A Beginner’s Guide to Dogecoin (DOGE)
While Dogecoin was originally launched as a lighthearted alternative to Bitcoin, the meme-powered digital currency managed to establish itself as one of the largest altcoins by market capitalization. In this beginner’s guide to Dogecoin, you will learn more about Dogecoin and how you can store, send, receive, and buy DOGE using the Trust Wallet app.
While Dogecoin was originally launched as a lighthearted alternative to Bitcoin, the meme-powered digital currency managed to establish itself as one of the largest altcoins by market capitalization.
In this beginner’s guide to Dogecoin, you will learn more about Dogecoin and how you can store, send, receive, and buy DOGE using the Trust Wallet app.
What Is Dogecoin?
Dogecoin (DOGE) is an open-source, peer-to-peer digital currency created using open-source code from Litecoin, which in itself, was a fork of Bitcoin.
It was launched in December 2013 by Jackson Palmer and Billy Markus with an image of a Shiba Inu dog as its logo to satirize the hype around cryptocurrencies.
The cryptocurrency’s name was derived from a once-famous meme that, at the time, featured a consciously misspelled word ‘doge’ as a description of the Shiba Inu dog.
DOGE runs on its own blockchain, which utilizes a proof-of-work (PoW) consensus mechanism, enabling miners to take part in Dogecoin mining. Interestingly, Dogecoin’s mining algorithm allows for the meme coin to be mined using GPUs, making it a popular coin among at-home hobby miners.
Dogecoin is currently one of the top ten biggest cryptocurrencies by market capitalization. It has an unlimited supply, and its current circulating supply is over 132 billion DOGE.
You can securely store, buy and manage your Dogecoin holding using Trust Wallet.
What Is Trust Wallet?
Trust by over 60 million people worldwide, Trust Wallet is an easy-to-use, self-custody, multi-chain crypto wallet that enables you to securely store and manage more than 10 million crypto assets - non-fungible tokens (NFTs) included - across 70 blockchains.
With Trust Wallet you can securely store various digital assets on different blockchain networks since Trust Wallet is multi-chain. Additionally, all your crypto assets are stored on-chain, and your private keys are held safely on your device. This allows you to have full control of your crypto assets.
As a Trust Wallet user, you can buy, send, receive, and swap all your favorite cryptocurrencies, including Dogecoin. Moreover, you can also connect your Trust Wallet to decentralized applications (DApps) to access the full range of what Web3 has to offer.
Now that you know what Dogecoin and Trust Wallet are, let’s discuss how you can get started with Dogecoin in Trust Wallet.
Getting Started With Dogecoin in Trust Wallet
Trust Wallet supports Dogcoin (DOGE), and if you want to own and use DOGE for any transactions on Trust Wallet, you will first need to download the Trust Wallet app on your device.
You can easily download the app on Google Play Store if you use an Android device or on Apple Store if you use an iOS device. Alternatively, you can also download Trust Wallet as a browser extension on your desktop. However, for purposes of this guide, we will download the Trust Wallet app from the Google Play Store using an Android smartphone.
To get started, go to the Play Store app on your phone and search for ‘Trust Wallet’. Then, ensure that you find the original app to avoid downloading malicious apps that could put your crypto assets at risk.
At this point, you will need to create a six-digit passcode that provides an extra layer of security whenever you are using your Trust Wallet app. Confirm the passcode entered to continue with the setup process.
You will then be required to back up your secret phrase via Google Drive or manually. Your secret phrase is 12-words that Trust Wallet automatically generates and helps you to regain control of your on-chain wallet. Moreover, you should not share your secret phrase, also known as a seed or recovery phrase with anyone, as you can lose access to your wallet and crypto assets.
To back up your secret phrase via Google Drive, you will need to select a Gmail account (if you have multiple) and grant the app the access you’d want it to have. For this guide, we will back up our secret phrase manually.
Once you select the ‘Back up Manually’ option, Trust Wallet will warn you about the consequences of losing your seed phrase. Check all three warning checkboxes and click on ‘Continue’. Trust Wallet will show you your 12-word seed phrase. Write them down in the right order and click on ‘Continue’.
Next, verify the secret phrase by typing in all the 12 words that make up your secret phrase and click on ‘Done’. Your wallet will have been created!
With your wallet set up, the next step is to enable the DOGE coin in your wallet. To do this, click on the token icon on your right-hand corner, search for Dogecoin, and tap on the slider icon to enable the coin in your wallet.
Now that you have successfully added DOGE to your wallet, you can proceed to buy, deposit, or send Dogecoin to your friends and family.
Let’s look at how you can do all these using Trust Wallet.
How to Buy Dogecoin Directly in Trust Wallet
You can easily buy DOGE coins on Trust Wallet with a few steps.
First, open your Trust Wallet, click on DOGE, and then on ‘Buy Doge’.
Next, key in the amount of DOGE you want to buy. Please note that the minimum amount of Dogecoin you can buy on Trust Wallet is $50.
Once you have keyed in the amount of DOGE you want to buy, click ‘Next’. Trust Wallet will redirect you to a third-party on-ramp provider with the best market rate for DOGE at the time of purchase. In this case, Ramp was offering the best rate.
Click on ‘Proceed’ and follow the prompts to add your personal and bank card details to complete the transaction.
Once your transaction is successful, your DOGE coins will be added to your Trust Wallet.
Next, we look at how you can deposit your Dogecoins into your Trust Wallet if you opt to buy them via a crypto exchange.
How to Deposit Dogecoin Into Your Trust Wallet
You can easily deposit Dogecoin from a crypto exchange of your choice to your Trust Wallet in a few steps.
First, open your Trust Wallet app and go to DOGE, then click on ‘Receive’. You will be redirected to a page with a QR code. At the bottom of the page, you will see the prompt to ‘Deposit from exchange by direct transfer from your account’. Click on it.
A prompt will appear requesting you to choose which exchange, between Binance and Coinbase, you’d like to use to deposit Dogecoin into your Trust Wallet.
For the purposes of this guide, we will use the Binance crypto exchange. Click on ‘Binance’ and proceed to the Binance app.
On your Binance app, search for your Dogecoin wallet and key in the amount of Dogecoin you want to withdraw from Binance into your Trust Wallet account. Then, click ‘Confirm’.
Once done, you can sit back and relax and wait for the Dogecoin to be deposited into your Trust Wallet.
Remember, you can view all transaction history under the tab for each coin on Trust Wallet.
How to Send Dogecoin From Trust Wallet
Sending Dogecoin from your Trust Wallet to another wallet or an exchange account is simple.
To start, you will need the recipient’s wallet address. If you are sending it to a person, ask them for their Dogecoin wallet address. If you are sending coins to an exchange or another crypto service provider, access your account there and copy and paste the Dogecoin wallet address.
Once you have the wallet address, go to your Trust Wallet app and search for Dogecoin. Then, click on ‘Send’.
Next, paste the recipient’s wallet address and key in the amount of Dogecoin you want to send and click on continue.
Next, a screen pop-up will appear with the details of your Dogecoin transaction. Ensure that you review all the transaction details before confirming the transaction. Additionally, make sure that you have enough Dogecoin in your wallet to cover the network fee.
Once the transaction has been successfully processed, your recipient will receive Dogecoin in their crypto wallet. And that’s how you can successfully send Dogecoin to anyone using Trust Wallet!
Download Trust Wallet today to buy, send, receive, and use DOGE with ease.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.