How to Buy DogeCoin
Beginner's Guide to Buying DogeCoin in 2022
DogeCoin is one of the crypto tokens with the most interesting story. While it started as an internet joke, it quickly became a trend among traders, increasing its value to outstanding rates.
Those who want to learn more about crypto, learn about asset volatility, and other basics could benefit from investing in this token. However, we understand that some people may not know how to purchase it yet.
The following guide will cover everything about DogeCoin, its properties and history, and how you can purchase it safely from reputable brokers and payment methods.
What Is DogeCoin?
To put it simply, DogeCoin is a cryptocurrency token like Ethereum or Bitcoin. It was created by Billy Marcus and Jackson Palmer in 2013. The primary goal of DogeCoin wasn’t to become such a popular coin; instead, it aimed to make fun of Bitcoin.
Currently, although DogeCoin’s value has decreased significantly, it remains on the top 20 cryptocurrencies in history by market cap, making it a considerable investment among beginners or crypto enthusiasts.
DogeCoin has a dedicated blockchain like other popular tokens. Moreover, it uses cryptography and updated digital ledgers to keep transactions as secure as possible. In this particular case, DogeCoin uses a consensus mechanism around “Proof of Work.” Here, miners solve equations to process and record transactions on the network.
Once miners solve these equations, they can earn a small percentage of DogeCoin as a reward; these people can use these earned coins as they wish. The thing about DogeCoin is that, while it can work for immediate payments, it doesn’t work as well if you’re planning on storing it.
Keep in mind that there’s no lifetime cap for the token, meaning it’s considered inflationary. Moreover, considering that miners are creating millions of DogeCoin tokens every day, the speculation rate for the asset could skyrocket.
Still, DogeCoin has some advantages over its competition. In comparison to Bitcoin, for example, where transactions could get approved and recorded in about 10 minutes, DogeCoin can achieve the same results in under a minute.
While DogeCoin may not be the best cryptocurrency token to date, it could still prove itself to be an interesting asset to invest in, especially if you’re a beginner in trading.
The History of DogeCoin
As mentioned before, DogeCoin was launched in 2013. Its design was inspired by the famous internet dog/meme, the Shiba Inu dog, which was purposely called “Doge.” Once it was launched, several communities online created fun marketing campaigns to try and raise DogeCoin’s value.
Since its first release, DogeCoin kept a rather low profile. However, in 2021, the coin started to gain popularity on Reddit since many people were making promises to take the token’s value “to the moon,” which is a popular phrase among crypto enthusiasts.
DogeCoin’s popularity reached its peak in May 2021 after Elon Musk, Tesla’s CEO, made a tweet calling DogeCoin “his favorite cryptocurrency.” That tweet alone made the token earn its place among the best five cryptocurrency tokens according to the total market cap.
Unfortunately, that fame slowly decreased as time passed.
How Much Is DogeCoin?
As of today, the value of DogeCoin stands at around $0.14 per coin. Its total market cap currently stands at $18,773,084,380, and its current circulating supply is 132.67 billion “DOGE” tokens.
Still, keep in mind that cryptos don’t tend to have a fixed price. The value we just gave you could potentially increase or decrease over the next few days. Some of the factors that influence DogeCoin’s value include market demand, availability, competition, and current supply.
You may go online before investing in DogeCoin and look up its current value so that you don’t have any problems with your investment calculations.
DogeCoin Price Prediction
Contrary to popular belief, several financial experts predict a bright future for DogeCoin. As of the current year (2022), DogeCoin is expected to increase in value up to $0.35 per coin by December; this could be due to the increasing support among communities on social media.
Assuming the DogeCoin developers keep working on it, its price is expected to increase up to 500% in value. However, keep in mind that these factors could easily change depending on what happens in the world.
What You Need to Buy DogeCoin
Purchasing DogeCoin is similar to many other cryptocurrencies. If you’ve ever worked with any other token before, you know that purchasing cryptocurrencies involves a considerable number of requirements that you must fulfill to ensure that the transactions are safe enough for everyone.
Generally speaking, if you want to purchase DogeCoin, you must open an account on a cryptocurrency exchange platform. These platforms are where traders change their fiat currencies for cryptocurrency tokens and vice versa.
The requirements to open an account on these platforms may vary depending on each company. However, most companies request the following documents from people:
- Valid ID card, passport, or driver’s license
- Utility bills
- Bank statements
Although it’s really uncommon, some platforms may also ask for a personal picture to determine that you’re a real person. However, keep in mind that all the websites listed on this page are reliable and secure, so you don’t need to worry about your information getting stolen.
Quick Guide to Buying DogeCoin
Decide Where to Buy DogeCoin
Choosing the right place to purchase your cryptocurrency tokens could be difficult at first, especially if you’re a beginner. However, the purchasing process for new traders has become increasingly easy due to all the platforms currently available.
Today, you can create an account on popular exchange platforms like eToro, Binance, Coinbase, and others. Some of the factors that could influence your decision may include your country of residence, the platform’s fees and features, safety policies, personal preference, and more.
We suggest you take the time to evaluate each option carefully and choose the one that best adapts to your needs. Once you make your decision, the process to purchase DogeCoin will not take more than a few minutes.
