Dogecoin – All You Need to Know
Back when cryptocurrency was first introduced, bitcoins were the most prevalent. Following its popularity, many other types of cryptocurrencies started to come into existence. One such cryptocurrency is Dogecoin (Doge), aka meme coin.
Introduction to Dogecoin
Dogecoin was introduced in 2013 with the ever-famous meme character, a dog. This particular crypto coin was formed from another crypto coin named Litecoin, which 2 engineers introduced. They thought Dogecoin would be an instantaneously fun means of crypto payment. Because of its nature of being an open-source cryptocurrency, the Dogecoin garnered a lot of interest and gained attention from the Tesla and SpaceX chief executive, Elon Musk.
Dogecoin – The Ideal Form of Cryptocurrency
Although there may be other cryptocurrencies in the market, such as Bitcoin or Tron, etc., Dogecoin is still very popular and demanding. To break it down, read on the benefits of owning a Dogecoin. Here are a few reasons:
- The market capitalization of Dogecoin in the Cryptocurrency industry exceeds more than 35 billion dollars.
- Due to its transactional nature, Dogecoin is a P2P crypto coin, allowing faster and cost-effective transactions with minimal fees.
- The Dogecoin community in the cryptocurrency industry is vastly growing with over 300000+ members.
- The Reddit community of Dogecoin recognizes and allows for it to be a means of cryptocurrency usage.
- The power required to carry out mining tasks for Dogecoin is less in the computational requirement than its competitive cryptocurrency, the Bitcoin.
How To Buy Dogecoin in India – A Step by Step Process
Purchasing Dogecoin and converting Doge to INR (Indian Rupees) is quite simple. Check out the step-by-step process:
- First, setting up an account in any crypto exchange platform is essential to buy dogecoins supported by a particular domain.
- Through cryptocurrency exchange platforms, one can easily buy dogecoins.
- There are a few applications that streamline the purchase process. Example of one such leading and trustworthy app is Coinswitch. Open an account on a reliable trading app and complete the KYC.
- To buy dogecoin India, you can use a debit card, credit card, or any other form of e-payment.
- You can also mine Dogecoins, a PC with either of the operating systems is necessary – Windows, Mac, or Linux.
- Many websites offer free cryptocurrencies in small quantities for those who want to collect and purchase in lesser amounts. Such websites also provide users extra Dogecoins for performing small tasks such as completing captchas.
- Being an advanced user with a high-end system configuration platform allows one to process and convert Dogecoin transactions into real-time currencies.
Factors to Know before Investing in Dogecoin
Conclusively, Dogecoin is ideally profitable and holds a fair market value when it comes to buying and selling cryptocurrencies. Here are the key factors to keep in mind before investing in your first Dogecoin:
- The time taken for block addition of Dogecoin is very less in comparison, thereby making up for swift and ideal transactions.
- Dogecoin is completely relied upon by a proof-of-work consensus algorithm, making it easy to track statistics.
- The Dogecoin community is known to be engaged in several philanthropic noble causes.
In conclusion, buying Dogecoin in India is very easy as well as beneficial. With bitcoin topping the cryptocurrency charts, Dogecoin is an equally economical substitute and alternative for the former with a nominal market price.