Dogecoin (DOGE), one of the most famous memcoins, began as an alternative to traditional cryptocurrencies, drawing inspiration from the popular “Doge” meme featuring a Shiba Inu dog. Since its inception in December 2013, it has evolved into a widely recognized digital currency with a dedicated community and significant market presence. Here is your step-by-step guide about where and how to buy DOGE coin.
What Is the DOGE Coin?
Dogecoin (DOGE) is an open-source, decentralized cryptocurrency that originated as a joke in 2013 but quickly gained a huge number of followers.
Created by software engineers Billy Markus and Jackson Palmer, Dogecoin was designed to be a fun alternative to Bitcoin, using the famous “Doge” meme featuring a Shiba Inu dog as its mascot.
Despite its origins, Dogecoin has become one of the most recognized cryptocurrencies thanks to its strong community and high-profile endorsements, including from Tesla CEO Elon Musk.
$DOGE Coin Key Features
DOGE, a good example of successful memecoins, offers different key features, including:
- Inflationary Supply: Unlike Bitcoin, which has a fixed cap of 21 million coins, Dogecoin has no supply limit. About 10,000 new DOGE are mined every minute, making it an inflationary cryptocurrency.
- Fast and Low-Cost Transactions: Dogecoin transactions are processed faster than Bitcoin transactions, with a block time of around one minute. It also has very low transaction fees, making it suitable for tipping and micropayments.
- Community-Driven: Dogecoin has one of the most active communities in the crypto market, known for crowdfunding charity projects, funding sports teams, and even helping send a satellite to the moon!
- Proof-of-Work (PoW) Consensus: DOGE operates on a mining mechanism similar to Bitcoin but uses a modified version of the Scrypt algorithm. This algorithm allows for more efficient mining and enables merged mining with Litecoin.
How Does DOGE Work?
Dogecoin works as a peer-to-peer cryptocurrency that enables instant payments. It runs on its own blockchain, where transactions are validated by miners who use computing power to secure the network and earn newly minted DOGE as a reward.
Since it is a fork of Litecoin, Dogecoin shares many technical similarities with it. For example, its mining mechanism allows merged mining with Litecoin.
This means that miners can mine both cryptocurrencies simultaneously without additional energy consumption. This feature has increased Dogecoin’s network security and long-term sustainability.
How to Buy Dogecoin ($DOGE)?
You can buy Dogecoin ($DOGE) from various cryptocurrency exchanges. On Coinlocally, you can buy DOGE instantly via credit/debit cards or by using the market.
You can choose DOGE coins from your account or Coinlocally Market. Here is a step-by-step guide to buying DOGE instantly:
- Create an account by visiting Coinlocally and clicking on sign up/ register. Enter the information needed and complete registration.
- Click on the Buy Crypto button from the homepage or other pages.
- Enter the amount you want to spend and choose the currency (e.g., USD).
- Use the search bar to find $DOGE and select the desired trading pair (e.g., $DOGE/USD).
- Click “Buy Now” and accept the Terms of Use.
- Choose the payment method and enter your card information.
- Receive $DOGE and store it in the Coinlocally wallet or transfer it to a personal wallet.
You can also buy DOGE Coin from the Coinlocally Market. After registering, you just need to click the ‘Market’ button on the taskbar at the top of the page.
Then, search for the coin on the search bar and click trade, as the image above shows.
Where to Buy DOGE Coin?
DOGE Coins are available on various exchanges, including Coinlocally (where you can spot-trade DOGE and other digital assets), Binance, Coinbase, Kraken, Bybit, and KuCoin.
You can also purchase DOGE using P2P (peer-to-peer) platforms, crypto ATMs, and even some online brokers that support crypto purchases with credit/debit cards.
Can I Buy DOGE Coins without KYC?
Yes. Coinlocally allows users to purchase DOGE without mandatory Know Your Customer (KYC) procedures, enabling anonymous transactions.
Methods for Buying $DOGE Coin
You can buy $DOGE instantly using credit/ debit cards or by using the market. You just need to:
- Select a Supporting Exchange: Choose a platform that lists DOGE, such as Binance or Coinlocally.
- Create an Account: Register by providing the necessary details and completing any required verifications. (You don’t need verification to buy coins on Coinlocally.)
- Fund Your Account (for trade): Deposit funds using bank transfers, credit/debit cards, or other cryptocurrencies. You don’t need to deposit using Coinlocally Instant Buying.
- Purchase DOGE: Search for the DOGE trading pair and execute your buy order.
Is DOGE Coin a Good Investment?
Dogecoin has experienced massive price swings, which are mainly caused by community hype, celebrity endorsements, and social media influence.
Despite its generally successful performance so far, its long-term investment potential is not sure due to:
- High Price Volatility
- Unlimited Supply (since there is no cap on the number of DOGE that can be mined, inflation can impact its value over time)
That said, DOGE has been adopted by some businesses and is used for payments, tipping, and fundraising, making it more than just a meme coin.
Before investing, consult crypto experts, set clear goals, weigh the risks, and do your own research (DYOR) to make confident investment decisions.
Can I Purchase DOGE Using My Local Currency?
Yes. Coinlocally supports deposits in various fiat currencies, so you can buy DOGE using your local currency (if it is among the supported currencies).
Conclusion
Dogecoin has developed from a simple memecoin to a famous and successful cryptocurrency. While it offers fast transactions and a supportive community, you should consider its inflationary supply and market volatility.
As with any investment, do your own research, check your risk tolerance, and follow the news to stay ahead of the market trends and financial and political changes affecting the crypto market.
FAQs
Below, you can find answers to the most frequently asked questions about how to buy DOGE Coin/ where to buy DOGE Coin.
What Is $DOGE Coin?
Dogecoin is a peer-to-peer cryptocurrency that started as a joke in 2013, featuring the Shiba Inu dog from the “Doge” meme as its logo.
Can I Buy $DOGE without Verification?
Yes, platforms like Coinlocally allow purchases without mandatory KYC procedures.
What Are the Fees for Buying a $DOGE Coin?
Fees vary by platform and payment method. Check fees on Coinlocally.
Is $DOGE Worth Buying?
Dogecoin’s investment potential is debated; some see it as a speculative asset with high volatility, while others appreciate its community and liquidity. If it aligns with your long-term goals, it can be a worthy purchase.
How Long Does It Take to Buy $DOGE on Coinlocally?
You can buy $DOGE quickly and hassle-free on Coinlocally, especially because you don’t need KYC for trading.
