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.
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.
Here are the most popular Doge wallets around:
Dogecoin Hardware Wallets
While being one of the safest wallet types available, a hardware wallet does require an initial investment. For comparison, software wallets are almost always free. The reason hardware wallets are considered safe is because they keep the private key to your Doge offline on a physical device.
The Ledger Nano S and the Nano X are very popular choices which support not only Dogecoin but over 1000 different crypto assets, you can read my review about them here. Likewise, the TREZOR One and TREZOR Model T are good options as well (here’s my TREZOR review).
Dogecoin Software Wallets
A software wallet will store the private key to your Doge on your device whether it be a mobile phone, a desktop computer or a laptop. These wallets might be vulnerable to malware, so be sure to take the necessary precautions and only download official or highly recommended wallets.
You can choose a Doge-specific wallet such as MultiDoge. This is a wallet available for Windows, Mac, and Linux. Alternatively, you could use a multi-currency wallet such as Exodus or Coinomi. Here is my complete Exodus review and you can read my complete Coinomi review here.
Hardcore Dogecoiners can also download the full client for Dogecoin on the official site, however, this is not recommended for beginners (or if you don’t know what a full client is).
For Android mobile devices, there’s the official Dogecoin Mobile Wallet, which generally has favorable reviews from users. Unfortunately, there’s no such version for iOS.
Locate your Doge address
Once you have your Dogecoin wallet it’s time to get your Dogecoin address. A Dogecoin address is a long string of letters and numbers that starts with a capital D followed by a number or another capital letter. Here’s an example:
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 an option for purchasing Doge with Dollars or Euros.
Here are the most reputable exchanges that allow you to buy Doge:
Buy Dogecoin through Binance
Binance, is a leading cryptocurrency exchange that supports the purchase of over 200 cryptocurrencies. The exchange has been around since 2017, is supported worldwide and allows users to buy Doge with a variety of traditional currencies and payment methods.
All you need to do is go to the exchange’s website, click on “Buy Crypto” on the top navigation bar and choose your payment method, as shown below. You can read my complete Binance review here.
Buy Dogecoin through Bitpanda
Bitpanda is an Austrian exchange that was founded in October 2014. Bitpanda allows residents of the EU (and a handful of other countries) to buy Doge and other cryptocurrencies through a variety of payment methods (Neteller, Skrill, SEPA etc.). The daily limit for verified accounts is €2,500 (€300,000 monthly) for credit card purchases. For other payment options, the daily limit is €10,000 (€300,000 monthly).
Buy Dogecoin through eToro
eToro – If you’re only interested in making a profit over Dogecoine’s price changes and you’re not into actually owning the coins, eToro is probably the easiest and cheapest option. The company offers a friendly and intuitive UI to help you exchange DOGE for fiat currency (USD, EUR, etc.).
Due to their relatively complicated withdrawal process, eToro is less recommended for accessing and using the actual coins. So, if you’re using eToro for investment only you can skip step 1 of getting a Dogecoin wallet, as you won’t be using the coins you’ll buy.
Keep in mind that cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. So keep in mind that your capital is at risk. US users – CFDs are not available for US users. US users can only trade (long) real assets without leverage.
Buy Dogecoin through Kraken
Kraken, Founded in 2011, the US exchange allows you to deposit funds via a credit card or a wire transfer. Users in Europe can benefit from the fast and free SEPA deposits. Once the funds are in your account you can easily buy Doge using the “Buy Crypto” tab in the exchange’s top navigation bar.
It’s important to note that Kraken uses the XDG ticker symbol for dogecoin and not the DOGE ticker symbol which is widely accepted on most exchanges. You can read my complete Kraken review here.
Buy Dogecoin through Changelly
Changelly is one of the few places that will allow you to buy Dogecoin with almost any currency (fiat or crypto). Changelly is a conversion service that works relatively quick and doesn’t require anything more than an email to sign up. The downside is that it can take up a lot in fees (especially if you buy Doge with your credit card).
Buy Dogecoin through Bittrex
Bittrex is a US based cryptocurrency exchange that has grown in popularity in recent years. It offers a DOGE/BTC pair similar to Kraken. This means that you will need to either buy Bitcoin or deposit Bitcoin in order to exchange it for Doge. You can read my full Bittrex review here.
How to Buy Dogecoin with a Credit Card or Debit card
The easiest way to buy Dogecoin with a credit card would be through Binance’s “Buy Crypto” section. Be aware that purchases with a credit/debit card usually have higher fees than with a bank transfer, but are also processed faster. If Binance doesn’t work out you can always use Kraken as another reputable option.
There are very few cryptocurrency exchanges that accept PayPal payments. For this reason, there are no options when it comes to buying Dogecoin with PayPal. However, you can use LocalBitcoins, which let you use PayPal to buy Bitcoin. Then you can transfer the Bitcoin to Changelly and trade it for Dogecoin.
Additional buying options
A number of smaller cryptocurrency exchanges, Exrates, YoBit, and Livecoin, all have DOGE/USD pairs. LiteBit.eu and Bittylicious and Cryptomate offer brokerage services for Dogecoin via EUR or GBP.
Remember, it’s always worth checking out reviews of cryptocurrency exchanges before signing up and buying.
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.
Dogecoin Frequently Asked Questions
Is Dogecoin on Coinbase?
No, Dogecoin is not listed on Coinbase.
Can I Mine Dogecoin?
Yes you can mine Dogecoin. Like Bitcoin, Dogecoin has a blockchain that’s maintained by a mining system. The key difference is that Dogecoin uses Scrypt, a different mining algorithm than Bitcoin’s SHA-256. Originally, the Scrypt algorithm was designed to be ASIC-resistant, however by now ASIC manufacturers found a way around that, so it is only profitable nowadays to mine Dogecoin with ASIC miners.
How do I Convert Bitcoin to Dogecoin?
You can use Binance or Bitpanda to exchange BTC to Doge.
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.
Have you used any of the above wallets or exchanges? What do you think of Dogecoin? Let me know in the comments below!