3 October 2023
Despite the adage that "every dog has its day," Dogecoin has lately become the "luckiest dog" in the Cryptocurrency industry. After hearing praise from industry heavyweights like Elon Musk and Mark Cuban, the initial joke Cryptocurrency had a stratospheric climb of nearly 700% during the initial halves of 2022 this year. Dogecoin is still a popular Cryptocurrency despite its price volatility and its dramatic collapse in mid-2021 from its all-time high of just over 70 cents per coin.
What is a Dogecoin?
In 2013, two software developers named Billy Markus as well as Jackson Palmer created a Cryptocurrency called Dogecoin as a joke. The use of Cryptography in the design of a virtual currency makes it almost impossible to forge. Palmer abolished the limiting quantity of Dogecoin in February 2014. All of this was done with the hope of boosting the practice of giving and deterring the hoarding of drinks. This effectively implies that new dogecoins are created per minute. Bitcoin, on the other hand, is limited to no more than 21 million total coins.
Also Read: 4 Finest Cryptocurrencies In Ireland
The following steps will guide you through the process of buying Dogecoin in India:
1. Think About Your Dogecoin Investment Budget
Even if there are internet legends of individuals who put a little amount of money in DOGE and are now billionaires, it's still best to tread carefully. Dogecoin, like other Cryptocurrencies, is very volatile due to its supply being theoretically infinite. To explain, if investors want to see the price of Dogecoin rise or at least hold stable, they must keep purchasing more coins. But if the number of DOGE coins in circulation increases too quickly, the value of all DOGE coins will drop. In reality, the restriction on the amount of Dogecoins was purposely dropped by one of its developers to prevent individuals hanging on to it and longer-term. When compared to Bitcoin and other major Cryptocurrencies, that limit the total number of tokens that may ever be created, this is a striking difference. This maintains the value of coins by creating an environment of shortage.
2. Purchase Dogecoin on WazirX
In order to purchase Dogecoin in India, you must first register with Cryptocurrency exchanges that provide the Cryptocurrency. WazirX is a marketplace like this that caters to its customers. exchange, sell, or buy Dogecoins. Even after you've made the decision to buy Dogecoin, you'll be required to choose a reputable Cryptocurrency exchange that has a good track record of keeping user funds secure and trading transactions running smoothly. WazirX is the place to go since it allows you to buy, sell, and exchange a wide variety of Cryptocurrencies. To get started, download and use the WazirX app or go straight to the website. Finally, enter your bank account number to complete the account setup process. You may begin trading Cryptocurrencies as soon as WazirX verifies your registration after completing Know Your Customer (KYC).
3. Decide on a Cryptocurrency Exchange
If you want to get some Dogecoin, you will really have to join a Cryptocurrency exchange wherein people can trade digital money for fiat cash. CoinDCX, WazirX, as well as Unocoin are just a few of the most well-liked exchanges since they provide skilled traders with an intuitive interface and reasonable costs. Dogecoins' meteoric rise in popularity has obscured the fact that it is still not listed on every Cryptocurrency market. You should check to see whether Dogecoin (DOGE) is for sale on the exchange of your choice before making a transaction.
4. Choose a Payment Option
The first step in trading Cryptocurrency is to fund your exchange account. When using an exchange, you may often fund your account with funds from a checking or savings account. There are others who will take payments through net banking or wire transfers. With most brokers, you may start trading with a small fraction of your initial amount right away. If you want to get funds in your Cryptocurrency exchange wallet, you may have to wait anywhere from an hour to 24 hours.
5. Place your Order for Dogecoi
You may buy Dogecoin after your funds have arrived in your account. Search for "DOGE" or input it on the trading platform to buy or sell Dogecoin. Afterwards, decide the form of deal you want to make and enter the amount of Indian Rupees (INR) you like to spend or the quantity of Dogecoins you wish to acquire. The order must be processed promptly after it is placed. You can buy and trade Dogecoin around the clock, every day of the week, similar to any other Cryptocurrency.
Dogecoin as well as other Cryptocurrencies are becoming more mainstream. More than fifteen million Indians have put their money into Cryptocurrencies, in accordance with research by Nasscom. The introduction of new restrictions for the currently uncontrolled Cryptocurrency industry by the government would be a welcome development. Dogecoin, because of its widespread adoption and stable pricing, is among the Cryptocurrencies that might gain more than any other. Dogecoin, unlike Bitcoin, has the support of well-known public personalities but is significantly undervalued at the moment. Dogecoin's worth may not have reached its all-time high just yet, since blockchain technology has the potential to become a tool for future transactions.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.