From meme to major altcoin, Dogecoin is growing in popularity – and value. Today, DOGE is one of the biggest cryptocurrencies out there. It's a decentralized, peer-to-peer digital currency that enables you to send money online easily.
And while some still see it as a joke currency, Dogecoin has some legitimate uses. This article will show you how to buy Dogecoin in Canada and what you can use it for.
How to Buy Dogecoin in Canada: In Short
To buy DOGE in Canada:
1. Set up your wallet. We recommend using Coinbase or MetaMask.
2. Go to an exchange. All major Canadian exchanges have DOGE. Coinbase is great for beginners; Binance has lower fees.
3. Transfer to your wallet. Avoid keeping crypto on exchanges.
4. Spend it. You can use Dogecoin to trade, buy goods and services, and even gamble.
Short instruction not enough? Let’s dive in deeper:
Setting Up Your DOGE Wallet
DOGE wallets are software programs that hold your keys – the digital codes that allow you to spend your DOGE.
There are many different types of Dogecoin wallets. In general, you can choose between hot (connected to the Internet) and cold (not connected) storage.
Hardware wallets like the Ledger and Trezor devices are safer, but they're also less convenient. If you're new to crypto, we recommend the Coinbase Wallet app instead.
Coinbase is both an exchange and a wallet provider. It's one of the most user-friendly options out there and allows you to buy and store a variety of cryptocurrencies, including Dogecoin.
To create a Coinbase wallet, go to Coinbase.com and click on the 'Create a New Account' button. Then, follow the on-screen instructions.
Once you've created your wallet, you'll need to buy some DOGE. You can do this on Coinbase by clicking on the 'Buy/Sell' tab and selecting 'Dogecoin' to verify your personal information. Link a payment method, such as a bank account or debit card, and you're ready to go.
The DOGE you buy on Coinbase's exchange goes directly to your Wallet app. You can also withdraw to another wallet like MetaMask.
Dogecoin Exchanges in Canada
Now that you have your DOGE wallet, it's time to get the crypto. You can buy Dogecoin on most exchanges with Bitcoin or Ethereum. In Canada, Dogecoin is available on:
– Coinbase – our recommended, beginner-friendly wallet.
– Binance – a more 'pro' option, Binance has lower trading fees and a wider range of coins.
– Crypto.com – another newbie-suitable option, Crypto.com has an excellent UX interface, supports 100+ pairs, and CAD as a fiat option.
– Wealthsimple Crypto – a popular option, Wealthsimple has 34 cryptos but doesn't allow withdrawals to your cold wallet. Their trading fees are also higher (1.5-2%)
Now that you know how to buy Dogecoin, you're ready to join the worldwide Dogecoin community! But what can you buy with DOGE?
But… Why Would You Buy It?
DOGE might have started as a meme coin, but thanks to many celebrity endorsements (thanks, Elon), you can now use it as a proper online currency. Here’s what you can use Dogecoin for:
Investments
DOGE has been on an uptrend for a while now. You can use DOGE on a growing number of websites, but some hold on to it and hope that the value keeps going up.
We discourage that approach.
Dogecoin was never meant to be an investment opportunity. Since the supply is unlimited, the price could drop to zero any day. Use it to buy goods and services, not to speculate on its value – at least not in the long run.
Trading
The frequent price swings make Dogecoin an interesting choice for trading. Buy it low and sell it high – that's what trading is all about.
Unlike investing, trading happens over a brief period, sometimes minutes. Even if DOGE doesn't hold value long term, Dogecoin trading can help you make some extra buck.
Shopping with Dogecoin
You can now use Dogecoin to buy a range of goods and services. Here are a few examples of what you can spend your DOGE on:
Dogecoin Gambling
Use Dogecoin in casinos, sports betting, poker, and more. The crypto has some unique perks for gamblers:
– Smaller deposits – some casinos have minimum deposits that differ across cryptos. You can't always deposit 10 CAD worth of Bitcoin, but you can do it with DOGE. This allows you to control your gambling spend better, and play without losing big.
– Unique games – crypto casinos offer some novel and exciting games like Crash and Plinko. You won't find these at a regular gambling website.
– Faster transactions – Many gamblers prefer Dogecoin transactions because they are much faster than Bitcoin. Whether you're trying to withdraw or deposit, crypto transfers also tend to be cheaper than fiat.
Some of our favorite crypto casinos include BC.Game (fun, social, and low house edge) and Stake (excellent sports betting product), but you don't have to take our word for it. Read through Dogecoin casino reviews, try out your top picks, and make up your own mind.
Sail Away
Did you know you can rent a yacht with Dogecoin? That's right – you can use your DOGE to charter a yacht for a day, a week, or even a month. It's a great way to explore a new destination or spend a summer vacation. It also illustrates how versatile DOGE has become.
You can also pay for web hosting services at AllGamer, book your hotel on Travala, or use Dogecoin to tip people on the internet for their great content.
Either way, spending your DOGE is much better than speculating with it – the coin is notoriously volatile.
Final Thoughts
Dogecoin has come a long way since its inception as a joke cryptocurrency.
It is now a legitimate online currency that you can use to buy a range of goods and services. Whether you want a yacht for the day or to simply enjoy some slots, DOGE can help you do it. The possibilities are growing, so start spending that DOGE today (remember, it's not a great store of value anyway)!