Dogecoin Investment Guide For Filipinos: Getting Started

Dogecoin is a cryptocurrency that was created as a joke, poking fun at other cryptocurrencies. It was launched in 2013 by software engineers Billy Markus and Jackson Palmer as a fun version of Bitcoin. The Dogecoin doesn't have any economic value but can be used as a means of payment for giving tips to content creators on the internet. It is considered an inflationary coin because it has an unlimited supply. Dogecoin can be purchased in the Philippines through cryptocurrency exchanges such as PDAX, Maya, Coinbase, Kraken, and Binance.

How to buy Dogecoin with a credit card in the Philippines

Dogecoin is a cryptocurrency that was initially introduced as a joke in 2013. It is a "meme token" that features a Shiba Inu dog as its logo. Despite its playful origins, Dogecoin has gained traction and is now accepted as a form of payment by some companies, including the Dallas Mavericks and the Microsoft Store.

If you're based in the Philippines and want to invest in Dogecoin, here's a step-by-step guide on how to buy it using a credit card:

Step 1: Choose a Reputable Platform

Select a trusted and regulated cryptocurrency exchange platform that supports Dogecoin (DOGE) trades with fiat money using credit/debit card payments. Some popular options include Changelly, Binance, and LOBSTR. Compare the fees, security features, and user reviews of each platform before making your decision.

Step 2: Set Up Your Account

Sign up and create an account on your chosen platform. You will likely need to verify your identity by providing personal information such as your full name, email address, and proof of residency. This process helps prevent fraud and complies with anti-money laundering regulations.

Step 3: Add Your Payment Method

Once your account is authorized, go to the "Buy Crypto" or "Deposit" section of the platform. Find DOGE from the list of supported cryptocurrencies. Specify that you want to use a credit card as your payment method. You will need to enter your card details, including the card number, validity period, and security code.

Step 4: Purchase Dogecoin

After linking your credit card, decide on the amount of DOGE you want to purchase. Review the current price of Dogecoin and your budget to determine how much crypto you can buy. Finalize the transaction by confirming the purchase details.

Step 5: Transfer to Your Wallet (Optional)

For added security, it is recommended to transfer your Dogecoin from the exchange platform to your personal crypto wallet. This gives you full control over your digital currency and ensures safer storage. You can choose from various types of wallets, including desktop, mobile, and hardware wallets, each with its own advantages and security considerations.

By following these steps, you can easily purchase Dogecoin with a credit card in the Philippines. Remember to always do your research, understand the risks involved, and only invest what you can afford to lose.

Dogecoin wallets available in the Philippines

When it comes to Dogecoin wallets available in the Philippines, there are several options to choose from, each with its own unique features and benefits. Here are some of the top Dogecoin wallets that you can consider:

Trust Wallet:

Trust Wallet is a popular choice for Dogecoin and other cryptocurrencies. It is a mobile wallet available for both iOS and Android devices. Trust Wallet is known for its high level of security, ease of use, and the ability to buy and sell Dogecoin directly from the wallet. It also supports other cryptocurrencies such as Bitcoin, Ethereum, and Binance Coin.

Ledger Nano S:

Ledger Nano S is a hardware wallet that is compatible with Dogecoin and many other cryptocurrencies. It connects to your computer via USB and offers a simple user interface, making it easy to use even for beginners. Ledger Nano S provides excellent security for your private key data.

Trezor:

Trezor is another well-recognised hardware wallet that supports Dogecoin and various other cryptocurrencies. Similar to Ledger Nano S, it connects to your computer via USB and is highly secure, allowing you to store your private keys offline. Trezor has a user-friendly interface and supports a wide range of cryptocurrencies.

Dogecoin Wallet:

The Dogecoin Wallet is the official mobile wallet for Dogecoin, available for both iOS and Android devices. It is easy to use and allows you to send and receive Dogecoin with just a few taps. The wallet also supports other cryptocurrencies, including Bitcoin and Litecoin. Being open-source, the Dogecoin Wallet ensures security and transparency as anyone can view and audit the code.

Binance:

Binance is a well-known cryptocurrency exchange platform that can also function as a hot wallet for Dogecoin. It offers a wide range of trading pairs, including DOGE, and provides a convenient way to store and trade your coins. Binance is considered one of the most secure and reliable platforms for trading and storing cryptocurrencies.

Kraken:

Kraken is another reputable cryptocurrency exchange that can act as a free online Dogecoin wallet. It offers high security and supports a good number of fiat currencies. While Kraken may not have the most user-friendly customer service, it excels in providing a secure platform for storing and trading Dogecoin.

KeepKey:

KeepKey is a hardware wallet that supports over 7,000 crypto assets, including Dogecoin. It offers optimal security features, such as a random PIN code generator, to protect your funds. KeepKey has a unique design, but some users may find it too bulky for their preferences.

