HOW TO BUY DOGECOIN IN NIGERIA
BUY DOGECOIN IN NIGERIA: Starting out as a “joke” for leading cryptocurrencies, Dogecoin was created in 2013 by Billy Marcus and Jackson Palmer. Similar to an alternative currency to Bitcoin, Dogecoin is a peer2peer, open-source cryptocurrency that offers users a completely anonymous, decentralized, and secure environment free from any third-party influence during transactions. It was inspired by the popular Doge meme with a picture of Shiba Inu.
BUY DOGECOIN IN NIGERIA
After that, it became immediately popular, and Dogecoin is now worth almost $45 billion on the cryptocurrency market.
Every user of the Dogecoin network is equipped with a digital wallet that has two keys: a public key and a private key. With the public key, a user of dogecoin can request a transaction with another person who is willing to send them some Dogecoin, once this is done the application tells all Dogecoin miners worldwide to continue the process whenever a transaction request is issued. The Dogecoin miners validate whether the sender has enough Dogecoins to make the payment or not. After the validation process is complete, they approve the transaction request.
While this whole process is being carried out, Dogecoin miners around the world compete amongst each other by creating a mathematical function to produce the correct hash number for that particular nonce of the pending transaction (the nonce is all the pending transaction’s data). Any miner who correctly produces the hash number gets rewarded with 25Dogecoin in their account. Finally, both the sender and receiver gets a confirmation message that it has approved their request for the transaction and the requested amount of Dogecoin. This process works for sending and receiving.
Now that we’ve covered how the transaction works, how can Nigerians get some of this valuable Dogecoin in their wallets? We will be looking at two methods you can do this:
BUYING DOGECOIN THROUGH P2P
Most exchanges don’t yet provide a direct p2p method for Dogecoin, unlike other top-performing cryptocurrencies, so in this method, you can easily buy directly from a peer you know. All you just have to do is put up an ad amongst your friends that you think may have some Dogecoin up for sale, and you can instantly trade with them at an agreed-upon rate.
Now, the only security you have here is that you know the person you’re trading with directly and can easily hold them accountable.
BUYING DOGECOIN ON CENTRALIZED EXCHANGES
A lot of centralized exchanges and decentralized exchanges allow you to buy Dogecoin directly on their platform in very few easy steps. We will look at how you can buy Dogecoin as a Nigerian on Binance and how you can buy Dogecoin on TrustWallet.
If you wish to buy Dogecoin on Binance, you must open an account with them here, and make sure you get it verified so you can have access to a lot of services that will make transactions easier for you. After signing up and completing your KYC, download the mobile app (as that is the process we will be following)
- navigate to the overview dashboard and click on “buy”. Note that Dogecoin is not available on Binance’s p2p, so click on “Credit/Debit Card” option below P2P Trading.
- Next, at the top of the screen, change the coin type to DOGE and enter the amount you wish to buy in naira and click “buy DOGE”.
- The next page shows you the amount of DOGE you will get, click “CONFIRM” and enter the details of a card valid for international transactions and click “CONFIRM”.
- When you’re done following the whole Credit/Debit card confirmation prompts successfully, you should see your DOGE in your Binance wallet.
Another method involves first buying USDT via P2P and then using it to buy DOGE
- First, you navigate to the P2P platform on the app.
- Make sure it is on a buy order (you can see this at the top left of the screen beneath the back arrow).
- Select USDT. You can then see the available rates for the USDT and then you can click on any of the available merchants that have ads which fall within the USDT amount range you wish to buy. You can also use the filter tool at the top right of the nav bar to filter out buyer above you range. Note that as you go down the list, the rate gets higher.
- Once you’ve found a seller, click on their ad and enter the amount you wish to buy either in NGN (fiat) or in crypto. Next click on “Buy with 0 Fee”. The amount you entered is immediately transferred into escrow until the transaction is complete or cancelled.
- Next screen shows the seller’s local back account details you’ll need to credit the shown amount. After you’ve transferred the required amount, you come back to the app and click on the button that says you have made payment. Now, you wait for the seller to confirm that payment and release the USDT.
- There’s a chat box for you to message the seller, and some sellers also specify trading terms with you. Should the trade not go well, you can give them feedback or worse open up a dispute (which rarely happens with verified merchants).
- Now that you have the USDT, it will be deposited to your “Funding” wallet on binance app wallets page, and transfer it to your “Spot” wallet.
- Once you transfer it there, there are two ways to get DOGE, you can either convert the USDT directly to DOGE with the convert option at the top of the “Trades” page, or you can buy with “Spot” trading. Both methods work the same way, except that the Spot trading trades based on the price you set to buy at (you can buy directly at market price or use a limit order to set what particular price you want to buy at).
With this, you can only buy a minimum of approximately NGN23,000. First, download trustwallet and set up your wallet. Make sure you keep your seed phrase very safe.
- Next open the app and search for DOGE, click on it, and at the top right corner, you should see “buy”
- Change the currency from USD to NGN at the top right corner.
- Next, select the method of payment, the best is binance connect (you need to have a Binance account before you proceed with this option), you get more DOGE, there are other options available for you to explore (MoonPay and Simplex). Click on “Binance Connect” and hit next.
- You can choose to pay with Binance P2P or Credit/Debit card. Choose either and at the bottom you see the amount of DOGE you would be receiving at the price you want to buy (no lower than the minimum) verify and click continue beneath the amount.
- Follow the prompt for the payment method you’ve chosen and after successful completion, you get to see the DOGE in your TrustWallet.
While there are a host of other methods for Nigerians to easily get Dogecoin in their wallets, we are able to look at just the methods above, which are fast, easy, and very secure for interested users.
How to convert Dogecoin to Cash
To easily convert your Dogecoin for Naira or Cedis, you need to create an account on Dart Africa or Download the mobile app
- Log in to your already-created account and click on Sell Coins.
- Select the cryptocurrency you wish to sell (Doge, ETH, USDC, USDT, BUSD, BTC). Note that the minimum amount you can sell is $20. This automatically calculates the amount of coin you will need to sell and the amount you will receive in NGN.
- After you click Sell Coins Now, instantly a wallet address for the cryptocurrency you wish to sell. All you need to do is copy the wallet address or scan the barcode with your Luno wallet and transfer the required amount to DartAfrica.
- When you’re done with the step above, proceed to the DartAfrica dashboard to see your trade ongoing. After 2 block confirmations, your fiat is deposited into your DartAfrica account and you can instantly withdraw that into your bank account within minutes.