How to Buy Dogecoin

How to Buy Dogecoin (DOGE)

Dogecoin may have started as a joke cryptocurrency, but it’s evolved into a very real digital asset. Like all cryptocurrencies, there are multiple ways that traders or investors can purchase DOGE.

There are two basic ways to buy DOGE: Through a cryptocurrency exchange, or through an online stock trading platform or application.

How to Buy Dogecoin in 4 Steps

Buying Dogecoin is a fairly simple process — it’s more or less the same process you would follow if you were trying to purchase Bitcoin or any other altcoins.

While this may seem complicated for crypto beginners, it’s a fairly straightforward process, whether you’re buying crypto to keep for the long-term or to spend right now.

Here’s a detailed walkthrough of each step:

1. Choose Where You Want to Buy Dogecoin

If you understand the basics of Dogecoin and are interested in buying DOGE, you’ll need to decide whether you’d like to use either a cryptocurrency exchange or an online trading platform. No matter which route you go, you’ll need to establish an account with the platform or exchange (if you don’t have one). That may require banking information (account numbers, etc.), addresses, phone numbers, email addresses, and in some cases, your Social Security number.

Crypto Exchanges

Crypto exchanges are platforms that allow interested parties to buy, sell, or trade different cryptocurrencies. They’re not all the same — some cryptos are available on some platforms, but not on others, for instance — and they tend to work like stock markets.

That is, traders and investors are exchanging cryptos, much like they would with stocks or bonds on the stock market. There are different types of exchanges, too, including centralized, decentralized, and hybrid exchanges.

A quick Google search will reveal plenty of them, if you’re interested in going this route.

Exchanges tend to have a large variety of crypto choices, are generally simple to use, and make it pretty easy to trade. However, some of them may have high fees for trading, and may not grant users complete control over their storage options. While nearly all exchanges will let you buy or sell crypto, some may support more advanced orders such as limit orders or margin trading.

Recommended: 12 Factors to Consider When Choosing a Cryptocurrency Exchange

Online Stock Trading Platforms

Aside from crypto exchanges, which can be used to buy Dogecoin, there are also stock trading apps — of which there are also many choices. And, again, a simple Google search will yield plenty of results, if you want to find a few options to start trading.

These trading apps generally work similarly to exchanges for end users. Essentially, it’s a matter of opening and funding an account, and executing the trade. But the apps and platforms in question are generally known for trading stocks, bonds, and ETFs rather than cryptocurrencies, as opposed to crypto exchanges.

They act as brokerages, in other words, and may charge a markup or fee for executing a trade.

That said, many of these apps have opened themselves up to crypto trading as demand has grown. And, for the most part, trading crypto on these platforms is a similar (if not the same) process as trading stocks.

As for the pros and cons of using these apps, it’ll depend on the specific platform. Some may require minimum deposits to open an account, for example. Others will charge fees of varying degrees (or none at all), and some will be less user-friendly than others. On some brokerage platforms, you can’t withdraw your crypto directly from the account, instead, you’d need to sell your assets to be able to withdraw the balance to other accounts.

It’ll take a little research and experimentation to find one that you like, if you choose to use one of these apps to buy Dogecoin or other cryptos.

2. Setup a Payment Method

Once you’ve decided where you want to buy Dogecoin, it’s time to get down to brass tacks: Laying the lines to execute a transaction. That means setting up a method to pay for your new Dogecoin holdings.

Depending on whether you choose an exchange or a trading app, the specifics of this step will vary. But in general terms, it’s connecting a way to make a payment to the exchange or brokerage — usually by connecting a credit or debit card, or a bank account — to your account, so that you can make purchases or trades.

3. Purchase Dogecoin

At this point, it’s simply a matter of executing the transaction to buy Dogecoin. This process will vary depending on the exchange or app you’re using. But it’s usually as simple as inputting the amount of Dogecoin you want to buy, and hitting the “purchase” button to initiate the purchase.

4. Safely Store Your Dogecoin

Securely storing your cryptocurrencies isn’t quite as simple as holding a stock or ETF. Both exchanges and crypto wallets have become targets for hackers, so it’s important to make security a priority after you’ve purchased crypto.

Depending on whether you’ve used an exchange or an online trading platform to buy Dogecoin, your storage options vary. Crypto storage is a deep topic all on its own, but what you need to know is that specific exchanges and platforms may store your coins differently.

