If you are surfacing around that “should i buy dogecoin” then you need to hear that dogecoin has gone up in prices by approximately 4 times from INR 5, since beginning of April’21 to INR 19, as of today i.e., Sep’21. Which is remarkable for something that started out merely as a meme cryptocurrency, making it a clear answer to the question – “What is the best coin to invest in right now?”. A major part of this increase has been because of social media, memes, and community support. And you shouldn’t miss out on the golden opportunity to get such a ROI. Read further to know how to buy dogecoin in India.
Dogecoin buy or sell?
Dogecoin is a cryptocurrency made in the year, 2013. The face of Dogecoin is the dog Shiba Inu, who also became the popular DOGE meme. The Shiba Inu is a Japanese breed of dog that has become popular as an online meme and is associated with Dogecoin. Even the founder of Dogecoin would not have thought that it will become so valuable one day.
A major reason for dogecoin to become so valuable goes to mems, communities, celebrities, and social media. Elon Musk supported and joked about Dogecoin on this twitter page. Today Dogecoin is one of the most popular cryptocurrencies in the world.
Is cryptocurrency legal in India?
The concept of cryptocurrency has been vague in India for a while. Buying and trading of the cryptocurrencies were illegal in India until 2018. But it was legalised in India in 2018 by the Supreme court of India, making it possible for Indians to invest and earn from this global cryptocurrency’s phenomena.
Is it legal to buy Dogecoin in India?
Untill 2018 it was illegal to buy Dogecoin in India. But it was legalized to buy Dogecoin in India in 2018 by the Supreme Court of India.
Is Dogecoin worth buying?
Considering that prices Dogecoin in India has increased 4 times since April’2019 to Sep’2021, Anyone who is looking to make high ROI should consider buying Dogecoin in India
Will Elon Musk buy Dogecoin?
Elon Musk tweeted in the month of May’21 that he has not and neither will sell Dogecoin.
Where to buy dogecoin?
Buying crypto can be perceived by many as complicated. The easiest option is by using crypto exchanges. In India popular exchanges such as Coinswitch Kuber, WazirX and CoinDCX can be used to buy cryptocurrencies / dogecoin.
Steps to buy Dogecoin in India
- Research on popular and trusted coin exchange in your country/region
- Install the shortlisted coin exchange app, register yourself and complete your KYC.
- Do enable 2 factor authentication to secure your account and investment
- Add your bank account or UPI or payment details or add debit card (to buy dogecoin with debit card) to your account.
- Deposit money from your payment method to the exchange.
- Buy Dogecoin from the money deposited in your account.
Cons of investing in Dogecoin
- Low Entry Barrier – The Entry barrier in the cryptocurrency world is very low. What that means is that anybody can go ahead and make a cryptocurrency. Even Dogecoin was made by its founder as a joke, back in 2013.
Having a high entry barrier for a crypto would assure the investors that it is safe to invest in that cryptocurrency, since it would be hard to replace it. Which would assure limited options in the future.
As of now, we can have a dogecoin competitor out of the blue tomorrow and can even become more popular compared to Dogecoin.
- Very limited real-world utility – I believe that the long-term success of any cryptocurrency majorly depends on its acceptance as a payment method in the real world in exchange for a product or service. As of now, Bitcoin is the clear winner, since it is accepted as a payment method by considerable number of product/service providers. Very few accept dogecoin as an acceptable payment method, which limits the chances of dogecoin becoming a success.
- Lack of competitive edge – The chances of dogecoin being accepted as a payment method multiplies if it holds a competitive advantage or edge. But unfortunately, there is not much edge with dogecoin when compared to its competitors.
On the contrary there are other dogecoin competitors which possess certain competitive edge. Bitcoin, the most popular cryptocurrency, has the first mover advantage. It is also the most recognized crypto as acceptable payment method. Owing to which it is most likely crypto to be accepted as a payment method in the real world.
Ethereum has an advantage of its blockchain technology, which is being adopted for various projects. Such as NFT (Non fungible token) and Decentralized Finance Movement are based on Ethereum’s Blockchain Technology. Also, Ethereum’s native token Ether, is the 2nd most popular cryptocurrency just after Bitcoin.
Besides the fan following of Dogecoin, unfortunately there is no such advantage associated with it. Hence dogecoin will have a tough time ahead.
Why is it good to invest in Dogecoin?
- Community support around Dogecoin – over the years Dogecoin has gradually gathered popularity and support. The two major reason for the same – community support from people involved in crypto trading and social media. Since Dogecoin has a fun and meme element attached to it, it has a huge fan following and fan community around social media.
- Celebrity Influence – Dogecoin keeps getting mentions from celebrities from politics, entertainment, business, Government etc.
Elon Musk has been constantly mentioning about it on his twitter page. His constant tweets has made dogecoin price cross more than 14000%, which is phenomenal.
There are other several celebrities who have invested and have been supporting Dogecoin such as Mark Cuban, Snoop Dogg, Jake Paul, Kevin Jonas etc
- Exchange Availability – What are the benefits of Dogecoin? Dogecoin is one of the most popular cryptocurrencies as of now, which makes it ideal for investing and trading. It is infinite mining capability and availability makes it ideal to purchase and trade whenever you feel comfortable.
- Easy Transaction – Is Dogecoin safe? Dogecoin coding is believed to be almost identical to Bitcoin, the most popular cryptocurrency, which makes dogecoin secure, safe, and easy to transact. Also, unlike bitcoin, can be mined to limited number only, Dogecoin can be mined infinitely with absolutely no limit. This offers unlimited opportunities with Dogecoin be it for fun or as a serious investment.
- Listing in Stock Exchange – Owing to its popularity on social media and support from various celebs, Dogecoin came into high demand in early 2021. Due to which most of the crypto exchanges started listing them. eToro, one of the largest crypto exchanges, listed dogecoin in May’21 citing that it was high in demand by users to transact.
Written by Monish Kumar