Dogecoin is a decentralized cryptocurrency which was released towards the end of 2013. Dogecoin is based on a Shiba Inu Internet meme and has created a great demand in a short period. The greatest advantage of Dogecoin is that it allows the user to conduct online microtransactions (such as US$0.01-US$0.50 transactions).
How to Buy Dogecoin
Get a Dogecoin Wallet
Before purchasing a Dogecoin, it is very important to own a Dogecoin wallet to store your coins and the official website will help you to download a suitable Dogecoin wallet. Only a few reputable exchanges allow buying Dogecoin with Bitcoins or Litecoins and buying Dogecoin directly with fiat (USD, EUR etc.) is not recommended.
MultiDoge, a thin desktop wallet helps wallet software to sync with a trusted blockchain so that it does not download the entire blockchain to the computer. Wallets are password protected and if a password is lost, access to coins is denied forever. In Dogecoins, passwords do not get stored in servers so resetting a password using a reset link is impossible.
Get some BTC or LTC
Bitcoins (BTC) or Litecoins (LTC) can be exchanged for Dogecoins so to get your hands on some Dogecoin you may need to start with these coins first. There are a variety of ways to buy Bitcoin and Litecoin including;
- PayPal through VirWox, Paxful, Wirex or Local Bitcoins,
- By Credit Card through an exchange such as Coinbase, Coinmama, CEX.IO, Bitstamp, VirWox amongst many others.
- Through a wire transfer – from another online wallet or from a peer, similar to the credit card method you can do this through most exchanges.
- Cash is accepted on platforms like Local Bitcoin where you can buy Bitcoin from a suitable seller with Fiat Money.
With your BTC and LTC, Buy Dogecoin from a Reputed Dogecoin Exchange
Once you have bought Bitcoin or Litecoin you can now buy Dogecoins from a reputed exchange. Cryptsy is one of the biggest cryptocurrency exchanges which has both a DOGE/BTC exchange and a DOGE/LTC exchange. Here’s how to navigate through Cryptsy to make the exchange:
- Register at Cryptsy and answer 2 security questions and verify email.
- Based on the currency opted, update Cryptsy account. Look for a bitcoin row in “Balances” page and choose “BTC actions” and click “Deposit/Autosell BTC”.
- Click “Generate new deposit address” in the pop-up window.
- Login to account after an hour and choose either DOGE/BTC exchange or DOGE/LTC exchange.
- To place an order, enter the amount of Dogecoin and then click “Submit Buy Order”.
- Move newly purchased Dogecoins to Dogecoin wallet by choosing “Withdraw Doge” from “Doge actions” through “Balances”.
With various types of cryptocurrencies available, Dogecoin communities are expanding and more merchants are embracing the competitive-edge of the Dogecoin market.
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