Dogecoin is not available on Cash App and it is highly unlikely that Cash App will ever allow its users to buy DOGE in the future. In this article, I will explain why that is and what the alternatives there for Cash App users to buy Dogecoin.
Let’s dive into it.
- Why Is Dogecoin Not on Cash App? What’s Their Problem?
- Cryptocurrencies Available on Cash App
- C’mon Cash App, We Like the Crypto: What About Other Coins?
- Does Cash App Have a Wallet to Store My Dogecoin on?
- Alternative Ways to Buy Dogecoin Beyond Cash App
- What should you do once you buy Dogecoin?
- If Cash App lists Dogecoin could it cause Dogecoin’s price to increase?
- Why most people favor adding Dogecoin to Cash App
- About Dogecoin
Why Is Dogecoin Not on Cash App? What’s Their Problem?
The main reason Cash App is not available is that Jack Dorsey doesn’t like it.
Yeah, so Jack Dorsey, the founder and first CEO of Twitter also established Block Inc.
Block Inc. is the parent company of Cash App. You may have also heard of Square which is made it easy for businesses to process payments with that little square dongle on their smartphone.
What Is Cash App?
Cash App is a mobile payment service developed by Square Inc. that allows users to send and receive money via a mobile phone app. The app allows users to link their bank accounts and credit or debit cards, and send and receive money to and from other Cash App users.
The app also offers other features, such as the ability to buy and sell bitcoin and stocks, and a debit card that can be used to make purchases and withdraw money from ATMs.
Cash App is massively popular. Particularly among younger users. According to their latest quarterly report, they have 51 million monthly active users. Contrast this to Robinhood’s 12 Million monthly active users and Coinbase’s $8.8M monthly transacting users and you can see the sheer scale of Cash App’s success.
But the thing is, Jack Dorsey is a Bitcoin Maxi. He believes that Bitcoin is “the way”. And there is no chance that a Bitcoin Maxi would ever embrace Dogecoin.
What Is a Bitcoin Maxi?
A Bitcoin maxi is short for “bitcoin maximalist”. It is a term used to describe someone who strongly believes in the value and potential of Bitcoin, and who advocates for its dominance over other cryptocurrencies and traditional financial systems.
Bitcoin maxis generally believe that Bitcoin is the only cryptocurrency worth investing in and that it will eventually become the global standard for currency and store of value. They often criticize other cryptocurrencies and blockchain projects as being unnecessary or lacking in true value.
Bitcoin maxis can be passionate advocates for the technology and its potential, but their views are often seen as dogmatic by those who hold more nuanced views on the cryptocurrency landscape.
What Do Bitcoin Maxi’s Have Against Dogecoin?
Dogecoin is probably the antithesis of Bitcoin.
- Dogecoin is a meme coin. It started off as a joke based on a popular meme of a Shiba Inu dog
- DOGE does not have a strong community of developers working on the chain
- In contrast to Bitcoin, which has a fixed supply of 21M coins, Dogecoin is inflationary. DOGE supply increases by about 5% per year.
Hence, Dogecoin is not going to become available on Cash App at any time in the near future.
Cryptocurrencies Available on Cash App
The only cryptocurrency you can buy on Cash App is Bitcoin. Cash app lets you can buy bitcoin or Satoshis which is the same thing. It’s like saying you can buy dollars or cents.
1 bitcoin = 100M Satoshis
Cash app offers Satoshis because many people get confused thinking ” OMG I am never going to be able to buy Bitcoin because it is so expensive”.
Of course, that is not true because you can buy a fraction of a bitcoin. OR to make life simple you can just buy Satoshis.
Potato – Potata.
C’mon Cash App, We Like the Crypto: What About Other Coins?
Again the answer is negative. You can only perform Bitcoin transactions.
There are no meme coins like Dogecoin, no altcoins like Ethereum, and no DeFi coins like UNI. Heck, they don’t even offer Bitcoin Cash. Remember, Jack Dorsey is a Bitcoin maxi and he is unlikely to allow other cryptocurrencies on his platform.
Does Cash App Have a Wallet to Store My Dogecoin on?
So yeah technically Cash App does have a wallet. But it is a Bitcoin wallet. And it doesn’t belong to you.
Cash App’s wallet is custodial. This means that when you buy Bitcoin on Cash App, you don’t own the private keys to that Bitcoin. Instead, the Bitcoin is hosted on Cash App’s wallets and Cash App owns the keys to those wallets.
Should you decide to move your bitcoin you do have the option to send it to your own non-custodial wallet or to an exchange.
Contrast this to Robinhood or Coinbase which do offer users the option to keep their crypto on non-custodial wallets. With non-custodial wallets, you are 100% responsible for the keys and passwords of your wallet.
Also, keep in mind that none of your crypto on Cash App is insured. While your cash is FDIC insured up to $250K and your investing balances are SIPC insured, your bitcoin isn’t. In the unlikely event that Cash App goes bankrupt or loses your crypto, you cannot claim it back.
