Dogecoin was a notable performer in the cryptocurrency market in 2021, reaching a high in May before steadily declining in the months that followed. There are, however, multiple reasons to be hopeful about Dogecoin’s future prospects, with the developers eager to create more use-cases to enhance the coin’s value proposition. This post will guide you on how to buy Doge coin in Australia.
What is Dogecoin?
Dogecoin (pronounced dohj coin) was created in 2013 based on the internet joke ‘doge’ to tease the speculative excitement around bitcoin. This open-source peer-to-peer cryptocurrency was forked from Litecoin and has the same underlying technology as Litecoin.
Despite its origins as a joke, Dogecoin (DOGE) has grown to become one of the most popular cryptocurrencies and has widespread community support. Numerous prominent personalities and online communities have been supportive of DOGE currency.
What is Dogecoin Used For?
At first look, Dogecoin may seem to be nothing more than a meme currency. However, if you delve a little further, you’ll discover that Dogecoin has a variety of use cases that might help it thrive in the years ahead. Let’s take a closer look at four of the coin’s most prevalent usage cases:
Payment Method
Dogecoin was primarily intended to be used as a form of payment — and it has remained such since its inception in 2013. Dogecoin transaction costs are quite minimal, making it suitable for low-cost transactions. Additionally, owing to DOGE’s popularity on social media, firms such as Tesla, AMC, GameStop, and Nordstrom have previously accepted it as a payment method.
Speculation
Whether you’re investing in Dogecoin or the greatest metaverse currencies, there will always be an element of speculation. Speculative investors have long appreciated Dogecoin for the extraordinary profits it has historically shown. Notably, investors place a high premium on Dogecoin’s quick price increase in 2021, with many debates on the Dogecoin subreddit expecting a similar circumstance in the future.
Dogecoin on April 25, 2022. Source: Coinmarketcap
Online Tipping
The Twitter tipping function is one of Dogecoin’s most popular use cases. DOGE’s appearance, paired with its popularity on social media, makes it a more suitable cryptocurrency for online tipping than ETH, ADA, or LTC. Additionally, Reddit users can use DOGE to tip others for postings they like, which provides another motivation to hold this coin.
Rewarding Miners
Dogecoin’s blockchain network is an “Auxiliary Proof of Work” chain, which means that miners mine DOGE and other Scrypt coins at the same time. Miners are rewarded with DOGE-denominated prizes. According to CoinWarz, these incentives can amount to around $10 in daily earnings while mining at a hash rate of 9,500 MH/s.
How to Buy Dogecoin in Australia?
There are four simple steps to buy Dogecoin (DOGE) in Australia as outlined below:
Step 1: Compare Crypto Exchanges in Australia
Each person has unique financial preferences and trading objectives, and you should pick an exchange based on these criteria. You can read our reviews of the best Australia-based cryptocurrency exchanges, in which top picks are reviewed detailedly and comprehensively.
We will utilise images from the CoinSpot account to demonstrate how to acquire Dogecoin in Australia. We highly recommend registering on CoinSpot because CoinSpot’s fees are quite reasonable, and you can easily fund your account to buy Dogecoin.
Before purchasing any cryptocurrency, including Dogecoin in Australia, you should consider the following features of the exchanges.
- The authenticity and security
- Ease-of-use interface
- Number of coins/tokens offered (Does the exchange support Dogecoin?)
- Trading features and tools
- Customer-support service, Liev chat
- Educational content and tutorials
- Trading fees, spreads and other fees
- Method of payment
- Ability to buy DORGE directly with AUD (possible with most Australia-based exchanges)
With various cryptocurrency exchanges in Australia and throughout the world, it may be difficult to determine which one is most suited to your trading preferences. Click here for a comprehensive list of factors to consider while picking an exchange in Australia. Take your time, do extensive research, read customer reviews, and pick the one that is upfront about its identity and costs.
Step 2: Create and Verify Your Account
After determining which cryptocurrency exchange best suits your needs, you’ll need an account that includes a digital wallet for storing your digital asset and making purchases. To establish a CoinSpot account, for example, you must follow these basic steps.
To begin, click the “Register” button at the top of the page. A signup page will appear, requesting your email address, password, and referral or affiliate code (optional).
After selecting the reCAPTCHA checkbox and reading the terms and conditions carefully, click “Create Account.”
