How to buy dogecoin in Canada
When looking into buying dogecoin, keep a few key factors in mind. Despite its popularity from viral social media and amusing branding, dogecoin might not be the ideal choice for new investors. Here’s why:
High volatility
Dogecoin’s price can change quickly and unexpectedly due to various reasons, such as speculative trading, social media buzz, and the absence of a strong use case for the currency. Consequently, investors might experience large price fluctuations, leading to considerable losses if they sell during a downturn. With an uncertain market for miners, it’s hard to predict if or when the price may recover.
Lack of scarcity
Unlike Bitcoin, which has a limited supply of 21 million coins, Dogecoin has no maximum limit to the number of coins that can be mined. This lack of scarcity makes Dogecoin more susceptible to inflation, as an unlimited supply of the currency can dilute its value over time.
Not sound money
Dogecoin was created as a joke and lacks the fundamental features that make money valuable. Its lack of scarcity and stability make it less attractive as a store of value, while its unlimited supply and lack of a solid use case make it a less reliable means of exchange. Dogecoin’s branding as a meme coin also makes it more vulnerable to market manipulation and hype-driven price swings.
Why bitcoin is a better investment than dogecoin
Here are some of the key advantages that bitcoin has over dogecoin:
Scarcity
Bitcoin’s capped supply of 21 million coins makes it a finite resource, preventing inflation or manipulation by central banks or governments. In contrast, Dogecoin has an unlimited supply, allowing for continuous creation similar to the existing fiat system.
Stability
Bitcoin is a more stable and reliable store of value than Dogecoin. Bitcoin’s sound money principles, such as limited supply, fungibility, and divisibility, make it a more stable and reliable store of value than Dogecoin, which is more susceptible to inflation and manipulation.
Decentralization
Bitcoin is decentralized, which means that it’s not controlled by any single institution or government. This makes it more resistant to censorship, fraud, and other forms of interference. Dogecoin, on the other hand, is partially centralized and controlled by its developers, which makes it more vulnerable to manipulation.
Sound money
Bitcoin was designed to adhere to sound money principles, which include being durable, divisible, portable, and a reliable store of value. Bitcoin’s scarcity ensures that it is a limited resource that cannot be manipulated by governments or central banks. Its durability and portability allow for easy transfer and storage, making it a reliable means of exchange.
How to buy bitcoin in Canada
Here’s a step-by-step guide on how to buy bitcoin in Canada:
- Visit bitcoinwell.com/join and create an account.
- Provide some basic information, such as your name, email address, and phone number.
- Verify your identity by uploading a government-issued ID and taking a selfie.
- Select the amount of Bitcoin you want to purchase and complete the payment process.
We offer a range of payment options, including cash, e-Transfer, Visa Debit, and wire transfer, and we charge some of the lowest fees in the industry.
Benny Sarnelli - Senior Customer Experience Leader @ Bitcoin Well
Meet Benny, the Senior Customer Experience Leader for Bitcoin Well. Benny is dedicated to educating and onboarding new users into the world of Bitcoin and is passionate about helping people understand and navigate the world of cryptocurrency.
