How to Buy Dogecoin (DOGE)?
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For a long time, Dogecoin was a niche cryptocurrency with a market cap of under a million dollars. But in recent years, demand for the Shiba Inu-themed coin on major cryptocurrency trading platforms has increased to the point that it is now one of the most sought-after cryptocurrencies.
In the world of cryptocurrencies, Dogecoin boasts one of the most fervent user bases. But resist the urge to simply believe the buzz and rush into buying dogecoin without analyzing your risk tolerance. Make sure you understand what you’re getting into before adding Dogecoin; often misspelled Dogcoin to your portfolio.
What is Dogecoin?
It is a not-for-profit P2P digital. As an open-source peer-to-peer cryptocurrency, it makes use of a secure decentralized method of data storage, known as blockchain technology, as a public ledger that is maintained by a network of computers known as nodes.
How does Dogecoin fit into your portfolio?
All cryptocurrencies remain alternative investments, which according to financial maxims should make up the least amount of your investment portfolio due to their emergent nature, volatility, and lack of regulation.
Although there are widely circulated tales of DOGE investors who made little investments and became millionaires, proceed with care. Investments in cryptocurrencies are extremely risky, and Dogecoin is especially volatile due to its infinite supply.
This is how it operates: Investors must continuously purchase additional coins in order for the price of Dogecoin to rise or even stay stable. If not, DOGE’s supply will increase quickly, depreciating the value of all current coins. In fact, one of its developers purposefully removed the restriction on the total quantity of Dogecoins in order to deter long-term holding. Many invest in Dogecoin as a short-term speculative trade.
That stands in stark contrast to other significant cryptocurrencies, like Bitcoin, which have limits on the number of coins that can be issued. As a result, coins become rarer, which increases their worth.
Where to buy Dogecoin (DOGE)
There are numerous ways to obtain Dogecoin, such as through exchanges, tipping, accepting it as a means of payment for goods and services, and so on.
Exchanges
A common way for people to obtain Dogecoin is through crypto exchanges. There are several exchanges available on the market, and they are most frequently used to convert fiat money into cryptocurrencies or vice versa.
You must register for an account with a crypto exchange, which brings buyers and sellers together in order to buy Dogecoin. Coinbase, Binance.US, and Kraken are three well-known and widely trustedexchanges.
It is worth noting that despite recent growth in popularity, not all cryptocurrency exchanges now support Dogecoin. If you desire to purchase DOGE, be sure it is offered for sale on any exchange you are considering.
KRAKEN: How to buy dogecoin (DOGE) with Kraken
Kraken is consistently ranked as one of the most reliable and secure cryptocurrency exchanges in the world, in addition to having the lowest fees in the market. This is important since it may be difficult, if not impossible, to get your money back if you misplace the private key to your DOGE.
To begin buying DOGE on Kraken, follow these steps:
- Sign up for a free Kraken account: It is as easy as you entering your email address, and creating a username and a password.
- Integrate your financing source and fund it: There are many ways to finance deposit money into your Kraken account. The options will be determined by your preferences and geographic location but often you can fund with a debit card, bank account or an existing crypto digital wallet.
- Buy DOGE: You can buy dogecoin (DOGE) once you have funded your account.
BINANCE: How to buy dogecoin (DOGE) with Binance
Binance Exchange is the biggest cryptocurrency exchange, popular for it’s low fees and good security past performance, it’s easy to buy cryptocurrency including Dogecoin (DOGE) via Binance.
Follow the following steps to set up and begin buying DOGE in Binance:
- Open a free account on the Binance app or website: Your Binance account serves as a portal for purchasing cryptocurrency.
- Fund your account, via your debit card, bank account, or other digital wallets.
- Purchase the Dogecoin (DOGE) asset: On Binance’s website navigation bar, click “Buy Crypto”, find dogecoin then click the link to start buying DOGE.
- Your Dogecoin (DOGE) can be stored on Binance: Once you’ve purchased your cryptocurrency, you may either hold it in your Binance account or transfer it to an alternate cryptocurrency wallet or hardware wallet which offers offline storage. For additional passive revenue, you can stake it on Binance Earn and earn DOGE staking rewards from your assets.
How to Buy Dogecoin (DOGE)?
There are many options for buying crypto in addition to the above exchanges. Log into your cryptocurrency exchange or brokerage account to create an order for Dogecoin. Look for the search field and enter “Dogecoin” or “DOGE”. Once you’ve located Dogecoin, enter the amount you want to spend or the number of dogecoins you want to buy. Finally, click the “purchase” or “order” button to complete your transaction.
The order should be processed right away after you place it. Dogecoin, like other cryptocurrencies, has no set trading hours; you can buy and sell it whenever you want, seven days a week.
However, be aware that trading fees for purchasing or selling cryptocurrencies may be assessed by your broker or cryptocurrency exchange. According to financial services provider SoFi, trade fees might be between 0.05% and 5%.
The Storage Options You Have
When you buy Dogecoin, it is automatically stored in the crypto wallet of your exchange or brokerage you purchased it through. Some investors prefer to take their cryptocurrency off of the exchange or brokerage they bought it from and put it in a different crypto wallet or store offline.
A hot wallet or a cold wallet located outside of your exchange are also options for storing your Dogecoin and other cryptos. While cold wallets are actual hardware that you may detach from, hot wallets are digital and connected to the internet, making them more vulnerable to hackers. But cold wallets are typically more expensive than hot wallets, and you also run a higher chance of forgetting or losing the password required to access your cold wallet, which would prevent you from accessing your cryptocurrency.
Tipping with Dogecoin
Dogecoin has a long history of being used as a tipping currency, which may have contributed to its popularity. On websites like Reddit, Dogecoin was frequently utilized as a tipping currency in the beginning by users. Since Dogecoin’s resurgence in popularity in 2021, this practice is once again common! Shibes express their gratitude to other Shibes on social media sites like Reddit by tipping them in Dogecoin using well-known bots like SoDogeTip.
Taking Dogecoin as payment for goods and services
Do you own a reputable business and you wish to buy Dogecoin? With a plethora of simple-to-integrate third-party payment options, accepting Dogecoin in exchange for goods and services is now easier than ever. Visit Dogecoin website for more information on how your business can accept DOGE.
FAQs
When was Dogecoin founded?
Jackson Palmer and Billy Markus, two software programmers, invented Dogecoin in 2013.
Does Dogecoin have Utility?
Absolutely, and it always has! The truth is, utility is one of the characteristics of money, and Dogecoin is money! Dogecoin is in fact one of the few cryptocurrencies that have been used exclusively for this purpose from its inception.
Where can I buy Dogecoin?
You can buy crypto and specifically Dogecoin through a crypto exchange such as Binance, Coinbase, Kraken etc. You can also get Dogecoin through tipping, accepting it as a payment for goods and services, and so on.
How high will Dogecoin go?
As more businesses start using Dogecoin as payment for goods and services, it is expected that the coin will gain more popularity, turning it from a purely speculative asset to a viable medium of exchange which is also expected to influence dogecoin’s price and exceed its current price.
Additionally, with the support of billionaires like Elon Musk and Mark Cuban, it is anticipated that Dogecoin will acquire momentum once more.
How many Dogecoins are in circulation?
As of December 2022, CoinMarket Cap believes Dogecoin to have a circulating supply of 132,670,764,300 DOGE coins!
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