24.06.2022 Academy By George Gus

What is Dogecoin and How to Buy It?

DOGE is called the meme currency. It was created as a counterbalance to bitcoin and took off on a wave of hype. 

Dogecoin was created by J. Palmer, not to accumulate or convert it into fiat money. He assumed that cryptocurrency would become a common means of payment on the network. For mining Dogecoin, ordinary processors and video cards are enough. Turnover and use should be as simple as possible. It was supposed to use dogecoin as a reward for purchases, a charitable collection, and a payment method.

History of Dogecoin and Elon Musk

This digital coin was created by programmer Billy Markus and marketer Jackson Palmer 8 years ago. They positioned their coin as a frivolous attack on bitcoin. The hallmark of Dogecoin, which influenced the name, was a meme with a dog named Kabosu. This Shiba Inu dog was rescued and adopted by a Japanese woman. They posted a photo of his expressive muzzle on their page. The incorrect form of the English “dog” doge called the cryptocurrency, the basis of which was the meme. Dogecoin is a technical fork of Litecoin and also uses proof-of-work technology.

DOGE is backed by Elon Musk for unknown reasons. His statements on Twitter influence the rise in the price of the coin. This in turn attracts other celebrities. Social media is also not far behind. Thanks to this, Dogecoin began to be accepted as a means of payment by large companies and shops. 

Where to buy Dogecoin

You can exchange fiat money for cryptocurrency, including Dogecoin, on crypto exchanges. As on conventional exchanges, deposits are created here, then exchange operations, purchases, and sales of digital currency are performed. Reliable and popular cryptocurrency exchanges allow you to earn on trading, or successfully exchange tokens.

How to choose the right platform?

The digital market is developing quite dynamically. Cryptocurrencies are attracting investor interest. In response to increased demand, the number of offers to sell and buy from numerous exchanges and exchanges is growing. First of all, they look at the benefits – the exchange rate, interest, and commission. The deal must be profitable. But do not forget about the reliability of the platform. Reviews, permits, and legality confirm the reputation.

When choosing an exchange, you need to pay attention to the following factors:

  • Support for the input and output of the currency that is supposed to be calculated;
  • Liquidity — ease of buying and selling cryptocurrencies;
  • Exchange license;
  • Methods of deposit and withdrawal of funds, commission for it;
  • Value of coins.

After choosing a platform, you will need to register and get an address. The exchange will require identity verification, which may take several days. Such verification will allow you to create a deposit.

The transaction fee is 0.2% on average. Many sites offer customers a reduction in commission percentage with an increase in the number of transactions. The high daily turnover and the level of the market capitalization of the platform indicate its demand. The wide functionality of the exchange gives more opportunities for earning.

Promising services work with a large number of currencies. They represent pairs of those in the top, as well as new digital coins. As a rule, those web platforms whose requirements include client verification offer many options for depositing and withdrawing funds. Anonymity will limit such a list.

The country in which the exchange is registered also matters when choosing. Many states may block access to foreign platforms for various reasons. So they try to stop the financial outflow, prevent fraud, and control the foreign exchange market.

How to buy DogeCoin?

To purchase Doge cryptocurrency, you need to follow the following algorithm:

  • Create an account on one of the cryptocurrency exchanges. To register, you need to enter personal information, password, and contact details. You can also create an account using social networks. When registering, you need to click on the corresponding icon. To activate your account, follow the link provided in the email sent by the exchange.
  • Pass identification and verification procedures. The user will have to fill out a short questionnaire and send electronic copies of their documents (passport, bank account statement, or utility bill) to the administration of the exchange. The picture and text in the sent graphic file must be clear and easy to read.
  • Make a deposit using a bank card or bank transfer. The purchase of a coin can be made using various fiat means of payment (rubles, dollars, euros, etc.). To purchase an asset, you can use cryptocurrencies or electronic wallets.
  • Select Dogecoin from the list of assets and buy it. You need to specify the number of coins to be purchased and confirm the transaction. To purchase cryptocurrency, you can use limit or market exchange orders. When buying a coin, you need to take into account the amount of the commission charged by the exchange platform.

The acquisition of digital financial assets is carried out using a web interface or a mobile application. Cryptocurrency can be stored in a software or hardware wallet. The sale and purchase of Dogecoin are carried out in the presence of appropriate market signals, which can be found using technical and fundamental analysis tools.

You can also use special programs that allow you to automate trading on the stock exchange. On Internet sites, you can purchase not only the coins themselves but also contracts for difference (CFDs), the underlying asset for which is the Dogecoin cryptocurrency. When buying derivatives, remember that they have built-in leverage.

To purchase Dogecoin, you should not use little-known sites that have a bad reputation. Making transactions using such platforms will lead to the loss of invested funds.

Other Ways to Buy Dogecoin

There are several ways to buy Dogecoin. The most understandable and popular are cryptocurrency exchanges where you can buy Dogecoin for fiat or Bitcoin. Different platforms offer their own rules. Some require registration and passport verification. Others trade anonymously.

There are several other types of websites for buying cryptocurrency.


On such platforms, bidding takes place without intermediaries. The platform acts as a certain guarantor of the transaction. To carry out the operation, you need to create an ad and specify the price, and payment method. Despite less liquidity, platforms are popular due to their transparency and ease of use. Dogecoins are traded on Bitzlato. Such services often have bots in messengers.


These platforms allow you to buy DOGE through a payment provider with a bank card. In services, it is important to find out the commission, and the limit of operations. Wallets come in several types, differing in the way they store and access keys. 


Although Dogecoin was created as a joke, this cryptocurrency has now been thriving for over 8 years. The coin received a recent boost thanks to Elon Musk – and while the excitement has died down, it may only be a matter of time before Dogecoin hits the social media spotlight again.

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