How To Buy Dogedcoin In Nigeria
Cryptocurrency trade keeps gaining more ground in Nigeria and other African countries. At first, Bitcoin was the only cryptocurrency in the country due to its global popularity, but things have changed drastically.
It is no longer Bitcoin(BTC) alone; Nigerians now trade dogecoin, XRP, Litecoin, Ethereum, etc. Meanwhile, dogecoin — also known as DOGE — is presently the talk of the town following its current surge in value.
It has been in an incredible bullish run since January, and we expect it to continue for a long time. Lots of Nigerians have developed interests in it as they keep investing in the ever-growing digital asset.
However, it would be best if you learn more about dogecoin before following in the same footsteps.
This article will help you uncover all the details about dogecoin, including present value; and how to buy dogecoin.
Cryptocurrency Trade In Nigeria
It is no longer news that cryptocurrency was a ban in Nigeria by the Central Bank. Despite the ban, you can still involved in crypto trade via a transfer mode known as “P2P” transfer.
This method involves transferring assets between two crypto users on trading platforms such as Binance, eToro, Bitpanda, etc.
Is cryptocurrency Legal In Nigeria?
It isn’t a crime if crypto users share or sell their assets on exchange platforms despite the government’s ban. Alternatively, crypto sellers and buyers can deploy fiat currency payment mode, albeit discreetly.
It means you can buy a cryptocurrency and transfer fiat currency to the seller. However, cryptocurrency shouldn’t appear in your transaction details to avoid interrogation. This method isn’t advisable.
Dogecoin Increases In Value
It is surprising how an unrated cryptocurrency became the fifth most expensive asset in four months —right? Here is a brief story of how dogecoin began its surge.
It all started on Thursday 28th of February this year. ‘Whale’ brokerage, known as Robinhood, stopped Reddit users from trading meme stocks such as AMC and GameStop.
Having considered the effect of Robinhood’s decision on their source of livelihood, most Reddit users turned their attention to the relatively unknown digital coins.
Their decision to invest in dogecoin opened the floodgates for the massive surge in price. The cryptocurrency increased 5x its starting price in the day.
World’s richest man Elon Musk equally played a role in increasing dogecoin’s market value.
In one of his tweets on the same day, Elon Musk reaffirmed his support for the digital asset and charged cryptocurrency enthusiasts to invest in dogecoin.
His tweets further boosted the asset’s market value and the number of investors. Dogecoin is presently sold at $0.54 per unit, having moved from 0.00024.
How To Buy Dogecoin In Nigeria
There are different ways to buy dogecoin in Nigeria. You can buy directly from Binance. You can equally explore some highly-rated exchange platforms such as Lobstr and Easycrypto.
Step-by-step Guide on How to Buy Dogecoin on Binance
- Visit the Binance website, or you download their app
- Create your account with a password you can easily remember.
- Purchase a desired cryptocurrency using the P2P method to avoid breaking CBN rules and regulations
- Then select on the ‘Trade’.
- Click on the Edge ‘BTC/DOGE’ link to initiate a transaction.
- Write the amount of DOGE you desire to buy in exchange for BTC
- Click on ‘Buy DOGE’ to complete the transaction.
- If successful, your Binance wallet will be credited with the purchased dogecoin. You should click ‘wallet’ for confirmation.
- Repeat the procedures above if the transaction isn’t successful.
Please note that this method is for Nigerians and other countries where cryptocurrency isn’t permitted.
Buying Dogecoin via Lobstr Exchange Platform
- Visit Lobstr website to start the transaction process.
- select the dogecoin amount you want. You will see how much a dogecoin cost in USD.
- click on the ‘Buy DOGE’ to continue.
- You should confirm your order at this stage.
- Lastly, provide your DOGE wallet address in the available box and submit.
You should wait for a moment while it processes your request. You will receive a notification if it’s successful or not.
Meanwhile, you can also purchase BTC, XRP, and ETH on this platform. Although, Lobstr isn’t the best and insured way to buy dogecoin in Nigeria.
Buying Dogecoin via Easycrypto
Easycryto is another Exchange platform that allows you to buy dogecoin, Bitcoin, and other cryptocurrencies in Nigeria. You should follow the guidelines below to use it:
- Visit Easycrypto page
- Click on the sign-up link to create an account.
