Dogecoin Investment Guide For Filipinos

Dogecoin is a meme token that was launched in 2013 by software engineers Billy Markus and Jackson Palmer as a fun version of Bitcoin. It features the image of the popular internet meme Shiba Inu dog as its logo. Dogecoin is considered an inflationary coin because it has an unlimited supply, unlike Bitcoin, which has a limited supply. The value of Dogecoin depends on its popularity and the level of social media hype it generates.

In the Philippines, Dogecoin can be purchased through cryptocurrency exchanges such as PDAX, Maya, Coinbase, Kraken, and Binance. LOBSTR is another platform that allows users to buy Dogecoin and other cryptocurrencies with their credit or debit cards. Coins.ph is the Philippines' first digital currency exchange and is fully regulated by the BSP. It offers a simple, fast, and secure way to buy, sell, and store cryptocurrencies in the Philippines.

How to buy Dogecoin with a credit or debit card

To buy Dogecoin with a credit or debit card, you'll first need to find a crypto trading platform that allows you to buy Doge with a card. Then, sign up and verify your identity. This is a standard security procedure for most exchanges and requires you to provide some personal details and upload a copy of your ID. Once verified, you can make a purchase by selecting the fiat currency you'd like to use and entering the amount you'd like to invest. This will help calculate how much crypto you'll receive.

After that, you'll need to select your payment method – in this case, a debit or credit card. You'll need to enter your card details, including the card number, expiration date, and CVV. Double-check that the information is correct to ensure smooth processing. Finally, complete your purchase and wait for the transaction to be processed. Your Dogecoin will then be on its way to your wallet.

It's important to note that some cryptocurrency exchanges may not hold digital assets after a purchase. Instead, they may ask you to enter the address where you'd like to receive your Dogecoin. Additionally, using a credit card to purchase Dogecoin can result in high interest rates, as the bank may classify the transaction as a cash advance. Therefore, it's crucial to carefully consider the potential risks and costs before buying Dogecoin with a credit or debit card.

Using a crypto exchange to buy Dogecoin

Dogecoin is a meme token that was created as a joke or a "fun" version of Bitcoin. It is a peer-to-peer cryptocurrency, which means that transactions can be made directly between people over the internet without the need for a bank.

Step 1: Choose a crypto exchange

There are several crypto exchanges available, each with its own features, fees, security measures, and overall reputation. Some popular options include:

• Binance
• Coinbase
• Kraken
• Robinhood
• Gemini
• EToro
• Interactive Brokers
• Crypto.com
• BYDFi
• Bitfinex

Step 2: Sign up for an account

After choosing an exchange, you will need to create an account. This typically involves providing an email address, creating a username, and setting a password. Some exchanges may also require additional information, such as your full name, date of birth, country of residence, and phone number.

Step 3: Verify your account

To buy Dogecoin with fiat currency, you will likely need to verify your account. This usually involves submitting a valid ID, such as a driver's license or passport, and in some cases, a selfie. The specific requirements may vary depending on the exchange you choose.

Step 4: Deposit funds into your account

Once your account is verified, you can deposit funds into your account. The methods for doing so will depend on the exchange and your location. Most exchanges accept bank transfers, credit/debit cards, or crypto transfers.

Step 5: Buy Dogecoin

After funding your account, you can start purchasing Dogecoin! On beginner-friendly exchanges, this is a simple process of entering the amount of Dogecoin you want to buy or the amount of fiat currency you want to spend.

Step 6: Withdraw your Dogecoin (optional)

If you want to hold your Dogecoin in a personal wallet instead of leaving it on the exchange, you can withdraw your Dogecoin to your preferred wallet. Make sure that the wallet you choose supports Dogecoin and that you have the correct wallet address when making the withdrawal.

Important considerations:

• Security: Crypto exchanges vary in terms of security measures. Look for features such as two-factor authentication, cold storage of funds, and a good track record of safeguarding user funds.
• Fees: Different exchanges charge different fees for trading, depositing, and withdrawing funds. Be sure to review the fee structure before choosing an exchange.
• Supported cryptocurrencies: Consider the range of cryptocurrencies supported by the exchange. If you plan to trade multiple coins, choose an exchange with a wide selection.
• Trading tools: If you intend to engage in more advanced trading, look for exchanges that offer margin trading, advanced order types, and charting tools.
• Customer support: Ensure that the exchange provides reliable and responsive customer support in case you need assistance.