Recommended: What is a Crypto Wallet? A Guide to Safely Storing Crypto

Platforms may store your Dogecoin in either “hot” or “cold” wallets. The essential difference is that “cold” storage is offline — making it more difficult for hackers, or other bad actors, to access. Conversely, coins held in “hot” storage remain online, and can be accessed quickly to facilitate trades.

Some platforms use a combination of hot and cold storage. Again, it depends on the specific platform you choose.

You can also transfer your Dogecoin to your own digital wallet, of which there are many to choose from with varying degrees of security and features. You can also choose from DOGE-specific wallets or those that allow you to store multiple types of cryptocurrency.

Recommended: What Companies Accept Dogecoin and Other Cryptos as Payment?

The Takeaway

The process of purchasing DOGE is similar to that of buying other cryptocurrencies. Once you’ve decided whether you want to go through a crypto exchange or a brokerage platform, you simply need to create an account and execute the purchase. Keep in mind that like all cryptocurrencies, DOGE is a risky investment with extreme price volatility.

If you’re planning to go the brokerage route, a great way to get started is by opening an account on the SoFi Invest brokerage platform. You can use it to purchase not only Dogecoin and other cryptocurrencies, but also stocks and exchange-traded funds. (DOGE is currently not available in New York.)

Photo credit: iStock/StockRocket


SoFi Invest®
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal. Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.
Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.
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What is Proof of Work? Definition & Guide

What is Proof of Work? Definition & Guide

Cryptocurrencies are known for their high level of security — and in many cases, that security is made possible by a proof-of-work (PoW) algorithm. The proof-of-work consensus algorithm is currently used by Bitcoin, Ethereum, Dogecoin, Litecoin, and many other cryptos (although the Ethereum network is transitioning to a different algorithm known as proof-of-stake).

Proof of work largely serves to prevent double spending, which is when the same coins are spent more than once. Digital currencies are prone to double spending since they don’t have any material exchange — it can seem easy and tempting to forge transactions that are just numbers on a screen.

Proof of work and the blockchain keep track of every transaction to prevent this from happening. The algorithm is extremely secure and complicated, making it nearly impossible to double-spend Bitcoin and other PoW cryptocurrencies.

The concept of proof of work was originally developed to prevent denial of service attacks (DDoS) and spam emails, but in 2004 Hal Finney adapted it for use in blockchain digital currency networks. Bitcoin was the first cryptocurrency to put the idea to use.

Recommended: What Is Blockchain Technology and How Does it Work?

How Proof of Work (PoW) Works

Proof of work is basically what it sounds like: proof that work has been done. The “work” is the conversion of electrical energy into “weight” on the Bitcoin blockchain through the use of computing power and a complicated mathematical calculation. Overall, this work makes forging transactions on the blockchain prohibitively expensive and difficult.

The mathematical calculation involves a hash function, which in turn generates a long string of unique numbers. This helps validate transactions and create the next block on the blockchain. Each block contains information about a specific Bitcoin transaction. As the transactions are validated and recorded on the chain, this ensures that double spending hasn’t occurred. Once information has been stored on the blockchain, it cannot be changed or deleted. This helps to keep the private keys of Bitcoin owners secure and anonymous.

Miners’ Role in Proof of Work

Bitcoin miners (nodes) run specialized machinery that works to solve the equation as quickly as possible, and they are rewarded with new bitcoins depending on how much computing power, or hash power, they contribute to keeping the network running.

The objective of PoW is to extend the blockchain. The miner that creates the longest chain gets the reward as well as the transaction fees contained in the block. The best way to solve the calculation is through trial and error, so the more computing power a miner can put into doing as many trials as possible as quickly as possible, the more likely they are to win the block reward.

Why Proof of Work is Needed

Proof of work ensures that double spending doesn’t occur in digital asset networks. It provides security and a record of transactions as well as an incentive for miners to keep the network running.

Proof of work is also needed because Bitcoin has no central authority (vs. a bank, for example). A central authority would keep track of transactions as well as issue new bitcoins to the network. Instead of this, the network of miners keeps track of the blockchain.

Proof of work also adds value to Bitcoin because it shows that people are willing to convert energy, a material resource, as well as fiat currency, into the production of the cryptocurrency. This provides more confidence for those who are interested in investing in Bitcoin.

