Dogecoin is an open-source peer-to-peer cryptocurrency based on the Scrypt algorithm. It was created by Billy Markus and Jackson Palmer in 2013. The name “doge” comes from the popular meme image of Shiba Inu dog with a caption saying “What’s up Doge?”
This cryptocurrency that was created in 2013 and it has become popular because of its funny name and the fact that it is based on the Doge meme. The Doge meme is an internet phenomenon that started back in 2009. The Doge meme is a dog that looks like he is smiling. He has been used in various memes and videos.
Now, let’s look at how to buy DogeCoin, as well as how to store it safely.
A quick guide on buying DogeCoin
The steps to buying DogeCoin are quite simple. All you have to do is take the following steps.
Step 1 – Open an account on Binance
You will need to create a new account on Binance. To do that, simply navigate to the Binance website. From there, you will be able to find the Register Now button, which you must click. You must then enter either your email address or phone number to create a new account.
You will then be asked to select your country code as well as enter your phone number to continue. Once done, you must accept the ToS and proceed with creating the account. Please note that Binance may require you to complete a verification process, where you must enter a 6-digit verification code that will be sent to your mobile.
Step 2 – Set-up 2-factor verification
You will find the option to set up 2FA once you have accessed your dashboard. You can either choose to verify using your phone or Google Authenticator, which is a more secure option, in our opinion. Once this process is complete, you can continue to make a deposit.
Step 3 – Fund your account
At this point, you will need to fund your account with either cryptocurrency or fiat currency. If you are using fiat, then you can use PayPal, credit/debit card, or bank/wire transfer. Depending on the option you choose, your funds will appear in your account immediately or after your funds have been cleared( if you have chosen the bank transfer option).
You must then choose Bitcoin from the dropdown list that appears. Confirm all the details and proceed with your purchase.
Step 4 – Buy DogeCoin
As soon as you have funded your account, you will need to navigate to the Markets section and look for DogeCoin. You can then trade your Bitcoin for DogeCoin.
Exchanges to buy DOGE
Binance
Binance has been dominating the scene. One of the biggest advantages offered by Binance is that of lower fees. Exchanges charge little while users enjoy high liquidity charts that make possible instantaneous purchases and selling in a moving market.
Luckily, many countries across the world allow Binance operation on THORChain, these include Australia, Singapore, and the UK while those from the USA are barred. Though Binance is barred from the USA, it still maintains large customer bases in many countries across the world and it looks highly probable that it will grow so huge to disband any form of competition.
Step-by-step Buying Guide
- Create an account
- Complete KYC process
- Add funds to your wallet
- Buy your crypto
eToroX
This platform was launched in 2007 and has grown to be one of the most trusted brokers due to its safety and security. Recently, it started offering cryptocurrency trading and most traders prefer it due to its user-friendliness.
Step-by-step Buying Guide
- Sign up for an account at eToroX
- Verify your account
- Fund your account
- Buy your coin
Crypto.com
This exchange is about 5 years old, having been launched in 2016. However, in such a short space of time, it has managed to gain a great reputation and become a trusted platform worldwide. On the platform, you will be able to trade cryptocurrencies conveniently due to the various services on offer.
On the platform, you can buy 100+ cryptos at true cost. Not only that, but you will also be able to manage your visa card offered by the platform, earn interest on your crypto, make crypto payments, and so much more. Another great feature is that the company has a non-custodial DeFi wallet. As a result, you retain full control of your private keys.
Step-by-Step Buying Guide
- Sign up on the platform and provide your ID and selfie for verification
- Fund your account
- Tap on the Trade button
- Click Buy, and then your chosen crypto. This lets you choose your preferred coin
- Add your card and follow the secure link provided
Bitfinex
Bitfinex was established in 2012 and from then on it has been the right choice for many traders around the world. Offers proper functionality and determines good market price alerts, bookings, and trading techniques. A Bitfinex App is official and there for the traders to utilize. The application is flexible meaning that it can be used on many devices. Just create an official Bitfinex account to get started with long-term trading.
Step-by-step Buying Guide
- Create and verify your account
- Select RUNE from the list of deposit currencies
- Select the destination Bitfinex wallet
- Agree to terms and conditions
- Complete transaction
WOO Network
Woo Network is an innovative blockchain project that aims to create a decentralized social media platform where content creators can earn rewards for their efforts. The Woo Network token (WOO) is used to pay for services on the platform.
Woo Network is a new kind of social media platform that rewards its users for creating and sharing quality content. It is built on the Ethereum blockchain and uses smart contracts to ensure transparency and fairness.
Step-by-step Buying Guide
- Create an account
- Make a deposit
- Choose the preferred token and buy
VCC Exchange
VCC exchange is a cryptocurrency exchange that allows you to trade between different cryptocurrencies. It is based out of Hong Kong and has been around since 2014. The exchange offers a wide variety of trading pairs including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero, Zcash, Dogecoin, and others.
You can use VCC exchange to buy and sell cryptocurrencies directly from your bank account. They also offer an API so you can integrate their service into your own app.
Step-by-Step Buying Guide
- Create a new account or sign in to your VCC Exchange account
- Make a deposit using fiat or crypto
- Exchange your account balance for your desired token
Coinbase
By purchasing either bitcoin or ethereum, you are actually setting a good Coinbase takeoff. Coinbase, just like Binance, is one of the bigger and more dominating exchanges on cryptocurrency. An extra package of $10 worth of bitcoin is as a result of purchasing $100 cryptos. To kick-off, insert your email. Account verification is the best because you should use your name. Set a strong password to guarantee safety.
