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With its playful hound mascot and huge endorsements from billionaires like Mark Cuban and Elon Musk, it is not difficult to see why investors prefer Dogecoin so much. Since its inception as a spoof of Bitcoin in 2013, this digital currency had received the status of a cult, with the lovers even announcing themselves as #DogecoinArmy. In this article, we will be seeing how to buy Dogecoin if you really want to make your investment in this meme coin.
People who have bought Dogecoin in their early days are now quite rich. Those who have purchased this before this coin exploded in popularity in late 2020 witnessed the value of the investment made by them rocket by over 7,000% to 77 cents by 2021 middle. At the time of writing this, the Dogecoin value is 0.14 USD.
4 Steps To Buy Dogecoin With Ease
One can buy Dogecoin by opening an account with the digital currency exchanges like Binance, Coinbase, etc. These are among the best places to buy Dogecoin. They can also avail this crypto via various investment applications like SoFi, Robinhood, and Webull. Here is a guide for you on how to buy Dogecoin to increase your investments. If you want to buy Dogecoin in India, you will have to follow the same steps. So if you are wondering, should I buy Dogecoin 2022, then yes you should, but keeping in mind the nature of digital currencies.
Decide The Amount To Want To Invest
Financial planners generally suggest investing not over 3% to 5% of your money which is an amount you are okay to lose – in highly fluctuating assets like digital currencies. Here are some facts to take into account when deciding how much to invest in Dogecoin.
Unlike a bond or stock, Dogecoin does not offer interest or dividends. It is not pegged by any substation assets, so if the public loses its inclination with Dogecoin, the value could in theory decline to zero. There is no limit on how many DOGE can be mined. There is already over 100 billion DOGE. In the long term, the price of Dogecoin will increase only if investors purchase Dogecoins quicker than miners can produce them.
The hype-driven rallies of Dogecoin can be short lived. In mid-2021 the price of Dogecoin doubled in less than one month after Elon Musk, the founder of Tesla tweeted he would host Saturday Night Live, creating rumors that he would plug it on the show. As it took place, Musk termed the meme coin “a hustle” and within hours, its value plunged by closely 30%.
Create And Fund Your Crypto Account
You can sign up for a crypto account with any crypto brokerage or exchange online and in just a few minutes. You are wondering where to buy dogecoin, then let us tell you there are numerous options. There are various crypto exchanges as stated below from where you can purchase your Dogecoin, but before that, you will have to create an account in an exchange where you have decided to buy your crypto from. The sign-up method is relatively easy, but you may require to offer the following data:
- Full, legal name
- Date of birth
- Email address
- Phone number
- Home address
- Social Security number
- Passport, driver’s license, or other government-issued ID
- Bank account details and routing numbers if you are using a checking account to deposit your money into your crypto account. This is the cash that you will be using to purchase Dogecoin within the investing app or crypto exchange.
After you open your digital currency account, use a checking account for depositing your money which you will use to buy digital currency. The bank transfer may take three-to-five business days.
There are some crypto exchanges that also allow you to use your credit card to purchase digital currency. But this is risky. The bank will see the transaction as a cash advance or as if you took cash as a loan from your credit card through an ATM. The average cash advance rate of interest is 20.79%. So you may have to pay a lot more for your DOGE than what they are worth. And if the value of Dogecoin goes down again, you are left with high-interest credit and debit cards and no crypto gains to pay it off with.
Place Your Order With Dogecoin
In order to place an order for DOGE, log into your crypto brokerage or exchange account. On the search bar look for “Dogecoin” or DOGE. Once you find the coin, add the amount of dollars you would like to spend or the number of Dogecoins you would like to buy. Then select the “buy” or “order” option and finalize your transaction.
But remember that your crypto or broker exchange may charge you trading fees for purchasing or selling digital currency. You may see the charges ranging from 0.05% to 5% every trade, as per the financial services firm SoFi. However, there are some investing apps that provide crypto such as Webull and Robinhood provide commission-free crypto trades. If you are wondering how to buy Dogecoin on Binance, then the same steps applies.
Buy A Crypto Wallet
For flexibility and additional security measures, some crypto experts move their DOGE into a crypto wallet beyond one that is offered by the brokerage platforms or crypto exchange.
These are physical or software devices that have the passwords or keys that offer you access to your crypto currency balance on the blockchain, which is a digital ledger where your digital currencies actually live. These keys also enable you to receive, send, and spend digital currencies like Bitcoin and Dogecoin which is a feature that is absent from many of the crypto wallets offered by brokerages.
Conclusion
Dogecoin when created was treated as a meme coin. But with time and various investments from famous people around the globe, this crypto started to gain popularity. This was among the top 10 cryptocurrencies by market cap till last year. So if you have any plans to make an investment in this crypto then it is not a bad idea. But to do so you are required to know the right way in which you can do that. In the above article with the help of just 4 steps we have stated how to buy Dogecoin and start your investment in it.
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