One of the most popular and widely used platforms for buying crypto, including Bitcoin and Dogecoin, is eToro. Intuitive, high-performing and effective: it is essential to know how to use it to make your purchases profitable over time.
Before moving on to how it works, it is important to know what eToro is and what are the characteristics of the cryptocurrencies that can be purchased on it, in this specific case Bitcoin and Dogecoin, two of the most prestigious in terms of value.
What is eToro and how the platform works
eToro is a multi-asset social investing brokerage firm with ten offices spread across the world, including the United States, United Kingdom, Israel, Cyprus, and Australia.
eToro’s platform offers both manual and social investing features and is available in both browser and app form.
In terms of manual investing, eToro provides a wide selection of stocks, currencies, commodities, cryptocurrencies, ETFs and indices through its innovative platform. Using eToro’s professional tools and analysis, in fact, users can follow a wide range of financial instruments and choose which ones to invest in.
In addition, eToro provides social investing, which allows users to follow the investment activities of other traders and use the CopyTrader feature to replicate all their trades in real time.
To make this process possible, eToro’s platform provides full transparency, displaying each client’s relevant data such as the percentage of earnings, risk score, and portfolio composition.
How eToro works to buy crypto such as Bitcoin and Dogecoin
Going into detail, let’s see through a simple tutorial how to buy crypto on the eToro platform.
First of all, you need to create or log in to your personal eToro account.
Once logged in, to buy, you must click on “demo wallet“, after this operation a box will appear on the screen, in which you need to click on “virtual wallet”.
In the left column, you will find the option “markets“, once this is selected you need to click on the “crypto” button. At this point the user is faced with the screen where there are all the cryptocurrencies that can potentially be bought, which can also be in list format, and where the sentiment of eToro’s investors is indicated.
Let’s say you want to buy Bitcoin, at this point in the operation you have to select the Bitcoin crypto from the list and then click on “buy.” Before proceeding, you need to tell the platform the quantity you want to buy, which can be in dollars, for example, or per unit, if you want to select a specific number of Bitcoin.
Once you have decided on the quantity, you must click on “open the position” and eToro will then provide the screen with the executed order.
This is not the end of the story, because once you have bought the crypto you need to check the status of the completed purchase. Thus, you return to the wallet to check if the order has actually been filled.
However, nothing detracts from the fact that one might have second thoughts regarding the quantity purchased. Not a problem, not with eToro. In fact, the platform allows you to modify the order even at a later time.
For example, if we wanted to modify the Stop Loss (the tool to limit losses) or the Take Profit (the tool to close the trade at a specific rate with the price in favor) of the order, we simply need to click on the trade to be modified.
That is, wanting to act on the Stop Loss, one can click and modify it by setting it either as a price level or as a currency amount. The same thing and from the same page can also be done with the Take Profit.
Once you are sure of the actions taken you just have to wait and see if indeed the purchases made on eToro will be profitable.
The example was carried forward with the crypto Bitcoin, the most expensive and prestigious crypto currently on the market, but it applies equally to Dogecoin, the famous crypto that managed to get the support of Elon Musk. Or for any other crypto you plan to buy on eToro.
Bitcoin and Dogecoin: value and history of the crypto assets
Both Bitcoin and Dogecoin are two cryptocurrencies that boast value and recognition within the decentralized market.
Specifically, the history of Bitcoin was officially born on 31 October 2008, when its creator, the celebrated and unknown Satoshi Nakamoto, published it on a crypto mailing list.
Satoshi released the first code (Bitcoin Pre-Release), on 3 January 2009 and mined the first blockchain by minting the first 50 BTC, and on 9 January he released the first official version of the software (Bitcoin v0.1.0).
At that time, BTC still had no market, so its value was zero. Moreover, to use Bitcoin v0.1.0 was a very small group of people.
On 22 May 2010, or less than a year and a half after the creation of the first BTC, the first payment in Bitcoin in the entire history of a tangible good was made: two pizzas, paid 10,000 BTC.
The first market price for Bitcoin was around $0.06. Only a year later, the first big Bitcoin price boom occurred, hitting a peak of $32.
In the years to come, Bitcoin underwent several ups and downs within the market, until 2017, the breakthrough year. In fact, in that year the price of Bitcoin peaked at $20,000 and gave way to expansion to number other cryptocurrencies in the market.
And this is where Dogecoin comes in, gradually. The crypto Dogecoin has a very peculiar and, if you will, even ironic history. In fact, Dogecoin was born as a meme in 2013, as a picture of a real Shiba Inu dog looking a bit cross-eyed at the human who is trying to touch it.
At this point, Jackson Palmer, an engineer who used to work at Adobe, tweeted out an image: a coin with the face of the Shiba Inu Doge at its center, reworked in Photoshop.
Following this, Palmer bought the domain Dogecoin.com, but created only the home page with the image of the nonexistent coin and an invitation to follow him on this adventure. It was enough, however, to attract the attention of Dogecoin’s second father: IBM engineer Billy Markus.
Today, Dogecoin garners a total value of about $2 billion.
In addition, On 4 February 2021, Elon Musk, CEO of Tesla and SpaceX, posted a photomontage on Twitter and sent the cryptocurrency world into a tailspin. The image portrayed Musk himself holding up the crypto Dogecoin, like in the famous scene from The Lion King.
Within hours, the world knows about this virtual currency and everyone starts looking for it in the many more or less official and reliable “exchanges” on the Web.