Around 3.2% of Canadians own cryptocurrency.
While this number is growing, it’s still a very small amount of the overall population. Most people have no idea where or how to buy crypto, but understanding it now can be incredibly beneficial. Dogecoin has become one of the largest cryptos in the world in recent years, and it could still be a good investment for many people.
For a guide on how to trade Dogecoin, keep reading.
What Is Crypto?
Cryptocurrencies are digital currencies that work using blockchain technology. All transactions are made through a decentralized ledger, which means governments and financial institutions can’t interfere in any way.
Bitcoin was the first cryptocurrency to exist and remains the most widely used one to this day. Over the years, however, plenty more have been created, and some have become hugely popular. Among the largest are cryptos like Ethereum, Solana, XRP, and Dogecoin.
If you want to start making profits from a coin that is still relatively cheap, you should know how to buy Dogecoin.
How to Trade Dogecoin
Before you start trading Dogecoin, you want to set up a wallet that supports it. A simple option is a soft wallet, as these are easy to create and manage. You can open an Exodus or Atomic wallet quickly, and for free.
Hard wallets are a more secure option but come at a cost. They’re physical devices that need to be connected to a computer to perform any transactions. While this is less convenient, it’s the safest way to store crypto, so is often a good idea if you have a large amount.
You then need to pick an exchange to buy your Dogecoin. VirgoCX is a low-cost and easy-to-use option for Canadians. VirgoCX is secure, and you can view the price of cryptos while trading. Check out their site for an up-to-date EOS price CAD comparison.
When deciding between different exchanges make sure you look at any transfer fees. These can be quite high, so you want to ensure you’re not being charged too much for a transfer.
Once you’ve bought your crypto, you can transfer it directly from the exchange to your wallet. Both soft and hard wallets use a 12-24 word seed phrase for security.
Keep your seed phrase safe as you’ll need it if you ever lose access to your wallet. Never give it to anyone, as they may then be able to access your wallet and steal your crypto.
Is Dogecoin Worth It?
Keeping an eye on the best cryptocurrency apps and websites can help you understand the crypto market. Prices can be very volatile, and it’s not always easy to predict where the price of a specific crypto will go.
Like many cryptos, the price of Dogecoin has skyrocketed over the years. While it’s impossible to be certain about how things will go from here on, there are factors that indicate future trends. Check out this Dogecoin forecast for more details.
The Future of Crypto
It’s been less than 15 years since Bitcoin first entered the world, and since then the growth and adoption of crypto have been huge. It seems as though there’s no slowing, and cryptocurrencies will continue to increase in value in the future. Knowing how to trade Dogecoin and other cryptos will give you a clear advantage in the market as it grows.
For more tech articles check out some of our other blog posts.