Pros and Cons of Proof of Work

There are several reasons why PoW is used for Bitcoin and other popular cryptocurrencies, but there are arguments against it as well.

Pros of Proof of Work

•   PoW helps keep the network secure

•   It prevents double spending

•   It adds value to the network through the use of energy

•   It is an integral part of the decentralized authority system of the network

Cons of Proof of Work

•   It requires computational power, which uses a significant amount of electricity

•   PoW has low performance capacity for the execution of on-chain transactions

•   Getting involved in mining requires a large upfront equipment cost and ongoing maintenance and electricity costs

•   There is a risk that miners may group together to attack the network, undermining its decentralized nature

Which Cryptocurrencies Use Proof of Work?

Proof-of-work is the most commonly used algorithm for cryptocurrency networks. However, some cryptocurrencies use other algorithms, such as proof of stake. The following cryptocurrencies use proof of work:

•   Bitcoin (BTC)

•   Ethereum (ETH) (for now until it moves to proof-of-stake)

•   Bitcoin Cash (BCH)

•   Litecoin (LTC)

•   Monero (XMR)

•   Dogecoin (DOGE)

•   Ethereum Classic (ETC)

•   Bitcoin SV

•   Dash

•   Decred

Proof of Work vs. Proof of Stake

Since PoW has some downsides, developers have been working on many other types of consensus algorithms for cryptocurrency networks. One of the most anticipated is proof of stake (PoS).

Rather than miners, PoS uses validators who are chosen to create blocks based on how many coins they hold, rather than having to compete to create the blocks. Proof of stake rewards validators that hold the most coins with the ability to mine blocks and validate transactions.

The benefit of PoS is that it uses a lot less electricity. However, PoS rewards nodes for holding tokens, resulting in hoarding rather than use of the crypto. PoS is also vulnerable to 51% attacks, where an individual crypto miner or group of miners gets control of more than 50% of a network’s blockchain.

The Takeaway

Proof of work is the original way to secure blockchains and protect cryptocurrency from being double-spent and potentially devalued. Bitcoin uses the PoW consensus algorithm, as do a number of other cryptocurrencies.

If you’re interested in trading cryptocurrencies, SoFi Invest® makes it easy. You can choose from more than 20 different cryptos, including Bitcoin, Solana, Enjin Coin, Cardano, Litecoin, and more.

Find out how to start trading crypto with SoFi Invest.

Photo credit: iStock/MesquitaFMS


SoFi Invest®
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal. Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.
Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
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What Is Solana Coin (SOL)?

Solana Coin (SOL): A Guide to the NFT & DeFi Coin

Many crypto investors are hoping their cryptocurrency portfolios will go to the moon. But with the growth of Solana (SOL), perhaps they should be aiming for the sun (“sol” in Spanish), instead.

Solana is a relatively new cryptocurrency that, until recently, didn’t garner much attention. And given that there are so many new types of cryptocurrency out there, with more hitting the market seemingly every day, it’s hard to blame investors for missing it.

But Solana is now on most crypto traders’ radar. But what is Solana, what does it have to do with blockchain, and how can you invest in it? We’ll cover it all below.

What is Solana Crypto?

Solana is a platform built on a blockchain network that allows users to build decentralized applications. In that respect, it’s similar to (and also rivals) Ethereum, which is designed to do more or less the same thing.

Solana utilizes a proof-of-stake blockchain system — as opposed to Bitcoin’s proof-of-work model — to validate and secure its network. Solana’s native token is called SOL, and the network’s main purpose is to handle smart contracts, which allows it to facilitate transactions of SOL and other assets, like non-fungible tokens (NFTs). It’s fast and secure, thanks in part to its distinct “proof of history” concept, which makes it attractive to those in the crypto space.

Recommended: What Are NFTs (Non-fungible Tokens)?

History of Solana

Solana dates back to November 2017, when founder Anatoly Yakovenko published a paper describing the “proof of history” concept, which timestamps each transaction, so they’re recorded on the blockchain chronologically. The goal: to create faster transaction times.

In February of 2018, Yakovenko and colleagues Greg Fitzgerald and Stephen Akridge launched a prototype of the project, originally called Loom. It was soon rebranded “Solana” after the small town in California where the three men had lived for a few years.

From there, the project grew legs and found funding, and in a few years it has become one of the better-known blockchain networks and cryptocurrencies.

