Dogecoin is an open-source cryptocurrency based on branching of the Litecoin code. Many crypto investors see Dogecoin as a bright star in the sky of crypto assets. The market cap of Dogecoin has risen by more than 1 billion in January 2021 and stands at $47 billion.
The cryptocurrency market and how it works is shrouded by secrecy. Cryptocurrencies are different from fiat currencies that you have known and used all your life. If you are planning to buy Doge, make sure you have places to store it securely. Here are a few things you should understand about securely buying Doge.
Use Virtual Debit Cards
You can buy Dogecoin with fiat currencies like US dollars. Most people use credit or debit cards for online transactions. While most platforms use advanced security technologies to secure transactions, they are not 100% foolproof. If your debit or credit cards fall into the wrong hands, the person holding this financial information can siphon off money from your account.
Security experts suggest people use virtual debit cards for buying Dogecoins online. You can create a virtual debit card online with few steps and link it to your checking account. If you see the details of virtual debit cards are compromised, you can block the card online and prevent hackers from accessing funds in your checking account. If needed, you can create a new virtual debit card for new transactions and use them while securely buying Doge.
Buy From Reliable Sources
Dogecoin is available at many crypto exchanges, but not all exchanges are secure for transactions. Most platforms require you to register and create a username to perform transactions. Due to the high value of cryptocurrencies, less secure exchanges are attractive targets for hackers. They can easily find the username and password, log into your account and siphon off all dogecoins.
It will help if you look for websites/platforms that help buy dogecoins in a secured manner. For example, two-factor authentication is the best way to secure your cloud accounts. Even if a hacker can steal your username and password, crossing the 2nd level of authentication is not easy.
Without successful 2nd level authentication, hackers cannot get access to your dogecoins. The 2nd level authentication could be an OTP sent through a message or voice call that needs to be entered to access the crypto account.
Store Dogecoins at Different Sources
Crypto coins are stored in online wallets that are specifically designed to store crypto assets. There are thousands of online wallets to store cryptocurrencies. Your choice of online wallets depends on the security and convenience of the digital wallet. Before you select any digital wallet to store your dogecoins, consider these factors.
Compatibility- Not every digital wallet can be used to store Dogecoin. Compatibility is a crucial factor when selecting a digital wallet. The online wallet should support the Dogecoin blockchain protocol, and only then can you use it to store them. Most digital wallets support leading blockchain protocols, which means you can store your Dogecoin, Bitcoins, and Tether in one wallet.
Security – The security of the platform should be assessed before selecting any digital wallet to store dogecoins. The digital wallet should have features like two-step authentication that will provide optimal security to your dogecoins and prevent hackers from stealing your currency.
Crypto experts suggest investors use multiple wallets to store their cryptocurrencies. If one wallet is hacked, you will not lose all dogecoins, and the loss will be limited. Most crypto wallets are free, which means you can divide your dogecoins and store them at different sources.
Change Online Passwords
It is always a good habit to change online passwords often. After purchasing Dogecoin, you can change the online password for the crypto-exchange account. If the hacker gets hold of your username and password, it will not work as you have already changed it.
To sum up, these are some ways to buy and securely store your dogecoins.
