Dogecoin will last depends on the community, but it’s definitely impressive how many people have picked up on this new coin.

Neil Sardesai @neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.

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