Last Updated: March 10, 2023
Would you consider investing in a payment system that started out as a joke? Created satirically based on a Japanese meme, Dogecoin is one such system, trademarked by the Shiba Inu logo.
Have you been wondering how to buy Dogecoin? Touching on the history of DOGE, this article gives insight into how and where to invest while also answering frequently voiced questions and dispelling ambiguities on the topic.
History of Dogecoin
Dogecoin is an open-source, peer-to-peer cryptocurrency used as payment for goods or services that was initially created to mock the hype surrounding the question of how one can invest in cryptocurrency.
Dogecoin appeared in 2013 as the brainchild of software engineers Palmer and Markus when Palmer observed emerging crypto traits and ventured into the market after getting positive responses from social media.
The question of how to get Dogecoin became answerable after Palmer registered the dogecoin.com domain and started collaborating with Markus to build and develop the brand. The currency is open-source and utilizes scry.pt and blockchain technology while a decentralized network keeps investor data safe from prying eyes.
Who Uses It?
Dogecoin is widely used as a tipping currency to reward social media content. The Dogecoin Foundation also uses the brand to facilitate charitable initiatives in the community. Other users include smaller buyers and sellers and other organizations such as The Dallas Mavericks, AirBaltic, and Newegg.
The Current Price
In recent years, investors have started confidently including Dogecoin in investment portfolios, which led to its increased popularity during the Crypto Bubble in 2017 and 2018. At the time, the market capitalization of the currency surpassed $1 billion, even as the future of crypto was being debated.
Dogecoin currently trades at number 10 on popular cryptocurrency exchanges. At the time of its release, 1 DOGE was valued at $0.16.
When you buy and sell crypto, find the best place to buy Dogecoin and be cognizant of inherent risks. The digital coin market is very volatile and susceptible to trending news, the value of other digital currencies, and other factors.
For What Purpose Is It Used?
Dogecoin is purposed to pay for household items and food, secure custom web domains, or paid sponsorship. The best cryptocurrency gambling websites allow gamblers to utilize the coin on slots and selected casino games.
However, it is important to know that digital money is not widely accepted as legal tender.
How Many Can Be Mined?
New investors wonder about mining cryptocurrency, asking themselves ‘how much Dogecoin should I buy?’
The Dogecoin Scry.pt Auxiliary Point-of-Work (POW) algorithm allows 412.70873192 Dogecoin to be mined daily—equalling to one block every minute. However, take note that Dogecoin has an unlimited supply to the mine.
|DID YOU KNOW: The South African-born billionaire Elon Musk is a Dogecoin supporter. So, if you are still asking ‘should I invest in Dogecoin,’ remember that Musk described it as ‘people’s crypto’, significantly influencing the initial success of the currency.|
|Dogecoin was a response to a trending Japanese meme related to emerging crypto-tendencies.|
|Dogecoin has been in existence since 2013 and is regarded as a Bitcoin alternative.|
|DOGE transactions are open-source and use scry.pt technology and blockchains to power trade.|
|Dogecoin mimics the technology used by its predecessors Litecoin and Luckycoin.|
|Dedicated Dogecoin casinos allow investors to use digital money to fund gambling on selected games and slots.|
How to Buy Dogecoin
You may wonder how one goes about investing in Dogecoin, so we’ll walk you through it.
- Determine how many Dogecoins you want to buy, keeping in mind that the market is very volatile
- Create a brokerage account on a reputable cryptocurrency exchange
- Verify account details if prompted to, or use a valid digital wallet to transact
- Deposit funds via PayPal or checking/savings accounts—credit card transactions are okayed by a select few exchanges
- Once payment has cleared, place an order for Dogecoin—look for the DOGE ticker symbol to select
- Coins are safeguarded in the brokerage’s crypto wallet but can be withdrawn to store elsewhere until needed
|DID YOU KNOW: Cryptocurrency is stored in hot wallets connected to the internet, so it’s vulnerable to hacking. On the other hand, cold wallets are disconnected from the internet to keep theft to a minimum, but even though they’re more secure, they are less convenient.|
Where to Buy Dogecoin
Due to crypto-trading risks, it has become ever more important to select a reputable platform to facilitate transactions.
