If you are looking at how to buy Dogecoin in the US, my simple step-by-step guide will help you buy this popular cryptocurrency which is available to US customers on a wide range of crypto exchanges.
Dogecoin is a cryptocurrency that was created in 2013 by software engineers Billy Markus and Jackson Palmer, and named after a cartoon dog. Since its founding, Dogecoin has grown steadily in popularity and now enjoys a strong market cap sitting at approximately $300 million.
In the time since its launch, it has joined a select list of cryptocurrencies that are now household names such as Bitcoin, Litecoin, and Ethereum. The cute doggy has grown in stature and the mighty meme has evolved into a cryptocurrency heavyweight.
Cryptoassets are highly volatile and still lacking meaningful regulation in the US. No consumer protection. Tax on profits may apply.
My 3 steps for buying Dogecoin (DOGE) in the US
Step 1: Choose a crypto exchange
- The first step to take is to visit a cryptocurrency exchange such as Coinbase, Binance.US., or CEX.io.
- These exchanges allow you to buy and sell a wide range of cryptocurrencies.
- You can also sign up for an exchange as a “new account”, which will allow you to purchase cryptocurrencies without verifying your identity.
- You are only required to provide an email address and phone number during signup.
Step 2: Search for DOGE
- After choosing an exchange, search for the Doge / BTC or USDT market to order your coins.
- The price for a Doge / BTC or USDT pair will be shown on BTC or USDC markets.
Step 3: Buy DOGE
- Buy Bitcoin using US Dollars (USD).
- You can buy cryptocurrencies like Dogecoin using a credit or debit card or via bank transfer.
- For the bank transfer method, you will be required to fill out an online form with your name, a phone number, and an email address.
- You may be required to send in a copy of your ID or proof of address to make a wire transfer.
- Wait for the cryptocurrency to arrive in your exchange account.
- Some exchanges may take longer than others. It could take anywhere from 2 to 5 business days depending on the crypto exchange you choose.
How to buy Dogecoin using Bitcoin
To buy Dogecoin with Bitcoin, begin by opening a wallet on an exchange supporting trading of cryptocurrency.
Some exchanges allow direct purchase using Bitcoin. Once you have a wallet, you can send Bitcoin to the exchange.
Use the same username, email address and password you used to register the account. You’ll also need to provide your Bitcoin address.
When the transaction has completed, the exchange will transfer the Dogecoin to your wallet.
How to buy Dogecoin using Bitcoin Cash
To buy Dogecoin using Bitcoin Cash instead of Bitcoin, you’ll need to use a cryptocurrency wallet that supports BCH.
Start by going to an exchange that supports BCH trading. Many exchanges allow you to sign up with an email address, Facebook account, or with the phone number associated with your Google or Microsoft account.
Once you have a wallet, you can send BCH to the exchange.
How to buy Dogecoin using Bitcoin Diamond
To buy Dogecoin using Bitcoin Diamond, you’ll need a cryptocurrency exchange that supports BCD trading.
Start by going to an exchange that supports BCD trading. Many exchanges allow you to sign up with an email address, Facebook page, or with the phone number associated with your Google or Microsoft account.
Once you have a wallet, you can send BCD to the exchange. Once you’ve completed your transaction, the cryptocurrency will be deposited into the wallet associated with your email address or Facebook page.
What is Dogecoin?
Dogecoin is a peer-to-peer digital currency similar to Bitcoin, also known as the meme coin. Dogecoin started life as a joke on Reddit on December 5, 2013. To generate Dogecoin, users must mine it on their computers. Like Bitcoin, Dogecoin has the added benefit of being highly divisible.
Dogecoin is an open-source and was created as an alternative to Bitcoin, which often faced criticism due to its high transaction fees and low supply. Dogecoin is a more fun and lighthearted take on cryptocurrency and this attitude has helped it to grow hugely in popularity.
Dogecoin’s protocols are based on those of Luckycoin, which forked from Litecoin and uses a basic Scrypt algorithm which is extremely secure from attack thanks to the extreme memory demands it makes of any would-be hackers. In any case this algorithm means that it not only has low transaction fees, it is also far more energy-efficient than Bitcoin.
Dogecoin also has a dedicated community of users, with many groups organizing and sharing tips and hacks. It has a much more accessible community and is far less intimidating than Bitcoin.
Who invented Dogecoin?
Dogecoin was created by Jackson Palmer (a former employee of Microsoft) and Billy Markus. Palmer created Dogecoin to be fun to use rather than for professional or commercial use.
Dogecoin was created as an alternative to Bitcoin, which often faced criticism due to its high transaction fees and low supply. Dogecoin is a quirky and lighthearted version of cryptocurrency, and it has grown in popularity thanks in part to its upbeat brand image and iconoclastic attitude.
How to Celebrate the ‘Doge’
Some coins are established with serious intentions while others are there to turn things upside down.
Dogecoin is the latter and this punkish upstart is here to challenge conventions and at the same time create a fun cryptocurrency available to all. These aspirations have helped turn the Doge into a hot commodity across the globe.
Since its creation, Dogecoin has generated over $2 billion in revenue and has spawned many fun projects including Dogecoin-themed merchandise, video games, tournaments, and more. One way to celebrate Dogecoin is to buy merchandise, especially tchotchkes, with the Dogecoin logo on.
Other fun ways to celebrate Dogecoin are to play Dogecoin-themed video games like Dogecoin Wars.
A note about crypto asset regulations
Crypto assets are not regulated financial products so please be aware that trading them carries a considerable amount of risk for your capital. Cryptocurrencies are also not covered by existing consumer protection laws.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
This article is for informational purposes only and does not constitute financial investment advice. All contents are based on my understanding of current legislation, which is subject to change.