The need for regulatory oversight has prompted financial watchdogs to implement several measures to counteract illicit transactions in the digital finance space. Regions have continued introducing security processes to verify individual identifications in the cryptocurrency landscape.
Meanwhile, some people prefer to keep their financial transactions private, which makes decentralized exchanges (DEXs) their best option. DEXs enable you to buy and sell crypto assets directly with other people while remaining anonymous. This is achieved through peer-to-peer (P2P) transactions.
Moreover, you can purchase Dogecoin (DOGE) with decentralized exchanges without revealing your identity. This guide will explore the steps to buy DOGE while keeping your identity secret.
DOGE Coin’s Brief Background
Dogecoin (DOGE) is a digital currency whose creators, Jackson Palmer and Billy Marcus, were inspired by a popular meme called Doge and used its name and a Shiba Inu dog as the cryptocurrency’s logo.
Dogecoin employs a technique known as proof-of-work (PoW) to ensure that everything is fair. As a user, you can utilize Dogecoin to make quick purchases. However, unlike other digital currencies like Bitcoin, there is no limit to the number of Dogecoin created.
Its miners are individuals who assist the Dogecoin network in its operation. They use their computers to solve mathematical puzzles, ensuring all transactions are secure. When they solve a problem, they create a new block, saving the transactions indefinitely. Miners receive DOGE tokens as rewards for their inputs.
How To Purchase DOGE Anonymously
Several ways exist to purchase Dogecoin. One option is an in-person purchase to meet the seller in person and pay in cash. This method is very private, but it can be risky due to the possibility of scams or theft.
Furthermore, the price of Dogecoin may fluctuate significantly before the transaction is completed. Another option is to purchase Dogecoin through a private exchange.
Steps to Buy DOGE Anonymously on DEX
To be able to purchase Dogecoin anonymously, below are the easy steps to take:
Select A DEX Without A KYC Requirement
If you want to purchase DOGE without disclosing your personal information, you can use a decentralized application (DApp). We will look at one of the widely used DApps, a non-custodial privacy-based exchange called FixedFloat.
To trade cryptocurrency on FixedFloat, you do not need to create an account or log in. Go to their website, select the cryptocurrency you want to exchange for DOGE, and enter your desired amount. Remember that the platform only works with digital currencies, not cash.
Choose The Order Type And Input The Wallet Address
FixedFloat offers two types of orders: fixed rate and float rate. Either option influences the fees, exchange rate, and initial payment amount. After choosing a suitable order type, scan your DOGE wallet’s QR code. Alternatively, you can enter the receiver’s address manually.
Complete Your Exchange
After completing the step above, a page with your order details will appear. It will display an address to send your ETH to receive DOGE.
You will also see your order ID, a countdown timer indicating your time to complete the transaction, and your selected order type. After you send the ETH, the transaction will go through network confirmations, and your order will be executed automatically.
Storing Your Asset
It would help if you considered using a non-custodial DOGE wallet to keep your tokens safe. Such wallets include hardware or air-gapped wallets, Hot wallets, or software Wallets.
It is worth noting that your choice will be determined by the level of security you want for your wallet. Conducting private cryptocurrency transactions on decentralized exchanges without identity verification is convenient.
However, there are some disadvantages to utilizing these platforms. One major disadvantage is fewer security checks than traditional exchanges, and digital assets may be more expensive.
As a result, it’s critical to conduct your research before deciding to buy DOGE anonymously and on a decentralized exchange. Regardless, regulators can trace DOGE in the event of suspicion of illegal transactions.
Even though the transaction is anonymous, it is possible to trace the asset to you even if you have not linked your wallet address to the information you provide.