How to Buy Dogecoin : With its adorable dog mascot and endorsements from billionaires such as Elon Musk and Mark Cuban, it’s not difficult to comprehend why investors are drawn to Dogecoin. Since its initial launch as an alternative to Bitcoin mockumentary in 2013, The cryptocurrency has now gained the status of a cult, with its supporters even calling themselves the Dogecoin Army.
The early purchase can make you very wealthy people: People who bought in prior to the coin’s explosion in its popularity at the end of 2020 saw their investments increase by over 7,000% to 77 cents by mid-year 2021. However, Dogecoin is not without risk as well. It was down to just 14 cents at the close this year.
Make sure to put in more money than you can be able to afford lose. If you’re in the market to invest, here’s how you can start your journey on Dogecoin.
steps to purchase Dogecoin
You can purchase Dogecoin through an account at a cryptocurrency exchange such as Coinbase, Binance.US, and Kraken. You can also get Dogecoin through investment apps such as Robinhood, SoFi, and Webull. Here’s everything you should know about buying Dogecoin in just five easy steps.
Dogecoin Trading is possible on Coinbase.
Choose how much you’re willing to put into Dogecoin.
Financial planners typically recommend placing no greater than 3% or 5 percent of your funds, which is a sum you’re willing to risk in volatile assets, such as cryptocurrency.
Here are some additional points to think about when deciding the amount you will put into Dogecoin:
As opposed to a bond or stock, Dogecoin doesn’t pay dividends or interest. It’s not supported by any major assets. Therefore when the public loses attraction to Dogecoin, it could theoretically drop to zero.
The sky is the limit to the number of Dogecoins that can be extracted. There are currently over 100 billion Dogecoins. In the future, the price of Dogecoin is expected to rise only if investors invest in Dogecoins more quickly than miners make them.
Select a cryptocurrency investment app or exchange.
While it’s not the only way to gain access to Dogecoin, exchanging cryptocurrency is among the simplest methods to purchase Dogecoin, Bitcoin, Ethereum, and other cryptocurrencies. A cryptocurrency exchange is a digital market that allows people to buy or sell cryptocurrencies and exchange them for others.
Many major crypto exchanges, such as Coinbase and Gemini, allow accessibility to Dogecoin. You can also purchase Dogecoin by downloading an investment application like Robinhood and Webull. These could be a better option for those who wish to buy a cryptocurrency and then sell it in return in cash. One drawback of some applications for crypto brokerage, however, is that they don’t allow you to use your cryptocurrency. For instance, you might not be permitted to utilize your Dogecoins through an investment app to purchase products that are accepted in crypto or transfer your coins to an external cryptocurrency wallet that could offer better security.
Make sure you have the account to fund your crypto.
You can open an account at a crypto brokerage or exchange online within just a few minutes. The process of signing up is straightforward. However, you may require the following details.
- Full legal name
- Birth date
- Email address
- Number for phone
- Home address
- Social Security number
- Driver’s license, passport, or any other ID issued by the government.
- Routing numbers and bank accounts for checking accounts to fund the crypto bank account. This is the money you’ll use to purchase Dogecoin in the cryptocurrency exchange or investment application.
- Make sure you open a crypto account.
Open an account with a cryptocurrency broker or exchange online within a matter of just a few minutes. The sign-up procedure is easy. However, you might require the following details.
- Full legal name
- Birth date
- Email address
- Number for phone
- Home address
- Social Security number
- Driver’s license, passport, or any other ID issued by the government.
- Routing numbers and bank accounts for checking accounts to fund the account of your cryptocurrency. This is the money you will use to purchase Dogecoin in the cryptocurrency exchange or investment application.
- Make an order for Dogecoin.
- To place an order on Dogecoin to place an order, sign in to your broker or exchange account. Locate the search bar and search for “Dogecoin” or DOGE. When you’ve found Dogecoin, enter the amount of money you’d like to spend or the number of dogecoins that you’d like to buy. After that, click “buy” or “order,” and click the “buy” or “order” button to complete your purchase.
- Keep the fact that your broker exchange might charge you charges for selling or buying cryptocurrency. The fees could range between 0.05 percent to five percent per transaction according to the the financial services company SoFi. But, some investment applications that provide crypto, like Robinhood and Webull offer crypto trades that are commission-free.
- Think about a crypto wallet
- To increase security and flexibility, some cryptocurrency enthusiasts convert their dogecoins into crypto wallets that are not offered by the broker or exchange platforms.
They are physical devices with passwords or keys that grant access to your crypto account on the Blockchain, a ledger in which your cryptocurrency is stored. They also permit you to transfer or receive, and even spend cryptocurrencies such as Dogecoin and Bitcoin and Bitcoin – a feature not present in a majority of cryptocurrency wallets offered by brokerage firms.
The companies that make crypto wallets claim to provide greater levels of protection than brokerages or exchanges. However, most exchanges provide some form of insurance to safeguard cryptocurrency assets.
What is Dogecoin?
Dogecoin was a cryptocurrency developed in 2013 in a joke based on the popular image of the Shiba Inu dog who communicates in broken English.
Despite its zany origins and its initial cost of less than one cent, Dogecoin boasted a market capitalization of over $19 billion as of February 2022. Its popularity is due to supporters like Elon Musk Mark Cuban, and Snoop Dogg. It has also accumulated a loyal fan base on social media platforms such as Reddit as well as Twitter.
