You read that perfectly. It is possible to buy Dogecoin
You read that perfectly. It is possible to buy Dogecoin with PayPal. And, of course, it is a bit complicated process.
But, don’t worry! I’ll make it easy for you.
Apparently, Dogecoin (DOGE) is a cryptocurrency that started out as part of a joke, back in December 2013. The coin’s logo is the image of a Shiba Inu dog that was a popular Internet meme at that time.
Dogecoin has Scrypt encryption, similar to that of Litecoin.
In the beginning, Dogecoin has had a coin generation limit of 100 billion, and it reached this limit in June 2015. But, investors decided that the coin shouldn’t have limits.
You May Also Read: Is There a Cap on Dogecoin?
Paying by Dogecoin
Paying by cryptocurrency is a new and unusual payment method. However, sellers, websites and banks don’t trust this method, thus, they don’t support it.
It doesn’t help that digital currency has little or no regulations, it doesn’t need complicated verification processes, so that the buyers can perform fraudulent chargebacks and sellers might never get their money.
When a seller sells digital currency through PayPal, then the buyer can falsely claim to PayPal that they never received any bitcoin.
The seller can’t prove that they provided bitcoins for the buyer, and PayPal backs up the fraudster.
You May Also Read: How to Buy Dogecoin with Credit Card?
Step By Step Guide To Buying Dogecoin using PayPal
When it comes to safe method to buy Dogecoin, VirWox comes at the top. VirWox is a highly safe and secure payment method to buy any digital currency via PayPal.
On the downside, the process is complicated and you need to pay higher fees than for other transactions.
Step #1: Registration
Go to Virtual World Exchange, click on the “Not Registered Yet” to register a new account. Complete the registration with username and password.
Step #2: Add Funds
Once done with the registration part, make sure that you long and change your password. Once you are logged in, simply click on the deposit button situated on the left. From there you can add funds to your VirWox account using PayPal.
Step #3: Purchase SLL
Once you have added funds to your account, use your funds to purchase SLL. You can go to exchange> USD/SLL or EUR/SLL. The SLL bough will be shortly used to exchange for Bitcoins.
Step #4: Buy Bitcoin with Your SLL
Go to the Exchange> BTC/SLL, and buy some Bitcoins with your SLL. in case you wish the order to be fulfilled right away, place a “market order.” this will give you the current available rate.
In case you want to get a better rate, then place a “limit order.’ this will only be fulfilled once someone is comfortable with accepting your offer.
Step #5: Bitcoin Owner
Once you are done with the fourth step, then you own Bitcoins
Step #6: Bitcoin Deposit Address
Now, you will require to set up an account at the recommended exchange, in case you are not already registered. There you can find your unique bitcoin deposit address.
- Bittrex
- hitbtc.com
- changelly.com
Step #7: Send Some Bitcoin
Here, you will need to log back to your VirWox account. Go to the withdraw section, add your bitcoin deposit address and then input how much bitcoin you wish to send.
Step #8: Time To Purchase Dogecoin
The bitcoin you input should arrive in your exchange account within an hour. Now, you can purchase Dogecoin with the BTC/Doge. Pairing this method is very similar when buying other altcoins using PayPal.
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