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How to buy Dogecoin (DOGE)

Dogecoin’s popularity, adoption and price have grown exponentially due to recent endorsements from celebrity influencers. Find out how to buy DOGE on an exchange and where to store it.

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Dogecoin (DOGE) is a popular “meme” cryptocurrency that was conceived as a joke in 2013; it was largely used as a tipping mechanism for years until it found a resurgence in popularity from a mainstream audience in 2021 thanks to support from celebrity influencers like Elon Musk, Mark Cuban and Snoop Dogg.

DOGE is synonymous with its famous logo of a Shiba Inu dog, which is constantly used in memes and tweets to encourage crypto investors to join the growing “Doge army”. It has been powered by “Dogefather” Musk’s tweets and adoption from the Gamestop and TikTok communities that saw a failed push to 1USD cap out at an incredible $0.70 price tag.

Dogecoin became one of the most highly traded cryptocurrencies with a market capitalisation of US$78 billion in May 2021. At the time of writing (August 2021), this figure has shrunk to US$23 billion. In this article, we’ll show you how and where to buy DOGE, as well as ways to store it safely.

How does Dogecoin (DOGE) work?

Dogecoin is based on the code of the now defunct Litecoin (LTC) fork, Luckycoin. The proof-of-work blockchain borrowed Litecoin’s Scrypt consensus algorithm, which is how it achieves consensus from the network of computers that run the software. Litecoin itself is a fork of Bitcoin.

Unlike these pioneering networks, Dogecoin has no maximum coin supply by design, as it was intended to discourage hoarding, be cheap to use and reward miners.

Anyone can dedicate computing power and become a validator on the Dogecoin network, or in other words, engage in mining, and in exchange for their contribution they are rewarded in newly minted DOGE tokens.

In 2014, “merged mining” was introduced, which means that the Dogecoin mining process was integrated alongside Litecoin’s mining process. Anyone that mines Litecoin can now mine Dogecoin simultaneously, without impacting operational efficiency on either network.

Why does DOGE have value?

Before investing in DOGE, you should really understand what drives the digital asset’s price action, which is mainly social hype. Failure to do so will most likely result in a bad investment. Dogecoin is mostly used in online commerce, as well as for tipping online creators such as TikTok influencers. It can be bought, traded, sold and exchanged for fiat currency or even physical items in the real world, such as Dallas Mavericks merchandise.

It has one of the largest communities of fans, who dub themselves “Shibes“. They mostly use the cryptocurrency to tip their favourite creator, or just some random post on Reddit, for example.

Dogecoin used to be capped at 100 billion DOGE that could ever be mined, but over time, this cap was removed, and now there can be a limitless supply of it available.

It has a reputation of being an easy-to-buy and affordable cryptocurrency that fills the role of an entry point for newcomer investors and has one of the most unique communities out there that support it with a passion.

Buy Dogecoin in 3 steps

A common question you often see on social media from crypto newbies is “Where can I buy Dogecoin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy DOGE on most cryptocurrency exchanges.

Here’s how to do it.

Step 1. Create an account on an exchange that supports DOGE

First, you will need to open an account on a cryptocurrency exchange that supports Dogecoin (DOGE). In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address. Make sure that you compare the exchanges when you decide to buy DOGE in order to find one that has the lowest fees as well as the most up-to-date exchange rates.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2. Deposit funds into your account

If your exchange supports Dogecoin you’ll be able to buy DOGE directly with New Zealand dollars (NZD). Many exchanges provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, e-wallets or direct bank transfers.

    Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

    Step 3. Buy Dogecoin (DOGE)

    This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for DOGE or DOGE trading pairs. Look for the section that will allow you to buy DOGE, and enter the amount of the cryptocurrency that you want to spend for DOGE or the amount of fiat currency that you want to spend towards buying DOGE. The exchange will then calculate the equivalent amount of DOGE based on the current market rate.

    Note: Make sure to always double-check your transaction details, such as the amount of DOGE you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

    Where to buy DOGE in New Zealand

    Find an exchange to buy, sell and trade Dogecoin by comparing deposit methods, supported fiat currencies and fees. Select Go to site when you’ve found a fit.

    Name Product Deposit methods Fiat Currencies Cryptocurrencies
    Easy Crypto Cryptocurrency Exchange
    Bank transfer, POLi
    NZD

    104
    cryptocurrencies

    Based in New Zealand, Easy Crypto enables users to simply pay in NZD through POLi or bank transfer to access a range of cryptocurrencies.
    AAX Cryptocurrency Exchange
    AAX Cryptocurrency Exchange
    Alipay, Bank transfer, Cash, Neteller, PayPal, Qiwi, SWIFT, WeChat, Western Union, UPI, IMPS, Paytm, Faster Payments (FPS), PayNow, Swish, Payme
    AUD, CAD, CNH, CHF, EUR, GBP, HKD, NZD, SGD, USD

    110
    cryptocurrencies

    Make fast transactions including spot, futures and P2P trading with this cryptocurrency exchange.
    Crypto.com App
    Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
    USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

    153
    cryptocurrencies

    Buy 100+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
    Independent Reserve Exchange
    Cryptocurrency, SWIFT, Osko, PayID, EFT
    AUD, NZD, USD

    27
    cryptocurrencies

    Deposit NZD and buy or sell BTC, ETH and 20+ other cryptos with trading fees of up to 0.5%.
    Binance Cryptocurrency Exchange
    Bank transfer (ACH)
    USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

    314
    cryptocurrencies

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    How to sell DOGE

    If you want to sell your DOGE holdings, you can do so by following a similar process to that outlined in Step 3. You’ll obviously need to look for the “Sell DOGE” link, while it’s also worth remembering that you may not be able to directly exchange DOGE for the currency you want to acquire.

    Which wallets can I use to hold DOGE?

    Unless you’re looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it’s generally much safer to store your DOGE in a secure wallet.

    You can check out a list of the best Dogecoin wallets for a place to get started.

    Frequently asked questions

    Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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