Want to know How to Buy Dogecoin in India? Well you have landed on the right article
As more and more people join every day, the cryptocurrency market is experiencing a significant surge, and the madness continues with high hopes of returns. Despite the high-risk factor, it has become quite the favorite for new-age investors.
Everybody’s joining in the fun, from beginners to institutions and even famous celebrities. This is because many cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, etc., hit record high prices.
Dogecoin’s rate has gone up more than five times in a very short span of time. At the beginning of 2021, Dogecoin traded at less than 1 cent. However, the current price of Dogecoin is 0.169718, with a market capitalisation of 22.54 billion.
Doge fans and investors are looking forward to the future with excitement and the hope that it will hit the $1 mark very soon.
Dogecoin: A brief history and the rise to popularity
Dogecoin is based on the popular meme Doge, and it was originally created in 2013 by engineers Billy Markus and Jackson Palmer as a parody coin. The name of the coin is based on an internet meme that featured a Shiba Inu dog with very bad spelling habits.
That is why it is termed “doge” instead of “dog.” The GameStop Saga in 2021 played a huge role in Dogecoin’s rise to success. Certain individual traders shifted to joke cryptocurrencies after this event, and Dogecoin was one of them.
It is often talked about by famous celebrities such as Elon Musk, the CEO of Tesla Inc., and Snoop Dog. This also added to its growth and credibility. Initially, it was formed as a parody coin with not much purpose but has recently emerged as one of the favorites.
Investors in India who might be interested in being part of the action can do so by purchasing it in a local or foreign exchange. As a cryptocurrency, DOGE is essentially a token that one can acquire in exchange for fiat currency.
Through the internet, his token may be safely exchanged between different interested parties.
Is Dogecoin a worthy investment?
Is Dogecoin truly worth the hope? When it comes to Dogecoin’s proof of work protocol, it is quite different from that of Bitcoin’s. Here’s how:
Doge’s algorithm uses SCRYPT, due to which this cryptocurrency has achieved a processing speed quicker than BTC.
Dogecoin has a 1 minute block time and an unrestricted total supply. This could mean that unlimited Dogecoins may be mined, making it an inflationary coin. This, in turn, makes it a viable investment in the long run.
Dogecoin already enjoys huge popularity among top billionaire investors, and soon it will undoubtedly progress into a real digital currency that serves millions of customers on a regular basis.
Pros and Cons of Dogecoin
The pros of Dogecoin are:
This cryptocurrency is hugely community-driven. This means that Dogecoin has a growing number of fans, users, and supporters. Many investors of Doge are also very active on social media platforms, and they contribute hugely to its popularity by sharing relevant memes based on it.
Doge is very compatible with the upcoming decentralised finance movement. This means transactions and trades can be made very easily on decentralised exchanges.
Dogecoin has a very unique market position due to its unlimited mining limit, inflationary status, easy transactions and its ties to Litecoin.
The cons of Dogecoin are:
- Doge is more of a “joke” coin. Its sole purpose was to make fun of existing coins such as Bitcoin and Litecoin. This limits the possibility of it turning into a real asset.
- The lack of a supply cap creates a huge disadvantage and makes it less than ideal of an asset to shield against inflation.
- Dogecoin’s technical support is very poor and it is by nature very community dependent. Plus, Doge has not seen an update of any kind since 2015.
- Dogecoin can only be used as a digital currency and not as a transactional currency like other cryptos.
- High volatility
With widespread adoption and taking all these factors into account, Dogecoin is sure to be a worthy investment. Nevertheless, volatility is still a risk factor as it is for any other cryptocurrency. Hence, we recommend that you wait for the prices to drop a little before buying the crypto.
How to Buy Dogecoin in India
Until 2018, buying and trading cryptocurrencies were illegal in India. The Supreme Court decided to legalise it. Millions of Indians have invested in crypto ever since, and the industry has blossomed. However, purchasing crypto can be quite a complicated process.
Fret not, for there are crypto exchanges that make purchasing crypto fairly easy for an amateur.
You can buy Dogecoin India through multiple ways. Credit cards, debit cards, multiple electronic wallets, as well as bank transfers can be used to make your purchase. A hardware or software wallet is also needed to store the purchased coins.
