Financial regulators around the world require all centralized cryptocurrency exchanges to implement KYC (Know Your Customer) procedures in order to verify their users’ identities. Therefore, people who wish to engage in crypto trading privately seek other alternatives. There are several ways you can buy your favorite cryptocurrencies anonymously. This guide explains how to buy the famous meme coin Dogecoin without revealing personal information.
Dogecoin (DOGE) Explained
Dogecoin is a peer-to-peer, open-source cryptocurrency launched in 2013 by two software engineers, Jackson Plamer and Billy Marcus. According to the pair, Dogecoin was intended to make fun of the seriousness of the digital market at the time. The crypto community picked up the concept and hyped it, causing DOGE to become popular.
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Unlike other meme coins, Dogecoin runs on its own blockchain with uses the Proof-of-Work consensus algorithm. The chain was created using Litecoin’s technology.
Proof-of-Work blockchains like Dogecoin rely on miners to verify transactions and keep the network secure. After solving tough computational problems, miners are rewarded with DOGE, and this is how new Dogecoins enter the circulating supply. Unlike Bitcoin, Dogecoin does not have a cap on its total supply, meaning miners can continue adding new tokens forever.
Dogecoin governance is overseen by the Dogecoin Foundation. Moreover, this non-profit organization ensures that the development of the Dogecoin ecosystem does not stop.
How Buy DOGE Anonymously
You can buy Dogecoin anonymously using these three ways: Dogecoin ATMs, in-person trade, and through decentralized exchanges.
If you wish to buy DOGE through in-person trading, you will have to physically meet with the seller and pay them cash in exchange for DOGE. While this method allows you to purchase DOGE anonymously, it is not convenient, considering that the seller might rob or scam you.
Dogecoin ATMs operate similarly to conventional ATMs. You simply have to scan your crypto wallet QR code with the cameras installed in these ATMs, deposit your fiat money, and receive Dogecoins in return. The downside is that there are limited Dogecoin ATMs across the world.
The best way to buy DOGE anonymously is through a decentralized exchange. We will show you how to do that in the section below.
Buying DOGE Anonymously on Decentralized Exchanges
Follow these steps to buy Dogecoin on a decentralized exchange without providing personal data.
Step 1: Select a Decentralized Exchange (DEX) That Does not Implement KYC Procedure
being the most famous meme coin, Dogecoin is listed on several decentralized exchanges. To buy the token anonymously, pick a DEX that doesn’t require you to verify your identity. For the purpose of this guide, we will use the FixedFloat exchange.
Step 2: Visit FixedFloat.com and Choose the Crypto Asset You wish to Swap
With FixedFloat, you don’t need to create an account to trade crypto assets. On the platform, select the digital currency you wish to exchange for Dogecoin and enter the amount you want to spend. In our case, we will be swapping Ether for DOGE. So, in the “Send” box, choose ETH, and in the “Receive” box, pick “DOGE.”
Step 3: Select Order Type and Key in Your Wallet Address
There are two order types on FixedFloat: Float and Fixed. Each comes with varying exchange rates and swapping fees. After selecting your preferred order type, enter your DOGE receiving address and click “Exchange Now.”
Step 4: Complete the Swap
On the order page that pops up, FixedFloat will request you to send the amount of ETH you wish to spend on DOGE. After the ETH transaction is completed, you will receive your Dogecoin.
Step 5: Store Your DOGE in a Secure Wallet
To have total control over your Dogecoins, you need to store them in a self-custody wallet. There are two types of DOGE wallets: hot wallets and cold wallets. The latter lets you store your DOGE tokens online, while the former maintains your crypto assets offline. Hot wallets to consider include Atomic, Giarda, and Dogecoin Wallet. As for cold wallets, you can pick Ledger or Trezor.