How to Buy Dogecoin in 10 Minutes (DOGE): 4 Easy WaysDOGE
Today, when you search for “most hilarious cryptocurrencies”, you’re sure to find Dogecoin (DOGE) in the list. Launched in December 2013, Dogecoin is a cryptocurrency based on the wildly popular internet meme – which is a picture of a Shiba Inu dog – surpassed many people’s expectations by going on to become a “mainstream” cryptocurrency despite its hilarious background. That’s why many people wonder how to buy Dogecoin.
- History of Dogecoin
- Where to buy Dogecoin?
- With cryptocurrencies
- With USD
- With Credit card
- With PayPal
- Can I mine Dogecoin?
- Dogecoin NFT
- Dogecoin DeFi
- How to Buy Dogecoin in Australia in 10 Minutes (DOGE)
- How to Buy Dogecoin in Canada in 10 Minutes (DOGE) - Quick Tutorial
- How to Buy Dogecoin in UK in 10 Minutes (DOGE) - Quick Tutorial
- Is DOGE really a good investment?
Seven years down the line, how is the coin doing? And where can you grab some DOGE? Also, is it worth investing in?
We explore those questions and more in this piece. But first, let’s see how Dogecoin came to be.
History of Dogecoin
Dogecoin is one of the crypto assets with unlikely backstories. After all, it began with a tweet. In November 2013, then Adobe Inc. engineer Jackson Palmer tweeted: “Investing in Dogecoin, pretty sure it’s the next big thing.”
What’s interesting is, the tweet was actually a sarcastic dig at the fast proliferating number of altcoins (cryptocurrencies that are not Bitcoin), each with a claim of being the “next big thing.”
What he didn’t know was that his tweet would receive positive feedback. He then decided to register the domain name dogecoin.com.
Meanwhile, the activity surrounding the tweet had captured the eye of an Oregon-based software engineer Billy Markus. Markus had long been wanting to create a cryptocurrency but had not succeeded in generating buzz around it.
He then requested Palmer to allow him to begin work on a cryptocurrency – with the name Dogecoin. Palmer gave him a nod, and he got to work.
Markus based Dogecoin’s code on now-defunct Luckycoin, which was itself a derivative of Litecoin. Dogecoin uses the same consensus model as Litecoin – the Scrypt algorithm. Palmer and Markus launched Dogecoin in December 2013.
Two weeks after the coin went live, it saw a massive increase of 300% in value – going from $0.00026 to $0.00095 in just 72 hours. It continued growing – going on to garner a market capitalization of $2 billion in 2018.
As happens a lot in cryptoverse, the coin has since taken on a more bearish mode and currently has a market cap of $451 million at the time of writing.
However, the currency has managed to hold on tightly to the top 50 after all these years, which is impressive when you consider its frivolous beginnings. It’s now ranking at #47, according to Coinmarketcap.
Dogecoin’s staying power can be attributed to its reputation as a fun-loving take on cryptocurrency. While most cryptocurrencies come out with complicated ambitions and whitepapers,
Dogecoin presented itself as a light-hearted Bitcoin version. While Bitcoin was mostly used as an asset, Dogecoin was actively used as a currency. Even with all these positive outlook, Dogecoin is not god for the crypto market, Ripple CEO says.
DOGE in 2020
Dogecoin has had a relatively uneventful year – showing neither bullish nor bearish signs. The crypto opened the year at $0.002023, and as at the time of writing, it was exchanging at $0.003481 – only a marginal increase.
Similarly, 24-hour trading volumes have nearly remained the same (about $70 million at the start of the year versus $80 million at the time of writing).
While the price of Dogecoin has increased only slightly, its market capitalization has nearly doubled in 2020. This is price prediction that the coin is gradually but steadily gaining ground.
Around July, community efforts focused on boosting the crypto intensified. There were numerous online campaigns that aimed at encouraging users to buy Dogecoin.
At some point during the heated TikTok campaigns, Doge saw nearly 20% price increases within 24 hours.
Some investors would argue that these are modest rallies, but considering that the coin has avoided any major plunge, it is reasonable to assume that its growth is slow but sure.
Is Dogecoin a scam?
Of course not. This crypto is not a scam. Rather, it is a currency, so its value is derived from user utility and adoption. That begin said, many seasoned investors and traders agree that Dogecoin is a bubble. So, you still still be conscious of investing in a meme coin with a multi-biliion dollar market cap. While there may still be some roof for Dogecoin to grow, for sure there’s a room for Doge to fall in price.
