How to Buy Dogecoin: The Easiest Way
Dogecoin, also known as People’s Currency is a controversial cryptocurrency that was created as a spoof on Bitcoin. However, now Dogecoin is worth money. Like other Cryptos, Dogecoin can act as a way to transfer money between people, either as a payment for goods or services, or simply to send cash. It operates on a decentralized network of computers that uses a distributed ledger called a blockchain.
How to Buy Dogecoin: Some Facts About Dogecoin
- Dogecoin has been created by software engineers Billy Markus and Jackson Palmer.
- It was introduced in December 2013 and it features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.
- Dogecoin.com promotes the currency as the “fun and friendly internet currency”, referencing its origins as a “joke.”
- On December 25, 2013, the first major theft of Dogecoin occurred when millions of coins were stolen during a hack on the online cryptocurrency wallet platform Dogewallet.
- In January 2014, the trading volume of Dogecoin briefly surpassed that of Bitcoin and all other crypto-currencies combined.
- Co-founder Jackson Palmer left the cryptocurrency community in 2015 and has no plans to return.
- Dogecoin started with a supply limit of 100 billion coin and in 2015, 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter.
How to Buy Dogecoin: The Easiest Way
Dogecoin can be brought from multiple sites including online brokerages as well as online exchange websites. However, before making the first trade with Dogecoin you will need to follow few steps common to almost all crypto purchases. Here are the steps for “How to Buy Dogecoin”:
- Decide on a Cryptocurrency Exchange
- Create your Account with the Exchange
- Verify your Identification
- Select a Payment Option and Fund Your Wallet
- Make Purchase
- Store Your Purchased Dogecoin
Decide on a Cryptocurrency Exchange
One can buy Dogecoin from multiple Crypto Exchanges but one should know about the risk and opportunities. Therefore, it becomes of utmost importance to decide on a crypto exchange. One should also make sure that the exchange comes with a built-in wallet. The wallet is where you will be adding the amount for trading. Else you will be bound to use an external wallet for trading Dogecoin.
Creating An Account With the Exchange
The next step would be registering yourself with the Crypto exchange. For registration, the exchange will require your personal details like Name, Phone number, Email and also Bank Account details.
Verify Your Identification
Verifying your ID will be the next step after you have created your account. To verify id, make sure you have your ID documents ready before you begin. In most cases, acceptable forms of ID will include a passport or driver’s license.
Select the Payment Option and Fund Your Wallet
Once your ID is verified, your account gets activated. The time period for account activation depends upon the exchange. When your account is activated, you can deposit fiat currency. It can be the US Dollars or any of the other fiat currencies they accept. There are different methods of funding your accounts, such as bank transfers from a checking or savings account, PayPal, wire transfers, a cryptocurrency wallet or even a credit or debit card.
Make Your First Purchase
After funding your wallet, the very next will be to trade. You can buy Dogecoin depending on your wallet balance.
Storing of Dogecoin
After your purchase of Dogecoin has been processed, you have to store your cryptocurrency. While some platforms will store it for you, some people opt to store their investments themselves to reduce the likelihood they will lose their crypto to a hack.
Where to Buy DogeCoin?
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