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How to buy Dogecoin?

DOGE

If you are considering buying Dogecoin you should first familiarize yourself with the basic information about this cryptocurrency.

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How to buy Dogecoin?
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What should you know before buying Dogecoin?

If you are considering buying Dogecoin you should first familiarize yourself with the basic information about this cryptocurrency. Below are some fundamental facts about the most famous meme cryptocurrency that is Dogecoin. In the following text, we outline how you can purchase DOGE cryptocurrency in a relatively safe way.

Dogecoin is a cryptocurrency with an extremely interesting history. It is a cryptocurrency created in 2013 by two programmers who decided to create a payment system as a joke to make fun of speculation in the risky cryptocurrency market. The name of this cryptocurrency comes from the so-called “doge” or internet meme, which depicts a dog of the Shiba Inu breed.

In addition to humorous issues, the use of Dogecoin was to use this cryptocurrency as a tipping system on Reddit and Twitter, so as to reward the creation or sharing of quality content in this way.

Since its inception, the memetic cryptocurrency has been very popular among the online community. The cryptocurrency, which was initially simply a joke, reached a record capitalization in 2021, reaching an impressive $92 billion.

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Dogecoin is famous for the fact that the valuation of this cryptocurrency has repeatedly recorded large increases. In January 2021, for example, Dogecoin’s price rose more than 800% in 24 hours. Even more impressively, in 2021 the price rose by 7000%. At that time, DOGE reached a record market capitalization (at $92 billion).

Dogecoin’s operation is largely based on the Litecoin cryptocurrency. What should be noted is that DOGE does not have a fixed maximum supply of units. As a result, unlike Bitcoin, DOGE does not have deflationary pressures. In other words, it is a cryptocurrency heavily exposed to inflation. Dogecoin’s inflation rate can fluctuate over time.

In conclusion, the story of the DOGE cryptocurrency is extremely interesting. It is the story of how a joke turned into a globally recognized financial asset worth billions of dollars. However, it should be noted that an investment in memetic cryptocurrencies such as DOGE is subject to very high risks, because in addition to impressive increases, assets of this type regularly experience equally impressive declines.

Dogecoin is an extremely popular cryptocurrency that is available on many reputable exchanges. Here’s a look at how you can make a purchase using the OKX and ByBit exchanges.

ByBit – how to make a purchase of Dogecoin (DOGE) on the ByBit exchange?

ByBit is one of the fastest growing platforms in the crypto industry. By design, it aims to provide maximum security, so it has numerous technological solutions that guarantee high security standards. Registering an account is simple, and the platform’s operation is intuitive even for novice users. What’s more, there is no need to go through the KYC procedure for small withdrawals.

On the ByBit platform it is possible to deposit funds by credit card. It is also possible to deposit funds in fiat currencies, which can then be exchanged for Ripple on the spot market.

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Account registration on the ByBit exchange

To register on the ByBit exchange, visit the exchange’s website and click the yellow “Sign Up” button in the upper right corner. Then fill out the standard fields specific to registering an account on the exchange. Among other things, you need to enter your e-mail address and password. In the next step, you need to check your e-mail for a confirmation code. After successful registration, you can secure your account by configuring additional security features, such as an SMS code or the Google Authenticator 2FA application. Once registration is complete, you can (but it is not necessary) go through the KYC procedure.

Deposit funds on ByBit exchange to purchase Dogecoin (DOGE)

To buy Dogecoin on ByBit, the easiest way is to choose a deposit via credit card (using the One-Click Buy method). Besides, you can buy Dogecoin with a simple wire transfer (EUR purchase) and exchange the deposited funds for DOGE in a spot market trading transaction.

This process, in detail is described here: https://www.bybit.com/en-US/help-center/bybitHC_Article?id=000001570&language=en_US

Purchase Dogecoin using a credit/debit card and the One-Click Buy option

If you want to purchase Dogecoin on ByBit, open the homepage and click the “Buy Crypto” button, then select “One-Click Buy” in the menu. In the next steps, choose the currency you want to pay in and the payment method and enter your information. Then select the amount of DOGE to buy, enter your card number, CVC code and click “Pay” and “Confirm.” After verification, you can check the status of your purchase by clicking the “View asset” button.

For more information on credit/debit card deposit, please visit: www.bybit.com/en-US/help-center/bybitHC_Article?id=000001570&language=en_US

Purchase Dogecoin (DOGE) using P2P Trading

On ByBit, you can buy BTC, ETH, USDT and USDC using P2P Trading. However, it is not possible to buy Dogecoin in this way.

Buying Dogecoin (DOGE)on ByBit using fiat currencies and a simple bank transfer (SEPA)

To deposit funds in fiat currencies, go to bybit.com/fiat/trade/deposit/home and enter the appropriate amount in one of the six available currencies: RUB, TRY, BRL, ARS, EUR or GBP. It is not possible to deposit PLN. If you choose SEPA Transfer as your payment method, the transfer time will be 1-3 business days. The next step is to exchange the currencies you have into cryptocurrencies via the spot market. For example, you can exchange EUR for USDT and then USDT for DOGE.

Trading DOGE on ByBit

After registering an account and making a deposit, select “Trade” in the menu, then “Spot Trading” and choose the appropriate currency pair, e.g. DOGE/USDT or other. Then on the right side you need to specify the amount of Dogecoin you want to buy. At the end, a summary of the order will be displayed, and if everything is in order, just confirm the execution.

