As surprising as it may seem, crypto has become extremely popular. As of November 2022, there are over 400 million crypto users in the world. And among all the cryptocurrencies they prefer, Dogecoin is one of the most used coins at the moment.
Even though it all started as a joke, Dogecoin is now supported by several crypto exchanges, and users have multiple options for buying it. And in this article, we will discuss how to buy Dogecoin with PayPal as a funding method.
But first, what exactly is Dogecoin? And how is it linked to Shiba Inu?
What Is Dogecoin?
Dogecoin is a P2P (peer-to-peer), open-source cryptocurrency launched in December 2013. The Dogecoin cryptocurrency was launched as a joke focusing on the whole popularity of Bitcoin and the crypto industry in general.
Developed by Billy Marcus and Jackson Palmer, Dogecoin’s logo was a meme popular at the time, the Shiba Inu dog. Thus, Dogecoin gained remarkable popularity in no time, gathering an engaged community on social media.
On the technical side, Dogecoin’s code was developed using Luckycoin, a derivation of Litecoin, basing its algorithm on the Proof-of-Work (PoW) consensus mechanism. In only 2 weeks after launching, Dogecoin’s value jumped 300%. Also, Doge hit its all-time high on May 7, 2021.
During the past 2 years, Elon Musk publicly supported Dogecoin on more than one occasion. Between other examples, he tweeted that he might start accepting cryptocurrency as a payment method at Tesla. Also, he stated that he would “eat a Happy Meal on TV” if McDonald’s started accepting Dogecoin payments.
Such tweets were making waves in the crypto industry, making Dogecoin experience both extreme rises and dramatic falls. However, Elon Musk did manage to increase Dogecoin’s popularity even more, making the first meme coin maintain its place in the rankings.
At the moment of writing, Dogecoin is ranked #9 on CoinMarketCap, with a price of $0.08824 and a market capitalization of $11,706,334,119.
Best Exchanges for Buying Dogecoin with PayPal
If you aim to buy Dogecoin with PayPal, you should keep in mind that it is essential to look into the crypto exchanges that accept PayPal funding. We have prepared a list of the top exchanges you can use for this operation.
eToro
At the moment, eToro is available in over 140 countries and has almost 30 million registered users. And this is one of the reasons why it is the first crypto exchange on our list.
Besides, it is one of the most profitable exchanges on the market, with a flat 1% fee for every transaction. As of January 2023, eToro offers over 30 cryptocurrencies for trading, including Dogecoin.
Furthermore, the crypto exchange offers a social investing feature called CopyTrader, where users can copy other experienced traders’ transactions.
Overall, eToro is an easy-to-use crypto exchange, allowing both beginners and established crypto investors to trade crypto on a web browser or in a mobile app available on iOS and Android.
Pros & Cons
| Available in over 140 countries | It is not available all over the US |
| Easy-to-use platform | Limited account types |
| Offers the CopyTrader feature | Minimum deposit of €40 |
Coinbase
Ranked #2 in the CoinMarketCap exchange list, Coinbase is a crypto trading and investing platform that allows transactions with over 200 cryptocurrencies and currently has over 98 million users. Launched in 2012, Coinbase was developed as a place to transact Bitcoin. Over time, the platform became one of the world’s most intensively used crypto exchanges.
Currently, Coinbase is available in over 100 countries and offers two different platforms known as Coinbase and Advance Trade. They both allow users to buy, sell, and trade crypto, but each offers unique features.
Usually, Coinbase has various transaction fees based on the trade size:
- $10 or less – $0.99;
- Between $10 and $25 – $1.49;
- Between $25 and $50 – $1.99;
- Between $50 and $200 – $2.99;
- Over $200 – percentage-based fee.
Pros & Cons
| Easy to use for beginners | Can have high transaction fees |
| Supports over 200 cryptocurrencies | Customer support may contribute to a lower user experience |
| Offers many opportunities to earn crypto |
Binance
Binance is currently the biggest and most used crypto exchange in the world. With over 100 million users, Binance allows crypto investors to buy, sell, and trade more than 350 cryptocurrencies (with approximately 65 available in the US).
