In contrast, Bitcoin has a hard cap of 21 million units. Use Case Among the most important use cases that you should be aware of Dogecoin is its utility in transactions. The meme-coin offers fast transactions. Also, the transaction fee is very low, making it a good candidate as a future digital currency. However, a Dogecoin enthusiast must be aware of the fact that the digital coin is infinite, unlike Bitcoin. Therefore, Dogecoin will continue to be produced annually and will be in unlimited supply.
Dogecoin can hence be bought at a considerably lower price than say a Bitcoin. While the cryptocurrency was never meant to be used as a form of payment, it's value today is at par with companies such as Ford Motors or Volvo. WazirX, is one such platform that allows its users to buy, sell or trade in Dogecoin.
Once you decide to invest in Dogecoin, you need to find an exchange that has a track record of providing a safe and smooth platform for trading in cryptocurrencies. In this regard, you need not look any further than WazirX which offers a slew of cryptocurrencies to trade in. To begin with, you need to install the WazirX application or access it via its web page. The next step involves setting up your account which would require your bank account number.
As soon as you complete your KYC, WazirX will verify your registration, paving the way for your first investment in cryptocurrencies. The primary requirements of a KYC are a pan card and a valid address proof. Your bank account would then be linked to the exchange and the verification process will come to an end. As soon as the account is set up, your digital wallet can be seen on the website. Your Dogecoin purchase would be always visible on your digital wallet, making your trading experience smooth and seamless.
With the WazirX app, you can track the price of Dogecoin real-time. Besides, you will get access to technical charts which can help you in identifying attractive entry points into the cryptocurrency market. Furthermore, just like Crypto. This is also the case when you trade larger amounts. Another reason why Binance is a top-rated place to buy Dogecoin is that it caters to technical traders.
For instance, you will have access to high-level data fees, technical indicators, chart drawing tools, and even the ability to deploy third-party bots via an API. Buy Dogecoin on Binance Now. Dogecoin is a speculative crypto asset — meaning that there are one of two things that can happen after you make an investment. And as such, this is why you should spend some time researching the pros and cons of Dogecoin from an investment perspective before parting with any money.
To help clear the mist, in the sections below, we discuss the benefits and potential risks to consider before you buy Dogecoin in Australia. The first thing to note about Dogecoin is that you only need to risk modest amounts to gain exposure to this marketplace. Dogecoin has grown in value by a considerable amount since the digital currency was launched in This represents growth in the thousands of percent — which is perhaps one of the key reasons why Dogecoin remains so popular with speculative investors.
Although this might appear a major red flag for investors that bought the so-called pump, those that are yet to buy Dogecoin can still do so at a major discount. After all, Dogecoin is one of just thousands of other digital currencies that have witnessed a bearish market cycle since the turn of This means that this rapid drop in value is not specifically any issue associated with Dogecoin itself — but the broader crypto markets.
One of the overarching reasons why Dogecoin was able to generate returns in the thousands of percent in the first half of is largely down to Elon Musk. Not only did the Tesla CEO announce that in addition to Bitcoin and Ethereum he owned an allocation of Dogecoin tokens, but he continued to promote the project at various intervals both online and in TV appearances.
Crucially, when you consider that Elon Musk is one of the most successful entrepreneurs on this planet, his interest in Dogecoin offers the project a huge amount of legitimacy and credibility. Leading on from the above section, Elon Musk noted that he believes Dogecoin is much more suitable as a global payments network than its Bitcoin counterpart. In terms of speed, Bitcoin requires 10 minutes to validate a new transaction. In the case of Dogecoin, this stands at just 1 minute.
In the sections above, we outlined some core benefits of adding Dogecoin to your portfolio today. However, before you buy Dogecoin in Australia — it is crucial that you also consider the risks. This will enable you to make an informed and balanced investment decision. The first risk to consider before you buy DOGE in Australia is with respect to how quickly the value of the digital currency has fallen since hitting all-time highs in The amount of volatility that Dogecoin attracts can only be described as parabolic.