Solana’s Price Surge

Solana wasn’t a big market-mover for some time. But that changed during late summer of 2021. In mid-August, Solana’s price was around $44, but by September 8, it peaked at nearly $215 — a roughly 489% increase. It did come down a bit shortly after, however.

As of late September 2021, SOL’s price is bouncing around between $140 and $160, and its market capitalization, or market cap, is roughly $43.5 billion. But, as any crypto investor knows, that can change quickly.

This surge in price is one of the reasons that Solana has become a household name for crypto investors.

Features of Solana That Make it Unique

So, what exactly makes Solana such a big deal? The answer is that it’s faster and cheaper to use than its competitors, including Ethereum. Solana can handle more transactions than Ethereum can, and it can process those transactions more quickly.

Solana’s proof-of-history feature plays a big role in speeding up consensus on the blockchain. Proof of history acts as a sort of clock that creates timestamps and moves transactions faster to get recorded on the blockchain.

How Does Solana Work?

Solana uses a proof-of-stake validation system in conjunction with a couple of components called “tower consensus” and “verifiable delay record”, timestamping transactions and efficiently recording them in blocks on the blockchain.

Solana sequences and organizes data, and then verifies and confirms it, using its timestamp ability. The timestamp feature also frees up nodes to start creating the next block in the blockchain, without worrying about keeping order among the transactions in the queue. The network already knows the correct order because of the timestamp.

As a result, the entire network can move along at a speedier pace.

What Does Solana Do?

The Solana blockchain has a couple of key potential use cases.

1.    It could be used to create a decentralized finance (DeFi) network. Traditional financial networks sometimes use intermediaries and outdated protocols — two areas where Solana believes it can modernize and make more efficient and transparent. In fact, many DeFi projects are already using Solana’s network to do just that.

2.    It could create NFT marketplaces. NFT investors and collectors are using Solana to create digital marketplaces. Solana was even the official blockchain of Lollapalooza, which created its own “Lolla NFT Marketplace ” specifically for artists and fans at the event.

As for Solana Coin’s use cases, they can primarily be used to stake, or pay transaction fees on the network — similar to Ether.

Solana Benefits and Disadvantages

Solana has pros and cons, like all other cryptocurrencies and networks. Here are the highlights.

Benefits of Solana

•   Transaction speed: Speed is the biggest advantage that the Solana network has over similar networks.

•   Scalability: The network’s design is built to overcome congestion issues, thanks to timestamps. That scalability gives it an advantage over other networks, which are more likely to get log-jammed by slow transaction speeds.

•   Economies of scale: Solana has a big user base, with millions of users already on the network, and a goal of reaching a billion users overall.

Disadvantages of Solana

•   Beta stage: For prospective investors, it’s worth knowing that the project is still in beta.

•   Network outages: In September, the Solana Network saw a transaction overload and was out of service for more than 16 hours. So there are still some kinks to work out.

Solana vs. Ethereum

How does Solana stack up against Ethereum? It’s often referred to as an “Ethereum killer.” It all comes back to the fact that Solana was designed to excel where Ethereum falls short in terms of speed and costs.

Recommended: What is Ethereum and How Does it Work?

Solana’s throughput is 50,000 transactions per second (TPS), with average block times of 0.4 seconds. The average cost per transaction is $0.00025. Compare that to Ethereum: Throughput is 15 TPS, and average transaction costs are more than $3.70, depending on network congestion.

How to Invest in Solana

Getting started investing in Solana is relatively easy. You can sign up for and use a crypto exchange to buy Solana Coins. This is the easiest and most low-effort way to add Solana to a crypto portfolio. From there, it’s a matter of transferring your holdings to a crypto wallet.

Solana Staking

Another way to get your hands on Solana is by staking. Staking is a process that involves “locking up” your coins or tokens and earning rewards. The Solana network supports staking (not all networks do). Assuming your wallet is supported by the network, you can delegate your coins to stake either through an exchange or on your own.

Recommended: A Guide to Crypto Staking

The Takeaway

Solana may still be technically in its beta stage four years after it was created, but thanks to its proof of history concept, it’s getting a lot of attention for being faster and cheaper than competitor Ethereum.

For investors looking to trade Solana, SoFi Invest® may be a good place to start. With SoFi, you can trade cryptocurrency like Solana, Enjin Coin, Bitcoin, Cardano, Litecoin, and more.

Find out how to invest in crypto with SoFi Invest.

