Dogecoin is all the rage these days with its see-sawing price that makes Bitcoin look rock-solid. We have seen wild swings in its price ever since the year began and that alone should be enough to make people want to stay away. However, everyone is reading and seeing in the news about how a coin started as a joke is making some people rich.
Although it was started as a joke there is nothing to laugh at when it comes to how it has rewarded its longtime holders. Since the year began the currency has risen by an astounding 14 000% more or less depending on the moment you do the comparison. Again the price is always oscillating wildly.
This means that for example if you had invested US$100 in January your Dogecoin will be worth an eye-popping US$14 000. If you had had the courage to invest US$1 000 your investment would be worth US$140 000. It’s the sort of returns that are almost fictional, the stuff that scammers peddle when they want to reel you in except this is real. Dogecoin has even survived the disparaging remarks made by Elon Musk who had been the coin’s champion before slighting it as a “hustle.”
Zimbabweans want in on the action
It is understandable therefore that a lot of Zimbabweans now want in on the action. I have seen several posts from people asking how to buy Dogecoin if you are a Zimbabwean. This is where I tell you to be careful how you go about getting into Dogecoin. Scammers are quite adept when it comes to capitalising on trendy get rich quick schemes like Dogecoin. Do not invest your money with some who hits your inbox unsolicited.
Like with everything international, buying Dogecoin is not easy if you are Zimbabwean. Popular trading platforms like Binance, eToro, ProBit and Hotbit actually go out of their way to mention that Zimbabweans are not allowed on the platforms. We have lumped together with the terrorist countries thanks to OFAC restrictions which people keep claiming are targeted.
How to work around this block
There are therefore only three options to get Dogecoin if you are a Zimbabwean but none of them are very convenient.
Buy Dogecoin from someone who already has it locally. There are not a lot of people selling Dogecoin at the moment, unfortunately. Those who are doing so don’t have much in terms of volumes. You will be hard-pressed to find someone who can sell you US$100 of Dogecoin but you can try. Always be careful when doing this and make sure you are trading with someone who you can trust.
The next safest and easiest option is to call that cousin or aunt who left for the UK or South Africa and have him/her set up an account on Binance or some other platform. Then you can ask them to buy Dogecoin for you.
If you are feeling adventurous you can open a South African account on these platforms and try to get the accounts verified. This will require extensive use of VPN and due to security protocols that most Fintech sites now deploy do not be surprised to wake up to see your account is banned or frozen.
Another way to receive Dogecoin would be to offer it as a payment option to your clients if you say, do online work or own an eCommerce store. Exactly how you will be able to do this depends on your eCommerce setup. For example, if you sell mostly through WhatsApp your clients might have to pay you directly into your wallet. If you use Woo Commerce you can use a plugin.
Accepting crypto as payment can present challenges because of their volatility so be careful.