After inserting an email, confirmation will come instantly. Take note, the confirmation contains a link that has a mobile number. 2FA, a two-way authentication process should be used. It is very efficient and has good security measures. Make sure that this feature is always on to ensure long-lasting security.
Verification should be opted for in the next step. Never mind the daunting process, it is just a procedure but it’s just part and parcel of the asset claiming process. Luckily, Coinbase customers are guaranteed safety because it is regulated in the US, UK, and EU. Expect sheer automation and good functionality, all the transactions are automatic meaning customers should not wait for more than 15 minutes.
Step-by-step Buying Guide
- Sign up or sign into Coinbase
- On the upper right-hand side, select buy
- Choose your token/coin from the list of option
- Specify the amount that you want to buy
- Preview the transaction and confirm purchase
- Click Buy to complete your transaction
How the DogeCoin project is different
If you are familiar with Luckycoin, then you must know that DogeCoin is a version of Luckycoin. You should expect about 30 transactions to be processed per second on this blockchain. Also, each transaction will cost about $0.01.
The developers of DogeCoin have partnered with Digibyte so that they could implement the Digishield protocol. This protocol helps in the mining of DogeCoin in that each block is modified so that it’s not taken over by a large mining pool.
Lastly, you will notice that the function and design of DogeCoin are extremely simple.
Things to consider before buying DOGE
Before you buy Dogecoin, there are things you will need to look at first. Let’s look at them below.
1. Check the history of DOGE
You must do your research before you rush to make a purchase. You will need to get an insight into how the coin has performed over time. Getting these metrics allows you to understand the coin better and decide whether you want it or not. Whatever you do, be prepared to take a risk.
2. Exchange reputation
The most important thing is that the exchange that you choose to use should be safe and secure. You can check if it’s a scam by looking for reviews on Google or Facebook. If they have many negative reviews then this might not be a good choice.
3. Decide how much you want to invest in DOGE
Another thing to think about is how much money you want to invest. Do you only want to invest small amounts of money like $100 or more? Or would you rather put in thousands of dollars? Of course, this depends entirely upon your risk tolerance.
Some people prefer low-risk investments where their capital isn’t lost but instead grows over time. Others may choose high-risk investments because they’re willing to lose all their investment. There are also other factors such as tax implications and fees involved with investing.
Where to store DOGE token
If you are a beginner in the world of cryptocurrencies and blockchain technology, then this section is for you! We will teach you where to store your cryptocurrency securely and how to do that.
The most important thing when storing any type of currency or asset is security. You want to make sure that no one can steal your money from you. And if someone does try to take your assets away from you, you don’t want them to be able to spend those funds easily either. This means that you need to find somewhere safe to put all of your crypto coins.
There are many different options available to us today. We could use an online wallet like Coinbase or Binance. Or maybe even something more secure such as hardware wallets. But before we dive into these solutions, there is another option out there that might work better than anything else. It’s called cold storage.
Cold Storage vs Online Wallets
When using an online wallet, you’re basically giving access to your private keys to anyone who has an internet connection on their computer. That includes hackers, scammers, government agencies, etc. With cold storage, however, you give up control over your own private key. Instead, you send your digital currencies directly to offline devices which only allow you to view transactions but not modify them.
These types of devices include USB drives, paper wallets, hard disks, etc. They also require physical presence at the location they are stored. For example, if you were to buy DogeCoin through Binance, you’d receive a code that allows you to download the software needed to create a new address.
After downloading the app, you’ll see a QR code next to your transaction history. To transfer your newly created DOGE addresses to other people, you simply scan the QR codes. Once scanned, the recipient receives the amount of DOGE sent by you.
Another reason why cold storage is preferred is due to the fact that it provides additional protection against hacks. Because you aren’t sending your private keys to third parties, you won’t be vulnerable to phishing attacks. Phishing scams involve fake websites trying to trick users into revealing sensitive information. By doing so, cybercriminals gain access to user accounts and financial details.
Hackers can also perform man-in-the-middle attacks. This involves intercepting communications between two parties in order to impersonate one party while communicating with the other. In this case, the hacker will pretend to be the owner of the website where the victim sends his/her private keys. Then, he/she will request payment instructions. Once received, the hacker will then proceed to withdraw the funds from the victims’ bank account.
Privacy and security tips
If you decide to buy DOGE, here are some things you should consider:
- Choose a reputable coin and sure you understand how the coin works
- Keep track of all incoming and outgoing payments
- Use multiple methods of verification during signup
- Always backup regularly
- Don’t forget about security updates. These keep your funds secure
- Be careful when dealing with exchanges. In fact, check the reputation of the exchange or platform
- Consider hardware wallets as these are the most secure
- Avoid storing large amounts of tokens in one wallet
F.A.Qs
Can I buy DogeCoin using cash?
You are not able to do so. The best thing to do is to buy Bitcoin using cash on Binance. After that, you can then go ahead and exchange your Bitcoin for DOGE.
Can I trust DogeCoin?
Most definitely! DogeCoin has proven to be one of the best cryptos out there. It has been around for some time now and its value has remained steady for some time. This makes it a great investment option.
Conclusion
Dogecoin is designed to be used for tipping people on social media sites like Twitter and Reddit. On top of that, a few dozen merchants accept this crypto as a form of payment. Because of that, you can use it to purchase various things which may even include food.
The cryptocurrency was designed as a way to break down all the stigma that is associated with cryptos. Since then, it has grown to be one of the best cryptos on the market.
