In 2021, Dogecoin skyrocketed by 7,000%. The mind-boggling gains crypto investors made placed the popular meme coin into the spotlight of the investment world, with many asking, “How do I buy Dogecoin?”
Despite the usual market volatility in the cryptocurrency world, many experts point out that Dogecoin (DOGE) still has the potential to reach the stratosphere once more. So today, let’s talk about buying Dogecoin and where to buy it (spoiler alert, you can buy Dogecoin on eToro).
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How to Buy Dogecoin (DOGE): The Super-Fast Guide
Below is the fastest, most concise possible guide on how to buy DOGE. We’ll use eToro as an example because they are a well-established platform that’s safe and easy to use.
- Create an account at the eToro cryptocurrency exchange: Visit the eToro website and hit the Get Started or Sign-Up button – the green one. Enter your email, create a username and a password, and verify your registration.
- Deposit money: In the cashier or deposit section of your brokerage account, set the payment method you wish to use.
- Find Dogecoin: Find DOGE on the list of available currencies or through the search bar and hit the Trade button.
- Buy Dogecoin: Enter how much money you wish to spend on DOGE. The minimum deposit and purchase value are $10. Click Open Trade and wait for the funds to reach your crypto wallet at eToro.
This short guide covers all the key steps you need to follow to add Dogecoin to your investment portfolio.
And if you’re experienced in using cryptocurrency exchanges or buying other cryptocurrencies like Bitcoin, you’ll be fine. But for beginners looking to invest in Dogecoin, we recommend checking out our in-depth guide below.
Where to Buy Dogecoin: A Detailed Rundown
Find the Best Cryptocurrency Exchange
Finding a high-quality crypto exchange is the biggest challenge for most potential crypto investors looking to buy Dogecoin. If your cryptocurrency exchange is legit and safe, you are all set. And this applies to every digital asset, including Bitcoin and other major cryptocurrencies.
Safety, encryption, and licensing are critical. We always advise investors that the crypto exchange they opt for must remain stable no matter how volatile the market is and no matter how many coins you are looking to add to your Dogecoin wallet.
We already mentioned that our top pick is eToro, but these are the essential factors to consider if you decide to search for the best brokerage services and third-party sites on your own.
- Available Cryptos and Digital Assets: While this article explains how to buy Dogecoin (Doge), you should search for crypto exchanges that include other digital currency options and add new coins you can invest in. It’s a good idea to check for any particular stocks you are interested in before registering. And, of course, you should also be able to sell Dogecoin on the platform.
- Payment Options: Whether you want to use traditional bank transfers, e-wallets, or other cryptocurrencies to buy DOGE, you should be able to do it. In plain terms, make sure that the crypto exchange you’re considering joining supports the payment method you want to use for investing.
- Fees: All online brokers and cryptocurrency trading platforms charge fees, but we want lower fees than the competitors. Hidden charges should not eat up your crypto profits – that’s not what you buy Dogecoin (DOGE) for. But note that even the best crypto exchanges tend to add withdrawal and deposit fees.
- Customer Service: We don’t recommend a crypto exchange unless you can reach out to support agents 24/7. Live chat is a must, but we also prefer companies that offer email and phone communication. As an extra bonus, we like when a crypto exchange is active on social media and engages in a public discussion with users.
When we went through all major crypto exchanges and placed them against these benchmarks, eToro stood out as the top option to buy and sell Dogecoin. Let’s now focus on your first purchase and joining the Dogecoin community.
How Can I Buy Dogecoin
So you found the best place to trade Dogecoin – now what? Well, the next step of the journey is investing in Dogecoin. And investing takes three steps: registration, funding, and actually buying DOGE. Let’s use eToro to take you through each step.
- How to Register: Head over to eToro, click on the button that says Get Started or Sign Up, provide the data the exchange will ask from you and verify your profile. The company has the right to ask for a photo ID document.
- Deposit Money: You can now log in to the exchange and set the amount of cash you wish to deposit in the Deposit Funds department. Select the currency, the payment option, and make sure to meet the minimum deposit requirement of $10.