Once you buy Dogecoin in Australia, you will need to keep your digital tokens in a crypto wallet. On the one hand, there are many different wallet types of varying security levels — such as mobile apps and desktop software. Visit eToro Now. However, irrespective of the Dogecoin wallet you choose, you need to think about the risks involved. This is why — as we explain shortly, eToro offers the safest and most convenient way to buy and store Dogecoin — not least because the broker is regulated by ASIC.
Now that we have covered the potential benefits and risks of investing in Dogecoin — we can now talk about payment methods. Overall, as per our market research, the best ways to buy Dogecoin in Australia are discussed below. This is because when using a new-age broker like eToro — you can open a verified account in just a few clicks. For instance, while at eToro you will only pay 0.
Alternatively, you can also buy Dogecoin with Paypal — and pay just 0. Take note, your Paypal account needs to be verified before you can make a deposit into a crypto exchange. Moreover, you will still need to go through a KYC process — as you will be using fiat money. There are several other ways to buy Dogecoin in Australia — such as:. Irrespective of your chosen payment method — just make sure that you are using a legitimate and trusted exchange.
For instance, although the terms crypto exchanges and brokers are often used interchangeably, they actually differ. Crypto exchanges enable you to buy and sell Dogecoin online with other traders. As such, crypto exchanges utilize traditional order books. This means that unless there are sufficient levels of liquidity, you might be forced to buy or sell Dogecoin at an unfavorable price. A crucial thing to note about crypto exchanges is that they are often unregulated.
This means that you will be buying Dogecoin in an unsafe environment. Crypto brokers are regulated entities that allow you to buy crypto assets like Dogecoin in a safe and licensed ecosystem. With that said, it is important to note that, unlike crypto exchanges, brokers do not require you to trade with other market participants.
On the contrary, you can buy Dogecoin directly from the broker itself. Dogecoin is usually traded and quoted against US dollars — as we have done throughout this guide. This is no different from trading commodities like gold or crude oil. This is the most that Dogecoin has ever been worth. Dogecoin, like all digital assets, is valued based on market activity. For instance, when the price of Dogecoin increases, this is because there are more buyers than sellers looking to engage with this crypto token.
It remains to be seen what the future holds for Dogecoin. After all, one of the main reasons why this digital asset performed so well in the first half of is because the project continued to be plugged by Elon Musk. Buy Dogecoin on eToro. However, you should take this so-called analysis with a pinch of salt. Overall, the Dogecoin price is driven by hype and speculation.
Many Australians are hesitant about buying cryptocurrencies like Dogecoin online — not least because this industry is often associated with crime and fraud. However, this represents a very small segment of the broader crypto trading arena. To ensure you buy Dogecoin in Australia safely, consider the tips outlined below.
It goes without saying that the best way to ensure you are buying Dogecoin safely is to ensure you only do so via an ASIC-regulated broker. And therefore, when you buy Dogecoin in Australia from an ASIC-regulated platform like eToro — you know that you are dealing with a legitimate and credible broker. Although you might be tempted to buy Dogecoin from a peer-to-peer exchange, these platforms are fraught with risk. The reason for this is that you will be buying Dogecoin directly from another seller — with no third-party mediating the transaction.
And, one of the main ways that fraudsters benefit from peer-to-peer trades is via a bank transfer. In other words, once you transfer the cash, there is no guarantee that you will actually receive the Dogecoin tokens. The most important thing is that you keep your private keys and backup passphrase safe and away from the wrong hands.
If somebody does manage to get hold of the aforementioned information, they can access your wallet and steal your entire Dogecoin balance. This is because eToro offers a free custodial wallet, which means your newly purchased Dogecoin tokens will be safeguarded on your behalf.
If you have conducted sufficient research and wish to learn how to buy Dogecoin now — the walkthrough below is a must-read. Put simply, in less than five minutes, you will be able to open an eToro account, make a deposit in AUD, and subsequently buy Dogecoin for your portfolio in safety.
This will require information surrounding your name, address, and tax identification number. You also need to provide your email address and choose a suitable username.
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The best dogecoin crypto apps of April Kraken: Best for futures and margin traders. Coinbase: Best for traders of all experience levels.