There are two things that would be impossible without the internet: memes and cryptocurrencies. Dogecoin DOGE is a cryptocurrency that was born to bring these two concepts together. It was created by Billy Markus and Jackson Palmer in 2013, as a fork of Litecoin that sought to satirize cryptocurrencies.
Over time it gained popularity and has remained a top 10 cryptocurrency. Do you want to know more? Here we will explain more about this cryptocurrency and how to buy Dogecoin DOGE.
How to buy Dogecoin?
Many people think that buying Dogecoin is difficult. Although it may seem overwhelming at first, trading later becomes an easy activity to do.
In most cases the service provider will charge trading commissions on the entire Doge purchased, while in other cases the exchange charges spread or only Blockchain commissions.
These are a series of steps for purchasing Dogecoin DOGE.
Choose the right platform
Whether on a P2P platform (Cryptocurrency exchanges between people), on a centralized exchange (CEX), or on a decentralized one ( DEX ), the first thing is to look for a website to purchase Dogecoin DOGE.
Look for different reviews on the internet. Make sure the platforms you consider have permission to operate in your country. Ask friends who know about cryptocurrencies where to buy Dogecoin DOGE.
Learn to operate with the platform
Although some exchanges are easy to use, like Coinbase, others seem to be in an unknown language. There are many buttons and options for trading crypto assets, making it difficult to make the switch blindly.
We recommend looking for specific guides and tutorials for the exchange you decide to use. There are many data and web pages for this purpose.
On YouTube, you will also find many instructional videos to learn how to exchange coins for cryptocurrencies. Look at more than one carefully.
Register and comply with KYC requirements
Usually, to register on platforms or exchanges you must write down your email and a password. You will then complete your registration and must establish a two-factor authentication (2FA).
Finally, you must meet the KYC (Know Your Customer) requirements of the platform. For this, a photo of your ID and face is uploaded before making the first deposit with a credit card.
DEXs only ask to connect with the wallet to buy Dogecoin in Spain, but you must have other crypto assets such as USDT or ETH to be able to make the purchase.
Buy Dogecoin DOGE and send it to your wallet
- Now you can buy Dogecoin DOGE. The platforms and CEX allow you to easily trade fiat money, such as USD, EUR, and GBP.
- To make the purchase, they usually offer different payment methods, such as credit cards or bank transfers.
- Then you must withdraw the Dogecoin DOGE from the exchange or platform to your DOGE wallet. CEXs usually charge high withdrawal fees.
- If you buy through a DEX, you will receive the DOGE directly in your wallet, paying only network fees.
Where to buy Dogecoin: the best platforms
You are probably wondering: Where can I buy Dogecoin? There are many websites for buying and selling cryptocurrencies with credit cards on the Internet, but it is best to buy on the best-known platforms since they have permission to operate in almost any country.
For example, through Coinbase you can buy Dogecoin DOGE and more than 200 cryptocurrencies with your local currency.
Let’s look at the advantages and disadvantages of several sites with very good reputations.
eToro
This UK broker also allows you to purchase Dogecoin DOGE. However, you should keep in mind that their service is not available worldwide and you cannot withdraw Dogecoins from eToro to a wallet.
However, you can buy doge, sell it for fiat currency, and withdraw the payment received to your bank account. This is because eToro specializes in stock CFDs and buying doge there is a recent option.
Coinbase
You can buy Dogecoin DOGE on the Coinbase platform, originally from the United States. Among your payment methods is the credit card. You can also withdraw whatever DOGE you have in your accounts to your wallet.
This exchange adds an amount to the network fee when Dogecoin is withdrawn. To withdraw your investment in Dogecoin DOGE you must meet the KYC requirements.
Other ways to buy Dogecoin
There are other reliable ways to buy Dogecoin DOGE outside of the most renowned platforms, such as buying from friends and acquaintances or P2P marketplaces.
P2P markets can emerge without intermediaries, but always from communities that seek a common goal. When there is an intermediary, they are responsible for blocking the funds until the end of a transaction.
Buy doge with euros from trusted people
If you have someone you know in the cryptocurrency world, you can ask them to sell you some dogecoin, DOGE. Additionally, you can ask him to explain how cryptocurrency accounts, better known as cryptographic wallets, work.