Where to buy Dogecoin?
According to Coinmarketcap, Dogecoin appears on the top 50 digital currencies by market capitalization.
While buying from these exchanges, you can pay with credit/debit cards, bank transfers, and other popular options. So, let’s see the different options for buying the crypto.
Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.
When it comes to buying and selling crypto, there are few exchanges better than Binance.Visit Binance
If you have BTC, ETH, BCH, or any other major crypto and want to buy Doge, Binance will be among your best options, especially because of its user-friendly interface.
This cryptocurrency brokerage focuses its operations on crypto-to-crypto trading. This makes it suitable if you want to sell one crypto to buy another.
The company has maintained good standing in the blockchain technology community mainly because it offers many exchange pairs. The company also provides a high level of assurance for your funds, unmatched customer service, and ease of use.
When buying Dogecoin on the platform, you may find the following step by step guide can be useful:
- Register an account on Binance and adjust to the recommended security configurations, including setting up 2-factor authentication.
- Next, deposit funds into your account. You can load USD, BTC, XRP, and so on.
- Go to ‘Trade’ and select the currency that your account holds and the currency you want to buy select Dogecoin.
- Complete the purchase.
One of the most popular sites to get started with crypto is Coinbase. This well-known wallet not only lets you buy, sell, and trade coins but also lets you earn more through short videos and courses. It’s a solid option for anyone new to the world of cryptocurrencies.
Learn about cryptocurrencies and more by visiting Coinbase today.Visit Coinbase
With Coinbase, you can buy and store multiple currencies, including BTC, ETH, ETC, BCH, Tether or USDT and many more.
Coinbase does not yet support Doge, but they plan to roll out its support soon through a wallet update.
The update will allow users to buy and store Doge on the platform. Users with the old wallet can upgrade to Doge support by clicking on ‘Receive’ on the wallet’s main tab, then selecting Doge.
Kraken is probably one of the most well-known and well-respected exchanges for buying, selling, and trading digital currencies. They offer funding options, staking, margin trading, liquidity, and 24/7 support for beginners and experienced traders alike.
If you want a trusted exchange that offers plenty of features, you can get started on the Kraken website or download the Android or iOS app today.Visit Kraken
You can also buy Dogecoin using USD from exchanges that support this exchange pair. Kraken is a reputable example where you can buy Doge with US dollars, among other currencies.
The crypto brokerage also offers some of the best exchange rates in the market.
With this cryptocurrency exchange, you also get the best-in-class security for your wallet so that you don’t have to worry about your funds’ safety. That said, you should take care not to lose your private key as it is the only way to access your funds.
To buy Dogecoin on the platform, the following steps are generally useful:
- Register for an account. Always remember to use a strong password as the account may store your funds from time to time. Due to compliance requirements, the registration process may require you to provide your name, date of birth, country of residence, and phone number, which is the case with most major exchanges.
- Verify your account by clicking on the link sent to your registered email.
- Once verified, you can purchase Dogecoin with crypto such as DASH and LTC. However, the trading platform supports EUR and USD payments too. To buy using USD, additional identity verification will be required to confirm that you are above 18 years and reside in a supported jurisdiction.
- The next step is depositing your dollars to your account. You can do so using FedWire, SEPA, SWIFT, wire transfer, and other options. Each option offers different fees, transaction limits, and processing times.
- Once your account is loaded with fiat currency, it’s time to buy Doge!
If you have the required documents (valid ID and proof of residence, and a face photo), the whole process should take less than 10 minutes.
Once you have purchased Doge, you can choose to keep it in Kraken’s wallet. However, we recommend moving your funds to a native crypto wallet since the platform is an exchange and not a wallet service.
If you’re looking into buying Doge for long-term investment, consider a hardware wallet, ideally a Trezor wallet.
With Credit card
Besides buying Dogecoin with the previously-discussed methods, you can also buy it with a credit or debit card. All you need is to find an exchange that supports Doge and accepts credit card payments.
Luckily, you cannot run out of exchanges and brokers that support Dogecoin and accept the credit card payment method. Some of the convenient options include Coindirect.com, Litebit.eu (if you are from the EU region), Anycoindirect.eu, and Coinswitch.co, among others.
Each exchange works uniquely, but there are many similarities in how the process works for each exchange.
For example, the following process applies when purchasing from Coinswitch.
- Register and sign in to Coinswitch.
- Enter the amount of dollars/ euro/ pounds (whichever applies to your credit card) that you want to spend and select view offers.