Check out the following options:
eToro is an Israeli brokerage firm specializing in the fast trade of digital coinage and foreign currency.
Investors utilizing the platform have their sights set on a diversified portfolio with 27 of the most-traded coins on the market available in 100+ countries. Automated systems buy and sell crypto as assets.
eToro mobile app is considered the best app to buy Dogecoin. Although digital money purchased via the app cannot be used directly for external payments, a dedicated application, (eToro Money), used together with your eToro wallet can get the job done.
- CopyTrader technology to simplify financial transactions
- A minimum dollar amount of $25 per trade
- FDIC-insured custodial investment security available to US citizens
- Seamless integration with eToro wallet via the eToro app
- Investment Time Machine for a post mortem approach to past investment statistics
- Debit card/online banking/wire transfer can be used to facilitate payment with no fees charged
Coinbase Global Inc. is an online company hailed as the best platform to buy Dogecoin in the US. The site facilitates buying, selling, and exchange of 96+ cryptocurrency contenders and features 81 crypto-to-crypto trading pairs.
On Coinbase, traders can buy Bitcoin, Ethereum, Litecoin, and much more. Coinbase Pro, Prime, and Custody plans give access to a variety of trade opportunities.
Fees charged on Coinbase transactions are considered to be on the high end of the spectrum, ranging between 0.5% and 4.5% depending on the type of transaction, with a $2 account minimum that keeps your account ticking over. Payment methods include bank accounts, digital wallets, debit cards, automated clearing house transactions and wire transfers.
Is Dogecoin a good investment and does customer service attract potential traders?
Although Coinbase is less than perfect with regard to customer support, a large resource library includes Coinbase Earn content to address customer queries and education.
Coinbase is used by traders looking for convenience in exchanging digital money. Investors use existing crypto wallets to store assets or use US custodial accounts, money market funds, or US Treasuries to safeguard investments.
We assessed Gemini, a US-based cryptocurrency exchange established in 2014.
Gemini investments generate interest in assets and showcase top security features. Its added benefits include a selection of cryptocurrency and a simple interface that shows novices how to invest in Dogecoin, with advanced applications for more seasoned traders.
Gemini’s users needn’t maintain an account minimum, and find peace of mind in offline cold storage facilities keeping assets safe, while additional account security is provided by strict privacy protocols (SOC 1 Type 2 and SOC 2 Type 2) and hardware security keys.
Gemini products include:
- Gemini Earn
- Gemini Credit Card
- Gemini Active Trader
- Gemini Dollar
- Gemini Wallet
Gemini Mobile is accessible to iOs and Android users from Apple Store or Google Play.
Tip: you can find all the features of Coinbase and Gemini compared here.
|DID YOU KNOW: The most popular Dogecoin gambling sites and luxury hotel groups accept altcoins such as Dogecoin for making bookings and playing games of chance.|
Should I Buy Dogecoin Right Now?
Investors are divided on whether to buy Dogecoin right now. Although share prices are currently fairly low, this does not guarantee stable prices in the future. Conversely, Dogecoin is a very popular currency and could provide relatively safe opportunities for novice investors, with the fact that Dogecoin is inflationary adding to its appeal.
|Disclaimer: this article was written for entertainment purposes and the website, the company and its employees are not liable for any consequences or losses that may arise from it.|
Using a credit card to buy Dogecoin is expensive, while bank transfers may take days to complete, so using altcoins to buy DOGE remains the best option. Simply find another trader interested in making an exchange for the right price, at the right time.
Utilizing a trusted, global coin exchange such as Kraken or Robinhood is the best way to ensure secure transactions. Direct purchases are concluded using a credit card or debit card on platforms such as Binance that facilitate these financial transactions, applying minimum deposits and coin restrictions.
Many users ask how to buy Dogecoin instantly. To do this, search for the DOGE ticker symbol on the trading platform menu and specify the number of coins you want to purchase or stipulate the dollar amount you want to spend. Once you do so, the order should be processed immediately.
In order for Dogecoin to reach $1/coin, its growth needs to be constant at 284.6%. Long-term forecasts estimate that although the digital currency reached $0.740796 at its peak, this is unlikely to happen again anytime soon.