Open a CoinSpot account. Source: CoinSpot
After your click on Create Account, you will get an alert stating that “Your account has been formed” and requesting that you complete the account verification procedure. To continue, click “Finish Verification.”
A CoinSpot account has been created. Source: CoinSpot
You will receive an email, and after confirming your email address, you will then be directed to the registration page.
Confirm your email address. Source: CoinSpot
Under the Account Type section, choose “This is a personal account” and enter your account holder’s information. Ascertain that your Australian mobile phone number is correct.
Account Holder Details. Source: CoinSpot
After the Account Holder Details form, you must submit your identification papers in .jpeg or. png format.
Then, click the “Submit for Verification” option. If you are unable to click Submit for Verification, please double-check that you provided your Australian Mobile Phone Number correctly.
Submit for verification. Source: CoinSpot
Now, you need to check and confirm your mobile phone number.
Verify your phone number. Source: CoinSpot
After verifying your mobile phone number, an on-screen notification indicating your Verification of completing your Status will appear.
CoinSpot account verified. Source: CoinSpot
Step 3: Depositing AUD into Your Account
CoinSpot allows users to fund their accounts in Australian dollars via POLi, PayID, BPAY, direct deposit, or cash deposit. Our recommendation is to utilise PayID since it is free. (Note that your bank may keep your first deposit for up to 24 hours, so do not be panicked if it does not appear immediately.)
The daily deposit limit for low-level accounts will be $2000, which can be increased (you have to contact CoinSpot customer support for assistance). Each deposit method is time-limited to 24 hours. Your CoinSpot account may be funded in a number of ways.
Step 4: Buy/Sell/Swap Dogecoin on CoinSpot
CoinSpot provides users with the latest information about more than 350+ cryptocurrencies, including Dogecoin in terms of its current price, price change over the last 24 hours, etc. This platform also has CoinSpot’s Bundles, which allows you to buy in bulk to diversify your portfolio and save on transaction costs.
To buy/sell Dogecoin on CoinSpot, click on the Buy/Sell button on the menu bar, find Dogecoin in the list, and open Dogecoin Wallet. Here you can see the options of buying, selling or swapping Dogecoin.
Buy/Sell/Swap Dogecoin on CoinSpot. Source: CoinSpot.
To buy Dogecoin, select the “BUY” button and enter the desired AUD amount. A confirmation box will appear where you can complete the purchase by clicking the “Confirm Buy” button.
Enter the amount you want to buy. Source: CoinSpot
The procedure to sell or swap Dogecoin is similar to buying the coin.
How can I store my Dogecoin?
You can store your digital currency on CoinSpot thanks to CoinSpot’s flexible Multicoin Wallet. By creating your CoinSpot account, you will automatically be given your unique wallet where you can store your Dogecoin utterly free of charge.
If you want to store Dogecoin for the long term, you may use a cold storage wallet and transfer your coins from your CoinSpot account. A cold wallet is a wallet that is fully offline (not linked to the internet) and is a popular choice for users who wish to store their coins rather than exchange them on a regular basis.
Payment Options When Buying Dogecoin
In general, the best ways to acquire Dogecoin in Australia are outlined below, based on our market research.
Purchase Dogecoin with Debit/Credit Cards
If you want to purchase Dogecoin in Australia with a credit or debit card, the whole procedure takes less than five minutes.
This is because, when trading with a new-age broker like CoinSpot, you may need to establish a verified account. After you provide your credit/debit card information, the transaction will be completed instantaneously.
However, although purchasing Dogecoin with a credit/debit card is quick and straightforward in Australia, you should be cautious of costs.
Purchasing Dogecoin with Paypal
Alternatively, you can purchase Dogecoin using Paypal and just pay a small fee. Bear in mind that your Paypal account must be confirmed prior to making a payment to a crypto exchange.
Additionally, you will be required to complete a KYC check – since you will be utilising fiat money.
Additional Methods of Purchasing Dogecoin
There are various other options to purchase Dogecoin in Australia, including Skrill, Neteller, Local Bank Transfer and Peer-to-Peer Transaction.
Regardless of the payment option you use, always ensure that you deal with a reputable and trustworthy exchange.
What is the Best Way to Buy Dogecoin?
