How to Buy Dogecoin in Canada: A Breakdown for New Crypto Users!
- By Localcoin
- January 17, 2022
Want to Learn How to Buy Dogecoin in Canada? Start here!
Dogecoin may have started as a bit of a joke, but over the years it’s proven itself as a coin to be taken seriously. As this coin rose to fame, so did its market cap, helping it go from an internet meme to a viable currency with millions of investors. If you're ready to purchase your first dogecoins, it’s important to understand the different ways you can go about it. So let’s get you started! This quick guide will cover what you need to know about how to buy Dogecoin in Canada.
- Get Familiar With Dogecoin: What is it?
- Understanding Litecoin: The Basis for Dogecoin
- Dogecoin Quick Facts & Stats
- The Dogecoin Buyer’s Toolkit: What You Need to Start Buying Dogecoin
- Three Ways to Buy Dogecoin in Canada
- Online Crypto Exchange Platforms
- Peer-to-Peer Platforms
- Cryptocurrency ATMs
- Buy Dogecoin in Canada with Localcoin!
Get Familiar With Dogecoin!
Let’s dive into the world of Dogecoin, and find out what this coin has to offer.
Dogecoin is probably the world’s most recognizable “memecoin”: a parody coin centered around a popular internet meme of a shiba inu dog. The coin was created in 2013 using the same technology as Litecoin. The biggest difference between the two? There is an unlimited supply of Dogecoin.
In the beginning, this coin originally sold for just fractions of a penny before skyrocketing in value. This is primarily thanks to shout-outs from Tesla founder Elon Musk. Outside of celebrity endorsement, the Dogecoin creators believe that the success of the coin can also be attributed to the light-hearted and inclusive Dogecoin community. They started Dogecoin to “poke fun at Bitcoin,” but it has become a force of its own that enthusiasts are enjoying all around the world.
Dogecoin Quick Facts & Stats:
It always helps to have a solid knowledge base around the coins you are looking to buy! Here are some quick facts and stats on Dogecoin, and some additional resources for you to check out.
- Dogecoin was created in 2013 by two engineers. It gained traction on Reddit and quickly grew a devout fanbase.
- Dogecoin uses the same technology as Litecoin, which was derived from Bitcoin. The most notable difference between these coins and Bitcoin is a mining algorithm that allows coins to be mined faster with less energy usage.
- In 2019, Tesla founder Elon Musk started expressing his affinity for the coin. Since then, he has had major influence on fluctuations in Dogecoin’s price.
- There are more than 130 billion Dogecoins in circulation as of December 2021. Dogecoin’s market capitalization is more than 20 billion dollars USD at present, making it one of the top 10 cryptocurrencies by market cap.
- Although there is a significant amount of Dogecoin in circulation, a small number of investors hold a large amount of the coin. This means that just a handful of people could potentially have a major impact on Dogecoin’s price.
Want More Information? Here are Some Helpful Resources!
- Learn More About How Cryptocurrency Works
- Find Out How to Start Investing in Cryptocurrency
- Learn More About How Cryptocurrencies Gain Value
The Dogecoin Buyer’s Toolkit: What You Need to Start Buying Dogecoin
So you’ve got the information you need about Dogecoin. Now it’s time to get organized to make your purchase. Depending on how you choose to buy Dogecoin, here’s a breakdown of what you’ll need to make a purchase.
1. A Dogecoin-Compatible Crypto Wallet:
Crypto wallets are a necessary part of any cryptocurrency transaction. You’ll need to set up your wallet of choice and get familiar with how it works before you get to the point of purchase. It’s also important to make sure your wallet is compatible with Dogecoin.
2. A Method of Payment:
You will need one of the following methods of payment handy:
- Debit or credit card
- Canadian or American bill(s)
- PayPal account
- Wire transfer
- Gift cards (for peer-to-peer transactions)
- E-transfer information
3. Personal Identification:
Many exchange platforms, brokers, trading apps and cryptocurrency ATMs require identity verification. This may also depend on the amount of Dogecoin you are buying.