These are just a few examples of Dogecoin wallets available in the Philippines. When choosing a wallet, it is important to consider your personal needs, such as security, convenience, and the number of supported cryptocurrencies, to make an informed decision.

Exchanges that allow you to buy Dogecoin in the Philippines

Dogecoin is a meme token that was launched in 2013 as a "fun" version of Bitcoin. It features the image of the Shiba Inu dog, a popular internet meme, as its logo.

Although Dogecoin is not yet readily available in the Philippines, Filipinos can purchase it through cryptocurrency exchanges. Here are some of the exchanges that allow you to buy Dogecoin in the Philippines:

• PDAX: PDAX is a digital wealth app that allows users to invest in various digital assets, including Dogecoin. It offers a simple and user-friendly platform for beginners and seasoned investors to trade with confidence. PDAX is regulated by the BSP and holds both EMI and Virtual Currency licenses, ensuring secure transactions.
• Maya: Maya is another exchange that supports Dogecoin trading. Users can buy and sell Dogecoin on the platform after verifying their accounts and choosing the desired trading pair, such as DOGE/USDT or DOGE/PHP.
• Coinbase: Coinbase is a popular cryptocurrency exchange that supports Dogecoin. Users can buy, sell, and trade Dogecoin on Coinbase after completing the account verification process and selecting the desired trading pair.
• Kraken: Kraken is a cryptocurrency exchange that allows users to trade Dogecoin. After verifying their accounts, users can deposit funds and start trading Dogecoin with various trading pairs.
• Binance: Binance is a well-known cryptocurrency exchange that offers Dogecoin trading. Users can purchase Dogecoin on Binance through peer-to-peer (P2P) transactions. They can log in or register, find a seller of USDT for their PHP, and transfer USDT from Binance P2P to Binance Spot.

It is important to note that investing in cryptocurrencies like Dogecoin carries risks due to their volatile nature. Before investing, individuals should conduct thorough research and understand the potential benefits and drawbacks.

Step-by-step guide to buying Dogecoin in the Philippines

Step 1: Choose a platform

First, you need to select a cryptocurrency trading platform or exchange that is available in the Philippines. Some popular options include PDAX, Maya, Coinbase, Kraken, and Binance. Compare the features of each platform, such as fees, security, and overall reputation, to decide which one best suits your needs.

Step 2: Sign up and verify your account

Once you have chosen a platform, create an account by providing your email address or mobile number. Most exchanges will also require you to verify your identity by submitting a valid ID, email address, mobile number, and selfie verification. This process may vary depending on the platform.

Step 3: Deposit funds

After your account is set up, you need to deposit funds to buy Dogecoin. Different platforms offer various payment methods, including bank transfers, debit or credit cards, and other cryptocurrencies. Review the fees and transfer options before depositing your money.

Step 4: Buy Dogecoin

Now you are ready to purchase Dogecoin! On the exchange, look for the DOGE trading pairs, such as DOGE/USDT, DOGE/USD, or DOGE/PHP. Enter the desired amount of Dogecoin you wish to purchase, or specify the amount of Philippine peso, US dollars, or Tether you want to spend. Review the details of your order before finalizing the transaction.

Step 5: Store your Dogecoin

Once you have bought Dogecoin, you need to decide where to store it. You can keep your Dogecoin on the exchange or withdraw it to a personal crypto wallet. Each option has its pros and cons regarding convenience, security, and accessibility. If you choose to use a wallet, make sure it is compatible with Dogecoin and capable of storing DOGE securely.

Remember that investing in Dogecoin or any other cryptocurrency involves risks. Understand the volatility and potential pitfalls before making any investment decisions.

Dogecoin's price history in the Philippines

Dogecoin is a cryptocurrency based on the popular "doge" internet meme. It features a Shiba Inu dog as its logo and was launched in December 2013 by software engineers Billy Markus and Jackson Palmer as a "fun" version of Bitcoin. Dogecoin is highly volatile and its value is largely based on speculation, social media hype, and support from high-profile figures such as Elon Musk.

In the Philippines, Dogecoin is not yet readily available, but Filipinos can purchase it through cryptocurrency exchanges such as Binance, PDAX, Maya, Coinbase, Kraken, and Abra. Here is a brief overview of Dogecoin's price history in the Philippines:

• Dogecoin's initial price on December 15, 2013, was 0.000559 USD.
• From 2014 to 2017, its price remained relatively steady, ranging between 0.000100 USD and 0.000200 USD.
• Dogecoin hit its peak on January 8, 2018, with a price of 0.017359 USD per token.
• As of September 2018, its price fluctuated between 0.005 and 0.006 USD.
• On May 8, 2021, Dogecoin reached an all-time high of $0.7376.
• As of August 2024, Dogecoin's price is around $0.102397, with a 24-hour trading volume of $341,439,113 USD.

It is important to note that the value of Dogecoin can be unpredictable and subject to rapid changes due to its volatile nature.

Frequently asked questions