How to Buy Dogecoin (DOGE) in the UK in 2022
If you’re based in the United Kingdom and looking to delve into the world of Dogecoin, understanding the basics of this unique digital currency and navigating the buying process on established platforms is your first step. This guide aims to provide a clear overview for beginners looking to acquire DOGE in 2022.
Understanding Dogecoin: More Than Just a Meme
Dogecoin, often affectionately referred to as the internet’s favourite cryptocurrency, was created in 2013 by software engineers Billy Markus and Jackson Palmer. It was initially conceived as a parody of the burgeoning altcoin market, featuring the popular Shiba Inu dog from the “Doge” meme. However, its friendly image and enthusiastic community quickly propelled it far beyond its humble origins. Unlike Bitcoin’s hard cap on supply, Dogecoin has an inflationary design, meaning new coins are continuously minted. This deliberate choice keeps transaction fees low, making it ideal for small, everyday transactions and tipping – its primary use cases, fostering a culture of generosity and community engagement.
Technically, Dogecoin operates on a Proof of Work (PoW) consensus mechanism, similar to Bitcoin, but it specifically uses the Scrypt algorithm. This makes it less resource-intensive to mine compared to Bitcoin. Furthermore, Dogecoin benefits from “merged mining” with Litecoin, meaning miners can mine both DOGE and LTC simultaneously without additional computational effort, which contributes to its network security.
In the run-up to early 2022, Dogecoin continued to capture significant public and media attention, largely fueled by high-profile endorsements, particularly from figures like Elon Musk, which had previously driven its price to unexpected highs in 2021. While it experienced considerable volatility, DOGE maintained its relevance as a prominent altcoin, symbolizing accessibility and community spirit in the often complex cryptocurrency market.
Navigating the UK Market: Where and How to Buy DOGE
For those in the UK looking to buy Dogecoin in 2022, the process is generally straightforward, primarily conducted through centralized cryptocurrency exchanges. While the Financial Conduct Authority (FCA) in the UK issued warnings about the risks associated with crypto investments, it had not prohibited the buying and selling of cryptocurrencies like DOGE. Therefore, UK residents can access a variety of platforms that facilitate these transactions. Reputable exchanges popular within the UK that list Dogecoin include Coinbase, Binance, Kraken, eToro, and Revolut. Each platform offers varying features, fee structures, and user interfaces, so it was wise to explore which one best suits your individual needs and experience level.
Key Steps to Buying Dogecoin
The typical process for buying DOGE involves several key stages:
- Create an Exchange Account: Choose one of the reputable cryptocurrency exchanges supporting DOGE in the UK (e.g., Coinbase, Binance, Kraken). Register by providing the necessary personal details.
- Verify Your Identity (KYC): Complete the “Know Your Customer” procedure. This is a standard regulatory requirement that involves uploading identification documents (such as a passport or driving licence) and proof of address (e.g., a utility bill). This step is mandatory for compliance and fraud prevention.
- Fund Your Account: Once verified, deposit funds into your exchange account. You can typically use a debit/credit card or a bank transfer for this purpose. Bank transfers usually incur lower fees compared to card payments.
- Place a Buy Order: As soon as funds are available in your account, navigate to the DOGE trading pair (e.g., DOGE/GBP or DOGE/USDT). Place a buy order for Dogecoin. For beginners, a simple market order, which executes instantly at the current best available price, is usually the easiest option.
- Store Your Dogecoin: After purchase, your DOGE will be held in the exchange’s wallet. However, for long-term and more secure storage, it’s generally recommended to transfer them to a personal, hardware (cold wallet) or software (hot wallet) wallet, where you have full control over your private keys. This reduces the risks associated with keeping assets on an exchange.
Dogecoin offered an accessible entry point into the cryptocurrency market for UK residents in 2022, retaining its appeal as a community-driven digital asset with low transaction fees. Its availability on various reputable centralized exchanges made the buying process relatively simple for beginners, typically involving account creation, identity verification, and funding. While Dogecoin’s price has demonstrated significant volatility and sensitivity to market sentiment, its unique charm and active community continued to draw interest. As with any cryptocurrency investment, it was crucial to conduct your own thorough research, understand the inherent risks, and only invest what you were prepared to lose.
Disclaimer: This article does not constitute investment advice or an inducement to act. The information provided is for educational and informational purposes only. Investments in cryptocurrencies carry high risks, including the complete loss of capital.