Remember that investing in Dogecoin or any cryptocurrency involves risks, including price volatility and regulatory uncertainty. Always do your own research and consider your financial situation before investing.

The cheapest way to buy Dogecoin

Dogecoin is a cryptocurrency that was initially introduced as a joke in December 2013. It has since gained popularity and is now used as a legitimate form of payment by some companies.

Using a Crypto Exchange

One of the cheapest ways to buy Dogecoin is through a crypto exchange such as Binance, Coinbase, or Kraken. These exchanges typically offer low fees and allow you to purchase Dogecoin directly with USD or other fiat currencies. You can also use a credit or debit card, but the fees for card purchases are usually higher.

When using an exchange, you will need to create an account, verify your identity, deposit funds, and then place a buy order for Dogecoin.

Peer-to-Peer (P2P) Platforms

Another cheap option is to use a P2P platform to find someone willing to sell you Dogecoin directly. This method can be more private and may have lower fees, but it requires more caution to avoid scams. Always use a reputable platform that provides an escrow service to protect your funds during the trade.

Dogecoin ATMs

If you want to purchase Dogecoin with cash, you can use a Dogecoin ATM. These ATMs can be found in many major cities and offer a convenient way to buy Dogecoin. However, you will need to provide photo ID, and the fees for this method may be higher than online exchanges.

Direct Purchase from PayPal

US residents can now purchase Dogecoin directly using the PayPal app. This option may be convenient for those who already use PayPal and want a simple way to buy Dogecoin. However, it's important to note that purchases made through PayPal may attract higher fees due to the risk of scammers exploiting the chargeback feature.

When buying Dogecoin, it's essential to consider the risks associated with investing in cryptocurrency. Dogecoin is a highly volatile asset, and its value can fluctuate significantly. Always do your research, understand the market, and only invest what you can afford to lose.

How to find the best place to buy Dogecoin

Dogecoin is a unique cryptocurrency with a dedicated community of followers. It was created as a joke, but it has become a legitimate currency that people use to buy goods and services.

If you want to buy Dogecoin in the Philippines, you'll need to use a cryptocurrency exchange as it is not available directly. Here are some factors to consider when choosing the best place to buy Dogecoin:

• Registration and location: Using a locally registered exchange is beneficial as it is more likely to accept Philippine pesos and local payment methods, helping you avoid foreign exchange fees. It is also good to choose an exchange registered with the Financial Crimes Enforcement Network (FinCEN), as it will have to comply with local laws in the US.
• Security: Look for an exchange that offers robust security features such as two-factor authentication and PGP-encrypted emails. Cold storage of user funds is considered standard, but insurance funds indicate good security practices.
• Fees: Be sure to read the fine print to understand all the fees involved, including spreads, trading fees, and deposit and withdrawal charges.
• Transaction limits: Check for any minimum or maximum limits on the amount of Dogecoin you can buy or sell and any restrictions on withdrawals.
• Platform features: Consider what other features you may need, such as the ability to earn yield on your holdings or the availability of a crypto debit card.
• Customer support: Ensure that the exchange provides prompt and efficient customer support and that the team is responsive and easy to contact.
• Reputation: Research the founders, any controversies, and the business practices of the exchange. A lack of information may be a red flag.
• Range of coins: If you plan to add other cryptos to your portfolio, check what other coins the platform offers.
• Reviews: Check user reviews to get an idea of what it's like to use the platform.

Some popular exchanges that offer Dogecoin include PDAX, Maya, Coinbase, Kraken, and Binance. Remember to always do your research and understand the risks before investing in any cryptocurrency.

How to buy Dogecoin directly

Dogecoin, the cryptocurrency that began as a joke, has gained a lot of traction and a loyal community. Here is a step-by-step guide on how to buy Dogecoin directly.

Step 1: Get a Dogecoin Wallet

Before buying Dogecoin, you will need a Dogecoin wallet to store your coins. There are several types of Dogecoin wallets, including hardware wallets and software wallets.

