Are you willing to invest in Dogecoin? If yes, then you might be wondering to know that how to buy these coins. Well, there is no rocket science in buying Dogecoin; one can easily buy it from a cryptocurrency exchange such as Wazirx.
First, a person needs to make an account on any crypto exchange. While making an account, the exchange may ask for personal documents such as a driving license. Then, when your account gets opened, you can easily add funds to it and start buying Dogecoin.
How to Store Dogecoin?
Once you have purchased these coins, there is no need to worry about their safety. There are various Dogecoin wallet that a person can use to store their Dogecoin, but they all fall under two categories.
What is a Hot and Cold Wallet?
A hot wallet is connected to the internet that one can easily access from their mobile phone or desktop. It is one of the most preferred ways of storing Dogecoins because it provides the convenience of making transactions whenever you want. But remember, you have to compromise your safety in such wallets. The most common type of hot wallets is desktop wallets, mobile wallets, and web wallets.
On the other hand, cold wallets are used to store Dogecoin offline without internet connectivity to make transactions. However, it is one of the most secure ways to store Dogecoins. Usually, a person who wants to store this money for longer uses this method. Two commonly used cold wallets are hardware wallets and paper wallets.
Desktop wallets are installable software packs that anyone can install on their desktop or laptop. But, before installing this software, ensure that your PC has valid Anti-virus installed because a system connected to the internet may have some security issues. Also, everyone should avoid storing their Dogecoins as a crypto exchange. Instead, they should use these wallets are they are safer and more secure.
Mobile wallets are almost similar to desktop wallets but are specially made for smartphones. As almost everyone owns a smartphone, it becomes convenient for daily transactions. It uses QR codes, which make the payment quite fast. But, while creating an account, you need to give access to your phone. It is a most common type that most people use for making Dogecoin trade.
A person can only access these wallets through internet browsers. These wallets can be both hosted and non-hosted. Hosted are the funds which are not in control. However, these wallets are the least secure and can be easily hacked. So, if possible, try to avoid this particular kind of wallet.
Hardware wallets are devices that look like USBs with an OLED screen and side buttons. These devices do not include any battery and can be connected to any desktop or laptop. However, you will find these wallets more secure than hot wallets but lower than Desktop wallets.
Paper wallets are printed papers with QR codes. These were most popular before the introduction of hardware wallets. In addition, some wallets can be downloaded to generate new payment addresses offline. However, these are not much convenient for making significant payments................................................................................
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