Financial regulations require centralized crypto exchange platforms to verify users’ identities through know-your-customer (KYC) procedures. As such, many users who want to operate privately seek alternative ways to access the crypto market. Fortunately, the emergence of decentralized exchanges (DEXs) facilitates anonymous peer-to-peer transactions. In this guide, we show you step-by-step how to buy DOGE anonymously.
KEY TAKEAWAYS:
➤ Decentralized exchanges allow anonymous Dogecoin purchases without requiring KYC verification.
➤ Dogecoin ATMs and in-person trades offer alternative anonymous buying methods but involve risks.
➤ Dogecoin is an inflationary cryptocurrency with 10,000 new coins mined every minute.
➤ Privacy-focused exchanges may have higher asset prices and fewer security checks than centralized platforms.
How to buy Dogecoin anonymously
In a nutshell:
1. Pick a decentralized exchange like FixedFloat that doesn’t require KYC.
2. Swap digital assets (e.g., ETH) for DOGE, as fiat isn’t supported.
3. Choose a fixed or floating rate, then input your DOGE wallet address.
4. Transfer your crypto to the provided address and wait for confirmation.
5. Use a hardware, software, or paper wallet to keep your DOGE safe.
There are three main ways to buy Dogecoin anonymously:
- In-person trade
- Dogecoin ATMs
- Decentralized exchanges
In-person trading involves organizing a face-to-face meeting with a seller and paying for your DOGE in cash. Using cash for your transaction is one of the most anonymous payment methods. However, it’s not a convenient way to get Dogecoin — someone may scam or even rob you.
Moreover, the volatility of DOGE can significantly change the price of the meme coin before you complete a transaction.
Dogecoin ATMs are electronic teller machines for cryptocurrencies that work similarly to traditional ATMs. You scan your digital wallet QR code using the ATM’s built-in camera, insert your cash, and receive your DOGE in return. However, some ATMs may require your ID, and there aren’t many DOGE ATMs outside North America.
Buying Dogecoin on a privacy-focused exchange is another way to keep your cryptocurrency trading anonymous, which we take a closer look at in the next section.
How to buy Dogecoin anonymously on a DEX
Here are five simple steps to buy DOGE anonymously on a decentralized exchange.
1. Choose a decentralized exchange that doesn’t require a KYC procedure
DOGE is a popular coin in the cryptocurrency market and is available on many trading platforms. To buy DOGE anonymously, find a suitable decentralized application that doesn’t require identity verification. In this case, we’ll use FixedFloat, a non-custodial privacy-focused exchange.
2. Go to FixedFloat and select the cryptocurrencies you want to exchange
FixedFloat doesn’t need you to log in or sign up to exchange cryptocurrency. Once on the website, select the crypto you want to swap for DOGE and indicate the desired amount. The site doesn’t accept fiat currencies, so you need digital currencies to get DOGE. Here, we’re swapping ETH for DOGE. In the ‘send’ field, choose Ethereum. In ‘receive,’ choose ‘DOGE.’
3. Choose the order type and enter your wallet address
FixedFloat has two order types: fixed or float rate. The rates determine how much fee you’ll pay, the exchange rate, and what amount you will pay upfront. Pick your order type, then scan the QR code of your DOGE wallet or manually enter the address where you’ll receive your tokens.
Click the “Exchange Now” option to initiate trade.
4. Completing the exchange
Next, an order page will pop up. An address will prompt you to send ETH to receive DOGE. The order page also contains your order ID, countdown to complete the transaction, and order type. After sending the ETH, your transaction will receive all the network confirmations, and your order will be automatically executed.
5. Storing your DOGE tokens
To securely store your tokens, you need a non-custodial DOGE wallet. Your options include:
- Hardware/air-gapped wallets
- Software/hot wallets
- Paper wallets
Your choice will depend on the level of wallet security you want to employ.
What is DOGE?
➤ Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency that was created in 2013 as a lighthearted, fun alternative to Bitcoin. Its creators, software engineers Billy Marcus and Jackson Palmer, based the cryptocurrency’s name and Shiba Inu logo on a once-popular meme, Doge.
The idea was to create a meme coin to poke fun at the seriousness of the crypto market, encouraging a broader user demographic. The concept was quickly picked up by a community of enthusiasts who hyped it to grow within the crypto market.
“The sentiment seems to be: Bitcoin is for the wealthy, Ethereum for the middle class, and Dogecoin is for the people.”
Eric Berman, Senior legal editor of U.S. Finance at Thomson Reuters Practical Law
Dogecoin is decentralized and runs on blockchain technology. It was created using inspiration from the Litecoin blockchain structure and uses a proof-of-work (PoW) consensus mechanism in its function.
DOGE is primarily used for fast transactions, and unlike BTC, which was built on scarcity, DOGE is an unlimited digital currency without a fixed supply.
Dogecoin’s blockchain depends on miners to secure and verify transactions on the network. The miners use computational power to solve mathematical equations through the PoW mechanism.
A miner must find a nonce and generate a hash to verify transactions; then, a new block is generated, and verified transactions are permanently added to the blockchain. The miners are then rewarded with more DOGE for securing the network.
The Dogecoin Foundation is a non-profit organization that supports the development of Dogecoin and oversees governance. The organization uses a multisig wallet to hold development funds and settle transactions.
➤ Every minute, 10,000 new Dogecoin are mined and added to circulation, which contributes to its inflationary supply.
Privacy comes at a cost
As easy as it is to perform private cryptocurrency transactions without going through an identity verification process using decentralized exchanges, there are some drawbacks to using these sites. DEXs have fewer security checks than traditional exchanges and tend to have higher prices for digital assets. Therefore, always do your own research before you choose to buy Dogecoin anonymously and initiate a purchase on a decentralized exchange.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are highly volatile, and investing in them involves significant risk. Always conduct your own research and consult a qualified financial expert before making any investment decisions.
Frequently asked questions
Is Dogecoin traceable?
Where can I buy DOGE online?
Is Dogecoin worth investing in 2024?
Is Dogecoin good for the long term?
Disclaimer
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