#### Hardware Wallets

Hardware wallets are physical devices that store your Dogecoin offline, keeping your private key secure. Examples include the Ledger Nano S and Nano X, TREZOR One, and TREZOR Model T. While hardware wallets are considered one of the safest options, they do require an initial investment.

#### Software Wallets

Software wallets store your private key on your device, such as a mobile phone, desktop computer, or laptop. Examples include MultiDoge (available for Windows, Mac, and Linux), Exodus, and Coinomi. It is important to only download official or highly recommended software wallets to protect your device from malware.

Step 2: Locate Your Dogecoin Address

Your Dogecoin address is a long string of letters and numbers that starts with a capital "D" followed by a number or another capital letter. Here is an example: "DBXu2kgc3xtvCUWFcxFE3r9hEYgmuaaCyD". You will need this address to receive Dogecoin into your wallet.

Step 3: Find a Doge Exchange

There are several reputable exchanges that allow you to buy Dogecoin with traditional currencies or other cryptocurrencies. Here are some popular options:

• Binance: A leading cryptocurrency exchange that has been around since 2017 and supports the purchase of over 200 cryptocurrencies. Binance allows users to buy Dogecoin with various payment methods.
• Bitpanda: An Austrian exchange founded in 2014 that allows residents of the EU and a few other countries to buy Dogecoin with payment methods such as Neteller, Skrill, and SEPA.
• Uphold: A New York-based platform offering trading for various assets, including Dogecoin. Uphold does not have trading fees but has hidden spreads for each trade, so be sure to check the total cost before trading.
• EToro: A platform that allows you to easily exchange fiat currency (USD, EUR, etc.) for Dogecoin. eToro is less suitable for accessing and using the actual coins, so it is better suited for those interested in profiting from price changes rather than owning the coins.
• Kraken: A US-based exchange founded in 2011 that allows users to deposit funds via credit card or wire transfer. Kraken uses the XDG ticker symbol for Dogecoin instead of the widely accepted DOGE symbol.
• Changelly: A conversion service that allows you to buy Dogecoin with almost any currency (fiat or crypto). Changelly works quickly but may charge higher fees, especially for credit card purchases.
• Gemini: An exchange based in New York, founded by the Winklevoss twins. Gemini offers instant purchases using a bank card, as well as fiat currency deposits via wire transfers or ACH.
• Bittrex: A US-based cryptocurrency exchange that offers a DOGE/BTC pair, meaning you will need to buy or deposit Bitcoin to exchange it for Dogecoin.
• Coinbase: A regulation-friendly, publicly-traded US-based cryptocurrency exchange that has been around since 2012. Coinbase allows users to easily buy cryptocurrency using a linked credit card or bank account.

Step 4: Make Your Purchase

After choosing an exchange and depositing funds, you can proceed to purchase Dogecoin. Remember that the price of Dogecoin can be volatile, and it is essential to understand the risks and do your research before investing.

Step 5: Withdraw Your Dogecoin (Optional)

It is generally recommended to store your Dogecoin in a personal wallet rather than leaving it on an exchange. This reduces the risk of losing your coins if the exchange is hacked or goes bankrupt. Use the Dogecoin address you obtained in Step 2 to withdraw your Dogecoin from the exchange to your wallet.

Additional Buying Options

If you are unable to use the above exchanges or prefer alternative options, there are several other ways to buy Dogecoin:

• Credit/Debit Card: The easiest way to buy Dogecoin with a credit or debit card is through Binance's "Buy Crypto" section. Credit/debit card purchases typically have higher fees but are processed faster. Kraken is another reputable option.
• PayPal: There are very few exchanges that accept PayPal payments, so you will need to use a service like LocalCoinSwap to buy Bitcoin with PayPal, then transfer the Bitcoin to Changelly and trade it for Dogecoin.
• Smaller Exchanges: Several smaller cryptocurrency exchanges, such as Exrates, YoBit, and Livecoin, offer DOGE/USD pairs. LiteBit.eu, Bittylicious, and Cryptomate provide brokerage services for Dogecoin via EUR.

Remember always to review the reputation and security measures of any exchange or service before signing up and buying Dogecoin.

Frequently asked questions