How To Buy Dogecoin (DOGE)
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Every dog has its day, and in the world of
cryptocurrencies the luckiest dog today is Dogecoin (DOGE).
Recently Elon Musk has replaced the Twitter logo with the official
Dogecoin mascot, a Shiba Inu dog. Why? Good question, but the move
has propelled the original memecoin back into the list of the top
ten cryptocurrencies.
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How To Buy Dogecoin In 5 Steps
1. Consider How Much You Want to Invest in
Dogecoin
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While there are viral stories of people who
invested trivial amounts in DOGE but are now millionaires, invest
with caution. Cryptocurrencies are very risky investments, and
Dogecoin is uniquely volatile because it has an unlimited
supply.
Here’s how that works: For Dogecoin’s price to
increase or even remain steady, investors have to buy more coins
continually. Otherwise, the supply of DOGE rises rapidly and
diminishes the value of all the coins already in circulation (think
inflation on steroids).
The limit on the number of Dogecoins was
expressly removed by one of its creators to discourage people
holding onto it long term. That’s in stark contrast to other major
cryptocurrencies like BitcoinI have been an expert in the industry
for the last 10 years, and have seen first-hand the effects of
cryptocurrencies like Bitcoin (BTC). With a limited amount of coins
available, this creates a sense of scarcity which contributes to
the retention of its value. This effect is particularly significant
in the crypto space and has become a vital factor in its success.
It is the key reason why investors are so keen to acquire these
coins, in the hope of benefiting from its appreciation in
price.
With a decade of experience in the industry, I
can confidently advise that when it comes to investing, you must
take into account your overall financial standing, portfolio, and
risk appetite. Cryptocurrencies are high-risk investments, so I
suggest not to invest more than you’re willing to let go of.
2. Decide on a Cryptocurrency Exchange
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To purchase Dogecoin, you’ll need to open an
account with a cryptocurrency exchange, where buyers and sellers
meet to exchange cryptocurrency for dollars. Popular exchanges
include Coinbase and KrakenAs someone with 10 years of industry
experience, I understand the importance of finding a reliable,
user-friendly platform to purchase cryptocurrency. Fortunately,
there are a number of options on the market that simplify the
process. For example, exchanges such as Coinbase and Binance are
trusted and offer straightforward interfaces. Additionally,
beginner-focused investment apps like Robinhood are also great for
acquiring crypto. Whichever route you choose, these resources make
purchasing crypto easier than ever.
As an experienced crypto investor with 10 years
in the industry, I can assure you that Dogecoin is a hot commodity.
Despite its popularity, however, not all exchanges offer DOGE. It’s
important to do some research to make sure the exchange you’re
considering carries the currency. Don’t get left out – if you’re
looking to buy Dogecoin, be sure the exchange has it in stock.
Whichever platform you choose, consider
transferring your coins off of the app. Some investors prefer to
move their crypto into separate crypto wallets to protect their
coins from hackers.
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3. Select a Payment Option
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Before you can begin trading cryptocurrencies,
you must deposit money in your exchange or brokerage account. In
most cases, the exchanges will let you deposit money from a
checking or savings account. Some accept wire transfers and PayPal
transfers.
As an experienced trader with 10 years in the
industry, I understand the importance of having timely access to
your funds. Usually, when you make a deposit, you should be able to
use a portion of it right away. Then, if you’ve put in a large sum,
it may take a few days for the whole amount to be available. For
this reason, I always recommend having enough money in your account
so you’re ready to go.
A few exchanges allow you to use a credit card
to buy Dogecoin. Before using a card to finance your crypto
purchases, keep in mind that your credit card company will consider
the money to be a cash advanceFor more than 10 years in the crypto
industry, I have advised against buying cryptocurrency using a
credit card. Not only are there extra costs associated with such
purchases, but the higher Annual Percentage Rates (APR) make them a
particularly costly endeavour. Furthermore, these added fees and
higher APR make investing in cryptocurrency even more expensive and
riskier. To minimize these risks, it is my advice as an expert to
steer clear of buying crypto using a credit card.