Photo credit: iStock/PeopleImages


SoFi Invest®
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal. Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.
Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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What Is Enjin Coin (ENJ)? A Beginner's Guide

What Is Enjin Coin (ENJ)? A Beginner’s Guide

Crypto investors have an increasing number of choices lately — including Enjin Coin (ENJ), which launched during the summer of 2018.

Unlike many other crypto investing options on the market, Enjin Coin (also referred to as ENJ crypto) is a bit different in that it was designed for a specific purpose: To help the gaming community and to manage digital or virtual assets.

Here’s everything curious investors and crypto fans need to know about Enjin Coin.

What Is Enjin Coin?

Enjin Coin , or ENJ, is a cryptocurrency created and designed by a software company called Enjin . Enjin’s software allows users to create virtual goods — like NFTs, or non-fungible tokens — on the Ethereum blockchain network.

While that may require some background reading about Ethereum’s blockchain network and NFTs, what you should know is that Enjin’s software is designed to create and manage in-game goods and assets. In effect, Enjin makes it easier and more efficient for participants in certain virtual worlds to create in-game assets, and to transact them.

Enjin Coin, or ENJ, then, is the native token to the Enjin network.

Recommended: What is a Crypto Token?

How Does Enjin Work?

The basic idea behind Enjin Coin is that blockchain can smooth out the process of transacting in-game or virtual assets. Much like blockchain can do the same in the real world with other assets (think of Ripple and XRP, which is designed to help facilitate financial transactions), ENJ is used to manage virtual inventories.

If it all sounds a bit meta — a virtual currency designed for virtual assets — that’s because it is. As for how it actually works, Enjin has software development kits (SDKs) that allow game developers to “mint.” Using SDKs, developers can create virtual items inside of games or applications. These created items are given a corresponding value in ENJ, which makes it easy to trade and or sell them via Enjin’s marketplace.

Because each asset has a value in ENJ, which is a traded cryptocurrency, it also has a real-life value, too. These digital assets are, in effect, NFTs, and can be traded for many times their initial values.

Developers who want to create in-game assets can start out by purchasing ENJ from an exchange, “minting” an item, trading or selling it in-game, or even “melting” it — which means turning the item back into ENJ.

While Enjin Coin is designed to function and incorporate blockchain-backed swapping systems in video games or virtual worlds, it can be used in other ways, too. For instance, sports teams or clubs may be able to use it to mint digital assets to hand out as rewards.

Example of ENJ Crypto in Action

Here’s a simplified, hypothetical example of how Enjin coin works in the real (well, virtual) world:

Say you’re a game developer, and you’re actively playing, participating in, and developing an MMORPG (massively multiplayer online role-playing game). You want to create a special weapon for the game, a longsword, and decide to buy some ENJ from a crypto exchange to do so.

You make the purchase, and with your ENJ, you “mint” the longsword using an SDK, a corresponding programming interface created by Enjin to help build and deploy the asset into the game.

Once created, the longsword also has a value equal to, say 10 ENJ. You sell the longsword to another player on Enjin Coin’s marketplace, banking 10 ENJ. You decide you’d like to accumulate more ENJ, so you trade a shield in your inventory for a spear that you plan to “melt” — which is, as you might remember, like liquidating an asset for its ENJ value.

You melt the spear and collect 5 ENJ. Now, you have 15 total ENJ, that you can either use to create more in-game assets or sell on an exchange.

While this is a very simplified version of Enjin Coin in action, it should give you the gist of the cryptocurrency’s use cycle.

Enjin Coin: Benefits and Disadvantages

As with any cryptocurrency, Enjin has its benefits and drawbacks. Here are a few:

Benefits of Enjin Coin

•   Unlimited potential: The gaming industry (and virtual world-building in particular) is big and growing. That means there’s a lot of potential runway for Enjin Coin ahead.

•   Relatively affordable price: For crypto investors, ENJ is still affordable for almost anyone — unlike Bitcoin or Ethereum. (See more on price in the next section.)

•   A large, built-in community: Enjin already has marketplaces operating and integrated, with many participants. The fact that it’s been so widely adopted may be an indication that won’t just disappear overnight.

Disadvantages of Enjin Coin

•   No easy mining: Enjin doesn’t operate on its own blockchain, so it can’t be mined directly — at least not easily.

