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How To Buy Dogecoin

how to buy doge

Like other cryptocurrencies, Dogecoin isn’t limited by trading hours; you can buy and sell Dogecoin 24 hours a day, seven days a week. The limit on the number of Dogecoins was expressly removed by one of its creators to discourage people holding onto it long term. That’s in stark contrast to other major cryptocurrencies like Bitcoin (BTC), which have caps on how many coins are issued. Dogecoin’s average transaction cost is under 10 cents, which is on the low end of cryptocurrency transaction fees. Dogecoin still uses proof-of-work technology to validate blockchain transactions.

how to buy doge

One of the greatest strengths of Dogecoin lies in its passionate community, who have done a great deal of fundraising. Notably, supporters raised money to send the Jamaican bobsled team to the Sochi Winter Olympics as well as to sponsor NASCAR driver Josh Wise. While it started out as a joke, it quickly gained a lot of traction and a loyal community. In this post, I’ll explain a bit about what Dogecoin is and how you can buy it online.

Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. To purchase Dogecoin, you’ll need to open an account with a cryptocurrency https://www.cryptominer.services/ exchange, where buyers and sellers meet to exchange cryptocurrency for dollars. Popular exchanges include Coinbase and Kraken, which offer simple, easy-to-use platforms. You can also purchase crypto using beginner-friendly investment apps like Robinhood.

You will be asked to provide your personal information and verify your identity. Additionally, many cryptocurrency exchanges require users to go through a KYC (Know Your Customer) process to verify their identity. This may involve submitting government-issued identification documents, https://www.coinbreakingnews.info/ such as a passport or driver’s license, and a proof of address, such as a utility bill or bank statement. Investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.

Is Dogecoin a scam?

Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points https://www.topbitcoinnews.org/ Guy and The Motley Fool Ascent. Holly Johnson is a freelance contributor to Newsweek’s personal finance team with a focus on credit cards and rewards, financial products and travel. Johnson has spent more than a decade covering financial and travel news and resides in Indiana with her husband and two children.

To purchase, open the trading platform of your chosen crypto exchange, check the current price of DOGE, place a buy order at a suitable price. Once your account is verified, you will need to fund your account through wire transfer or ACH transfer. A wire transfer transfers money directly from your bank account to the brokerage account, while an ACH transfer can be done through a third-party application.

how to buy doge

Dogecoin can also be found on decentralized exchanges, where you can coordinate peer-to-peer transactions. Dogecoin is a risky, volatile investment, and should only be purchased if you’re in a strong financial position and can afford to lose whatever money you might put in. Investment rules of thumb say risky assets like these should make up no more than 10% of your investment portfolio. Coinbase is a regulation-friendly US-based cryptocurrency exchange, which has been around since 2012.

Decentralized Exchanges

The cost of buying one Dogecoin can vary depending on the current market price, but as of current estimates, one Dogecoin is worth around $0.15 USD. Dogecoin is not a scam, but it is considered by many to be a bubble. Its value comes from user adoption and utility, but investing in it should be approached with caution due to its volatile nature. Kat has expertise in insurance and student loans, and she holds certifications in student loan and financial education counseling.

  1. Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking.
  2. Investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.
  3. While Dogecoin infamously started out as a joke, investors take it a lot more seriously now.
  4. This method can be faster and more cost-effective than buying DOGE with fiat currency.
  5. Dogecoin is a risky, volatile investment, and should only be purchased if you’re in a strong financial position and can afford to lose whatever money you might put in.

Dogecoin is an open-source peer-to-peer digital currency that was initially created as a joke in 2013. Two investors named Billy Markus and Jackson Palmer envisioned a coin with a picture of a Shibu Inu that would poke fun at crypto mania when it was getting close to its peak. Interestingly, Dogecoin caught on quickly and investors started trading DOGE steadily within weeks of its invention. The easiest way to buy Dogecoin with a credit card would be through Binance’s “Buy Crypto” section.

How much does it cost to buy one Dogecoin?

Dogecoin was created in December 2013 by Billy Markus, a programmer from Portland, Oregon. Initially introduced as a joke cryptocurrency, Dogecoin (DOGE) gained a large online following and is now a very popular cryptocurrency. It is also well known for its meme-inspired logo of a Shiba Inu dog. Sarah is an expert in the insurance, investing for retirement and cryptocurrency space. In some cases, you may also need to undergo a Know Your Customer (KYC) verification process.

Only a handful of vetted exchanges supply an option for purchasing Doge with Dollars or Euros. With its low price and growing popularity, more and more people are interested in purchasing Dogecoin. In just three simple steps, you can start investing in this popular digital currency. Dogecoin, known as the people’s currency or underdoge, has sparked both optimism and skepticism in the cryptocurrency world. Despite gaining mainstream attention in 2021, its future remains uncertain in 2022 after the depegging of Terra. While Dogecoin has not reached its all-time high prices, reaching $1 is a possibility when the cryptocurrency market picks up again.

Investing in DOGE can be risky as it is a highly volatile cryptocurrency with no intrinsic value. It has the potential to be a sound investment option for those comfortable with managing market fluctuations. Given that crypto price is determined by market supply and demand, it is crucial to proceed with caution. Prior to making any purchase, it is important to evaluate how it aligns with your existing investment portfolio and be mindful of the potential risks.

All you need to do is go to the exchange’s website, click on “Buy Crypto” on the top navigation bar and choose your payment method, as shown below. Alternatively, you could use a multi-currency wallet such as Exodus or Coinomi. Here is my complete Exodus review and you can read my complete Coinomi review here. While being one of the safest wallet types available, a hardware wallet does require an initial investment. The reason hardware wallets are considered safe is because they keep the private key to your Doge offline on a physical device. There are different types of wallets for you to consider, and each wallet can vary in terms of features, usability, and security.

While there are viral stories of people who invested trivial amounts in DOGE but are now millionaires, invest with caution. Cryptocurrencies are very risky investments, and Dogecoin is uniquely volatile because it has an unlimited supply. Dogecoin has seen price surges in the past, but it typically trades at prices that are well under $1, which makes it one of the more affordable cryptocurrencies on the market. We believe everyone should be able to make financial decisions with confidence. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor.

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