Generally speaking, this is what most exchange platforms will ask you to do before investing in any crypto token:
Verify Your Account
First, you must verify your trading account before doing anything else. This is because most of these exchange platforms are strict when it comes to data protection, so they must ensure you’re a real person before allowing you to trade.
In most cases, you will be asked to verify your identity through a valid identity document, an address, and a payment method. Be prepared to provide the company with all of the required documents, and make sure all of the documents are up-to-date and valid.
Make Your Purchase
When you finish setting up your account, you’ll be asked to explore the platform and make any purchases you deem convenient for your goals. In this case, you can start making your DogeCoin orders as you consider them appropriate and use the payment method of your preference, as long as it’s available on said platform.
Think About Storage
Most cryptocurrency platforms have native digital wallets that allow you to easily store your DogeCoin. However, not all of these platforms have them. In case you’re working with a platform that doesn’t provide a native wallet, you must first create a wallet elsewhere and arrange for the transfer of the funds when you’re ready.
Make sure you consider the fees for both of these platforms before making any investment decision.
Best Places to Buy DogeCoin in 2022
eToro
eToro has always been a fan favorite when it comes to investing in crypto assets, and that’s due to its time online and its easy-to-use platform. Currently, it hosts over 20 million users in over 100 countries, which is a surprising number. Moreover, U.S. residents can create an account in eToro, which can’t be said for many other platforms currently online.
The fees for purchasing cryptocurrencies may vary depending on the payment method you use and some extra commissions. Typically, the commissions stand at 0.5% FX. One of the things we like the most about this platform is that it currently offers a wide selection of cryptocurrencies to trade, and you can also trade with your phone through its mobile app.
Pros
- It allows easy access to crypto, Forex, and CFD markets.
- It’s regulated by several reputable associations worldwide, such as CySEC, ASIC, and the FCA.
- It has an easy-to-use platform, making it accessible for beginner, intermediate, and advanced users.
- It’s registered with the SEC and FINRA.
- It has years of positive reputation.
Cons
- Some of the fees may be too high for some traders.
CoinMama
In case eToro feels like too much for you, CoinMama may provide a more user-friendly approach to trading. However, keep in mind that this platform asks for heftier fees in comparison to the competition.
Here, you’re not trading with other users, but rather with the company itself. Moreover, you must open your own crypto wallet elsewhere since this platform doesn’t have a native one. You may choose from a wide range of assets to purchase DogeCoin, but keep in mind this company doesn’t accept crypto-to-crypto transactions.
We think CoinMama still needs some work to appeal to experienced traders, but if you’re just beginning to trade and don’t mind the high fees, it may be a decent option to consider.
Pros
- User-friendly interface
- Wide range of payment options
- Android app available
Cons
- High fees
- No crypto-to-crypto trading
- No iOS mobile app
- No native crypto wallet
Crypto.com
Crypto.com has been around since 2016, and it’s likely one of the most popular options for crypto enthusiasts out there. It offers investment opportunities for over 90 cryptocurrencies (including DogeCoin). Moreover, it features a VISA card you can use to spend your tokens.
Currently, Crypto.com houses over 10 million users in over 90 countries. If you’re looking that can appeal to most trader types, Crypto.com may be a decent choice to consider, especially since it’s currently expanding its offering to the NFT market.
Pros
- It has a wide range of cryptocurrencies available.
- It offers a VISA card.
- It’s suitable for beginners and experts.
Cons
- There are not many educational resources available.
- There may be higher trading fees for low-volume traders.
- The customer support team isn’t fast to respond sometimes.
Gemini
Finally, Gemini offers a crypto exchange interface suitable for any trader type. Moreover, it offers over 50 cryptocurrencies, which is more than enough for most people. If you consider yourself a casual investor, Gemini may provide you with all the tools necessary to have a decent trading experience.
Pros
- It offers a considerable selection of cryptocurrencies.
- There are safety guarantees that protect the user against hackers.
- It’s available in the U.S.
Cons
- Its fees are considerably higher than other crypto exchange platforms.
DogeCoin Buying Methods
Most exchange platforms will offer a wide range of payment options for users’ comfort. However, there are four primary payment methods that all of these platforms provide users.
You’re free to choose the platform you feel the most comfortable with, but please keep in mind that each of these payment methods could have extra fees for you to pay.
Overall, the four primary buying methods include:
FAQs
Is Investing in DogeCoin Worth It?
While DogeCoin is not currently considered a “good” investment, this is one of the few crypto tokens whose value is based on its cultural value. Considering this token was created as a joke and that it’s backed up by several communities online, there’s potential for it to grow in value again in the future.
Why Did DogeCoin Get So Popular?
It became much more popular after Tesla’s CEO, Elon Musk, made a tweet about the token mentioning it was his favorite cryptocurrency.
Does DogeCoin Have a Future?
As many financial experts believe, DogeCoin could experience significant growth in the future due to its cultural value. Everything points toward a positive trend for this crypto in the following years.
BWCEvent aspires to share balanced and credible details on cryptocurrency, finance, trading, and stocks. Yet, we refrain from giving financial suggestions, urging users to engage in personal research and meticulous verification.
