What is Dogecoin?
Dogecoin or DOGE is an open-source cryptocurrency created by Jackson Palmer and Billy Markus in 2013. It was initially started as a joke, which soon gained traction and amassed a loyal community of traders. It has an easy-to-use and simple interface which allows sending and receiving DOGEs easily.
Earlier it was decided to limit DOGE to 100 billion coins. However, it was later decided that there would be an unlimited supply of dogecoins. Dogecoin is considered a legitimate investment by many people, and it is gaining popularity in the crypto market.
How to Buy Dogecoin?
Here are the steps to buy Dogecoin (DOGE) with fiat currency:
Step1) Register your crypto trading account on the Binance site
First, you need to register on a crypto trading exchange like Binance by clicking Register Now Button
Step 2) Provide your email address and password.
Enter your email id and password, and press Create Account button.
Step 3) Complete the puzzle verification.
For the additional security measure, Binance asks you for the puzzle verification. All you need to do is just drag and drop your mouse to complete the puzzle.
Step 4) Complete the Account Verification
Now, check your email and enter the verification code by the Binance platform
Step 5) Complete your registration process
Enter credit card and billing details and proceed with your DOGE purchase.
- Select the Trade menu
- Press the Convert option to convert your fiat currency into Doge
Step 6) Go to the Convert & OTC Portal screen,
1. Select Fiat currency you want to deposit and enter the amount you want to convert into a DOGE coin (In this example, we have selected Euro)
2. Then press the Preview Conversion button
Step 7) Enter the amount and check your EURO to DOGE conversion
You can check the amount of DOGE you will receive after conversion. If you feel all is okay, press the “Convert” button to proceed and complete your transaction.
Step 8) Your conversion process is successful!
You can check the final updated status of your transaction by clicking on View Status. Now you have Dogecoin in your crypto account.
Buy Dogecoin from Reputable Exchanges
There are very few options to buy Dogecoin with USD directly. However, some cryptocurrency exchanges do allow you to purchase Doge with other fiat currencies. The most trusted and reputable exchanges for buying Dogecoin are:
| Name | Deposit Methods | Fiat Currencies | Cryptocurrencies | Link |
|---|---|---|---|---|
| CoinBase | Bank transfer, Debit card, PayPal, Wire transfer, Apple Pay | USD, EUR, AUD, GBP, NZD + 40 others | BTC, LTC, ADA, DASH, NEO, DOGE, etc. | Learn More |
| PrimeXBT | Credit Card, Debit Card, Bank Transfers, Western Union, MoneyGram, and cash deposits | AUD/USD, EUR, GBP, NZD, JPY, CA, etc. | BTC, ETH, LTC, XRP, DOGE, EOS | Learn More |
| Binance | Cryptocurrency, Credit and Debit Card, Koinal, etc. | USD, EUR, AUD, GBP, NZD + 40 others | BTC, ETH, BTG, DASH, XRP, ADA, NEO, TRX, etc. | Learn More |
| Robinhood | Bank transfer, Cash, Debit card | USD | ETC, ETH, BSV, BCH, BTC, DOGE, and LTC | Learn More |
Where can I buy DOGE?
Here are some methods for purchasing Dogecoin:
Buy Dogecoin with a Credit Card
Suppose you want to purchase or exchange Dogecoin directly using fiat currencies (such as EUR, GBP, USD, or JPY). In that case, Binance is your best bet. This digital currency exchange offers robust security, high liquidity, friendly fees, and various other benefits! There are very few other options to buy Dogecoin with a credit or debit card.
Buy Dogecoin Using PayPal
Some cryptocurrency exchanges also accept PayPal. This is because users can report the transaction to PayPal and claim their money back. Exchanges certainly don’t want people stealing cryptocurrency from them. For this reason, PayPal deposits are rare. However, there are many ways to buy Dogecoin using PayPal though. The easiest and safest way to buy Dogecoin using PayPal is to first buy Bitcoin and convert it to equivalent Dogecoins. However, some popular crypto exchanges like Coinbase don’t allow this.
How to Buy Dogecoin with Bitcoin
Here is a method to Buy Dogecoin with Bitcoin on Binance:
Step 1) Visit the Binance site
Go to: https://www.binance.com/ and Log In or Register if you do not have an account
Step 2) Go to the Buy Crypto option & complete the registration process
Enter the billing details as a Credit/Debit Card option to proceed with your Bitcoin purchase
Step 3) Ensure you have BTC in your wallet or transfer it to your Bitcoin wallet.
