When Dogecoin was introduced in 2013, it was tagged as a meme cryptocurrency that can serve no fruitful purpose except to remain as a joke to other leading cryptocurrencies. But to everyone’s surprise, Dogecoin began to gain traction, and very soon, it developed its own online crypto community. Primarily people began to use Dogecoin to give tips to fellow online creators for providing extraordinary content on the internet. The passionate Dogecoin community also did a marvelous job in fundraising and sending the Jamaican bobsled team to the Sochi Winter Olympics that was held in 2014.
Thus, people soon became curious about investing in Dogecoin and looking for ways to buy Dogecoin. This article talks about various ways to buy Dogecoin and will be helpful for those who are seriously looking for investments in Dogecoin.
Ways to Buy Dogecoin
Generally, Dogecoin can be bought in a marketplace or can be converted from other leading digital currencies using the cryptocurrency conversion service of a crypto exchange. This helps people to buy DOGE with GBP, AUD ZAR, EUR, NGN, etc. Moreover, as per the Dogecoin news update, now more than 25 countries all over the world are accepting DOGE, and thus buying Dogecoin is made easier by including bank transfers, PayPal, TransferWise, fiat currencies, or direct deposits. Dogecoin can also be bought with a credit card. Thus, the Dogecoin can be bought either from a cryptocurrency exchange or through a regulated broker.
1) Buying Dogecoin Through a Crypto Exchange
If you wish to buy Dogecoin with any fiat currency, then you will need to do that through crypto exchanges. This involves buying Dogecoin with a fiat currency and then storing them in a virtual wallet. For this, you first need to sign up to the exchange’s portal with some basic information like your name, address, date of birth, etc. Some exchanges might even ask you for supporting documents to verify your identity. As your Dogecoin wallet is ready, it’s time to get your Dogecoin address that starts with the letter D followed by a string of numbers and letters. After this, you need to make some initial deposits to the wallet to activate it.
Now the next step is to find DOGE on the exchange. The DOGE tokens will appear at their current price, and you will be asked whether you want to buy or short sell (only for traders) the DOGE coins. Click on the “Buy” tab in case you want to buy and select the number of tokens you want to buy. Store those coins in the wallets. Crypto wallets come with a confidential private key (used to send tokens to other traders) and a public key (used to receive tokens from other traders). On completion of this whole process, you will own your own DOGE coins.
2) Through Regulated Brokers
Suppose you are seriously thinking of buying Dogecoins, you can get an idea of its price movements through trading derivatives like CFDs or by buying futures or forex from online brokers. This will allow you to speculate on the price movements of Dogecoin, whether they will move up or go down. Dogecoin can be bought either with USD, PayPal or with a credit card.
How to Buy Dogecoin With USD?
If you want to buy Dogecoin with USD, you won’t be allowed to buy it directly, instead, you need to buy it via fiat pairs on an exchange that allows buying Dogecoin with fiat pairs.
How to Buy Dogecoin With a Credit Card?
Some exchanges allow buying Dogecoin directly with fiat currencies like USD or EUR using your credit card. All you need to do is click on the “Buy Now” option, and you will be directed to the checkout page. You need to fill in the details like how many tokens you intend to buy, and the fiat currency you want to pay in, your Dogecoin wallet address, etc.
Next, you need to fill in the billing details at checkout, make sure it is done correctly. Receive your Dogecoin in your wallet quickly and safely. But make sure that you are on a trustworthy exchange because you need to share confidential details like your wallet address and your credit card details to process the payments on the exchange to buy Dogecoin.
Why Is the Price of Cryptos Surging?
Dogecoin prices spiked to their all-time high after TESLA KING Elon Musk took to his Twitter handle to praise the coin and announce that it will soon be the next bitcoin.
Should I Have to Invest in Dogecoin?
It depends on a trader’s choice whether he wants to invest in Dogecoin or not. Traders choose to trade Dogecoin because of the following reasons.
1) They feel that Dogecoin, unlike other leading cryptocurrencies, can withstand the inflationary pressure. Due to this, Dogecoin is often called an Inflationary Currency that can ensure constant supply and, therefore, constant mining in the future.
2) Some traders believe that the Dogecoin community is the best among crypto communities that can be easily approached to. The DOGE Price Prediction community is believed to help the coin survive in the future.
3) Significant price fluctuations offer plenty of day-trading opportunities.
Wrap Up
It is always recommended to buy Dogecoin and other cryptocurrencies only on reliable and trustworthy crypto exchanges. Though buying Dogecoin is a bit tricky, especially if you are not much into buying cryptocurrencies, buying them on any reputed crypto exchange makes it way much easier if you follow the right steps.