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Dogecoin (DOGE) is a decentralised, peer-to-peer cryptocurrency similar to Bitcoin (BTC) and Litecoin (LTC). Though it started out as a joke, Dogecoin has grown into one of the most widely traded cryptocurrencies in the world and, at the time of writing on 8 July 2020, has a market capitalisation in excess of US$500 million.
This guide takes a closer look at how DOGE works and the best ways to buy and store DOGE in Australia.
This is our quick guide to just one way to buy DOGE. Compare some other options in the table below.
You can buy DOGE on a wide variety of popular cryptocurrency exchanges, including:
If you want to buy DOGE, here’s an example of how you can do it:
The first step is to search for an exchange that lists DOGE in one or more currency pairings. Once you’ve found a suitable exchange, you can sign up for an account by providing your email address and creating a password.
Many exchanges will require you to provide your full name, contact information and proof of ID before allowing you to trade, while we also suggest enabling two-factor authentication on your account for extra security.
If your chosen exchange lets you trade Australian dollars (AUD) for DOGE, you can buy directly. Otherwise you’ll first need to acquire a cryptocurrency that’s listed in a pairing with DOGE, such as Ether (ETH) or Bitcoin (BTC), and then trade it for DOGE.
However, local cryptocurrency exchange CoinSpot permits the exchange of AUD for DOGE. If you use CoinSpot, click the “Deposit AUD” link shown on the account dashboard page and then enter the amount of AUD you want to deposit. Alternatively, you also have the option to deposit cash at a newsagency via Blueshyft.
The final step is to navigate to the markets section on your chosen exchange and then look for your desired DOGE pairing. If you’re using CoinSpot, you can do this by clicking on the “Buy/Sell” link at the top of the page and searching for “DOGE”. Click on “Buy DOGE” and then type in the amount of AUD you want to spend or the amount of DOGE you want to buy.
Make sure to carefully review all transaction details, including the amount of DOGE you’re buying and the total cost of the purchase, before completing the transaction.
If you want to sell your DOGE holdings, you can do so by following a similar process to that outlined in Step 3. You’ll obviously need to look for the “Sell DOGE” link, while it’s also worth remembering that you may not be able to directly exchange DOGE for the currency you want to acquire.
Unless you’re looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it’s generally much safer to store your DOGE in a secure wallet.
You can check out a list of the best Dogecoin wallets for a place to get started.
Founded in 2013 by Australian Jackson Palmer and IBM software developer Billy Markus, Dogecoin started life as a joke. In a January 2018 article in the Sydney Morning Herald, Palmer explains that the idea for Dogecoin started from a light-hearted tweet criticising the rapid rise of “scammy” altcoins at the time. Dogecoin takes its name from the immensely popular (in 2013) viral “doge” memes. Its mascot, which features heavily on the Dogecoin website, is a Shiba Inu.
However, behind all the fun and games of Dogecoin lies a very popular cryptocurrency. Designed to offer fast and affordable online transactions, this open-source digital currency can be used as a form of payment for goods and services, traded for other currencies, and is also commonly used to “tip” other Internet users who create or share popular content.
Based on the LuckyCoin protocol, a fork of Litecoin, Dogecoin uses the Scrypt encryption algorithm. Dogecoin was instantly popular in the crypto community and within two months of its launch, it had a market capitalisation of US$74 million. DOGE’s value has experienced several rises and falls since then, most recently in January 2018 when it reached a market cap of more than US$2 billion and a price of US$0.017359.
All cryptocurrencies are complicated and highly speculative, and there are many factors that can affect their value. It’s essential to be fully aware of all the risks associated with cryptocurrencies before making a purchase.
If you’re thinking of buying any Dogecoin, make sure you consider the following factors first:
By researching all the important information you can find about Dogecoin and considering the above factors, you’ll be in a much better position to decide whether or not to buy DOGE.
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