•   No physical backup: As with all other cryptocurrencies, there’s no physical asset or commodity to backup Enjin Coin.

•   Technical know-how: Crypto isn’t easy to understand, and Enjin Coin is no different. That’s particularly true if you plan to use it to create NFTs or assets — you’d need to do some studying before you could put it all together.

Enjin Coin Price

While Enjin Coin isn’t dirt-cheap like some coins on the exchanges, it hasn’t reached astronomical levels, either. As of mid-to-late September 2021, it’s trading at around $1.25.

Over the past year, its price has fluctuated in a big way. At the end of 2020, Enjin Coin’s price hovered around $0.15, then it saw a big spike in the spring, topping $3.45 at one point. Since then, it’s come down and has mostly stayed between $1 and $2.25 ever since.

Enjin Coin Staking

Further, some exchanges and platforms do allow users to stake Enjin Coin, if you know where to look. But by and large, it seems that most larger exchanges don’t give users and investors the option to stake ENJ.

Recommended: What is Staking Crypto?

That said, Enjin is rolling out a new ecosystem called Efinity, which will also have its own cryptocurrency, Efinity Token (EFI). As a part of that ecosystem, Enjin Coin can be staked to earn Efinity Tokens.

How to Invest in Enjin

Now for the big question: How do investors get their hands on Enjin Coin? If you’ve invested in any other cryptocurrencies before, it should be a familiar path.

For most investors, investing in Enjin Coin is pretty much the same as another cryptocurrency. The process is as easy as picking a crypto exchange, opening an account, funding it, then placing an order and transferring your holdings to your crypto wallet.

You can also swap your ENJ tokens for others on some decentralized exchanges, but again, for most investors, sticking to a large, trusted exchange is probably the way to go.

Recommended: Centralized vs. Decentralized Exchanges: Six Differences to Consider

The Takeaway

There are many types of cryptocurrencies out there, and the list seems to be growing each and every day. Enjin Coin is a relatively new coin with some fairly unique use cases, and it may be of particular interest to crypto investors who are into gaming and the gaming industry.

As with all investments — crypto or otherwise — it’s always wise to consider any risks before making a purchase. Once you make your decision, take the next step with SoFi Invest®, where you can trade cryptocurrency like Enjin Coin, Bitcoin, Cardano, Litecoin, Ethereum and more.

Find out how to get started with SoFi today.

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The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal. Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.
Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.
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50 Fall Housing Projects to Tackle This Year

25 Fall Home Projects to Tackle This Year

If you own your own home, fall is an opportune time to get your house ready for the winter months ahead.

Whether it’s as simple as ensuring your weatherstripping is up to snuff around windows and doors or as involved as replacing older windows or an aging roof, we’ve got you covered.

Here’s a checklist of 25 fall home improvement and maintenance projects that will ensure that your house is snug all winter long.

Related: The Ultimate House Maintenance Checklist

1. Door & Window Seals

It’s easy for cold air to slip in around doors and windows that don’t have sufficient weatherstripping. To keep your ongoing heating costs in check, it’s smart to take a look at all of your doors and windows to ensure the seals are tight. Fixing any issues could wind up saving you some serious money over time.

2. Furnace Inspection

There’s not a lot worse than finding out on the coldest day of the year that your HVAC system needs repairs. Instead of waiting for a problem, it’s almost always a good idea to have your furnace inspected annually.

3. Air Ducts

This isn’t something you likely need to do every year, but it is smart to have your HVAC ducts cleaned regularly so the system is operating as efficiently as possible.

4. Gutters

Whether you do it yourself or hire a pro, having your gutters cleaned after the leaves have fallen can ensure that your roofline remains leak-free during the winter months.

5. Exposed or Rotting Wood

Whether it’s on your deck, around your foundation, or under your gutters, wood that is no longer properly sealed can take a beating during winter months. You can save yourself serious headaches by repairing, replacing, or sealing any exposed wood.

6. Roof inspection & Repair

A leaking roof is no one’s idea of a good time and is among the most common home repairs. Having an older roof inspected can help to spot minor problems before they turn into major issues. And in colder climates, some roof repairs could need to wait months for warmer weather before they can take place.

7. New Insulation

If you’re like a lot of people, you don’t check the insulation of your attic and eaves regularly, if ever. Having the proper depth of insulation can provide most homeowners with significant savings when it comes to heating and cooling costs.