Alternative Ways to Buy Dogecoin Beyond Cash App
First of all, I want to say that if you are considering buying Dogecoin it is an extremely risky decision. Most people in the crypto industry consider Dogecoin a joke despite its massive market cap of over 9bn and the endorsement of celebrities such as Tesla CEO, Elon Musk.
However, if you REALLY want to get your hands on some DOGE make sure you do it the right way and read my article on how to buy Dogecoin.
Here is a short summary:
- Option 1: Choose an online broker like eToro, Robinhood, etc.
- Option 2: Go with an online exchange such as Kraken, Coinbase, Binance, etc.
Let me give you the low down on each of these.
Option 1: Buy Dogecoin from an Online Broker
Using an online broker is a pretty similar experience to what you are used to on Cash App. Usually, the easiest way to go about buying Dogecoin is to download the broker’s app. Signing up and buying Dogecoin will be similar to how you are used to buying stocks or bitcoin on Cash App. Here are some brokers that you can buy Dogecoin on:
On eToro you can buy a bunch of crypto assets including Dogecoin. There is one thing you need to keep in mind though.
When you buy Dogecoin on eToro Dogecoin sits with eToro. This means that you cannot send your Dogecoin to a crypto wallet. Say for example you want to swap your Dogecoin for a new coin that has come out that is not available on eToro. This means you need to sell your Dogecoin on eToro, withdraw the cash to your bank account, and then transfer that cash to whatever platform offers the coin you want to buy. This adds a lot of frustration.
Moreover, what I just said is a white lie. If you really want to, there is a way to move your Dogecoin off eToro and into some sort of eToro wallet. Then from there, you can send it to your own wallet or another exchange. I have done this in the past but it is cumbersome to do.
Bottom line is, if you want to buy Dogecoin on eToro you are stuck with eToro. That’s not to say it is a bad platform or anything. Customer reviews of eToro are pretty good, scoring 4.3 out of 5 on Trustpilot.
The crypto experience on Robinhood is more integrated. If you want to buy Dogecoin then you can just hit the buy button once you have transferred funds to Robinhood. What’s cool about using Robinhood is that you can move your Dogecoin into a non-custodial wallet directly from Robinhood’s app. Then your wallet interacts directly with the Robinhood interface. You can buy or sell Dogecoin as you would with Bitcoin on your cash app. Except in this case, you can also send your Dogecoin elsewhere. If you want to delve into this more read my guide on how to cash out Dogecoin on Robinhood where I have step-by-step instructions.
Webull is similar to eToro in that you can buy Dogecoin on their platform but you can’t move it to another wallet. In fact, this is true for most online brokers.
If you want more flexibility with how you can move your Dogecoin then you are better off choosing a crypto exchange. Here are some of the most popular exchanges offering Dogecoin.
Option 2: Go with an Online Exchange
This is probably the most famous cryptocurrency exchange in the US and it is publicly traded.
Coinbase has two trading interfaces: coinbase trading and Coinbase Advanced Trade. The latter used to be a separate app called Coinbase pro but as of June 2022 the apps have been merged into one and you can toggle whether you want to use advanced trade or not. Advanced trade has much cheaper transaction fees. The interface is geared toward traders but that’s nothing to be afraid of.
The benefit of using an exchange like Coinbase is that you can then send your Dogecoin to another wallet. For example, you can send your DOGE to your MetaMask wallet. To make matters confusing Coinbase also offer a wallet.
However, I do not recommend using it because they charge you 1% for transferring your coins. Other online wallets are free to use. You could also move your Dogecoin to a cold storage wallet which is a hardware device such as a Ledger or Trezor hardware wallet.
Here is how you can buy Dogecoin on Coinbase Advanced Trade
Steps to Buy Dogecoin on Coinbase (instead of Cash App)
- Create an account on Coinbase, fill in your personal information, and confirm your identity.
- Click on the “Receive” button on the homepage
- Choose the currency you want to deposit, and follow the prompts to connect your bank account or deposit using a cryptocurrency wallet. You can also use your credit card but this is more expensive.
- Once your deposit is confirmed, click on the “Trade” button in the center at the bottom
- You will be prompted to select between “Trade” and “Advanced Trade”.
- Select Advanced Trade and search for Dogecoin.
- You will see the trading pairs available to you: Dogecoin/USD, Dogecoin/USDT, etc. If you moved dollars into coinbase from your bank account then select Dogecoin/USD
- Click on the buy button
- Next, you need to select the order type. If you want to buy at the prevailing price choose “Market” at the top. Otherwise, you can set a limit order and it won’t execute unless Dogecoin’s price drops to your limit order price.
- Enter the amount of Dogecoin you want to buy.
- Review your order details, including the total amount you’ll pay, any fees, and the Dogecoin price you’ll receive.
- Click on the “Place Buy Order” button to confirm your purchase.