Since there is no established structure for trading in cryptocurrency yet, you need to research well before settling on an exchange of your choice. Crypto exchanges are the platforms where one can buy and sell their assets.
WazirX, CoinDCX, and CoinSwitch are a few of the popular exchanges in India. Here is how to invest in dogecoin in India from WazirX:
- Start by installing the WazirX application or accessing it online and finish setting up your account.
- It is essential that you read all the policies of the platform carefully.
- To verify your registration, complete the KYC procedures required. KYC is a must for identification and verification in order to prevent fraudulent activities.
- Next, you should add your bank details and deposit your funds.
- After the money has been added to the exchange, you can use it to buy Dogecoin/cryptocurrency of your choice. It is best to store the coins purchased in a crypto wallet.
Once this process is complete, you can check out the WazirX exchange for the latest Dogecoin prices in India and buy or sell accordingly. This is all you need to do to buy Dogecoin in India.
How to sell Dogecoin
To start selling your Dogecoins, you need to have an account on any crypto exchange platform. To go ahead with the sale, Doge must be available for exchange for USDT or INR on an Indian exchange. Here is how you can sell your Dogecoins in a few simple steps:
After you have your account ready on your preferred Indian exchange platform, enter the amount you wish to sell in Dogecoin. Select the payment method you prefer, followed by clicking Next.
Once you have selected your preferred method of payment, enter your personal details and click on next.
Next, you have to enter your mobile number, followed by your email ID.
You will receive an OTP on both your phone number and your email ID. Go ahead with the verification to move ahead with your order.
To receive the Dogecoin address, complete the payment process.
Once the transaction is complete, you will receive the money from the sale. You can choose to receive the amount in either your bank account or digital payment wallets.
Some interesting facts about Dogecoin
Dogecoin has the biggest interactive community of followers amongst all cryptocurrencies.
In the crypto market, Dogecoin has the largest circulating supply of coins.
Dogecoin is the easiest to buy.
Dogecoin has a huge fanbase, including famous celebrities like Elon Musk, Snoop Dogg, Kevin Jonas, Gene Simmons, etc.
Massive social media engagement and attraction.
Conclusion
Dogecoin and other cryptocurrencies are getting increasingly popular by the day. A Nasscom report states, more than 7 million Indian investors have invested in cryptocurrencies.
The government is working on new rules to bring to the unregulated cryptocurrency market, which is definitely a good sign. As a result of Dogecoin’s popularity and relatively lower price point, it can benefit the most in the long run.
The value of Dogecoin is yet to reach its peak, but it will due to the possibility of blockchain tech becoming a tool for future transactions.
I hope you liked our article on how to buy dogecoin in india, if you have any comments or suggestions do share them in the comments below.
Frequently Asked Question
Q. Why is Dogecoin known as a meme cryptocurrency?
Ans. Dogecoin is based on the popular meme Doge, and it was originally created in 2013 by engineers Billy Markus and Jackson Palmer as a parody coin. The name of the coin is based on an internet meme that featured a Shiba Inu dog with very bad spelling habits. That is why it is termed “doge” instead of “dog”.
Q. How to purchase dogecoin in india safely?
Ans. The safest way to buy Dogecoin is:
- Buy from a trusted exchange like WazirX
- Use credit card, bank transfer or cryptocurrency to make your purchase.
Q. Where can I buy Dogecoin?
Ans. You can sell your Dogecoin using the same exchange site you bought it from.
Q. What is Dogecoin’s share price?
Ans. The share price of Dogecoin is $0.1706 at present.
Q. How much is 1 Dogecoin – Dogecoin to INR?
Ans. 1 Dogecoin is 12.661981 INR at present.
Q. Is it legal to buy Dogecoin in India?
Ans. The legal factor of cryptocurrencies has always been a concern for people and Dogecoin is a decentralised currency designed to be untraceable. However, Dogecoin and other cryptocurrencies are 100% legal to use, as long as they aren't being used for illicit purposes.
Q. What are the trusted Dogecoin wallets to store Dogecoin?
Ans. Dogecoin wallets exist both in physical forms as well as digital ones. The best and most trusted Dogecoin wallets to store Dogecoins are:
- KeepKey
- Ledger Nano S
- Jaxx
- Coinomi