- Coinswitch will show you a list of recommended sellers. Select a seller of your choice and proceed.
- Enter the receiving address. Ideally, this should be your Dogecoin wallet address.
- Next, you will have to select pay with credit/debit card. This will redirect you to a page where you will enter your card details to complete the transaction.
If you have funds in your PayPal account, the good news is that you can convert it to Dogecoin – only that the process might involve several steps.
The fastest option is converting your funds to BTC then converting BTC to DOGE. For this, P2P exchanges such as Paxful, where you can buy and sell Dogecoin, come in handy.
With Paxful, you can easily find sellers who can sell you BTC. Beginning January 2020, it will also be possible to buy Bitcoin directly from your PayPal account, which will make the process even shorter.
Of course, if you already hold Bitcoin, you would not need to go through this long way.
Can I mine Dogecoin?
The simple answer is yes!
You can mine DOGE although the back-end mechanics differ from Bitcoin mining. In the initial stages of Dogecoin, it was very possible to mine it using home CPU and GPU computer hardware.
Profitable Dogecoin mining requires using Application-Specific Integrated Circuits or ASICs to run the Scrypt algorithm. Some mining pools lets you contribute SHA 256 hash rates and get paid with Dogecoins. However, it is recommended to stick to the Scrypt mining of Doge.
One thing that distinguishes Dogecoin from Bitcoin is the fact that there is no maximum amount of Dogecoin that can be in circulation.
All the same, you can mine Doge either alone or by joining a mining pool. Whichever option you choose, you can mine using Windows, Android, Linux, or MacOS (Apple).
The very famous ‘meme crypto coin’ is now reincarnated in the form of an NFT collection by its co-founder. This Doge NFT is called ‘Dreaming Doge’ and available over at the OpenSea platform. This DOGE NFT consists of eight digital art pieces with 88 editions each that go for the equivalent of around $254 each in Ethereum.
After a successful listing by THORchain, at last, Dogecoin can finally be bought on a decentralized exchange (DEX). In a recent announcement, THORChain revealed that it has enabled support for Dogecoin opening doors to DeFi or decentralized finance capabilities for the token. THORchain’s support is set to deliver the first-ever DeFi protocol connection to the original meme token blockhain network allowing users to swap their DOGE for stablecoins, LTC native tokens, BSC tokens, ERC-20 tokens, and Bitcoin.
How to Buy Dogecoin in Australia in 10 Minutes (DOGE)
Step 1: Pick a crypto platform that supports Dogecoin
The original meme coin is no other than Dogecoin. Because of its popularity, you can easily find Dogecoin listed at many big-name crypto platforms. While comparing crypto exchanges, make sure to check their fees first when depositing funds or withdrawing. Keep in mind, fees always vary considerably between crypto platforms.
Step 2: Sign up for an account and get verified
Once you have picked a good crypto exchange to use, you will need to open an account and get verified in order to comply with regulations and security. Verification is normally about asking your name, date of birth, as well as address. Some exchanges may need a phone number to secure accounts using two-factor authentication. More proof of identification may be needed such as image of you holding a valid may be needed.
Step 3: Think how much to spend
Just like many other altcoins there, Dogecoin price is susceptible to volatility, particularly if Elon Musk (CEO of Tesla) tweets about the original meme coin. Just like with any investment out there, just invest what you can afford to lose.
Step 4: Time to fund your account
You can deposit fiat currency such as AUD or Australian dollars with a transfer from your bank account. Depending on the crypto platform, it is possible to fund your account using a POLi, PayPal, and PayID. Once you are ready to hold crypto in a wallet, you can now start funding oyur account by transferring coins.
Step 5: Time to buy some DOGE
With a verified account and enough funds, you can buy DOGE. You can set up a recurring order that will buy more Dogecoin regularly so you can take advantage of DCA or dollar cost averaging. However, this feature is not supported by all crypto exchanges.
Step 6: Store your Dogecoins
If you want to hold your digital assets for long-term investment, it is a smart idea to invest on a hardware wallet. Keeping your Dogecoin in an offline hard wallet or cold storage is a more secure method. But it is less convenient compared to hot wallets.
Where to Buy Dogecoin (DOGE) in Australia
- Uphold Crypto
- Digital Surge
- eToro Crypto
How to Buy Dogecoin in Canada in 10 Minutes (DOGE) - Quick Tutorial
Step 1: Choose a crypto exchange that supports Dogecoin
When choosing the best crypto exchange to buy Dogecoin, what you wanna consider are the transaction fees and the security of the platform.
