How To Buy Dogecoin In New York: Everything You Need To Know 2023
The cryptocurrency craze hasn’t died down so far even though a lot of people were saying that it’s a scam or it’s been unstable for years now. Aside from Bitcoin, there are plenty of other profitable and notable cryptocurrencies out there and one of them is Dogecoin. If you want to know how to buy Dogecoin or sell Dogecoin in New York, then this article is for you. We’ll cover how to purchase Dogecoin as well as things you need to look out for before you buy Dogecoin DOGE. But first, let’s take a little look at the state of cryptocurrency and crypto exchange states in New York.
How To Buy Dogecoin In New York
- Get A Dogecoin Wallet (Atomic Wallet, Exodus Wallet, Mycelium,…)
- Choose A Payment Method (Pay With Real Money Or Using Other Cryptocurrencies)
How To Buy Dogecoin In New York?
Get A Dogecoin Wallet
If you already have a Dogecoin wallet and secured your Dogecoin address then you can skip this step, but if you haven’t gotten one yet then we recommend that you don’t. The biggest reason is that after you buy Dogecoin or have an amount of Dogecoin, you have to place it somewhere secure to decentralized exchanges.
There are many different types of cryptocurrency exchange wallets out there – from hot wallets to hardware wallets, but that is a topic for another time.
One wallet that we recommend for buying Dogecoin in New York is Coinbase. Coinbase is one of the more popular cryptocurrency exchanges out there and it provides multiple options for your crypto needs, including storing them with its Coinbase wallet which will serve as your Dogecoin wallet.
Creating a Coinbase account on the mobile app is easy, and you don’t have to worry about the personal information that you’ll enter there since the site itself is secure. Once you have your Dogecoin wallet it will come with a wallet address and a secure private key that you can use to access your wallet.
Of course, security is also a big issue when it comes to crypto exchanges, so we recommend choosing to have more than 1 crypto wallet so that you don’t lose all your eggs in one basket. Some crypto software wallets we recommend other than Coinbase and Coinbase Pro that are popular in the Dogecoin community are:
- Atomic wallet
- Exodus wallet
- Mycelium (mobile-only platform)
Pay With Real Money
If this is your first time buying Dogecoin or any form of cryptocurrency, then you should know that there are two major ways to get Dogecoin: exchange it with another cryptocurrency that you have in your wallet or with actual coins A.K. Real-life money. These methods of purchase will involve a bank transfer, your debit card, or a wire transfer, or you can purchase Dogecoin directly from your bank if your bank account or your third-party wallet supports it.
Either way is viable and it depends solely on the wallet and cryptocurrency exchange platform you have chosen. Binance, for example, accepts credit cards and debit cards while other cryptocurrency exchanges might not.
Using Other Cryptocurrencies
Another way to buy Dogecoins is using other currencies that you already have, which makes it a good option if the platform you are using doesn’t allow you to buy Dogecoins using real money options like a wire transfer.
All you have to do is buy a relatable stable cryptocurrency and convert it into the platform you are in. I recommend that you do your research in advance and check the platform you are using since a few exchanges may not allow Dogecoin conversions.
It doesn’t matter if you buy Bitcoin, buy Litecoin, or if you buy Ethereum on your chosen platform. However, it would be smart to check their values before doing so since these cryptocurrencies are prone to shift value by the minute.
You could potentially lose money this way because your purchase could decrease in value by the time you convert it into crypto, causing you to pay higher fees than usual.
Luckily, you can help minimize losses by converting your current crypto into Fiat currency. Fiat currency is stable and mirrors real-life government currencies so it’s a good option to convert the amount you want to spend if you want a more stable exchange to buy Dogecoin in New York with the lowest fees possible.
What Is Dogecoin?
You’ve probably heard of Dogecoin before and a lot of people think it is a big joke of a cryptocurrency. With all the hype concerning Bitcoin in the late 2000s, people were investing here and there looking to boost their digital assets.
As a reply to this hype, the creators of Dogecoin, Jackson Palmer and Billy Markus, decided to create a cryptocurrency to mock the trend and hype of cryptocurrencies at that time which is what Dogecoin is. You can tell from the cryptocurrency itself that it was meant to be a joke since the logo of the coin is derived from the “doge” Shiba Inu dog meme which was very popular in 2013.
