In the last few weeks, you must have come across the word “Dogecoin.” So what is this buzz around the dogecoins? And why are netizens so thrilled about it?
Welcome to another section of How-to articles. Here, we’ll try to answer some of these questions about this new cryptocurrency that has created a sensation on the Internet!
About Dogecoin –
We have witnessed inventions created through accidents. But how many times has humanity seen a joke being turned into the next big thing? Well, now is that time!
It was made 8 years ago as a satirical tribute to the leading cryptocurrency, Bitcoin. The creators agree that Dogecoin was created purely for fun and to make people laugh. It didn’t have any particular function at that time.
Inspiration –
A meme-inspired this comical Altcoin. Yes! You heard it right. The meme had the image of Shiba Inu dog. Except, the “dog” was written as Doge.
In terms of functionality, the cryptocurrency is similar to that of Bitcoin. The creators of the Dogecoin had two goals. One was that they wanted to craft an altcoin such that there is no hassle in the transaction of payment. The other one was that it should resonate with the mass.
To an extent, it did achieve the latter part! Just like other altcoins, Dogecoin is also not attached to any regulatory body. It will be touch to comment on how soon it can get widely accepted in a common man’s life.
Different from its Peers
The cryptocurrency is loved by the richest man of Earth, and possibly, Mars, Elon Musk! He is often seen tweeting in support of Dogecoin. What makes it different from the rest of the altcoins is its comical approach, and saying that people love it wouldn’t be wrong.
The Hype
Over the past few weeks, Google search engine has seen a massive surge near the keyword “Dogecoin.” People are curious about what it is, how to use it, and where they can buy it. So keep reading to find your answers!
Can you buy it?
Dogecoin can be bought and sold like other altcoins in the cryptocurrency exchanges like Bittrex Global GmbH and Payward Inc.’s Kraken. It can also be used in trading platforms, including the famous brokerage Robinhood Markets Inc.
Dogecoin in India –
Since it’s a type of cryptocurrency, to do business with Dogecoin, visiting a physical store is not required. It can be purchased online via different digital asset exchange apps. BuyUcoin is one such platform.
Buying a Dogecoin in India-
Here’s a step by step guide of how can you buy a Dogecoin in India –
1. Open a Digital Indian Wallet – The first thing you need is an INR wallet for altcoins transactions in India. This is where you store your coins.
2. Register and create an Account – After step 1, go to BuyUcoin/signup, register, and make your account by filling in the necessary details.
3. To start trading through Dogecoin, you are required to complete your KYC and AML. =
4. Complete Google verification.
5. Finally, add your bank details to begin your cryptocurrency journey!
Conclusion
Currently, one Dogecoin is worth around Rs. 5.4 in India. The value is predicted to rise in the future. There was a time when cryptocurrencies like Bitcoins were laughed upon, and look where it is today! There’s no denying the fact that it is the future of our financial world. The only question is how long and when? Stay tuned. We will find the answers to that too…. eventually!