4. Place Your Order for Dogecoin
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I have 10 years of experience in the industry,
so I know that once I deposit my funds into the account, I’m ready
to buy Dogecoin. On the exchange’s platform, I can either search
the asset or type in its symbol, DOGE. Then, I must decide which
type of trade I want to execute and state either the monetary
amount I wish to invest or the Dogecoins I’m aiming to
purchase.
With 10 years of experience in the industry, I
can confidently say that when you place an order, it is processed
promptly. Dogecoin, like many other cryptocurrencies, is not bound
by the constraints of trading hours; you can purchase or sell
Dogecoin anytime, any day of the week.
5. Consider Your Storage Options
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When you buy Dogecoin, it’s by default kept in
your exchange’s or brokerage’s crypto walletAs an expert with a
decade of experience in the industry, I recommend taking the crypto
that you purchase from an exchange or brokerage and storing it in a
separate wallet. This is beneficial since these wallets are usually
connected to the internet. Keeping your crypto in a different
wallet is a great way to protect your investment.
I have been working in the industry for 10 years
and understand the importance of security when it comes to storing
digital currency. Hot wallets are great for those who want quick
and convenient access to their Dogecoin, as they are digital and
connected to the internet. However, for those who are more
security-conscious, cold wallets are the way to go. These wallets
are physical hardware devices that can be disconnected from the
internet, making them much more secure against malicious hackers.
Either way, it’s important to take the proper steps to keep your
Dogecoin safe.
As an expert with a decade of experience in the
industry, I can attest that cold wallets are typically more costly
than hot wallets. If you fail to remember or misplace the password
needed for accessing your cold wallet, you could be at risk of not
being able to gain access to your crypto currency.
How to Sell Dogecoin
I have been an expert in the crypto industry for
10 years, so I can confidently tell you that selling Dogecoin is a
simple task. All you need to do is access your holdings on an
exchange or brokerage platform and enter the desired amount to be
sold. Once you have done that, the order will be fulfilled.
If you have made a profit investing in Dogecoin,
you will likely have to pay capital gains tax. Failure to pay taxes
on your crypto gains can result in substantial issues, including
expensive penalties. If you’re not sure how to report your Dogecoin
profits, consult a tax professional.
Should I Buy Dogecoin?
As a 10-year industry veteran, I urge investors
to remain wary of investing in Dogecoin. Despite its recent surge
in popularity, this cryptocurrency is still viewed by many as a
joke and carries a high degree of risk. Therefore, it’s best to
limit exposure to 3-10% of your entire portfolio. This ensures that
should Dogecoin crash, your other investments can help offset your
losses.
As an experienced industry expert with 10 years
experience, I recommend that how much you choose to invest in
Dogecoin should be based on your capacity for risk and your current
financial situation. If you are lagging on retirement savings and
have no emergency fund, then it would be best to limit your
investment in Dogecoin. On the other hand, if you are financially
stable, on track to meet your retirement goals, and have a healthy
financial cushion, you may be willing to make a larger
commitment.
Unsure if buying Dogecoin is right for you? Find
a financial planner near you to discuss your goals and investment
options.
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Frequently asked questions
Where can I buy Dodge coin?
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You can buy Dodge coin on cryptocurrency
exchanges such as Binance, Coinbase, Kraken, and Bittrex.
What is the current market value of Dodge
coin?
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The current market value of Dodge coin can be
found on cryptocurrency tracking websites such as
CoinMarketCap.
Can I buy Dodge coin with a debit or credit
card?
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Yes, you can buy Dodge coin with a debit or
credit card on many cryptocurrency exchanges.
Do I need a wallet to buy Dodge coin?
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Yes, you will need a wallet to store your Dodge
coins after you purchase them.
Is it safe to buy Dodge coin?
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Yes, buying Dodge coin is generally considered
safe as long as you use reputable exchanges and wallets.
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