The Ultimate Guide To Investing In Dogecoin Via Cash App

Dogecoin is a peer-to-peer, open-source digital currency that enables users to send money online. It is not possible to buy Dogecoin on Cash App, a financial services application available in the US. Cash App does not allow users to buy Dogecoin, and only Bitcoin is listed on the platform for trading. However, users can buy Dogecoin on other platforms such as Binance, which is considered the safest and best platform to buy, sell, trade, and hold Dogecoin.

Why can't I buy Dogecoin on Cash App?

Unfortunately, you cannot buy Dogecoin on Cash App. Cash App does not support Dogecoin Crypto and only lists Bitcoin as an available cryptocurrency for trading.

Jack Dorsey, the CEO of Twitter and Square (Cash App's parent company), appears to be a Bitcoin maximalist, according to his tweet. In a reply to a user, he also mentions that they will need to keep Coinbase for all non-Bitcoin crypto, including Dogecoin.

While Cash App does not support Dogecoin, there are other platforms where you can purchase it, such as Binance, which is considered the safest and best platform to buy, sell, trade, and hold Dogecoin.

To buy Dogecoin on Binance, you can follow these steps:

• Register an account on Binance.
• Deposit funds into your account.
• Click on "Wallet" and "Fiat and Spot."
• Tap on the "Deposit" button and select the deposit currency as USD.
• Follow the onscreen display information.
• Type "Doge" in the search bar and click on the "DOGE/USDT" pair.
• Enter the amount of Dogecoin you want to buy and choose the Market tab.
• Click on "Buy DOGE".

After purchasing Dogecoin, it is recommended to withdraw your coins to a secure wallet that you control, rather than storing them on an exchange, as they are more susceptible to hacking attempts.

How do I buy Bitcoin on Cash App?

To buy Bitcoin using your Cash App, you must first ensure that you have a balance in your Cash App. You can then follow these steps:

• Tap the Bitcoin tab on your Cash App home screen.
• Select an amount or enter a custom amount.
• Enter your PIN and select Confirm.

You can also turn your spare change into Bitcoin by rounding up your change to the nearest dollar when you spend your Cash App balance on everyday purchases. Additionally, you can set up a direct deposit with Cash App and choose the percentage you want to invest in Bitcoin automatically.

What are the best alternatives to Cash App for buying Dogecoin?

As of 2021, Dogecoin cannot be purchased through the Cash App. However, there are several alternative platforms that allow users to buy Dogecoin.

One of the most popular alternatives is eToro, a trademarked Crypto CopyPortfolios platform that offers flexible options with balanced exposure and management by their expert investment committee. eToro supports 17 cryptocurrencies in total, including Dogecoin, Bitcoin, and Ethereum.

Another option is to use an online cryptocurrency exchange such as Coinbase, Kraken, or Binance. These exchanges allow users to buy, sell, and transfer Dogecoin and other cryptocurrencies. Coinbase, for example, offers two trading interfaces: Coinbase Trading and Coinbase Advanced Trade, with the latter providing cheaper transaction fees.

Other alternatives include Robinhood, an online broker that integrates with non-custodial wallets, and Webull, which is similar to eToro in that Dogecoin can be purchased on the platform but cannot be transferred to another wallet.

For users outside the US, Ka.app is an EU-based crypto payment app that allows users to send, receive, and convert euros and popular cryptocurrencies, including Dogecoin. PayPal, Venmo, Skrill, Payeer, and Advcash are other global digital payment platforms that support the buying, selling, and transferring of cryptocurrencies.

How do I set up a Dogecoin wallet?

Setting up a Dogecoin wallet is a straightforward process. Here is a step-by-step guide on how to do it:

Choose a Dogecoin Wallet Provider

First, you need to select a Dogecoin wallet provider. There are several options available, including Freewallet, Trust Wallet, Zengo, Ledger, and Exodus. Each wallet provider offers different features, so it is essential to research and choose one that best suits your needs.

Download and Install the Wallet

Once you have chosen a wallet provider, you need to download and install their application on your device. Most providers offer mobile apps for iOS and Android devices, while some also provide web applications for desktop use. Follow the installation instructions provided by your chosen wallet provider.

Configure Your Wallet

After installing the wallet, you will need to configure its settings. This may include setting up security measures such as two-factor authentication, a PIN code, or fingerprint login. You may also need to create an account and set up a recovery method in case you lose access to your device.

Add Dogecoin to Your Wallet

Now that your wallet is set up, you can start using it to store, send, and receive Dogecoin. If you already have Dogecoin, you can transfer it to your new wallet by locating your Dogecoin address within the wallet and using that address to send the coins. If you don't already have Dogecoin, you can purchase it through the wallet app or an external exchange and have it sent directly to your wallet address.

Stay Secure

It is important to prioritize security when dealing with cryptocurrencies. Always be cautious of unsolicited messages or emails asking for your wallet information, and never share your private keys or recovery phrases. Keep your wallet and device software up to date, and be aware of potential phishing scams.

By following these steps, you can set up a Dogecoin wallet and start using and managing your Dogecoin securely.

What is Dogecoin?

Dogecoin is a peer-to-peer digital currency and a type of cryptocurrency. It was created by software engineers Billy Markus and Jackson Palmer and introduced on December 6, 2013, as a joke making fun of the wild speculation in cryptocurrencies at the time. It is considered the first "meme coin", and more specifically, the first "dog coin", with its name and Shiba Inu logo based on the "doge" meme.

Dogecoin is an open-source cryptocurrency that utilises blockchain technology. It is highly secure and decentralised, with information stored as a public ledger that is maintained by a network of computers called nodes.

Dogecoin was designed to be abundant, with 10,000 new coins mined every minute and no maximum supply. This is in contrast to other cryptocurrencies like Bitcoin, which is designed to be scarce and resistant to inflation. Dogecoin has a dedicated online community, and its value has increased significantly since its launch, with a total value that has topped $20 billion.

Dogecoin has been used for a range of purposes, from tipping strangers for good Reddit comments to funding charitable initiatives and sponsoring sports teams and events. It has also been associated with high-profile figures such as Elon Musk, who has frequently promoted the currency on his social media platforms.

Frequently asked questions