In this article, I will discuss the How to Sell Dogecoin. Understanding the best practices is important whether you want to cash out through a cryptocurrency exchange, a P2P platform, or a crypto ATM.
I will walk you through the step by step processes, cover fees, and provide tips that will help you maximize your investment while ensuring the transaction is seamless and safe. Let’s get started.
What is Dogecoin?
Dogecoin has been around since 2013, when programmer Billy Markus and Jackson Palmer created the coin. Palmer made a tweet suggesting the idea of “Dogecoin”, and Markus set to work creating it. He was able to get Dogecoin done in only a few hours, although there is some discrepancy around that timeframe.
Primarily created to be a joke aimed at the booming crypto market, DOGE is a meme token that started gaining popularity almost overnight. It was created using Luckycoin, which itself was from Litecoin. For faster launch times, Markus made some tweaks and Dogecoin was up and running in no time.
Due to the coin being so cheap, popular, and endorsed by well known people, it rose quickly in value. Elon Musk was perhaps the most important advocate of Dogewhen he began tweeting about it and raising awareness, after one of his tweets the coin skyrocketed in value by over 300% in just four hours. After that it dipped by 50% almost right after but the starting value skyrocketed.
To find more information on the market analysis and potential price predictions of Dogecoin, check out our other articles.
How to Sell Dogecoin By Coinbase Exchange Method
Here’s how you can sell your Dogecoin on the Coinbase platform:
Create an Account
If you do not have a Coinbase account then, sign up and finish the verification steps.
Deposit Dogecoin
Move your Dogecoin (DOGE) from your wallet to your Coinbase account. Utilize the wallet address offered by Coinbase for DOGE deposits.
Navigate to Trade
Open either the Coinbase app or the website and visit the “Trade” interface.
Select Sell
Click on “Sell” and look for Dogecoin within the available cryptocurrencies list.
Enter Amount
Write the quantity of Dogecoin you desire to sell. You can sell a fraction or all of your holdings.
Choose Payment Method
Select your preferred payment for the proceeds, which can either be in fiat money (such as USD, INR, etc.) or a different cryptocurrency.
Confirm Sale
Go over the transaction details including fees and confirm the sale.
Withdraw Funds
Withdraw the funds to your linked bank account or payment method if you sold for fiat currency.
Privacy and Security Tips
Choose a Secure Wallet – Reputable hardware or software wallets with strong encryption and backup options should be used.
Implement Two-Factor Authentication (2FA) – Put an additional barrier of protection on both your exchange and wallet accounts for added security.
Anticipate Phishing Scams – Always hover over links instead of clicking and look to verify URLs before entering login details.
Store Your Private Keys Safely – Never share your private keys and store them offline in a secure location.
Implement a VPN For Transactions – Masking an IP address to access nad utilizes crypto services increases anonymity.
Regular Update Software – Using apps, wallets, and even antivirus software requires constantly updating them to stay secure.
Avoid Using Public Wifi – Crypto accounts should only be accessed from secure or private internet connections.
Always Confirm Before Funds are Sent – Discourage loss from you addresses being poisoned by ensuring wallet addresses are accurate.
Develop Effective Strong Passwords – Use sophisticated passwords and make sure to keep them in a password manager.
Be Wary Of All Updates – Best scams practices and cryptocurrency are constantly evolving so make sure to follow trusted sources.
What Are the Fees for Selling Dogecoin?
Understanding the different fees related to selling Dogecoin is crucial, especially since each platform has its own rules. Selling through online marketplaces like eBay and Craigslist is virtually free. However, using cryptocurrency exchanges, as well as trading on peer-to-peer platforms often incurs fees.
Most of these fees are charged as percentages, hence vary from one platform to the other. Taking LocalBitcoins and Kraken as examples, LocalBitcoins implements a 1% fee on every transaction whereas Kraken charges a 0.10% – 0.26% fee depending on the volume of trades made.
Always remember to check trading strategies concerning the fee policy before selling your Dogecoin. Some of the platforms claim to offer lower trading fees, but one has to do the calculations to assess the net profit. While evaluating options that can be sold, it’s best to consider multiple alternatives in order to increase profit margins.
Alternative Ways to Use Dogecoin
Online Spending
Dogecoin can be used to purchase merchandise and services from sellers who accept cryptocurrency.
Donations & Tipping
Creators and charity organizations can be assisted by sending payments in Dogecoin.
Investment & Trade
Trade Dogecoin with other crypto coins or keep them for a long time and let its price appreciate.
Gift Card Purchase
Trade popular online stores gift cards for Dogecoin.
Betting & Gaming
Trade Dogecoin at online casinos or dogecoints for participating in online games.
Booking & Travel
Use Dogecoin to buy airline tickets, hotel reservations, and other travel services on specific websites.
Yield Farming & Staking
Use Dogecoin on DeFi platforms and earn rewards for engaging with the ecosystem.
P2P Payments
Make instant payments in Dogecoin to other people or businesses.
Collateral & Loans
Get crypto-backed loans on lending platforms by putting DOGE as collateral.
Fundraising & Community
Initiate campaigns supporting projects built for the community using Dogecoin.
Pros & Cons
| Pros | Cons |
|---|---|
| Quick Liquidity – Easily convert DOGE into cash or other cryptocurrencies. | Market Volatility – Prices can fluctuate rapidly, affecting profits. |
| Multiple Selling Options – Sell via exchanges, P2P, brokers, or crypto ATMs. | Transaction Fees – Exchanges and platforms charge fees for selling and withdrawing funds. |
| Instant Transactions – Some platforms offer near-instant processing. | Withdrawal Limits – Some exchanges have restrictions on daily withdrawals. |
| Fiat Conversion – Easily exchange DOGE for fiat currencies like USD, EUR, or KES. | Tax Implications – Selling DOGE may be subject to capital gains taxes in some countries. |
| Security & Regulation – Reputable exchanges provide secure and regulated transactions. | Risk of Scams – P2P transactions carry the risk of fraudulent buyers. |
| Flexibility – Option to sell at market price or set a limit order. | KYC Requirements – Many exchanges require identity verification, reducing anonymity. |
| Access to More Investment Opportunities – Convert DOGE to invest in other assets. | Price Slippage – Large sales may cause price drops, reducing expected returns. |
Conclusion
In conclusion, the process of selling Dogecoin is quite simple, but value maximization is only realized with the right choice in selected methods and/or tools of sale. Different methods of selling the coins through a cryptocurrency exchange, a peer-to-peer platform, or even a crypto ATM have their advantages and pricing costs. Make sure to take into account transaction expenses, security protocols, and the state of the market before arriving at a conclusion.
To get the best value, consider comparing platforms, timing your sale, and the level of risk present. With a well-planned transaction, selling Dogecoin can be simple, safe, and lucrative.