- Purchase Cryptocurrency: Now that you have money in your account, click Discover in the site’s main menu. Then click on Crypto and find DOGE from the dropdown selection. Alternatively, you can find DOGE using the search bar.
Click on Buy and adjust the amount of cash you wish to use to invest in Dogecoin. The minimum money you can spend on Dogecoin investing on eToro is 10 USD. Click on Open Trade, and the funds will arrive in your digital wallet.
Invest in Dogecoin on eToro Today
You are now investing in Dogecoin, and are free to trade Dogecoin if you want, which is a different matter altogether and not investment advice.
So once the crypto transactions are through, the next step in any investor’s journey is to safely store their private key and digital assets, no matter how many Dogecoins you own.
You have four types of cryptocurrency wallets you can use to store DOGE; let’s discuss more.
Store Your Dogecoin in a Crypto Wallet
The four types of crypto wallets at your disposal range from storing your Dogecoin on the exchange to cold wallets.
- Store Dogecoin on the exchange: You can leave your Dogecoin on the exchange where you bought it. This option doesn’t give you complete control of your private keys but is the fastest way to trade or sell Dogecoin.
- Software wallet: Also known as the desktop wallet, this crypto wallet type is essentially software you install on your desktop or mobile device and store crypto – Dogecoin included. These are also hot wallets. What are hot wallets? They’re crypto wallets that connect to the internet, allowing you to buy and invest straight from the wallet or just check Dogecoin’s price and market capitalization.
- Hardware wallet: A hardware wallet is a dedicated device, usually similar to a USB drive, that allows you to store your crypto. Popular hardware wallets include Trezor and Ledger, both of which support Dogecoin.
- Cold storage: Cold wallets or offline storage is universally presented as one of the safest options among crypto wallets. Zero internet connection, top safety, but you also can’t easily trade or sell your assets. It’s excellent for long-term investors, but many traders aren’t fans.
Dogecoin Operation Explained
Like most cryptocurrencies, including major ones like Bitcoin and Ethereum, Dogecoin is driven by blockchain.
Blockchain is a distributed public ledger on which all transactions are stored in a centralized manner, without a central authority.
Every Dogecoin user or investor has a crypto wallet. Each wallet has a private key and a public key. The public key is used to submit a transaction request, which is processed by decentralized miners.
Miners validate the sender’s amount of Dogecoin and confirm whether they can make the transaction. After validation, the transaction is approved.
Dogecoin miners compete in collecting the transaction data called the nonce. They apply math functions to produce correct hash numbers for the nonce in question. The most successful miner is awarded 25 DOGE.
In the final stage of the process, miners and users receive a confirmation message, after which the DOGE amount is transferred into the target crypto wallet, completing the Dogecoin money transaction.
Pros and Cons of Dogecoin
- Fast confirmation times (faster than Bitcoin)
- Super low transaction fees
- Dogecoin community
- Lower value boosts use as currency in gaming
- Widely accepted
- Dogecoin mining is not profitable
- Dogecoin is inflatory, reducing its investment potential
- Limited functionality, no Smart Contract
- Fewer buying options than bigger cryptos
How Is Elon Musk Connected to Dogecoin?
Any DOGE discussion these days doesn’t seem possible without bringing Tesla and SpaceX founder Elon Musk into the conversation.
While some claim that Elon is the mysterious “whale” who owns over 28% of total Dogecoins, others insist that such claims make no sense since Musk insists cryptos are becoming too centralized to his liking.
What we can say with certainty is that Elon Musk is a fan of the iconic meme coin. The Tesla leader has promoted DOGE a number of times through his Twitter feed, raising awareness of crypto and even encouraging potential investors to invest.
Elon’s DOGE enthusiasm can be traced well over a year back, leading to price jumps any time he mentions the cryptocurrency. It now became known as “The Musk Effect.”
The exact amount of DOGE…
Read More:How to Buy Dogecoin (DOGE) in 2022: Buying Dogecoin Made Easy