It is possible to buy Dogecoin with PayPal or your credit card, but it is complicated and may require extra fees.
Dogecoin is a cryptocurrency that started out as a joke in December 2013. Its logo is the image of a Shiba Inu dog that was a popular Internet meme at that time. Dogecoin has Scrypt encryption, not unlike Litecoin. Initially, Dogecoin has had a coin generation limit of 100 billion; it has reached this limit in June 2015, however, the inventors decided that it should have no limits.
Paying by digital currency is a new and unusual payment method. Sellers, websites and banks do not trust it, so they do not support it. It does not help that it has little or no regulations, it does not require complicated verification processes, so buyers can perform fraudulent chargebacks and sellers may never get their money. When a seller sells cryptocurrency through PayPal or credit card, the buyer can falsely claim to PayPal or their credit card issuer that they never received any bitcoin. The seller cannot prove that they provided bitcoins for the buyer, and PayPal backs up the scammer.
Virtual World Exchange: Step by Step
VirWox is a safe and secure method to buy Dogecoin and other digital currencies through PayPal. On the downside, the process is complicated and you have to pay higher fees than for other transactions.
It is free to register on Virtual World Exchange. Log in to your VirWox account. Click the Deposit button. Transfer funds – USD, EUR, or GBP – to your new account through PayPal or your credit card. Once you have USD, EUR, or GBP on your VirWox account, you can buy Second Life Linden. Linden is a currency that PayPal accepts, so you are allowed to buy SLL via PayPal. Select the fiat currency you have and Second Life Linden; click on USD / SLL, EUR / SLL or GBP / SLL. Place a “buy” order.
Now that you have Linden, you can convert it to bitcoins. Select BTC / SLL option.
If you want to buy bitcoins instantly, as fast as possible, accept the best rate available. Select market order.
Just in case there is a wish to wait for a better rate, select “limit order” option. Add the amount you want to get for your SLL. If a bitcoin seller accepts your offer, you will get your bitcoins. However, probably nobody will accept it.
If you receive your bitcoins, transfer them to a Dogecoin exchange wallet. You can open an account at Vircurex Exchange for this purpose.
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