Step 2: Sign up for an account
Once you’ve find the right exchange for your crypto needs, sign up to the platform and get verified to unlock all the features of the exchange. The KYC process shouldn’t take that long, especially if you have many valid IDs.
Step 3: Decide how much you can take to lose
Cryptocurrencies are all volatile. And Dogecoin is not an exception. So, make sure that before putting in your money, you can accept whatever happens to your money.
Step 4: Deposit funds to your account
If you’re in Canada, you can deposit fiat currency, which is Canadian dollar (CAD) with a bank transfer. You might also be able to fund your account using PayPal, Interac e-Transfer, credit card, debit card, etc.
Step 5: Time to buy!
With a fully verified account and enough funds, you can now buy Dogecoin! You should be able to see a ‘Buy’ button somewhere on the exchange.
Step 6: After you buy your Doge, store it!
Store your coin in a hardware wallet if you want to hold it for long term! Of course, you can still hold it on your exchange’s hot wallet, but the security risk is quite high.
Where to Buy Dogecoin (DOGE) in Canada
- Uphold Crypto
Want to learn more about exchanges in Canada? Here’s a list of Best Cryptocurrency Trading Platforms in Canada.
How to Buy Dogecoin in UK in 10 Minutes (DOGE) - Quick Tutorial
Step 1: Look for a crypto exchange that supports Dogecoin and you can trust.
When choosing a crypto exchange platform to buy some DOGE, you need to consider how secure the exchange is (ideally FCA-regulated) and its transaction fees.
Step 2: Sign up for an account and get verified
Signing up and getting verified shouldn’t take long.
Step 3: How much are you willing to lose
Remember, the cryptocurrency market is very volatile. Sometimes you get an all-time high, sometimes you can’t get out of your position. So, just put the amount that won’t stress you too much.
Step 4: Fund your newly-created account
If you are in the UK, you can deposit fiat currency, which is GBP with a bank transfer and buy crypto real-time. You might also be able to fund your account using Mastercard, visa, or PayPal.
Step 5: Get ready to buy!
Once you’ve fully verified your account and you’ve transferred enough funds, you can now purchase Dogecoin.
Step 6: Consider getting a cold wallet
Do you plan to trade DOGE or hold? If it’s the latter, then you should definitely consider getting a cold wallet to protect your digital asset. You can invest in a cold wallet like Trezor or Ledger Nano.
Where to Buy Dogecoin (DOGE) in UK
- Uphold Crypto
For a list of UK-based crypto exchanges, have a look at our comparison of the Best Crypto Exchanges in the UK 2024.
Is DOGE really a good investment?
Investors and speculators are split over whether DOGE is a good investment.
Compared to the hype and trending news surrounding it after its release, the crypto has quieted down in recent years. Nevertheless, its growth has been relatively slow compared to the major cryptos such as Bitcoin and Ethereum.
At the time of writing, Dogecoin was exchanging at $0.003403, and the 24-hour trading volume was $48,609,627.
The crypto’s market capitalization stood at $433,396,305, which ranked it at #47. Also, the number of DOGE in circulation was roughly 127,361,296,648.
The numbers are just okay, but they do not tell the story of booming crypto. Even so, what brings hope to the future of Dogecoin is its vibrant community.
Meanwhile, a director within the Ministry of Finance in Russia, Ivan Chebeskov said that Russia wishes to regulate crypto and not fully ban it.
There is such a lively Dogecoin community behind Dogecoin that they once raised its value by 24%, just by encouraging users to pump.
If the bullish activity continues to dominate the crypto market, Dogecoin is likely to improve. Occasional endorsement by influential figures like Elon Musk will also probably see the coin remain relevant. Speaking of the billionaire Elon Musk, Dogecoin has amassed a dedicated following across social media platforms like Twitter and Reddit because of his comments about the coin. But do events like these signal that DOGE is a good investment?
We could say that with Dogecoin having such a strong community, it will always be that fun and light-hearted cryptocurrency that so many people warmed up to.
But frankly, with its rather tepid performance in recent years, there’s no straightforward answer to that question. Some investors might buy the coin out of a sense of loyalty, while others might buy it hoping for a future bullish run.
Whether the currency will finally pick up and offer investors handsome returns is purely a matter of wait-and-see.
Dogecoin has a FAQ page and help page to guide their users on their website.
Disclaimer: smartbillions.com provides guides, information, and latest news about crypto. Because our content is not financial advice or investment advice, we suggest talking with a professional before you make any decision.