Dogecoin has lately been the luckiest dog in the field of cryptocurrency. Everyone from Mark Cuban to Elon Musk has expressed interest in the iconic meme cryptocurrency. However, if you are a beginner and still apprehensive about buying it, read on.
Dogecoin is a cryptocurrency that has been around for a long time. Although it began as a joke, it swiftly grew in popularity and a dedicated following.
Dogecoin is a popular crypto choice, despite its price being extremely erratic, with a significant collapse in mid-2021 from its all-time high of a little over 70 cents per coin. Although its price has dipped in 2022, it is expected to reach $0.35 by the end of 2022 and $0.73 by 2025.
Here’s all you need to know about Dogecoin and how to buy it.
5 Simple Steps to buy Dogecoin for Beginners
If you’re wondering how to buy dogecoin in Canada or some other country, this article will
Here are five simple steps that will help you buy Dogecoin easily, regardless of the country you live in. However, don’t forget to check the legal status of cryptocurrency in your country and state.
- Consider the amount you want to invest
- Decide on a Dogecoin exchange
- Decide on a payment option
- Deposit fiat currency
- Consider a wallet
Consider the amount you want to invest
While there have been viral anecdotes of people who spent small sums of money in DOGE and became billionaires, investors should proceed with caution. Cryptocurrencies are very dangerous investments, and Dogecoin is particularly volatile because of its infinite supply.
This is how it works: in order for the price of Dogecoin to rise or even stay constant, investors must acquire additional coins on a regular basis. Else the supply of DOGE rapidly increases, eroding the value of all coins already in liquidity. In fact, one of Dogecoin’s designers purposefully removed the restriction on the number of coins available in order to dissuade individuals from hoarding them.
Decide on a Dogecoin exchange
The first and most important step is to select the most appropriate exchange. There are a variety of bitcoin exchanges from which to choose.
You must have a basic understanding of which exchange is best for purchasing Dogecoin. You must examine not just the finest exchange for you, but also the most secure and modern exchange.
While Dogecoin has grown in popularity in recent months, it is not yet available on all cryptocurrency exchanges. If you want to buy DOGE, be sure any exchange you’re considering has it.
Decide on a payment option
You must fund your exchange or brokerage account before you can start trading cryptocurrencies. The exchangers will usually allow you to deposit money from a checking or savings account. Wire payments and PayPal transfers are accepted by some.
A percentage of your money is usually made available for trading right away. If you transferred a large sum of money (typically more than $1,000), the transaction may take a few days to settle before you can use the full sum.
Note that you can buy Dogecoin and other cryptocurrencies using a credit card on a few exchanges.
Deposit fiat currency
When you sign up for an account on the exchange, you will be able to see the current price of Dogecoin. Cryptocurrency values fluctuate.
The price of Doge can be calculated based on the market value. Check to ensure that you will not be charged any additional fees.
To add money to your account, make a fiat deposit.
Consider a wallet
The finest exchanges always provide a variety of order types. You can select the finest choice for you. However, in this situation, it is important that you keep abreast with typical types of orders.
If you’ve already traded the stock, you don’t need to think about it. You can now buy as much Doge as you desire, based on your funds and the current price of the coin.
Consider your order fulfilled once you see the Dogecoins in your wallet. However, if it doesn’t or if the broker fails to meet your order criteria, you can easily cancel it at the end of the day.
Should you even buy Dogecoin?
While Dogecoin was notoriously created as a joke, investors are now taking it much more seriously. It is, nevertheless, a high-risk investment. As a result, experts advise spending no more than 3% to 10% of your cryptocurrency portfolio.
Your risk tolerance and current financial status should dictate the amount you finally decide to invest in Dogecoin. For instance, if you’re behind on your pension savings and don’t have a cash reserve, you should spend less on Dogecoin.
If you’re financially secure, on track to accomplish your retirement objectives, and have a sizable financial safety net in the bank, you might be willing to put more of your money into Dogecoin.
Those that purchased Dogecoin before the large increases in 2021 were richly rewarded. The steady influx of new coins onto the marketplace exerts a constant downturn on the coin’s worth.
Remember, purchasing any cryptocurrency, including Dogecoin, entails risk.
It’s always beneficial to buy some coins and get to know the network, but it’s best to avoid spending more than a minuscule amount of your hard-earned money on a cryptocurrency that started as a joke.
Author – Tuba Sarosh