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The crypto craze is nowhere near over, as evidenced by the increasing number of people entering the crypto market each new day. With the potential to provide incredible returns despite its highly volatile nature, cryptocurrency has become a favourable asset class for modern-day investors. From seasoned investors and institutions to beginners, it seems that everyone is hopping on the crypto bandwagon.
While Bitcoin has long remained the most popular cryptocurrency, altcoins (alternative coins or all cryptos other than Bitcoin) are most certainly taking over. Several altcoins like Ethereum, Cardano, and XRP have recorded impressive growth in recent months, even outperforming Bitcoin when considering the year-wise gains they’ve made. Dogecoin (DOGE) is one such altcoin that is hot in the crypto market right now.
What was initially only a joke coin has now made it into the list of top 10 cryptocurrencies. Dogecoin, which traded at less than 1 cent at the start of the year, currently trades at $0.238 and has a market capitalization of $31.3 billion. Dogecoin fans are vocal about their support for the coin and are promoting the concept of “Doge to the moon” (crypto lingo for prices going up) in the belief that Dogecoin prices will near $1 very soon.
Dogecoin: A brief history and the rise to popularity
Conceived initially as a meme coin in 2013 by software engineers Billy Markus and Jackson Palmer, Dogecoin is a satirical tribute to bitcoin that was meant to have no actual function other than for fun. The name of the coin was derived from an internet meme featuring a Shiba Inu dog with poor spelling habits, hence the term “doge” rather than “dog.” No longer a joke, Dogecoin is now witnessing an exponential rise, especially due to the endorsement of prominent celebrities and influencers like Mark Cuban, Snoop Dogg, Elon Musk, etc.
The repercussions from the GameStop saga in March 2021 can partly be attributed to Dogecoin’s rapid growth. Following this event, individual retail traders who had supported GameStop’s growth shifted to joke cryptocurrencies like DOGE. In addition to this, Elon Musk’s regular yet cryptic tweets in favour of Dogecoin also contributed to the crypto’s credibility.
Then, in May 2021, when Musk appeared on Saturday Night Live, Dogecoin had its big moment.
Prior to the event, cryptocurrency traders and observers speculated openly about whether Elon Musk would mention Dogecoin on the program. This speculation and the subsequent discussion surrounding the coin piqued the interest of several notable figures, including billionaire Mark Cuban. However, contrary to expectations that Musk would endorse DOGE, the crypto plummeted by more than 30% after the event, when the Tesla CEO jokingly referred to the coin as a “hustle.” While Elon Musk’s hosting efforts on Saturday Night Live didn’t directly benefit Dogecoin, his presence and the weeks of speculation preceding it undoubtedly brought the attention of several million individuals to cryptocurrencies, giving Dogecoin the prominence it presently enjoys.
According to its founders, Dogecoin has so far been used for online purchases, charities, and even fundraising initiatives such as financing the 2014 Jamaican Olympic bobsled team and delivering clean water to different regions of the world. DOGE, as a cryptocurrency, is essentially a token that can be obtained in exchange for fiat currency and may be safely exchanged between parties through the internet.
Is Dogecoin a worthy investment?
Why is Dogecoin hyped so much? In various ways, Dogecoin’s proof-of-work protocol varies from Bitcoin’s. SCRYPT is used in DOGE’s algorithm, as a result of which, the cryptocurrency has achieved a processing speed quicker than BTC. Furthermore, the cryptocurrency has a 1 minute block time and an unrestricted total supply, implying that the amount of Dogecoins that may be mined is unlimited. As a result, Dogecoin is essentially an inflationary coin, making it a viable investment in the long run, unlike cryptos like Bitcoin, which have increasing demand levels and decreasing supply levels. And this factor may potentially aid its eventual adoption and integration as a transactional currency.
With widespread adoption, Dogecoin will undoubtedly progress from its current state to the status of a real digital currency that serves millions of customers on a regular basis and not to forget the popularity that Dogecoin enjoys among top billionaire investors. Taking all these factors into account, Dogecoin is undoubtedly a worthy investment. However, users need to be aware that volatility is also a significant risk factor t just like any other cryptocurrency. Therefore, it is generally recommended that you wait for prices to drop a little before buying the crypto.
How to buy Dogecoin in India
Despite regulation around cryptocurrencies still being unclear in India, crypto trading levels are at all-time high levels. From Bitcoin and Ethereum to Cardano, Dogecoin and others, Indian users have gone all in. While there are several crypto exchanges from which you can trade cryptos, if you’re looking for the best platform to buy Dogecoin in India, your answer is WazirX.
Crypto exchanges are the best option for trading digital assets, given that there is no standard structure for crypto trading yet. This is why it is essential to select a reputable and trustworthy exchange. WazirX, with its massive user base, offers a wide range of cryptocurrencies for trading or holding, including its own utility token – the WRX Token. With premium security, lightning-fast transactions, easy and quick KYC procedures, and accessibility across multiple platforms, there’s very little doubt why WazirX is India’s most trusted crypto exchange.
To buy Dogecoin in India from WazirX, first, install the WazirX application or access it on the web platform. Then, you need to set up your account. Once you have completed your KYC procedures, your registration will be verified. Next, you should fill out your bank details and deposit your funds. Once this is done, you can visit the WazirX exchange to check the latest Dogecoin price in India and buy or sell accordingly. And that’s all you need to do to buy Dogecoin in India.
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.