Go to the Trade Menu
Next, click on Trade -> Convert option
Step 4) Select BTC to DOGE and preview the conversion
Preview your Conversion
Here, we have converted 0.5 Bitcoin into DogeCoins:
1. Enter the Bitcoin Amount
2. Press the Preview Conversion button
Step 5) Check the amount of Dogecoin you will receive.
In this window, you can see the exchange Dogecoin amount you will receive
How to Sell Dogecoin
Here is the process to Sell Dogecoin using Binance:
Step 1) Go to the Binance platform and Log in
Go to Trade Menu
Next, click on Trade -> Convert option
Step 2) Preview your Conversion
Here, we want to convert 75.51 Doge into Euro.
1. Enter the Amount
2. Press the Preview Conversion button
Step 3) Make a final transaction
You will see the amount of Euro you will receive when selling Doge after conversion. If you feel all is okay, click Convert to proceed with the transaction.
Step 4) Complete the transaction
Once the transaction is successful, your Dogecoins will be converted into Euro fiat currency
What are the Pros/ Cons of Investing in Dogecoin?
Here are some pros/benefits and cons/disadvantages of investing in Dogecoin:
Pros:
- Celebrity support: It seems tweets from famous people, such as Snoop Dogg and Elon Musk, are helping support Dogecoin’s rise in value.
- Fun community: Early supporters of Dogecoin are quick to point out that DOGE doesn’t have to grow in price to be valuable. It was created for fun before its rapid rise in popularity. This shows that Dogecoin holders are not only thinking about money, though making money can be fun.
Cons:
- No limit: The potential amount of available Dogecoin is infinite as now there is no cap. This is a warning sign because you may lose your hard-earned money value if you have too many Dogecoins in your crypto account.
- Less secure: Bitcoin is a widely famous cryptocurrency and surely has worldwide recognition and support. Unfortunately, can’t say the same to altcoin like Doge. As its value is not much and it is also not reliable and trusted.
FAQ:
❓ What is Dogecoin?
Dogecoin or DOGE is an open-source cryptocurrency created by Billy Markus and Jackson Palmer in 2013. It has an easy-to-use interface that allows sending and receiving DOGEs easily. It was initially started as a joke, which soon gained traction and amassed a loyal community of traders. Earlier it was decided to limit DOGE to 100 billion coins. However, it was later decided that there should be an unlimited supply of Dogecoins.
✔️ What are the Best Dogecoin Wallets?
Following are the Best Dogecoin wallets:
- CoinBase
- PrimeXBT
- Binance
- Robinhood
🚀 Why Invest in Dogecoin?
Here, are some main reasons of investing in Dogecoin:
- Dogecoin is considered a legitimate investment by many people, and it is gaining popularity in the crypto market.
- You have some extra cash and are prepared to take a chance with it.
- Because of its lower value it has great potential to expand more.
- Tweets from famous people, such as Snoop Dogg and Elon Musk, are helping support Dogecoin’s rise in value.
🏅 Do all Cryptocurrency Wallets Support Dogecoin?
No, currently, not all cryptocurrency wallets support Dogecoin. There are numerous crypto-specific wallets that only support one single cryptocurrency! However, Dogecoin is a popular crypto asset, so you will have plenty of options to select the best Dogecoin wallets for your needs!
👉 Is Dogecoin a Scam?
No, Dogecoin isn’t a scam. It is real. It is legal crypto, so its value is based on user adoption and utility. There is a huge potential for Dogecoin to grow, and on the other side, there is also a possibility that the Dogecoin price may fall. However, it is good to be careful while investing in cryptocurrencies.
❗ Can I Mine Dogecoin?
Yes, you can mine Dogecoin. Like Bitcoin, Dogecoin also has a blockchain that’s maintained by a mining system. However, the primary difference is that Dogecoin uses Scrypt, a different mining algorithm compared to Bitcoin’s SHA-256. Earlier, the Scrypt algorithm was designed to be ASIC-resistant. Mining Dogecoin is also not very profitable.
However, ASIC manufacturers have found a method around that, so it becomes profitable to mine Dogecoin by using ASIC miners.