How to Buy Dogecoin in Canada: Important Things to Know

Dogecoin (DOGE) is an up and coming peer-to-peer, decentralised cryptocurrency that has risen in popularity over the recent months because of endorsement from Elon Musk. In principle, Dogecoin is similar to other popular cryptocurrencies like Bitcoin (BTC) and Litecoin (LTC). As you can imagine from the name, Dogecoin (DOGE) is named after the popular meme featuring a Shiba Inu dog. The cryptocurrency was started as a joke after the meme and has gone on to become one of the most widely traded cryptocurrencies in the world. It has an astonishingly high market capitalization of over 70 billion USD as of May 2021. If you are wondering how to buy Dogecoin in Canada, this post is just for you. Let’s get started.

Buying Dogecoin in Canada: All You Need to Know

Dogecoin can be bought, sold and traded on various exchanges. To track down the best fit for your necessities, analyze trades by things such as store strategies and fiat money backing.

Steps to buy Dogecoin in Canada

Stage 1. Before you go about buying Dogecoin, you must create an account with a Dogecoin supporting exchange. 

Search for an exchange that runs DOGE in at least one cash pairings, and sign up with your email address. Contrast trades when purchasing DOGE in order to track down the best exchange rates and low fees. Many exchanges likewise require your complete name, contact data and confirmation of ID prior to permitting you to exchange. 

Stage 2. Transfer funds into your account 

In the event that your trade upholds Dogecoin, you’ll have the option to purchase DOGE with Canadian dollars (CAD). A few exchanges charge fluctuating expenses relying upon the value of the Dogecoin you’re purchasing, so be mindful of your transaction expenses.

Stage 3. Purchase DOGE 

Get to the markets section on your exchange to find the correct pairing for your Dogecoin. Search for the part on purchasing DOGE, and type in the measure of the matched digital money you need to spend or the amount of DOGE you need to purchase. Carefully audit your exchange subtleties, including the amount of DOGE you’re purchasing and the absolute expense of the buy, prior to finishing the exchange. 

How to sell Dogecoin (DOGE)? 

On the off chance that you need to sell your Dogecoin, you can do as such by following a comparative cycle to that laid out in Step 3. You’ll clearly have to search for the “Sell DOGE” option, while it’s likewise worth recollecting that you will be unable to straightforwardly trade DOGE for the money you need to obtain. 

Which wallets can be used to store Dogecoin?

Unless you want to trade with your Dogecoin, it’d be best if you don’t store it in your account. All things considered, it’s by and large a lot more secure to store your DOGE in a protected wallet. 

How does Dogecoin (DOGE) work? 

Established in 2013 by Australian Jackson Palmer and IBM programming designer Billy Markus, Dogecoin began life as a joke. In a January 2018 article in the Sydney Morning Herald, Palmer clarified that the thought for Dogecoin began from a cheerful tweet condemning the quick ascent of “deceitful” altcoins at that point. Dogecoin takes its name from the gigantic mainstream (in 2013) viral “doge” images. Its mascot, which makes a big part of the visuals on the Dogecoin site, is a Shiba Inu. 

Notwithstanding, behind all the silly buffoonery of Dogecoin lies a famous cryptocurrency. Intended to offer quick and moderate online exchanges, this open-source computerized money can be utilized as a type of installment for labor and products, a vehicle to exchange for different monetary standards and an approach to “tip” other Internet clients who make or offer mainstream content. 

In view of the LuckyCoin convention, a fork of Litecoin, Dogecoin utilizes the Scrypt encryption calculation. Dogecoin, within two months of its dispatch, built a market capitalization of $74 million. DOGE’s worth has encountered a few ascents and falls from that point forward, arriving at its unequaled high in January 2018 with a market cap of more than $2 billion and a cost of $0.017359. 

Will Dogecoin reach $1? 

Nobody can know for certain whether Dogecoin will reach $1. Dogecoin’s staggering 11,000% growth in value during 2021 has led to a great deal of clients on Reddit wanting a lot more. Dogecoin has for quite some time been viewed as a memecoin, which has assisted drive with valuing swings brought about by big name tweets, crackpot occasions and the revitalizing of online networks. Given that almost 150 million Dogecoins are mined every day, Dogecoin will need to see more massive purchase days in order for the price to reach $1.

Things to consider before buying Dogecoins in Canada:

Cryptocurrencies are a relatively new financial tool and tend to be complicated and speculative. Their value is affected by several values. You should always be aware of the risks associated with cryptocurrency purchases before buying it. If you’re thinking of buying Dogecoin, weigh the following factors against your financial goals:

  • Availability
  • Community support
  • Joke or not?
  • Future development
  • Celebrity endorsement.

How has Elon Musk contributed to Dogecoin’s rise in popularity?

Dogecoin’s meteoric rise in popularity during 2021 has been ushered in because of the endorsement of one particular celebrity, Tesla founder and billionaire Elon Musk. Thanks to Musk’s influence combined with his interest in memes and internet culture, Dogecoin has reached incredibly unbelievable highs. This was primarily done through late-night tweets of Doge related memes from Elon Musk. However, if Elon Musk suddenly loses his interest in Dogecoin, it might see the value of this cryptocurrency witness a nosedive.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision.

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