For the first time ever, you can trade Dogecoin (Dg with USD, DOGE) directly with USD. AltQuick.co recently launched the pair along with other crypto-USD pairings that include Litecoin (LTC), Namecoin (NMC), Feathercoin (FTC) and Peercoin (PPC).
Up until now, it was difficult to find exchanges offering even Litecoin trading against USD, let alone more exotic cryptos. Trading other cryptos was harder still and was unheard of with DOGE.
There has been especially vocal demand from DOGE enthusiasts on forums to have it added to major exchanges like BTC-e. Dogecoin has recently undergone multi-fold increases and is often the altcoin with the highest trading volume even when measured in BTC.
However, a closer look at the platform shows that it doesn’t provide instantaneous spot or even CFD-like trading. You don’t deposit funds for play money. Parties interested in buying DOGE first place their order online. If the order is matched by a seller, they then need to physically visit a U.S. branch of either Bank of America, Wells Fargo, US Bank or JP Morgan Chase to make a cash deposit. Once confirmed, the coins are credited to the account. Sellers deposit their cryptcoins into a specially designated escrow address, and then “receive cash deposits from buyers on AltQuick.co instantly”, although it remains to be clarified exactly how.
Essentially, it is not far off from buying or selling cryptos through eBay Classifieds or other similar media.
Dogecoin lovers who merely want to buy and hold the currency for the mid to long term will find this useful, as they finally don’t need to proceed through BTC as a medium. Active traders though may need to wait a bit longer….