How To Buy Dogecoin In South Africa

Dogecoin is a cryptocurrency that started as a joke in 2013. It is a satirical homage to bitcoin, designed to serve no real purpose other than generating a few laughs. It is named after an internet meme centered around the image of a Shiba Inu dog with bad spelling habits—thus “doge” instead of “dog.”

Below is How To Buy Dogecoin In South Africa

Dogecoin is commonly used by online communities for tipping members that create and share interesting content online.

First, you will need to find a reputable and reliable trading platform. You can try opening an account with Capital.com or eToro. It is worth noting that Capital.com is a CFD platform that allows you to buy and sell Dogecoin without any trading commissions. Binance has also enabled a variety of methods with which traders can buy and sell Dogecoin.

Once that is done, you will need to upload your passport or your ID. This has to be done before you can make any trade.

When you have verified your identity, you can make a deposit using one of the eligible payment methods. This is funding your account.

Now with your verified and funded account, search for Dogecoin at the search bar and insert the amount you wish to invest. Then click on DOGE.

Who supports Dogecoin?

Tesla founder Elon Musk has been known to tweet about cryptocurrency, often causing a spike in trading. Musk has made several recent tweets about dogecoin and even called the token “the people’s crypto.”

Snoop Dogg and Kiss singer Gene Simmons have also jumped on the Dogecoin bandwagon as they have expressed their support for dogecoin on Twitter.

Simmons has actively promoted dogecoin to his Twitter followers and claimed he made a “six-figure” investment in dogecoin. He owns other cryptocurrencies, including bitcoin.

Pros and Cons of buying Dogecoin

As with all cryptocurrencies and all things digital, there are pros and cons to investing in Dogecoin. But let’s start with the pros.

As mentioned before dogecoin has a phenomenal online following. For cryptocurrency, a big online following and support usually spell good news for those who want to dabble in the meme-turned-mainstream cryptocurrency.

DOGE is also used to promote and support charitable events and projects and is a fun payment system, hence being called the “people’s crypto.“ DOGE can also be perceived as a long-term investment.

Of course, there are also cons and potential disadvantages.

While it is gaining momentum in the mainstream, it is still a meme currency and some might always look at it as only that, so not everyone will be behind it. There is also not much development related to dogecoin.

What is the difference between Bitcoin and Dogecoin?

Supply is one of the main differences between the two types of cryptocurrency. Dogecoin has an unlimited supply of coins. With no cap, the coin is able to inflate infinitely without being tied to anything. On the other hand, Bitcoin has a limited supply.