4. Directions to A Local Crypto ATM:
If you’re using a crypto ATM to purchase Dogecoin, find an ATM that’s easy for you to get to, whether you’re coming from home, work or running errands in the neighborhood. You can find the Localcoin ATM nearest you here.
5. An Account on an Exchange, Trading or Peer-to-Peer Platform
If you’re using an online platform to purchase Dogecoin, set up an account with a secure internet connection.
Three Ways to Buy Dogecoin in Canada
You’re finally ready to buy Dogecoins! The only thing left is to choose how you’d like to buy them. Buying crypto for the first time can seem daunting; you can’t just buy Dogecoin at the bank, and a quick online search will generate thousands of options. But it’s easier than you think!
Here are three popular methods for how to buy Dogecoin in Canada:
1. Online Crypto Exchange Platforms
One of the most common ways to buy, sell and trade cryptocurrencies like Dogecoin is through online exchange platforms. These are marketplaces that use internet-connected crypto wallets to facilitate crypto transactions. Once you’ve made an account, you can purchase coins using fiat currencies such as the Canadian dollar, or by trading between crypto coins.
- Cryptocurrency exchanges allow for convenient transactions, but come with security risks
- Exchanges may collect your personal information to verify your identity
- Dogecoin transaction fees on exchanges vary widely between exchange platforms
2. Peer-to-Peer Platforms
In contrast to exchange platforms, peer-to-peer marketplaces match up individual buyers and sellers, making direct trades possible. These platforms operate without holding any funds during the trade and even allow you to trade for other commodities such as gift cards. That said, these exchanges can invite scams and fraudulent behaviour. The security, safety, privacy and asset control associated with these peer-to-peer exchanges can vary drastically. This makes them a less than ideal option for newcomers to cryptocurrency.
- Peer-to-peer platforms allow users to make direct trades with other users
- Other users may use peer-to-peer platforms fraudulently
- They may also collect personal information to verify your identity
- Dogecoin transaction fees can vary widely
3. Cryptocurrency ATMs
Using a local crypto ATM is an excellent, user-friendly option for newcomers looking for a way to buy Dogecoin. These internet-enabled terminals help both newcomers and experts buy and sell crypto safely, securely and with ease. They work by connecting directly to blockchain networks, allowing you to purchase cryptocurrency with cash or sell cryptocurrency from your wallet. Because they don’t host your wallet, you have the freedom to choose which crypto wallet works best for you! Once you’ve located your local crypto ATM, the process is simple and straightforward:
- Step 1: If the ATM offers buying/selling services for more than one currency, select Dogecoin (DOGE).
- Step 2: Find the QR code associated with your public address in your wallet.
- Step 3: Scan the QR code using the built-in camera.
- Step 4: Insert your bills when prompted.
- Step 5: Confirm the amount and complete your purchase. Transactions are usually instantaneous, but may take anywhere between 10–30 minutes, or even 1–2 hours in some cases.
- Step 6: It’s recommended to wait for at least one confirmation on the blockchain before spending or sending your purchased funds.
- Cryptocurrency ATMs are physical locations that make crypto transactions easy, safe and secure.
- Identification may be required for transactions over a certain dollar amount.
- ATM service fees are tied to changes in the price of Dogecoin.
- Many different Dogecoin-compatible wallets work at crypto ATMs, so choose the one that’s best for you!
Buy Dogecoin in Canada with Localcoin!
Localcoin ATMs offer a simple, user-friendly way for anyone to buy and sell Bitcoin, Ethereum, Litecoin and Dogecoin. Newcomers and experts alike can easily access Localcoin ATMs when and where they need to. As one of North America’s largest Crypto ATM networks with more than 800 terminals across Canada and the U.S, we make buying and selling cryptocurrencies easy and accessible for crypto enthusiasts in their communities.
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