If you have someone to help you with your first dogecoin purchase, you will learn more easily.
Buy dogecoin with local currencies on p2p marketplaces
P2P markets serve to bring buyers and sellers together without them knowing each other. The good reputation of some actors in this type of market stimulates confidence when purchasing.
There is no way to lose in P2P markets. Although they work in different ways, they usually lock funds until both parties have transferred, and that is when the coins are allocated.
The Binance Exchange has P2P markets known for the trust they generate.
Buy Dogecoin with Paypal
In the United States, you can buy cryptocurrencies with PayPal, but not in the rest of the world. However, you should consider that Dogecoin DOGE is not among the cryptocurrencies sold on PayPal US.
Fees when purchasing Dogecoin
There are at least three types of fees when purchasing dogecoins:
Trading fees: Usually charged to investors on centralized and decentralized exchanges. Depending on which one it is, they vary between a percentage of less than 1% in CEXs and network interaction fees in DEXs.
Spread: It is a difference between the market price and the purchase price on a platform or broker. It usually varies from 0.5 to 3%.
Withdrawal fees: When sending Dogecoin through the DOGE blockchain, commissions or gas fees of between 1 and 2 doge are paid. However, if you withdraw from a centralized exchange, they usually charge an extra amount of Doge to discourage withdrawals to the network.
Don’t leave your coins on centralized exchanges. Remember that if you don’t have the private keys, the coins are not yours.
How to analyze Dogecoin price movements
- Bitcoin Halving: Every 4 years, the number of Bitcoins mined per block is halved. Historically, Bitcoin halvings generate bullish cycles in Dogecoin DOGE. Having a good number of doge coins in deposit before a halving can be a good idea to obtain a return on investment. The next BTC halving will occur in 2024.
- Musk and Tesla: Everything Elon Musk said about Dogecoin DOGE in 2020 and 2021 created a bull cycle for this coin. It began to be traded more and more on each exchange, driving up the price. Although Elon Musk’s opportunities to manipulate the market are now smaller, they are not zero.
- Adoption: the adoption of these cryptocurrencies by companies can drive up the price. If you hear a rumor that a multinational is going to accept Dogecoin DOGE, it may be a good time to purchase, waiting for the company to make it official that it will accept cryptocurrencies on its platform.
Is Dogecoin a good investment?
Buying Dogecoin is an option for many retail investor accounts, but it is actually a high-risk asset, much more so than Bitcoin or Bitcoin Cash.
In addition to the Proof of Work, one of the conditions of the Dogecoin DOGE protocol is that the supply of coins is unlimited: it is an inflationary currency.
As a sincere crypto service provider, we do not encourage you to invest in Dogecoin DOGE for the distant future, because its price may drop over time.
Betting against Dogecoin DOGE
Another way to invest in Dogecoin is short sales, a mechanism similar to CFD, with a high risk of losing.
For this, DOGE is borrowed, sold for cryptocurrencies such as BTC or USDT, and waited for the price to drop. As with a CFD, leverage is mandatory.
This means that the risks when investing in this type of CFDs are greater and require technical knowledge since it is not a simple cryptocurrency exchange.
However, you can learn how to short-sell Dogecoin DOGE by learning from traders and brokers who teach on social networks, but with little money and looking to have fun in the process.
Dogecoin Trading Strategies
Dogecoin was born as a meme. Unlike currencies that sought to become large projects like Ethereum, or exchange currencies like BNB, Dogecoin DOGE emerged as a less ambitious project, but with a very defined vision.
This helped create a community committed to the project over the years. Furthermore, being the cryptocurrency meme par excellence, everyone wanted to have Dogecoin DOGE in their wallets.
The Dogecoin Manifesto
The Dogecoin Manifesto is located on the Dogecoin Foundation website and can be signed on Twitter by anyone. In the manifesto, it is said that Doge should be helpful, pleasant, welcoming, and trustworthy.
During its early years, Dogecoin grew by word of mouth.
Mining was easy
One of the reasons Dogecoin was successful is because it could be mined more easily than Bitcoin or Ethereum, despite being a PoW blockchain.
Basically, you could mine with GPUs and CPUs. Although the yield was low, it was a good option to start mining.
