In this article let’s talk about how to buy Dogecoin, some of its history and background, and if it’s still a good investment.
Buying Dogecoin in Canada
To start buying and selling Dogecoin, here are the general steps:
- Create an account or download the app of a major cryptocurrency trading platform (you can use Coinberry with 220K+ Canadians already signed up)
- Verify your account (this often happens immediately)
- Fund your account with a wire or e-transfer
- Buy Dogecoin (you can start with as little as 50 CAD)
For detailed instructions and more information, read below.
Creating an account
With a major crypto trading platform such as Coinberry, it starts with creating an account using your email and entering a password. Then, you’ll receive a verification link on your email. Next, you’ll enter your phone number and you’ll receive an SMS (this is for the 2-factor authentication for better security).
Verifying your identity
After creating an account, the next step is verifying your identity. This is to help prevent fraud and comply with anti-money laundering requirements and regulations. This is a must before you can buy and sell Dogecoin and other cryptos through Coinberry.
To verify your identity, you’ll need to use your Android or iOS device. This is for capturing your government-issued photo ID, taking a video verification selfie, and completing a suitability assessment (a brief questionnaire that can help Coinberry find the best investment options for you).
Funding your account with crypto or Canadian dollars
After creating an account and verifying your identity, you can now fund your account either with crypto or Canadian dollars.
To fund your account with CAD:
- Fund via Interac e-Transfer® Autodeposit (you need an Interac-supported Canadian bank account that allows e-Transfer)
- Fund via wire transfer (processing might take up to 3 business days)
The clear on-screen instructions will properly guide you in funding your Coinberry account and start trading Dogecoin through the platform.
Aside from using Canadian dollars, you can also fund your Coinberry account through an external wallet. You can enter or paste your Coinberry wallet address as the recipient (this may take 15 to 30 minutes to process).
Here are 6 easy steps to do that:
- While in Coinberry, go to Buy/Sell tab and choose “Buy”
- Choose Dogecoin
- Click “Market” so you can buy Dogecoin at the present market price. Enter the amount in Canadian dollar (CAD)
- Preview your order and double check the amount of Dogecoin, market price, estimated fee, and the total price you’ll have to pay.
- Before clicking the “Buy Now” button, read and acknowledge the Crypto Risk Statement
- After clicking the “Buy Now” button, immediately you’ll see an on-screen receipt of the transaction. In the receipt you should see how much Dogecoin you bought, the market rate, fee, total, date, time, and order number.
You can start with as little as 50 CAD when buying Dogecoin and track its price movements on the next few days.
What is special about Dogecoin?
To gain some insights about Dogecoin’s price movements and know whether to hold or invest more, it helps to know this cryptocurrency’s origins, history, and recent trends.
What is Dogecoin?
Dogecoin is a cryptocurrency based on the doge meme (with the Shiba Inu dog as its logo). Just like Bitcoin, Ether, and other cryptocurrencies, it’s decentralized which means it’s not being run by an individual person or company. In other words, it operates according to consensus and not by an owner or a founder. Unlike conventional or fiat currencies, it’s not backed by the government.
Dogecoin started as a joke but soon after it gained a following. It has gone a long way since Jackson Palmer (product manager at Adobe Inc.) satirized the cryptocurrency hype and when Billy Markus (software developer at IBM) built the software behind the actual Dogecoin. There have been several ups and downs but today it’s still being used to tip for content on Reddit and Twitter.
Why is Dogecoin popular?
Years ago it was known as a “fun version” of Bitcoin. It sounds less serious and less technical because of the dog meme as its logo. Perhaps this suited the mood of the emerging crypto community in the early years.
Aside from being a fun crypto, its unlimited supply and underlying technology makes it somehow superior to Bitcoin in many fronts. There have been arguments that Dogecoin is faster and more consumer-friendly than Bitcoin.
Despite the ups and downs and the crypto bubble of 2017 to 2019, Dogecoin still stands partly because of its active community of miners and Dogecoin’s inclusion in major cryptocurrency trading platforms. There were also merchants and known institutions that announced they will accept Dogecoin as a mode of payment.
Is Dogecoin a good investment?
Given the popularity of this meme-based cryptocurrency, is it still a good investment and will it go up in the near future? Will it surpass its peak years ago and does it have a chance of competing with Bitcoin and Ethererum?
For now it’s hard to tell. Aside from the established cryptos, there are new ones that are always coming to the forefront here and there. Overall, the crypto community is highly dynamic and unpredictable. What’s fairly certain though is that it takes some skill to profit consistently from the market (whether through the stock market or cryptocurrency trading).
For example, seasoned investors look at their entire portfolio instead of the individual investment products. They look at the big picture where their portfolio has to move towards a positive direction overall. One way they accomplish this is by occasionally or regularly rebalancing their portfolio. They analyze the trends and movements and then they decide whether to reallocate more funds towards a set of particular investments. This is one strategy in minimizing losses and maximizing their gains.
You can also apply that in crypto trading. Initially you can buy Dogecoin and other popular cryptocurrencies. As weeks go by, you can decide to put more funds in a particular crypto or sell some of the Dogecoin to fund the others that show more promise. You can also put small amounts on those less popular or emerging cryptocurrencies with prices that may immediately skyrocket.
You can test your strategies using small amounts. You can start at Coinberry where you can find Buy Enjin Coin (ENJ) in Canada, see how it all works, and track the crypto’s price movements.