Besides considering the best way to purchase Dogecoin in terms of payment methods, it’s wise to familiarise yourself with the many platforms that may assist your investment. Although the terms “cryptocurrency exchanges” and “brokers” are often used interchangeably, they are not synonymous.
Buy Dogecoin via a Crypto Exchange
Online cryptocurrency exchanges allow you to purchase and sell Dogecoin with other traders.
For instance, if you use Binance to trade Dogecoin and want to invest $1,000, another user on the same exchange would have to sell $1,000 worth of tokens to fulfil the transaction.
As such, cryptocurrency exchanges make use of traditional order books. When there is no adequate liquidity, you might be required to purchase or sell Dogecoin at disadvantageous prices.
A critical point to keep in mind concerning cryptocurrency exchanges is that they are often unregulated. This implies you will be purchasing Dogecoin in a potentially dangerous environment.
Buy Dogecoin via a Crypto Broker
Crypto brokers are regulated businesses that enable you to purchase digital assets such as Dogecoin in a secure and controlled environment. For example, CoinSpot is controlled by AUSTRAC and compliant with ISO standards.
Unlike cryptocurrency exchanges, brokers do not require you to engage in trading with other market players. On the other hand, you may purchase Dogecoin straight from the broker.
This simplifies investing process in Dogecoin and other cryptocurrencies – since it is often as simple as creating an account and making a deposit.
What should I do after buying Dogecoin?
Store/hold Dogecoin
You can hold/store DOGE in your cryptocurrency wallet. Many people want to keep their Dogecoin to benefit from price gains. CoinSpot lets you keep your DOGE in the wallet associated with your account or in a private wallet.
Trade Dogecoin
With rapid processing times and low fees, Dogecoin is easily traded on the CoinSpot exchange. The platform is perfect for those paying great attention to Elon Musk’s Twitter account.
Send Dogecoin
As you purchase Dogecoin on CoinSpot, you will immediately have the ability to send your DOGE to another Dogecoin wallet.
Spend Dogecoin
You can find several vendors that take DOGE as a form of payment. Every day, an increasing number of online and physical merchants accept Dogecoin.
Frequently Asked Questions
Is Dogecoin a good investment in 2023?
In general, Dogecoin’s first price was fueled by widespread media excitement and people’s awareness. Since these circumstances have subsided, DOGE has regularly performed poorly. As a result, we believe that Dogecoin is best suited for risk-taking investors. DOGE will continue to provide excellent returns – but it is not the greatest crypto asset for risk-averse investors.
Is DOGE transaction in Australia legal?
Yes. Buying, selling, and trading Dogecoin are entirely legal in Australia.
How to buy Dogecoin with USDT?
To purchase DOGE with USDT, send your USDT to a cryptocurrency exchange that facilitates coin exchanges (We recommend using the highly secure CoinSpot exchange for Aussies). Transfer USDT to your CoinSpot account’s USDT wallet address.
Once your USDT has been added to your CoinSpot account. Search for USDT and pick USD Tether from the Assets menu. Select Dogecoin as the currency you want to exchange, and then enter the amount of USDT you wish to spend. To finalise your Dogecoin purchase with USDT, click the Swap button.
Purchase DOGE with USDT on CoinSpot. Source: CoinSpot
Is buying Dogecoin in Australia safe?
Yes, it is safe to buy, sell, and trade Dogecoin in Australia if you use one of the leading Australian crypto exchanges. Top leading cryptocurrency exchanges all provide multi-layered security and are AUSTRAC-registered, ensuring that you can buy and trade with confidence. You can check our detailed reviews of the best Australian cryptocurrency exchanges to know more.
Should I trade Dogecoin in Australia on CoinSpot?
CoinSpot is Australia’s biggest cryptocurrency exchange, established in 2013 and trusted by over two million Australians. This exchange platform makes it simple to purchase and sell Dogecoin regardless of your prior trading expertise. Unlike other worldwide and Australian Dogecoin exchanges that demand expertise and technical knowledge, we simplify the trading procedure for both novice and experienced traders.
CoinSpot’s multilayer security and superior support systems ensure that you can purchase Dogecoin with peace of mind and the comfort that assistance is accessible 24/7. The exchange offers a variety of trading alternatives that enable you to trade Dogecoin in the most comfortable manner possible. From the start, you’ll feel at ease with CoinSpot and have access to everything you need to purchase, trade, and manage your cryptocurrency.