OKX – how to make a purchase of Dogecoin (DOGE) on the OKX exchange?

OKX is one of the leading cryptocurrency trading platforms. It serves thousands of users and processes millions of dollars every day. The platform is encapsulated with various technologies to maintain high security standards, such as offline wallets, two-factor authentication, anti-phishing codes, withdrawal passwords and more.

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Account registration on the OKX exchange

To register on the OKX exchange, click the “Register here” button at the top of the page. In the form, enter standard data, including a phone number or email address. It is important that the data is entered correctly, as you will receive a verification code sent via SMS or email. After successful registration, you will be required to present a valid ID document for verification according to the KYC procedure. The verification time may take up to several days.

Purchase Dogecoin (DOGE) on OKX with a credit/debit card

To purchase Dogecoin on OKX, you need to select “Buy cryptocurrency” in the menu and click “Buy with card.” You then choose the appropriate type of card (e.g. MasterCard or Visa). Then you specify how much DOGE you want to buy. Interestingly, you can place your order in Polish zloty (PLN). To complete the transaction, just follow the instructions on the screen. For more information about buying cryptocurrencies with a credit card on OKX, visit: https://www.okx.com/learn/how-to-buy-crypto-with-a-credit-card-on-okx

Purchase Dogecoin (DOGE) on OKX using P2P trading

As on ByBit, it is not possible to purchase DOGE on OKX using P2P trading. The available cryptocurrencies that can be bought this way are USDC, BTC, ETH, TUSD and DAI.

Buying Dogecoin (DOGE) on OKX with the help of a third-party operator (such as Simplex or Banax)

To purchase Dogecoin through third-party payment service providers, you need to:

  • Create an account on OKX, go through the KYC verification process, and provide your phone number and email address. Then choose the currency you want to exchange for DOGE.
  • Then select “Buy cryptocurrency” → “Third party payment” in the menu.

Before starting the transaction, you can check the purchase limits of the operator and the payment processing time. In some cases, the cryptocurrency can be transferred immediately after the payment is credited, while with some operators you have to wait for tens of minutes, for example. For more information on buying Dogecoin and other cryptocurrencies on OKX via third-party payment providers, visit: www.okx.ada.support/api/articles/633665c2084d3fcdaf447411/?chatter_token=7ad95483-c046-403f-a4ed-7ccb37eabefa

Trading DOGE on OKX

After registering an account and depositing funds, you can start trading. To do this, go to the “Trade” section from the menu at the top of the page, and then select “Spot”. After opening the trading platform, on the left side or in the upper left corner, select the appropriate currency pair (e.g. DOGE/USDT or DOGE/BTC). Then enter the appropriate amount in the exchange field and follow the on-screen instructions to finalize the transactions.

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What are the other ways to buy Dogecoin (DOGE)?

Dogecoin can also be bought outside of centralized exchanges. Other options that are available to choose from include decentralized exchanges (DEX), cryptocurrency exchanges, bitmats and peer-to-peer platforms (from which users can buy and sell cryptocurrencies).

Decentralized cryptocurrency exchange (DEX)

Decentralized exchanges allow cryptocurrencies to be exchanged without the intermediary of an exchange, meaning that transactions take place directly between the cryptocurrency wallets of users who exchange with each other. Examples of exchanges of this type include Uniswap and PancakeSwap.

Cryptocurrency exchanges

Another way to buy or sell Dogecoin is through exchange offices.

Some of them are online platforms that allow users to make transactions through a dedicated website. In addition, in many cities in Poland, you can find exchange offices in the form of physical premises that resemble a regular exchange office for exchanging fiat currency.

Using cryptocurrency exchange offices has its pros and cons. On the plus side, they are more beginner-friendly, as you can buy Dogecoin and other cryptocurrencies for cash at them just as easily as if you were exchanging currency at a regular exchange office. What’s more, in many cases up to a certain amount, no KYC verification is required. The downside, however, is that using exchange offices generally involves higher fees compared to exchanging cryptocurrencies on an exchange.

P2P services

Peer-to-peer platforms can use the escrow function. This means that the P2P platform in this case acts as an intermediary between buyer and seller. An example of such a platform is Paxful. Advanced users can search for interesting offers to buy cryptocurrencies (including Dogecoin) at attractive prices. Using this type of service is convenient, however, in order to find real price bargains, the user has to spend more time and attention than in the case of buying Dogecoin on a regular cryptocurrency exchange.

How to buy Dogecoin (DOGE) without going through KYC verification?

Some exchanges do not require going through KYC verification. For example, the ByBit exchange does not require KYC verification if the payout is less than the equivalent of 2 BTC. However, more and more exchanges are requiring verification, so it’s best to check the current information on the website of your chosen service. An alternative way to buy Dogecoin without KYC verification is to use exchange offices or bitmachines, as some of them offer the possibility to make transactions up to a certain amount without going through the KYC procedure.

Where to hold Dogecoin (DOGE) after purchase?

If you decide to purchase Dogecoin, we recommend creating a digital wallet so you have a safe place to store your tokens. There are many wallets to choose from. For security reasons, it is best to opt for a so-called cold wallet, which does not require a permanent connection to the Internet. The function of such a wallet is performed by so-called hardware wallets (such as Ledger or Trezor).

Many people choose to keep their cryptocurrency funds on exchanges or on so-called hot wallets (e.g. Exodus or BRD). However, it should be noted that it is a commonly recommended practice to use cold wallets.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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