Many people are looking for the best place to buy Dogecoin in the UK, but it can be hard to find a trustworthy seller. This blog post will help you avoid few mistakes that could lose your money or worse and is essential to know before thinking about how to buy dogecoin uk.
1. Not Buying Dogecoin from a Reliable Seller
This is the biggest mistake to avoid when buying dogecoins in the UK. There are so many sellers out there, but not all of them have your best interests at heart. Some are looking only for their financial gain and will lie or deceive you into getting scammed over £100 if that’s what it takes.
Here are some warning signs to watch out for with sellers:
– They do not give any way to contact them other than an email address
– Their website looks unprofessional
– It doesn’t look like they intend on being around long enough to honor any warranties or refunds
– The seller does not offer escrow service (you send money before coins are released)
– They do not have a good reputation online
– You can’t find any information about them that isn’t just sales copy.
2. Not Using an Escrow Service
Following the last point, it is always safest to use an escrow service when buying dogecoins in the UK. This means that you send money to a third party who will only release it once they are satisfied that your coins have arrived safely and can be traced back to them. Escrow services also allow both parties some protection if things go wrong or disputes arise for any reason between buyer and seller.
3. Not Buying Enough Dogecoin
It’s always better to buy more than you intend on using at the moment because prices are increasing all the time. If your plan is just to use it for buying things online, then you don’t need that much in one go; but if you want an investment or strategy on trading them later down the line, having a predictable supply source means that they won’t be faced with any sudden price increases as we’ve seen before which make their coins less valuable and costlier to obtain.
4. Buying Dogecoin beforethey’reestablished
Dogecoins are gaining popularity all the time, and their value is on the rise, but they have only been around for a few months. However, it’s not unreasonable to think that in another year or two, they could be worth £20 each at least, so buying them now before this happens makes it more likely you’ll see an increase of returns later down the line.
5. Not Storing Dogecoin in a Wallet
When you buy dogecoins, they might be put straight into an online wallet for convenience; but this is not recommended because the server could get hacked, and your coins were stolen. So instead, you need to keep them stored on something like a USB memory stick that only you have access to, which means there’s no way anyone can take it from you without physically having it first.
6. Not Using a Paper Wallet
Although USB memory sticks are great because they keep your coins off the internet and safe from hackers, you need to be careful. If someone gets access to them or gets lost somehow, then your money is gone forever without any way of getting it back. Paper wallets solve this problem by printing out all of your information on something like a piece of paper that keeps everything together. Still, since there’s no personal data stored on it (which can easily be stolen), there’s nothing that anyone else could use against you.
7. Getting Scammed
As with any online service or marketplace, some unscrupulous people will try and get one over on you if they can. If it’s not sellers trying to con you by lying about the coins they have available for sale, then it could be somebody offering more than face value in exchange for your coins. Still, when you send them through, their wallet gets hacked (or some other excuse), and all of your hard-earned dogecoins disappear into thin air.
These mistakes should help save some money and avoid headaches down the line from being scammed or losing all of your hard-earned cash without ever seeing it again.
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