How To Buy Dogecoin? Explained In 3 Easy Step
How To Buy Dogecoin?
Dogecoin was first created by Billy Markus in 2013 as a joke cryptocurrency. However, it gained a large online following and is now one of the most popular cryptocurrencies. Dogecoin is also well known for its Shiba Inu dog meme logo.
The original plan of Dogecoin is to limit it to 100 billion coins. But after gaining popularity creator decided to make a limitless supply of Dogecoin. Dogecoin has a very passionate community and raised a lot of funding for the cause. In my view, Dogecoin has a lot of potentials to grow. Basically, the Dogecoin journey has just been getting started.
Now let’s get to the main topic on hand. How to buy Dogecoin? I will explain how you to buy Dogecoin in 3 simple and easy steps. So let’s not delay any more.
Find a suitable Dogecoin wallet
Fortunately, there is no shortage of wallets when it comes to Dogecoin. There are different types of wallets and each wallet is different in terms of use, feature, and security. You just need to find out which one suits you the best.
Here are a few popular Dogecoin wallets:
Hardware Wallets For Dogecoin: In the crypto world, one of the safest wallets you can have is hardware wallets. Why? for one simple reason. It is almost impossible to hack. So in a hardware wallet, you can be sure that your crypto is in safe hands. However, a hardware wallet needs an initial investment where a software wallet is always free.
If you want to take a hardware wallet then Ledger Nano S and the Nano X are very popular choices and the good news is they support more than 1000 different crypto assets. So you can basically store any other crypto like Bitcoin or Ethereum.
Software Wallets For Dogecoin: A software wallet will hold your private key on a device that you have the wallet on. It could be your mobile, desktop, or laptop. Needless to say, these devices are vulnerable to malware. So if you are planning on using a software wallet please take all the necessary precautions.
You can choose from many software wallets. Multidoge is a good example of a software wallet. It is supported in Windows, Mac, and Linux. Also, you can use a multi-currency wallet if you hold more than one type of crypto. Exodus or Coinomi is a good example of that.
Find your Dodge address: Once you have selected your Dogecoin wallet it’s time for getting your Dogecoin address. What is a Dogecoin address? It’s a long string latter and mix of numbers that starts with a capital D. It’s basically your ID. here is an example of a Dogecoin address
DACu2ksj3xtvXU3FcxZE3r9hESgmuffCyD
Find an Exchange that supports Dogecoin:
There is only a handful of exchanges that support Dogecoin. So in this case your options are a bit limited. But not to worry there are some vetted exchanges options for you where you can buy Dogecoin with Dollar or Euro.
Here are some examples of the exchange
Buy Dogecoin through Binance: You can buy Dogecoin through Binance. If you don’t know what Binance you can read our article for that. In short, Binance is a popular crypto exchange that is supported worldwide and allows the user to buy Dogecoin with a variety of currencies and payment methods.
To buy Dogecoin all you have to do is click on buy crypto on the top navigation bar and then choose your payment method. After that not much work there. You just enter the amount and confirm the payment.
Buy Dogecoin through Kraken: Another popular option is Kraken. It is founded in 2011. This will allow you to buy cryptocurrency as well as Dogecoin via credit card or wire transfer. Once the funds are on the Kraken you can easily buy Dogecoin by clicking on buying crypto on the top navigation bar. It’s important to note that unlike most exchanges Kraken uses the XDG ticker symbol, not the DOGE ticker symbol which is widely accepted on other exchanges.
Buy Dogecoin through Bitpanda: Bitpanda is also another good option. Bitpanda was founded in 2014. It allows users to buy cryptocurrency through a variety of payment methods. You can buy crypto with a credit card, Neteller, Skrill, SEPA, etc. The daily limit for a verified account is €2,500 (€300,000 monthly). If you are looking for a trusted exchange to buy Dogecoin then bit panda can be a decent option.
How to buy Dogecoin with PayPal: There are only a handful of cryptocurrency exchanges that use PayPal payments. And sadly there is no solid method to buy Dogecoin with PayPal till now. However, you can buy bitcoin from LocalBitcoins with PayPal then you can transfer the Bitcoin to Changelly and trade it for Dogecoin. This is the easiest way I found to buy Dogecoin with PayPal.
Other Exchanges for Dogecoin: There are a variety of other options when buying Dogecoin. You can use eToro, Changelly, Gemini Bittrex, Coinbase, etc. The buying method is pretty similar to Binance. First, you have to load money from the payment method they accept then you can just buy the coin you want. However, it’s highly recommended that after buying you move the crypto to a secure location which is your wallet.
Move your Dogecoin to your wallet:
It is always recommended to store your crypto in your wallet rather than on your exchange account. In this way, you reduce the risk of your crypto being hacked or stolen.
So it’s very important that you move your cryptocurrency to your own wallet. Otherwise, you don’t have full control over your crypto and if the exchange got hacked or goes bankrupt you will lose all your crypto. Not to mention there are some fraudulent crypto exchanges out there.
Right now Dogecoin is a popular cryptocurrency on the market. One of the strengths of Dogecoin is that it has a very passionate community which fundraise time to time and give tip on using Dogecoin on Reddit or Twitter. Even though Dogecoin gains popularity it still has much more room for growth. So it’s not a bad idea to invest in Dogecoin right about now.
