Coinbase, Dogecoin, and other basics
Dogecoin (DOGE) is a digital coin that gained a lot of traction in 2021. DOGE is the Dogecoin symbol (ticker). Despite its uncapped maximum supply and comedic status, Dogecoin has reached significant price highs and is available on a number of centralised cryptocurrency exchanges, including Coinbase.
Coinbase is a publicly traded cryptocurrency company that offers a variety of products. One such product is the Coinbase app, a well-known and simple application for buying and selling various cryptocurrencies.
Do you want to know how to buy Dogecoin on Coinbase or sell Dogecoin on Coinbase? Is it possible to purchase Dogecoin on Coinbase? Continue reading for more information.
A little about Dogecoin
Billy Markus and Jackson Palmer created Dogecoin in 2013 as a comedic act, basing the asset on a popular meme the one with grammatically incorrect phrases pasted around a picture of a Shiba Inu dog sitting properly and staring into the camera.
Dogecoin has no maximum coin supply, with approximately 10,000 new DOGE being created every minute. In contrast to Bitcoin (BTC), which has a maximum supply of 21 million coins, DOGE is an inflationary asset.
DOGE and BTC each have their own blockchains. DOGE’s blockchain generates a new block roughly every minute, whereas BTC’s blockchain generates a new block every 10 minutes. Because of this, DOGE transactions are generally faster than BTC transfers.
Is it wise to invest in Dogecoin? DOGE has historically seen massive price increases. According to Cointelegraph’s DOGE price index, DOGE’s price has risen from less than a penny in 2019 to around $0.74 in 2021. What is the value of Dogecoin? DOGE’s price fluctuates constantly.
According to history, investors or traders who bought and sold DOGE during that time period could have made a significant profit. However, numerous factors, such as trade timing, come into play when it comes to profit.
With his tweets about Dogecoin, billionaire Elon Musk helped bring the coin into the mainstream spotlight. Dogecoin was also mentioned in the context of Wall Street Bets, a Reddit-based market-focused group.
Preparing to buy and sell Dogecoin
Explaining a little about Coinbase
Do you know where to invest in Dogecoin? You can do so, for example, through Coinbase, which was founded in 2012. It is based in the United States and is a prominent company in the cryptocurrency industry.
Coinbase went public in 2021, with its stock trading under the ticker COIN on the Nasdaq. Coinbase offers a variety of cryptocurrency solutions, including the Coinbase mobile app, website platform, and Coinbase Pro mobile app and website interface.
Dogecoin can be purchased and sold on two platforms: Coinbase and Coinbase Pro. The user interface of Coinbase differs from that of Coinbase Pro. The Coinbase Pro platform is designed for traders with price charts and order books, whereas the main Coinbase platform is simpler.
Setting up a Coinbase account
To buy or sell Dogecoin on Coinbase, you must first create an account. Completing the process on the mobile app appears to be the same as signing up via the browser page.
Coinbase guides users through various steps during the account creation process via prompts that must be filled out. Personal information such as name, date of birth, email address, and phone number are commonly included in these prompts. Users must adhere to anti-money laundering (AML) guidelines and submit an image of government-issued identification that matches the name used when registering.
The account creation process and information requirements may differ depending on the user’s jurisdiction. Nonetheless, due to regulatory requirements, Coinbase requires a significant amount of information from its customers in general. Users in certain parts of the world may also be denied access to Coinbase.
To open a Coinbase account, you must be at least 18 years old and agree to certain terms and conditions. Opening an account on Coinbase typically entails verifying an email address and providing a phone number for the initial two-factor authentication (2FA) setup. Users can change their 2FA method after creating an account to something other than a phone number, which may be desirable due to the risks of sim swapping.
Are you curious about Coinbase Pro? A user’s Coinbase account functions as a foundation, with Coinbase Pro acting as an extension of Coinbase. For instance, clicking the button on the Coinbase Pro browser website redirects users to the main Coinbase website to sign up.
Funding the account
If fiat funding is desired, creating a Coinbase account entails linking a method to spend or send fiat funds (the U.S. dollar, for example). Users can also transfer cryptocurrency to their Coinbase account.
How does one obtain Dogecoin on Coinbase Pro? If a user creates a Coinbase account and transfers assets to the main Coinbase platform, he or she must transfer any funds desired from the main platform to the Coinbase Pro platform.
Users can also send funds directly from external crypto wallets or banks to their Coinbase Pro platform. Fiat and cryptocurrency funds can be sent to and transferred between the Coinbase and Coinbase Pro platforms. The main Coinbase platform, however, has more fiat payment options than Coinbase Pro. The performance of either app should be similar to that of the browser.
How to buy Dogecoin on Coinbase
Purchasing Dogecoin is simple after a user transfers funds to his or her Coinbase account. On the main profile page, click the “Buy/Sell” button in the upper right corner (Coinbase browser platform).
Click “Buy” and select Dogecoin from the drop-down menu (finding Dogecoin might require using the search bar included with the list). Select a payment method from the drop-down menu below that box. Also, specify whether this purchase is a one-time event or a recurring one.
Choose how much money you want to spend on DOGE, and then click “Preview Buy.” Check that the purchase details are correct, note the fee, and then click “Buy now.”
A user interested in purchasing Dogecoin on Coinbase Pro (a browser platform) would find a DOGE asset pairing that is compatible with assets held on the platform.
Asset pairings are simply pairs of assets. In exchange for the other asset listed, a user can buy or sell one of the assets in the pair. A DOGE/USD pair, for example, allows users to buy and sell DOGE in exchange for USD.
Select the appropriate DOGE pairing from the list by clicking the drop-down menu in the top left corner of the main page. Make sure the “Buy” and “Market” options are enabled, then enter the desired amount and click “Place a buy order.” Fees and the amount of DOGE purchased are displayed above the order button.
Using the “limit” and “stop” orders is more difficult. Read Crypto Trading Basics: Order Types for more information. A guide for newcomers to cryptocurrency order types.
Keep in mind the fees associated with Coinbase and Coinbase Pro transactions.
How to sell Dogecoin on Coinbase
The “Convert” tab, which sits next to the buy and sells tabs, can also be used to convert Dogecoin into other digital assets and vice versa.
The DOGE sale process on Coinbase Pro’s browser interface is similar to the Coinbase Pro purchase process. Select a DOGE pair from the drop-down menu, check the “Sell” and “Market” settings, enter the amount of DOGE to sell, and click “Place sell order.”
Should I buy Dogecoin?
Participating in Dogecoin trading on Coinbase or elsewhere is entirely up to the individual. Everyone should make their own decisions about whether or not to buy or sell Dogecoin, as well as which trading platform to use.
People may disagree about the best place to buy Dogecoin. People’s desires, goals, and preferences all differ, making decisions in the crypto space a personal choice. However, it is critical to always ensure that any applicable jurisdictional laws are followed.