With the idea of cryptocurrency getting widespread, several types of cryptocurrencies are coming up in the market, one of them being Dogecoin. If you’re thinking of buying or investing in Dogecoin then read along to know more about this cryptocurrency & how you can buy dogecoin in India.
What Is Dogecoin?
A Dogecoin is a type of cryptocurrency. By definition, cryptocurrency is a type of digital money that doesn’t exist physically but is only electronic and can be used just like actually money for buying and paying.
Dogecoin is the type of cryptocurrency that is supposed to be fun for buyers. It is intended to be more supportive and is even sometimes referred to as the “joke currency” or “meme currency” due to it being based on a recent meme.
This concept was brought up by Billy Markus and Jackson Palmer.
Dogecoin can be used to buy, sell or trade just like any other form of cryptocurrency.
Cryptocurrencies like Dogecoin are getting more popular these days due to the incredible rise in demand for cryptocurrencies like Bitcoin.
How To Buy Dogecoin In India?
There are lots of methods by which one can buy Dogecoin in India. Now if you are a potential buyer of this cryptocurrency, wish to buy Dogecoin, and live in India then here’s how you can do it.
Step #1: Install Crypto Exchange App
- Install a crypto exchange application. For this, you have to make sure that the crypto exchange does support Dogecoin.
Some of the applications that can help you buy Dogecoin are WazirX, BuyUcoin, CoinSwitch, CoinDCX, Bitbns, Zebpay, etc.
Step #2: Setup Account And Complete KYC
- Set up your account on a Crypto Exchange by completing the registration and the KYC process.
Step #3: Add Bank Deatils And Money In Account
- Add the bank and other UPI details into your account as required.
- After this, add the money that you would need for the buying and exchange of cryptocurrency.
Step #4: Buy Dogecoin
- Once you have added the money into your account you can use it to buy your cryptocurrency i.e., Dogecoin, right in the application itself.
To buy Dogecoin in India, you can use methods like a credit card, debit card, e-wallet, etc. The e-wallets include MobiKwik, Bhim, IMPS Transfer, etc.
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Alternate Method To Buy Dogecoin In India
There is an alternate method that can be used by potential buyers of Dogecoin to fund their purchases.
This involves the use of other stable coins like the Bitcoin, USDT, USD Coin (USDC), and other such cryptocurrencies to fund the purchase of Dogecoin. It can be done through the sites that support international exchange like Bittrex Global, Binance, Poloniex, etc.
The investors can deposit their cryptocurrency on these exchanges and then use it to buy their Dogecoin.
Recommended: Can Dogecoin Reach $100?
Frequently Asked Questions
Why Is Dogecoin Popular?
Dogecoin is popular as it began as a meme but has gained a lot of celebrity support from people like Elon Musk, Snoop Dog, Gene Simmon.
These celebrities have made statements that have centered much attention on this cryptocurrency making it highly popular in recent times.
Should I Buy Dogecoin In India?
Although Dogecoin is considered a good cryptocurrency and it is also cheaper at the moment, that doesn’t mean you just buy it without analysis and understanding. This cryptocurrency is still risky and might also end up in loss if not handled properly.
Make sure to know about it well and the fundamentals of it and make sure it’s a good option for long-term investment or not.
Is It Too Late To Buy Dogecoin In India?
Definitely not, it’s not too late to buy Dogecoin in 2021. If you have the required patience to wait for your Dogecoin to grow then sure it’s not too late for you to buy them.
Yeah, it might be a bit late to make a lot from this coin as it has already done its job but it’s still not too late to make some profit from it.
How Long Will It Take For Dogecoin To Reach $1?
Yes, Dogecoin can hit $1.
It is suggested that the price of Dogecoin will rise to $0.57 by the end of the year 2022 and would reach $0.76 by the end of 2023.
It is predicted that the coin would hit $1 in April 2025.
How Is Dogecoin Better Than Bitcoin?
There are a few reasons that can be considered to compare both the cryptocurrencies i.e., Dogecoin and Bitcoin. These do support Dogecoin in being a better form of cryptocurrency than Bitcoin.
Chinese miners don’t control the network of this currency and it also has a mechanism to negate the effect in case of lost coins.