Worried you missed the boat on Dogecoin and Shiba Inu? No worries, there are still plenty of other emerging dog-based meme cryptocurrencies with their own attractive properties. DOGET is one of them, touting what it calls a more efficient consensus method and easier audibility.
In this easy-to-understand, step-by-step guide we will show you exactly what DOGET is and how you can purchase and use it in no time.
What is DOGET?
Doge Token (DOGET) is a meme-based cryptocurrency on the Stellar blockchain. DOGET aims to improve upon some of the shortcomings it perceives with Dogecoin and other meme-based cryptocurrencies in general. In particular, DOGET emphasizes its proof-of-stake consensus mechanism (over Dogecoins proof-of-work mechanism). Proof-of-stake is a consensus mechanism based on voting by token holders. This is as opposed to proof-of-work which relies on heavy computing power to solve cryptographic puzzles. Due to this difference, DOGET claims to be more efficient and better for the environment.
DOGET is also appealing due to its much smaller market cap than Dogecoin, which gives it the potential for much larger run-ups in price should the meme-based currency catch on.
If this sounds interesting to you, read on to learn the easiest and best ways for you to buy and store DOGET in this guide.
Step 1: Register on Fiat-to-Crypto Exchange
When investing in cryptocurrencies like DOGET, the first thing you need to consider is how you will transfer your fiat money (such as dollars) into the crypto ecosystem. The easiest and safest way to do this is to use a regulated fiat-to-crypto exchange such as CryptoWallet.
CryptoWallet focuses on safety and convenience for users. All funds stored are protected by BitGo, an industry-leading custodian, and CryptoWallet’s easy-to-use app offers a streamlined and guided registration process, perfect for beginners. The CryptoWallet app is available on both Apple and Android devices.
Once you have downloaded the app and completed registration you are ready to move on to the next step.
Step 2: Buy BTC with Fiat Money
While CryptoWallet does not support more niche cryptocurrencies such as DOGET, it does support five of the most widely accepted cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). This means the process of trading one of these large-cap cryptocurrencies for DOGET will be very easy and covered in the next step.
With CryptoWallet you can purchase any of the previously mentioned cryptocurrencies using your debit or credit card, again making the process fast and easy for beginners. For now, we recommend purchasing BTC since it is the most widely accepted and well-known cryptocurrency.
After purchasing BTC on the CryptoWallet app, you are ready to learn how to transfer it for DOGET in the next step.
Step 3: Transfer BTC to an Altcoin Exchange
In this step, you will learn the fastest and most convenient way to swap your BTC for DOGET.
DOGET is currently supported by several altcoin exchanges. You should do your own research to find which is offering the best exchange rate for trading into DOGET at the time you are reading this. Just make sure the exchange you choose is reputable and trustworthy.
Once you have selected which altcoin exchange you will use, you will need to sign up for that exchange. Since fiat money is not involved and you will only be trading crypto-to-crypto from here on out, the sign-up process should be noncomplicated, fast, and easy.
After you finish signing up you can send your BTC for the trade by finding your BTC receive address on the new exchange and copying that address to then paste into the ‘Send To’ field on the CryptoWallet app.
It will likely take 15-45 minutes for your BTC to arrive on the altcoin exchange, after which you can search for the BTC/DOGET trading pair and execute your trade.
Congratulations, once the trade has been completed you will be the proud owner of DOGET.
Step 4: Store DOGET Securely
Even though you now own DOGET, you are not quite done yet. It is important to consider a secure option to store your DOGET. You generally have two major options: software wallets and hardware wallets.
CryptoWallet is an excellent option for a software wallet that supports large-cap cryptocurrencies. This is due to the extra security provided by BitGo, as well as its unique feature set including a crypto debit card that allows you to spend your crypto anywhere that accepts debit payments. Unfortunately, since CryptoWallet does not support DOGET it is not an option here.
If storing a larger amount of funds and if you do not require regular access we recommend using a hardware wallet such as a Ledger or a Trezor, which will provide the added security of storing your keys offline. Just make sure the hardware wallet you choose supports Stellar tokens such as DOGET.
Other Useful Tools for Trading DOGET
Price-feed tools like CoinGecko.com and CoinMarketCap.com are also very useful for trading cryptocurrencies like DOGET. These tools provide you with a real-time price chart and statistics such as current market cap and trading volume. In addition to this, CoinGecko and CoinMarketCap will provide you with a list of exchanges currently trading DOGET as well as the trading pairs they support (for example BTC to DOGET).
You May Also Like
If you like DOGET you may also be interested in some of the other dog-based meme cryptocurrencies that have taken off in popularity in recent years. This includes Dogecoin (DOGE) and Shiba Inu (SHIB). While these two currencies are much larger than DOGET and therefore have theoretically less room for price increases, they are also much more tested and widely considered safer options than the newer DOGET.
Can I buy DOGET with cash?
Unfortunately, you cannot buy niche cryptocurrencies like DOGET directly with cash. However, a cash-like way to purchase DOGET is to use your debit or credit card to purchase BTC on CryptoWallet and then trade that BTC for DOGET on an altcoin exchange.
Are there any quick ways to buy DOGET in Europe?
The quickest way for you to buy DOGET in Europe is to use the CryptoWallet app which will allow you to buy Bitcoin (BTC) directly with your debit or credit card. Once you have completed this purchase you can easily swap your BTC for DOGET on an altcoin exchange.
Are there any alternative platforms to buy DOGET or Bitcoin with credit cards?
While the combination of CryptoWallet and an altcoin exchange that supports DOGET is likely the easiest and best option to purchase BTC with a credit card and then swap that BTC for DOGET, other options may exist. You should do your own research as to which option is best for you and what the potential trade-offs are for your chosen platform.