All about Dogecoin and how to buy it in India

If you have an account on social media, it is impossible that you haven’t heard of Dogecoin. People, especially on Twitter, often see this cryptocurrency trending and that is owing to the tweets of Mr. Elon Musk. Dogecoin is a cryptocurrency that is popular because it originated due to a funny meme and was initially treated as a joke and simply a meme. Today, however, the way it has soared, breaking several records and reaching new heights, the fact that it came up as a meme does not seem plausible. Who would have thought that a misspelled ‘dog’ would be one of the cryptocurrencies that have become the top in the market and the global charts?!

READ MORE:  8 Benefits of Trading Cryptocurrency in 2022

The beginning of Dogecoin – As cryptocurrency in India became more and more popular, the creators of Dogecoin, Billy Marcus and Jackson Palmer were on the way to coming up with Dogecoin in 2013. The word ‘dog’ was misspelled deliberately and the image of a Shiba Inu dog was used to be placed as the figurehead of this particular crypto. It was also made to poke fun at bitcoin in those years and the early days, the supporters of Dogecoin quickly garnered a community of supporters that arranged several stunts to improve DOGE’s profile and standings in the market. One such publicity event was where they gathered funds to promote a Jamaican Bobsleigh team to the 2014 Olympics!

READ MORE:  How to Invest Safely in a Bear Market State

How it works – Like most other cryptocurrencies, Dogecoin, too, runs on its blockchain and the digital ledger that it operates on is updated with every new transaction. The network is said to use cryptography to keep all the transactions secure and tamper-free. The blockchain uses a proof-of-work consensus mechanism. This mechanism makes the miners use high-profile computers to solve mathematical equations that are complex to process transactions and record them on the blockchain. And, in exchange for these calculations and transactions, the miners earn more Dogecoins that they can hold or sell in the market. Once more tokens are out there, one can look up how to buy Dogecoin, and based on the rules in their respective countries, they can engage in active trades for this particular cryptocurrency.

READ MORE:  How to Invest Safely in a Bear Market State

A few key points about Dogecoin – Dogecoin is an interesting cryptocurrency right since its inception. There are several reasons why it has gained support and followers. It has one of the most active communities of supporters online. Here are a few interesting things about Dogecoin:

  • There is no lifetime cap on the total supply of Dogecoin
  • It is highly inflationary by design
  • Millions of Dogecoins can be created every day based on the miners’ capacity to solve equations
  • Twitter and other social media platforms play a powerful role in the ups and downs of the prices of this coin.

Advantages of Dogecoin – Many people view the fact that it has no limit to the maximum supply as an advantage. They believe that as long as there is a demand, the coins will keep being generated which means that there would never be a loss of this crypto. Additionally, the overall price of INR is relatively lower than other major cryptocurrencies. This can provide the newcomers with a good place to start investing, especially if they do not want to place big bets in this volatile market. People who have invested in Dogecoin have seen and are still witnessing huge gains that make it seem worthy of investment. While there are significant risks associated with any cryptocurrency, all you have to do is exercise caution while investing even in DOGE.

READ MORE:  8 Benefits of Trading Cryptocurrency in 2022

Buying Dogecoin In India – Dogecoin can be easily bought in India using platforms like CoinSwitch Kuber. These online platforms need to be reliable and trustworthy with millions of users on them who are already engaging in active trading of cryptocurrencies. This will also speak volumes about the authenticity of the exchange platform. The platforms would require you to set up and transfer funds into the account in INR. Once the funds are transferred to the online wallet, you will be able to buy, sell, hold, or trade in the cryptocurrencies of your preference. Once DOGE is purchased, you can move it to the online wallet or even place it in a physical hard device. You should always secure the wallet with a private key that acts like a password that no one can have access to.

READ MORE:  8 Benefits of Trading Cryptocurrency in 2022

Once you familiarize yourself with how the world of cryptocurrency works, all you will have to do is conduct your research to make sure that you are investing in the right kind of cryptos and the ones that suit your profile and investment goals. Invest the amount you are comfortable with as this would help in securing a good asset class in the long term.