- Your Dogecoin should now be available in your Coinbase portfolio tab. You can hold it there or withdraw it to an external wallet.
Kraken is reputed to be the safest crypto exchange. The process for buying Dogecoin on Kraken is very similar to how you do it on Coinbase. Kraken has two apps. Kraken and Kraken Pro. Again I would suggest you use Kraken Pro to avoid the higher fees they charge rookies on the simpler Kraken app.
Binance is a global exchange whose US version is called Binance.us. While Binance.us is more restricted in terms of its product offering you can buy Dogecoin. Again the process is pretty similar. The only difference is that once you buy your DOGE you need to navigate to the “wallets” tab and then click on “spot” in the top legend. Binance is one of the largest crypto exchanges but has recently come under scrutiny by the SEC in the US.
Dogecoin is also available on other exchanges as well. For a comprehensive list scroll down to the FAQs.
Both the brokers and the exchanges are available on the iOS app store and the Google Play store plus they all have a website you can use. I prefer to use a combination of both apps and websites to manage my affairs.
For a more comprehensive list of options check out my review below.
In this article, I review the best crypto exchanges and brokerages to buy Dogecoin in the US. I will dive into detail for each and will tell you the pros and cons of each. After reading this you will be able to make a better decision about where to buy your Dogecoin. Read more.
What should you do once you buy Dogecoin?
If you plan on holding onto a substantial amount of Dogecoin and don’t plan on selling it within a few days then it’s best you move it to a non-custodial wallet. This means that only you will have access to the wallet and no one else. I highly recommend you do not keep your DOGE on an exchange because you never know when these might implode as FTX did.
Some popular hot wallets are
- Trust Wallet
- Dogecoin Core
Good hardware wallets that accept Dogecoin are:
- Secux and their SecuX W series are popular.
I will explain how to send DOGE to your Dogecoin wallet in the following steps.
- Click on DOGE on the portfolio tab of the exchange you are using.
- Next, find and click on the send or withdraw button
- A new page will open asking you to input your wallet address and network. Dogecoin is available on Ethereum so make sure you select the Ethereum network. To find your wallet address you need to open your wallet and either copy the address or open its QR code.
- Next paster the address or scan the QR code.
- The transaction should happen within a few minutes.
- If you can’t see the DOGE in your wallet don’t worry. It is there but you need to import the contract address. For example, on MetaMask you need to click on the import tokens tab.
If Cash App lists Dogecoin could it cause Dogecoin’s price to increase?
Look, it is extremely unlikely that Cash App will list Dogecoin. For this to happen the company would need to decide to change management and the board would need to vote out the incumbent CEO. Listing Dogecoin on Cash App would make it more competitive against the likes of Robinhood.
Now if DOGE does list on Cash App it could send a positive signal to the market and the value of Dogecoin could in turn increase. Keep in mind however that Cash App is only available in the US and the UK. It is not as widely known outside its home territory. So a headline saying ” Cash App to list Dogecoin” may not get the global crypto audience as excited as you might think. All in all, I do expect there to be some buzz around the listing in the unlikely event that this happens.
Traders will often “buy the rumor and sell the news”. This means that the price might increase all the way up the run-up to the launch and then drop once it is actually available to trade on Cash App.
Why most people favor adding Dogecoin to Cash App
The Dogecoin community overlaps with the Cash Apps audience who are mostly Gen-Z. The coin’s origin as a meme and its playful, lighthearted nature make it relatable and fun for younger generations who have grown up with internet culture.
Additionally, its considered anti-establishment within crypto where it is seen as the cryptocurrency of the people. Other coins are more complex to understand and thought to be more snooty by some crypto enthusiasts.
Dogecoin is a cryptocurrency that was started in 2013 as a joke, based on the popular internet meme featuring a Shiba Inu dog. Originally a fork of Bitcoin, it was created by two software engineers, Billy Markus and Jackson Palmer, who never intended for it to become a serious currency. But as it gained popularity, people started buying and trading it, and it eventually became one of the most talked-about cryptocurrencies out there.
Now, the interesting thing about Dogecoin is that it’s not like other cryptocurrencies, such as Bitcoin or Ethereum, which were designed with specific use cases in mind. Dogecoin doesn’t really have any practical purpose or utility; it’s simply a digital currency that people enjoy using and trading because of its fun and quirky nature.
This is what others are reading about Dogecoin
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Which app is Dogecoin available on?
Dogecoin is available on most crypto exchanges. Here is a list of where you can get Dogecoin: eToro, Robinhood, Coinbase, Bithumb, KuCoin, Bitfinex, Bitstamp, Gemini, Bittrex, Bybit, OKX, ProBit and Huobi to name a few.
Does Cash App allow cryptocurrency?
The only cryptocurrency that Cash App allows is bitcoin. All other cryptocurrencies are not available on Cash App.
How do I convert Dogecoin to cash
To do this you need to first sell your Dogecoin on an exchange and then withdraw your earnings in cash to your bank account.