Binance is mainly designed for experienced cryptocurrency investors and is well known for its pretty low trading fees. The fees usually vary based on trading volumes and the Binance Coin (BNB) balance. Thus, when there are higher trading volumes, the fees will be lower.
In what concerns security, Binance offers two-factor authentication via Google Authenticator or SMS, as well as device management, address whitelisting, and the ability to restrict device access.
Pros & Cons
| Over 350 cryptocurrencies allowed | Only 65 cryptocurrencies allowed in the US |
| Available in over 140 countries | The platform mostly suits experienced users |
| Relatively low fees |
Bitstamp
Based in Luxembourg, Bitstamp is an easy-to-use crypto exchange destined for both beginners and experienced investors. Offering over 70 cryptocurrencies and being available in approximately 100 countries, Bitstamp is well-known for its security features and relatively low transaction fees.
On Bitstamp, trading fees are calculated based on a user’s 30-day trading volume. The highest fee stands as low as 0.50% for users with under $10,000 in 30-day trading volume. For those with higher monthly trading volumes, the fees can get even lower.
Moreover, Bitstamp also offers an advanced trading platform called Tradeview that has more detailed charting features and trading forms. However, the fees are the same regardless of the platform used.
Bitstamp has developed a mobile app available on iOS and Android. Furthermore, the crypto exchange is among the safest cryptocurrency platforms at the moment. That is because the platform keeps 98% of assets in cold storage. The other 2% that are kept in hot storage are for everyday trading.
Nonetheless, one downside of Bitstamp is that it misses some of the most used cryptocurrencies, such as Solana (SOL) and Polkadot (DOT). Still, the platform announced in December 2022 that it introduced Dogecoin to its crypto portfolio.
Pros & Cons
| Relatively low trading fees (0.50% or less) | Available in only 100 countries |
| Provides an advanced trading platform | Misses some popular cryptocurrencies (SOL, DOT) |
| Offers a highly-rated mobile app | |
| Multiple safety features |
Sidenote: Keep in mind that the crypto exchange list includes just some platforms allowing users to buy Dogecoin. Besides them, you may want to consider OKX, KuCoin, Huobi, or bitFlyer. However, the crypto exchanges we mentioned before do have a combination of lower fees and security features that would suit most crypto enthusiasts.
How to Buy Dogecoin with PayPal
After deciding which crypto exchange is suitable for you to buy Dogecoin with PayPal, here are some steps you should complete. To have a better understanding of the process, we are going to take Coinbase as an example. However, the steps are pretty similar for most of the platforms.
Create a PayPal account
If you do not have a PayPal account yet, you should create one before buying Dogecoin with PayPal.
- Enter your phone number and the code you receive via SMS;
- Enter your card details;
- After confirming your email address, your account is ready to use.
Link Your PayPal to the Crypto Exchange
To link your PayPal to your crypto exchange account, you should access the account settings. Afterward, look for the “Payment Methods” section and add PayPal.
Fund your Account with PayPal
After adding your PayPal account as a funding method, you can simply choose this option when buying DOGE. Make sure to have your PayPal account funded. You can either fund your exchange account with fiat from PayPal or use PayPal directly when buying new digital assets.
Buy Dogecoin With PayPal – Final Thoughts
Dogecoin has become one of the most popular cryptocurrencies in the world. After starting as a joke in 2013, DOGE is now used worldwide and supported by several crypto exchanges.
Among the most suitable exchanges for buying Dogecoin with PayPal are eToro, Coinbase, Binance, and Bitstamp. Besides them, you can also research OKX, KuCoin, Huobi, or bitFlyer.
If you want to know how to buy Dogecoin with PayPal, first you should create a PayPal account and sign up on a crypto exchange offering Doge. Afterward, all you have to do is link your PayPal to the crypto exchange account, select PayPal as a payment method, and buy Dogecoin.
Ultimately, we should mention that you can use PayPal to buy cryptocurrency even other than Doge. As you fund your exchange account, you can use PayPal as a payment option to buy any crypto supported by your chosen platform.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/buy-dogecoin-with-paypal/