Of course, this doesn’t stop people from buying this cryptocurrency even if it is just an extension of a popular meme. As of 2021, Dogecoin has a current market cap of nearly $29 which is a pretty decent addition to your crypto assets. At the time of making this article, Dogecoin is within the top 10 cryptocurrencies right now so it may have started as a joke but its value is not.
Bitcoin & Cryptocurrency Trading In New York
New York is a city with a thriving economy and it’s no surprise that the people who succeed in their financial endeavors place their money in something with huge potential, such as cryptocurrency. And with the rise of Fintech companies in New York, this potential may just be within arm’s reach.
Trading or investing in crypto could be a potential way to make more money compared to depositing funds in the bank or even investing in stocks. The cryptocurrency market is very volatile and people smart enough to invest in the right cryptocurrencies can make big returns if they play their cards … or to be more precise, their coins right.
There are some negative views about cryptos like Dogecoin amongst New York residents, but it’s still perfectly legal to buy and trade crypto. However, New York does have some laws and guidelines regarding virtual currencies like crypto so it’s best to check them out just in case.
Dogecoin In New York
Crypto might have been around for a while, but we are confident that a lot of New York residents aren’t selling Dogecoin or have an online wallet like other users. Only people who are willing to take the risk of this potential gold mine are the ones who buy Dogecoin.
Cryptocurrencies are volatile and people really aren’t sure if they’ll still be around in the next decade. If have extra money that you are willing to gamble to make money in a short period of time by day-trading or by playing the long investment game, then go for it. The price of Dogecoin has potential and it’s up to you whether or not you should walk this profitable but dangerous bridge.
Should You Buy Dogecoin?
Now if you’re wondering whether Dogecoin is a great deal or if you should buy Bitcoin or other cryptocurrencies instead, then you should know that cryptocurrencies are very volatile by nature. Their value can quickly go up but it can also quickly head down into a spiral, which is what has been happening to Dogecoin for the past year or two.
Buying Doge is risky and a lot of people are having doubts about this cryptocurrency; some reputable exchanges don’t even allow Dogecoins which might make it a bad investment, especially if you have tons of other wallets for cryptocurrency.
But in the end, the value of cryptocurrency is decided by the ones who are using it, so Dogecoin is still viable for a lot of online transactions since some platforms are starting to accept it as a payment method.
With how Elon Musk is promoting Dogecoin on Twitter, it might make a big comeback from a lot of people buying it. And since the Dogecoin market is very liquid, to begin with, its mass production is a potentially profitable investment.
Is It Difficult To Trade Crypto In New York?
Back when cryptocurrencies were just starting out, it was really difficult to purchase and get into crypto since it was a threat to a lot of governments and they were skeptical of its legitimacy. The same can be said for New York, which is a city known for its good economy.
Luckily, a lot of reliable platforms have sprung up and a lot of people are less skeptical about cryptocurrencies. However, there are some people who are concerned about the environment in New York and see the Bitcoin mining process as a potential danger since it has high C02 emissions.
So there might be laws to counter this eventually, but trading Bitcoin and investing in it should be legal as long as you put your money in a reputable place like Binance or Coinbase. According to New York law, you don’t need a license to simply buy or sell crypto so you should be good if you’re only looking to trade.
Additionally, law crypto platforms should be registered with the Office of the Attorney General’s Investor Protection Bureau so that they can play by the rules. So if your platform isn’t registered, you are investing in criminals and your money isn’t safe.
Frequently Asked Questions (FAQs)
It’s called Dogecoin because it’s based on the meme “doge”, a Shiba Inu dog that gives off a peculiar yet funny look.
A lot of people invest in Dogecoin for the fun of it and to keep the joke. But as of recently, Dogecoin is starting to gain a lot of value and it could become more profitable in the future
Dogecoin can be purchased directly from a reputable crypto platform by using real money like with a debit card or bank transfer. It can also be bought by using other cryptocurrencies on crypto trading platforms as well.
Yes. You can see him promoting the cryptocurrency on his social media accounts.
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- Department of Financial Services. (2019). Press Release – January 24, 2019: DFS Continues to Advance Responsible Innovation in New York’s Fintech Industry. [online] Available at: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr1901241.