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All you need to know about buying Dogecoin in India

by gohar

The crypto craze has only increased in the last couple of years with more and more users searching about the various currencies and tokens online. Cryptocurrency and bitcoin were the most searched terms in 2020 and now the Google search is becoming more widespread in terms of the particular coins that people are looking to know about. The evidence of the incessant growth of cryptocurrencies is the ever-increasing number of cryptos that are introduced in the market every day. Despite the sector being volatile, the investors recognize the potential for incredible returns and therefore, cryptocurrency is now dominating as a favorable asset for investors today. Jumping on the crypto bandwagon is what people are seeking out and it is a fairly simple aspect to get on board.

Investing in Altcoins – Most often than not, people are lured by the success of bitcoins. However, recent market research has been indicative of the rise and growth of Altcoins like Ethereum, XRP, Dogecoin, etc. The impressive growth that these coins have seen in 2021 is what is exciting to the people in the financial sector. The year-wise gains of Altcoins have surpassed the growth of bitcoins! Dogecoin is one such Altcoin that has gained immense popularity in the last year. Crypto that initially started out as a joke is now one of the hot topics in the news and market.

A glimpse into the world of DOGE – Making its place in the list of top 10 cryptocurrencies, the value of this coin has also increased manifold. The current market cap of Dogecoin is around 22.19 billion dollars – and while it has its lows, it also sees much higher rates. Currently, Dogecoin to INR value is approximately 12.32 rupees. This price has grown significantly in recent times but it is considered a good time to buy the coin since the value still falls in the more ‘affordable’ range. Many people are in the hope that the prices for this coin will skyrocket and reach close to nearly 75 INR soon. As long as this coin is backed by industrial titans like Elon Musk, who have the power to turn the world of investment upside down, DOGE is expected to rise. We have seen how one tweet by this billionaire entrepreneur affected the prices of this coin in the middle of 2021.

The benefits of investing in Dogecoin – These days, it does not take more than a second for things to go viral and hyped up. Perhaps, this could be the reason why investors are skeptical to go along with the hype. However, DOGE is not just that. There are several benefits to investing in this crypto:

  • Firstly, the SCRYPT technology that is used by Dogecoin has proven to be much faster than that of bitcoin. The processing speed being fast allows several transactions to take place in much less time which makes it a viable choice, especially for cross-border transactions.
  • Secondly, there is an unlimited supply to the total number of Dogecoins that can exist in the market. This means that Dogecoin mining can take place without any restrictions and the investors can continue to purchase, hold, trade, and sell this crypto. As a result of this aspect, the coin becomes inflationary and therefore, a viable opportunity for investment in the long run. This is also a factor that can lead to the adoption of DOGE as a transactional currency.
  • Thirdly, the widespread integration of this coin into the mainstream economy along with the backing from top investors on a global scale, makes it an undoubtedly worthy investment.

Purchasing Dogecoin in India – While there is still a certain amount of vagueness regarding the regulations about crypto trading in India, the trading volume has not seen a dip. Indian users have gone all-in while investing in the seemingly popular cryptocurrencies that have made a mark in the global economy. Some of the best platforms that are used to invest in cryptos have also ensured the use of strong marketing strategies to bring in more users. Here is how people in India can invest in DOGE.

  • Select a reputable and trustworthy method of exchange for cryptocurrency. Since there is no standard procedure or a governing body to handle the losses or mis-transfers, it is important to ensure that care is taken from the users’ side before investing any amount. Choose platforms that have a large user base and that conduct trading in high volumes with minimal or no glitches.
  • Set up the account on such platforms by completing the registration procedure – KYC verification, ID proof, Aadhar and PAN information, Bank details, etc. This process is often completed instantly to avoid any delays in investment.
  • Access this platform on a web platform on laptops or via mobile phones. Create a wallet wherein the money can be transferred using the denomination of the country you live in. Using this currency, you can choose to buy certain cryptos that you have your eye on. Make sure to check the current price, the rise and fall, and any economic factor that may affect the prices of these particular cryptocurrencies before you choose to make your purchase.
  • Assess your risk factors, calculate the financial goals that you are hoping to achieve, and keep in mind the volatility of this market as well.

Purchasing Dogecoin in India is a fairly simple process. The lightning-fast speed at which one can make their accounts and even buy the desired cryptos has also been a catalyst in the surge of users on these platforms. Follow this process and begin investing at the earliest for maximum returns.

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