- Click on ‘Buy Now and select Nigeria currency (NGN) located on the ‘spend’ column. It is possible Dogecoin isn’t available in exchange for Naira; hence, you should use a USD card to complete your transaction.
- Now go to the ‘Buy’ column, select ‘DOGE’ and your payment method such as ‘New Card’ or ‘P2P’.
- Having done that, click ‘buy DOGE.’ Verify your payment and submit.
Your wallet will be credited with the dogecoin, and the transaction will reflect on your bank account balance.
Frequently Asked Questions About Dogecoin
Here are some questions often asked by Nigerians interested in investing in dogecoin and other cryptocurrencies.
What Is Dogecoin?
Billy Markus, a programmer from Portland, Oregon, launched Dogecoin in 2013 as a joke cryptocurrency.
It possesses a meme-inspired Shiba Inu dog logo and has grown to become one of the most popular digital assets in the world. It can be traded and can be used to complete transactions.
* Where Can I Buy Dogecoin
As mentioned earlier, you can get dogecoin on Binance, and other exchange platforms such as Lobstr.
Other places to buy DOGE include Bittrex, Changelly, Kraken, eToro, and Bitpanda, albeit most of these are out of bond for Nigerians.
Will DOGE Ever Reach $1?
It is safe to say that DOGE can reach $1 if it maintains its current form throughout the year. Thanks to its increased values, DOGE has become more popular and has attracted more wealthy investors in recent months.
All this and other factors will possibly favor the digital asset in the long run. If Prime XBT’s prediction is anything to trust, dogecoin could reach $1 by 2025.
How Can I Buy DOGE Instantly?
There are at least seven ways to buy dogecoin instantly; They include
- Buying directly through eToro
- Buying through Bitpanda
- Buying through Binance
- buying through Kraken
- Buying through Changelly
- Buying with your debit/credit card
- Getting it with your PayPal. Here is a conclusive write-up on how to explore each of the methods without taking too long.
Can Dogecoin Reach $10?
It remains to be seen if the digital asset would reach $10. According to Sam Onigbanjo, dogecoin will have to reach the $1 mark before aiming at $10.
As it stands, dogecoin has all it takes to reach the mark but would take more than six years. Instead of thinking of $10, we urge every DOGE user and intending investors to enjoy and focus on the present.
Can I Buy Dogecoin On Cash App
Unfortunately, you can’t purchase dogecoin on the Cash app because the app doesn’t make provisions for that.
Bitcoin is the only digital currency available on the app. You have the opportunity to purchase BTC once you verify your account.
The Cash App maker, Square Inc., didn’t disclose whether the app will support other cryptocurrencies anytime soon.
Do Companies Accept Dogecoin As Means Payment?
Yes. Over 113 billion DOGE coins have been mined since its introduction, meaning it serves as a means of payment. Top companies around the globe accept dogecoin.
South Asia, UK, and US-based web hosting service provider, The Value Hosted, allows customers to pay in dogecoin.
AirBaltic, NinjaGameKeys, Dallas Mavericks, Elon Musk’s SpaceX, MrChrissy VPN, and Travala.com all accept dogecoin.
How Can I Get Free Dogecoin
Apart from mining or purchasing dogecoin, you still have a very bright chance of owning one for free by exploring the methods below:
1. Earn Free Dogecoin via Earncrypto
Earncrypto.com is a cryptocurrency exchange platform that helps you win free dogecoin. Create and log in to your Earncrypto account, then complete some tasks listed below:
- * Completing Surveys: Answer some questions, and you will get free dogecoin as your reward.
- * Download and play games: here is another way to get free dogecoins.
- * Invite Your Friends: Invite your friend through your referral link. You will earn free dogecoin if you successfully register a friend.
- *Watch Movies: You can equally earn free dogecoin by watching movies on your phone.
2. Earn Free Dogecoin via Idle-empire
As for Idle-empire, you must register, log in to your new account to participate. Take quick surveys, play games, watch movies and invite friends to earn points.
Idle-empire will convert your points to dogecoin as at when due. They will transfer them into your wallet.
I believe this article reveals all you need to know about dogecoin and how to get it. Nonetheless, do not hesitate to ask us any dogecoin-related as we are more than happy to help you.
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this articles was written by a team of bloggers for youwin.org.ng, the writer is a University graduate, he holds a degree in Economics from the University of Nigerian Nsuka (UNN).
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