How can I purchase Dogecoin?
Matthew Dogecoin is one of the oldest cryptocurrencies around. While it started out as a joke it quickly gained a lot of traction and a loyal community. In this post I’ll explain a bit about what Dogecoin is and how you can buy it online.
How to Buy Dogecoin Summary
Here’s how to buy Dogecoin:
- Get a Dogecoin wallet (Ledger, Coinomi)
- Locate your Dogecoin address
- Find a Doge exchange (Kraken)
- Deposit Bitcoin into the exchange
- Exchange Bitcoin for Doge
- Withdraw your Doge
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1. What is Dogecoin?
Dogecoin was created in December 2013 by Billy Markus, a programmer from Portland, Oregon. Initially introduced as a joke cryptocurrency, Dogecoin (DOGE) gained a large online following and is now a very popular cryptocurrency. It is also well known for its meme-inspired logo of a Shiba Inu dog.
The original plan was to limit Dogecoin to 100 billion coins. However, it was later decided that there would be a limitless supply of Dogecoins.
One of the greatest strengths of Dogecoin lies in its passionate community, who have done a great deal of fundraising. Notably, supporters raised money to send the Jamaican bobsled team to the Sochi Winter Olympics as well as to sponsor NASCAR driver Josh Wise.
Dogecoin is also used as a form of tipping by the community on platforms such as Reddit and Twitter.
2. Buying Dogecoin in 3 simple steps
Step 1 – Get a Dogecoin Wallet
There’s no shortage of options when it comes to Dogecoin wallets. There are different types of wallets for you to consider, and each wallet can vary in terms of features, usability, and security.
Step 2 -Find a Doge Exchange
Surprisingly enough, Dogecoin doesn’t receive much support when it comes to finding a reputable exchange to purchase it on. Only a handful of vetted exchanges supply a DOGE/BTC option.
Step 3 – Withdraw your Dogecoin
It’s always sensible to store your cryptocurrency in a wallet rather than on an exchange. This reduces the risk of your cryptocurrency being lost or stolen.
So don’t forget to withdraw the Doge you’ve bought out of the exchange and into your own wallet using the address you got in step 1. If you keep your Dogecoins on the exchange, you’ve basically given up the control of the coins—if the exchange gets hacked or goes bankrupt, you may end up losing them.
4. Conclusion
Dogecoin is an established cryptocurrency that has been around since 2013. It has a passionate community that enjoys fundraising and using Dogecoin to tip other users on Reddit and Twitter.
While this cryptocurrency doesn’t have any significant advantage over other coins, the adoption it mustered throughout the years makes it seem like it’s here to stay.