Buy Dogecoin

How to Buy Dogecoin ( Doge ) and Where to Buy it From

Looking to buy Dogecoin (AKA DOGE)?

Below, you’ll find a complete step-by-step guide to help you get started.

1. Set up an Exchange Account

To begin your Dogecoin adventure, you’ll have to create an account at an exchange which includes Dogecoin in its currency pairings. Don’t be afraid to spend a bit of time doing your research and comparing your options — you want to be sure you’ve found a reliable exchange.

When you have, create your personal account, using a valid email address and a solid password that can’t be guessed easily. On top of this, a lot of exchanges ask you to submit your name, address, and identification (passport, driving license, etc.) before you can start trading, too.

It’s a good idea to take advantage of additional security measures, if available, for your own peace of mind.

2. Add Money to Your Exchange Account

It’s unlikely you’ll be able to exchange fiat (i.e. government-issued) currency, such as CAD or USD, for Dogecoin.

As a result, you need to use a cryptocurrency which is paired with Dogecoin to start trading. This could be Bitcoin or Ether, for example.

3. Take the Next Step and Buy Dogecoin

The next step in the process is to find the ‘markets’ area at your exchange of choice, and search for the right Dogecoin pairing. When you locate the section dedicated to purchasing Dogecoin, just enter the paired cryptocurrency amount you’re planning on spending or the number of Dogecoins you’re ready to purchase.

Take the time to review the transaction before you complete it. Even if you’re in a hurry, it’s best to be sure.

Selling Dogecoin on the Exchange

When you feel ready to start selling your Dogecoin, all you need to do is follow a similar path to that outlined in step three (above).

You’ll have to find the “sell Dogecoin/DOGE” button, and remember: you might be unable to exchange Dogecoin for a currency you’re after directly.

Understanding Dogecoin Wallets

Keeping your cryptocurrency stored in your account at your chosen exchange might seem like a practical idea, but you might want to rethink this. Experts usually find a secure, separate wallet the safer option.

There is an official wallet for Dogecoin, compatible with different operating systems, including Mac, Windows, and Linux. You can start using this by downloading it from the main Dogecoin site. Alternatively, you might prefer to install the wallet on your Android device instead (or as well as).

But you have other options, too. Multiple different desktop and cloud-based wallets can be used to store Dogecoin, or a hardware version (the Ledger Nano S., for example) might work for you.

How Does Dogecoin Actually Work?

Let’s go back to the beginnings of Dogecoin.

This cryptocurrency was launched by Jackson Palmer and Billy Markus (a software developer at IBM) in 2013. The pair has confirmed they stumbled upon the concept when they saw a message on Twitter making fun of the rise in ‘questionable’ altcoins, and they went on to title their cryptocurrency after the ‘doge’-based memes (starring a beautiful Shiba Inu dog), which were a real trend at the time.

Still, despite Dogecoin’s somewhat lighthearted beginnings, it has gone on to become one of the most popular options for crypto-users.

Part of its appeal is that it facilitates quick, cost-effective transactions, which is why Dogecoin is widely used for buying products & services. It’s a common choice for tipping people online in exchange for quality content, too, and is considered a reliable vehicle for trading different cryptocurrencies.

Now, let’s dig a little deeper. Dogecoin is based on the LuckyCoin protocol, which branched off from Litecoin, and utilizes the Scrypt algorithm for encryption. This helped it gain fast momentum among the audience of cryptocurrency-users, achieving a market capitalization of more than $70 million within just two months of becoming available.

Since then, the value of Dogecoin has increased and decreased, even going so far as to get a $2 billion-plus market cap at one time.

Critical Factors to Think About when You Buy Dogecoin

Let’s be honest: cryptocurrencies are often complex and very speculative. Numerous factors determine their value, so it’s crucial to stay aware of the common dangers linked with cryptocurrencies ahead of buying Dogecoin.

Below, we’ll explore critical factors to keep in mind before making a purchase.

Availability level

A cryptocurrency’s popularity can hinge on its availability. Fortunately, Dogecoin is available at a huge selection of exchanges, so it’s relatively common compared to other cryptocurrencies that might be considered obscure.

Supply for demand

Dogecoin has no maximum supply, unlike some other cryptocurrencies, which means there’s no fixed number of coins to be produced. As a result, Dogecoin users will always have access to it.

Support from the user community

Dogecoin has become legendary among cryptocurrency users, and benefits from comprehensive support from its community (as it’s open-source).

With the level of active support it receives, it’s little wonder that Dogecoin has continued to perform well since its launch. Users can meet and discuss ideas on a dedicated Reddit page, too.

Dogecoin refuses to take itself seriously

As we’ve discussed already, Dogecoin began as a fairly tongue-in-cheek venture. This lighthearted approach is clear to see on the Dogecoin website, which explicitly labels the cryptocurrency as “fun” and “friendly”.

Surely, this refusal to take itself too seriously has helped Dogecoin gain traction, but if you’re looking for long-term profitability with your cryptocurrency investments, you may want to give careful thought to how suitable Dogecoin is for your aims.

Upcoming active development

One of the cryptocurrency’s founders, Jackson Palmer, has discussed the lack of active development work on Dogecoin. He admitted it will go on to be outdated at some point in the future, as no fresh features are due to be added. It’s expected to start winding down eventually.

Keep this in mind when you’re ready to buy Dogecoin. It might make little to no difference to you, but it’s a valuable consideration anyway.

Take a little time to research key details about Dogecoin to help yourself make the smartest, most practical choice for your goals. This will put you in the right frame of mind to decide whether Dogecoin is right for you.