8. Lawn Winterization

Your lawn will be greener earlier in the spring if you fertilize it in the fall.

Recommended: How to Winterize a House

9. All Those Leaves

While you don’t want leaves in your gutters or on your lawn, having them in your garden and flower beds can actually help protect plants against damage from cold weather by insulating them. A leaf bed also provides a home for early insects which help feed migratory birds in spring and spares landfills from tons of waste.

10. Critter Blockers

All those pipes and tubes and whatnots coming into our homes often mean little cracks and crevices that insects and even vermin can enter in search of warmth. It can be smart to inspect and seal these crevices before the weather turns significantly colder.

11. Storing Summer Clothes & Bedding

If you live in a cooler climate and you have the storage room, putting your shorts, beachwear, and lighter bed covers in storage over the winter can be a nice way to keep closets feeling fresh and organized.

12. Chimney Inspection/Cleaning

There’s nothing like sitting in front of a roaring fire on a cold winter day — unless, of course, your fireplace is billowing smoke back into your house. You can nip any problems in the bud by having your fireplace inspected and cleaned annually.

13. Spring Bulb Planting

If you love tulips, daffodils, and other flowers that grow from bulbs, now’s the perfect time to set them in your garden. They love a good freeze over the winter.

If you want to add trees or shrubs, you can look up the shipping schedule for your hardiness zone at the Arbor Day Foundation.

14. Perennial Care

Not only will mulch keep your beds looking neat and tidy during colder months, it can help insulate plants from the cold.

15. Outdoor Faucets

Now’s a great time to check your faucets to see if washers and all other parts are in good working order. And if you live in colder climates, it could be a good idea to install a frost-free hydrant to help protect your pipes against breakage during freezing weather.

16. Ceiling Fans

This is an easy one to forget. If you have ceiling fans, it’s smart to switch their direction for colder months. By reversing the direction of your fans, you can help to disperse warm air throughout your rooms.

17. Yard Tools

To keep your lawnmower, leaf blower, and any other gas-powered tools in good working order, clean them up before storing them for the season.

18. Trees & Shrubs

Pruning can be especially important for flowering trees and shrubs that only flower on new growth. It can also help to ensure that unhealthy branches are removed before heavy snow and ice coat them and possibly break them.

19. Carpet & Rug Cleaning

You’re likely going to be spending a lot more time indoors during the winter months, so why not freshen up your surroundings with a good carpet and rug cleaning? Your allergies will thank you!

20. Smoke & Carbon Monoxide Detectors

A lot of people advise doing this whenever there’s a time change, and that can be a really smart way to remember to do it. Whatever your preference, making sure that these appliances are in good working order when you and your family are indoors more frequently can help ensure everyone’s health and safety.

21. Patio Furniture & Grilling Equipment

Covering your outdoor furniture and grill can lengthen their lives.

22. Snow Removal

If you live where it snows regularly, it’s smart to go ahead and prepare now. Having your snowblower serviced, buying salt or snowmelt products, ensuring that your snow shovels are in good shape, and lining up a snow removal service are all things you can do now to avoid problems when the snow has begun to fall.

23. Older Doors & Windows

If you’re still living with single-pane windows, it may be time to upgrade. Double- or even triple-pane windows can pay for themselves in just a few years. They can be far superior in keeping out both the cold and heat, thus reducing your heating and cooling bills. The same is true for older doors that may not be well insulated or have single-pane windows in them.

24. Programmable Thermostat

It may seem like a little thing, but turning your heat down every night can wind up saving you money. Remembering to do it, however … Why not make it easy on yourself and install a programmable thermostat that remembers for you?

25. A Fresh Coat of Paint

If you’re going to be spending more time indoors, why not make it somewhere you love? A fresh coat of paint can do wonders to spruce up almost any room. And the cost of painting a house is an inexpensive project most homeowners can typically complete in a weekend.

Recommended: The Top Home Improvements to Increase Your Home’s Value

The Takeaway

As the leaves change, it might be time for homeowners to turn over a new … leaf and consider home improvement projects that have gone by the wayside. A seasonal to-do list can ensure that your home is comfy, cozy, and safe for winter and beyond.

Might a personal loan for home improvements, or anything, come in handy?

SoFi offers fixed-rate unsecured personal loans of $5,000 to $100,000 with absolutely no fees.

It’s easy to check your rate.

Photo credit: iStock/JavenLin


SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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