You are usually told not to take jokes seriously because it will spoil the fun, right? But Dogecoin is precisely that: a joke that turned serious! 

DOGE is a cryptocurrency developed by Billy Markus and Jackson Palmer, who created it only as a joke. The aim was to ridicule the wild conjectures about cryptocurrency that were prevalent at that time.

The name is taken from the viral Doge meme that became popular in 2013. The meme consists of a Shiba Inu dog face, looking sceptically at the viewer. This face is the logo for Dogecoin as well. 

Even though it started as a joke, Dogecoin soon got dedicated forums and websites. In May 2021, it reached a market capitalisation of more than $85 billion. However, since DOGE has an unlimited supply, it is an inflationary coin. It means that as time progresses, its buying power will decrease. 

1

What to Consider When Buying Dogecoin?

If you are thinking of buying Dogecoin, don’t just rush headlong into it. Instead, it would help if you considered certain things before buying Dogecoin, and we will discuss them below.

The cost of buying Dogecoin

Dogecoin is an inflationary cryptocurrency. As a result, its buying power decreases over time. To keep the cryptocurrency value at the same level, the investors have to buy Dogecoin so that supply remains less continuously. So before you buy Dogecoin, you need to evaluate your financial position.

Finding a reputable exchange

It is precarious to buy cryptocurrency from random, unknown places. So always look for reputable exchanges. Dogecoin is a popular cryptocurrency, so most known exchanges, like Kraken, Binance, CoinBase, among others, offer it. Depending on the facilities you are looking for in an exchange platform, you can choose one that caters to your needs.

Bonuses at crypto platforms

It was decided that the Dogecoin supply should be unlimited because the creators wanted to discourage people from holding on to the currency for long periods. The inflationary nature of DOGE makes it risky to hoard for a long time and necessary to keep using Dogecoin for transactions. Look for cryptocurrency platforms that offer bonuses on Dogecoin transactions.

Is the platform user-friendly?

Dogecoin was made as a reaction to the hassles of handling cryptocurrency. So naturally, the makers ensured that the platform was easier to use than the prevailing cryptocurrencies of that time. The use of the Scrypt algorithm makes Dogecoin a very convenient platform to use. The transactions are less complicated and even quicker than other cryptocurrencies.

2

Where to Get Dogecoin?

Once you decide that you want to buy Dogecoin, you need to look for platforms where you can buy Dogecoin to get you started. Here are some of the various options you can check out for the same:

Cryptocurrency exchanges

Cryptocurrency exchanges allow you to convert currencies to crypto. From fiat currency to digital currencies, you can exchange anything for cryptocurrencies. You can even use other cryptocurrencies like Bitcoin or Litecoin to buy Dogecoin on these platforms. Most popular cryptocurrency exchanges like Kraken, Gemini and CoinBase offer Dogecoin.

Trading apps

Trading apps allow you to buy or sell any cryptocurrency of your choice. Unlike cryptocurrency exchanges, you cannot use other currencies to complete your transactions on trading apps.

You can use trading apps like Exness and Pionex to acquire Dogecoin. Still, nowadays, most cryptocurrency exchanges function as trading platforms as well.

Dogecoin ATM

In March 2022, Dogecoin rates increased by almost 20% after it was announced that crypto ATMs would now offer Dogecoin. In the United States, you can get Dogecoin across the 1,800 crypto ATMs spread over their country. You merely need to deposit your cash, and the ATM would convert it to Dogecoin and send it to your crypto wallet.

Brokerages

Brokerages act as intermediaries between buyers and sellers of the cryptocurrency. Some of the most popular brokerage firms like Interactive Brokers LLC and Robinhood offer Dogecoin.

3

The Steps of Acquiring Dogecoin

After you have finally made up your mind to acquire Dogecoin, follow these steps to fulfil your wish:

  1. Choose a platform to buy Dogecoin from

Even though the cryptocurrency emerged as a joke, many platforms offered the option to exchange and trade Dogecoin. So you have a long list of platforms that you can consider when buying Dogecoin. From brokerages like Robinhood to platforms like Binance and Kraken, plenty of platforms offer Dogecoin.

  1. Decide on a payment option to pay for Dogecoin

Depending on the platform you use to buy Dogecoin, you would get different payment options to complete the transaction. From bank transfers to credit or debit cards, almost all payment platforms are supported by cryptocurrency exchanges.

You can even use other cryptocurrencies like Bitcoin or Ethereum to pay for DOGE. Some platforms also allow PayPal transactions and bank wires. Take your pick!

  1. Place your order

Finally, place your order for Dogecoin. Decide the number of Dogecoin you can acquire based on your financial position, and complete placing the order.

  1. Receive and safely store your Dogecoin

Once your order is processed, your transaction will be completed. You would get Dogecoin in your cryptocurrency wallet. So, you need to create an account in a crypto wallet to receive and store your DOGE.

FAQ

Is Dogecoin safe to use?

Dogecoin is a blockchain-based cryptocurrency, so it is a pretty secure currency. In addition, blockchain is very difficult to hack, which makes blockchain payments safe.

When was Dogecoin launched?

Dogecoin was launched in 2013 by Jackson Palmer and Billy Markus, a couple of software engineers.

Where do I get Dogecoin?

Most of the popular cryptocurrency exchanges and trading apps like Kraken and Binance.

How do I store Dogecoin?

To store your Dogecoin, you need to have an account at a crypto wallet service. Ensure that the service you select supports Dogecoin before you create an account. 

Where do I use Dogecoin?

Dogecoin is a popular cryptocurrency and is widely used. For example, you can use it on Twitter and Reddit to pay tips, and recently, SpaceX started accepting Dogecoin.

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