How to buy Dogecoin
How to buy Dogecoin
Altcoin

How to buy Dogecoin

By Marco Cavicchioli - 7 Jul 2020

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Dogecoin (DOGE) is tradable on many exchanges, paired with different currencies. Below are indications about how and where to buy Dogecoin.

The main exchanges where it is possible to trade Dogecoin are Binance, BKEX, Huobi, MXC, OKEx, HitBTC and ZB.com, but it can also be found on long-established exchanges such as Kraken, Poloniex or Bittrex. 

Trading volumes are pretty high but not as high as those of major cryptocurrencies. 

For example, in the last 24 hours DOGE traded for a total volume of about 200 million dollars, compared to the 25 billion of Tether, the 16 of Bitcoin and the 8 of ETH, yet more than Binance Coin, Crypto.com or Tezos. 

Overall, it is the 22nd cryptocurrency most traded on crypto exchanges in the last 24 hours

The most traded pair is clearly DOGE/USDT, followed at a distance by DOGE/BTC. The fiat currency pairs are very far apart. 

Therefore, to buy DOGE it is best to have USDT, or BTC, and use them on one of the many crypto exchanges that list this cryptocurrency. 

As far as storage is concerned, there are some dedicated wallets for Dogecoin, as it has its own blockchain. 

Official wallets can be found on dogecoin.com, although the ones really usable by anyone are not many. 

There is MultiDoge for Windows, OSX or Linux, while for Android there is the Dogecoin Wallet App. There is no official wallet for iOS. 

Downloading and installing the wallet is the best way to start using DOGE, although the official wallets are not integrated with an exchange and therefore do not allow buying and selling. However, there are so many exchanges where it is possible to trade that it is better to buy them on one of them. 

How to buy Dogecoin without going through exchanges

However, it must be said that, as can be read on dogecoin.com, there are other ways to purchase DOGE. 

One of the most used systems is to use a faucet, in order to earn them without having to buy them. Two of these faucets are recommended by dogecoin.com itself, Dogefaucet.com and InDogeWeTrust.com. On these websites, simply provide the public address of a wallet to receive DOGE as a gift. 

Another way is to mine them. In fact, Dogecoin uses Proof-of-Work as a consensus algorithm, allowing the possibility to mine DOGE. 

However, mining is meant for experienced users only, as it requires a lot of technical knowledge. There is also a tutorial that shows how to mine DOGE. 

The price of Dogecoin

Over time, the dollar value of the DOGE cryptocurrency has grown significantly. Initially, in the distant 2013, it was worth less than 0.3 thousandths of a dollar, but in January 2018, in the middle of a speculative bubble, it reached the remarkable price of 17 thousandths of a dollar, or 13,000% more than the initial value. 

Since then, however, it no longer touched those highs, falling to 2 thousandths of a dollar in 2018, and then fell again to 1.5 during the collapse of the financial markets in March 2020. It has now risen to about 2.7 thousandths of a dollar

After all, it is a cryptocurrency created for fun in 2013, during the first big speculative bubble of the price of bitcoin, which then spread widely at a time when there were still relatively few altcoins – Ether for example, only debuted in 2015. 

To tell the truth, it’s not used a lot, since in total its blockchain counts only 61 million transactions, more or less as many as are recorded on the Ethereum blockchain in two months. 

In addition, the blockchain has over 3.3 million blocks, so on average, each block contains about 18 transactions, compared to the over 800 of Bitcoin. 

It must be said, however, that for a cryptocurrency born as a joke, which could have disappeared at any moment, these are more than decent numbers. 

If this is complemented by the obsession of Elon Musk for this crypto, one realizes that it is a project that probably went well beyond the initial objectives. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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