Dogecoin retains it’s charms among Indian Crypto Investor’s
Contents Ahead :
- Dogecoin vs. Bitcoin
- How to Buy Dogecoin In India?
- Is Dogecoin a Reliable Investment?
- Should You Purchase Dogecoin?
- Conclusion
Dogecoin has returned to the crypto realm with a nearly 40% increase this week as a result of its Coinbase listing and — guess what — another Elon tweet.
According to BuyUcoin, a global crypto currency exchange in India, “The total number of active dogecoin traders on it’s exchange platform has risen to 49,180 users with a total volume of INR 1146 Crore traded in the month of May 2021 alone. DOGE traded for an average transaction of INR 23,000. The most active users are between the ages of 18 and 35, with males accounting for 79.32 percent and females accounting for 19.66 percent.”
People like investing in Dogecoin because they believe it will allow them to make a much larger profit in a short period of time. When it comes to the Dogecoin (DOGE) price forecast, or how much the coin will be worth by the end of this year, the coin’s price may hover around the $1 mark, with the maximum expected price being $1.
Dogecoin vs. Bitcoin
When compared to Bitcoin, Dogecoin has a few significant differences. First, miners can complete the mathematical equations that complete and record transactions faster and easier, making Dogecoin slightly more efficient for payment processing
Another notable difference is the absence of any lifetime limit on the number of Dogecoins that can be created, as previously stated. The maximum number of coins that can be created in a lifetime is limited to 21 million Bitcoin. This means that miners are forced to work harder and longer over time in order to earn new Bitcoin, which helps to ensure Bitcoin’s ability to hold and grow in value over time.
How to Buy Dogecoin In India?
If you are an Indian citizen looking to buy Dogecoin in India, there should be a few applications available for purchasing Dogecoins. BuyUcoin is a good option in this case. It is a well-known brand among over 550,000 crypto holders and traders who invest in over 110 crypto pairs such as ETH-INR, BTC-INR, YFI-INR, and many others.
The BuyUcoin exchange is simple and only requires three steps and the account is created within 5 -10 minutes to begin trading. It can also be purchased with a credit card, UPI and debit card along with NEFT and IMPS .
As with other cryptocurrencies, it is best to move your Dogecoin coins to a crypto wallet once you have purchased them. Wallets come in a variety of forms, ranging from online services provided by exchanges such as BuyUcoin, to apps on your mobile device or even a physical hard drive. You are required protect the wallet with a personal password. Because your coins are held outside of an exchange, there is an additional layer of security against hacks.
Is Dogecoin a Reliable Investment?
Because there is no lifetime limit on the number of Dogecoins that can exist, and millions of new Dogecoins are released into the markets every day, there is little incentive to hold the cryptocurrency for the long term. Bitcoin’s value continues to rise as a result of the system’s lifetime limit on the number of coins that can be created.
“Doge is less like Bitcoin and more like DASH or Bitcoin Cash, where the sole goal is to be a spending currency,” White explained.
Dogecoins per coin value has historically been very low, hovering around $0.003 per coin for the majority of 2020, making it more likely that people would give them away.
The gains in Dogecoin seen in 2021 may not be sustainable in the long run. It remains to be seen whether the cryptocurrency’s tipping and donating culture will survive.
Should You Purchase Dogecoin?
Those who purchased Dogecoin at the start of 2021 have been well rewarded. Still, White is hesitant to purchase Dogecoin, particularly as an investment. The constant influx of new coins onto the market exerts constant downward pressure on the coin’s value.
White also warned that Dogecoin poses additional security risks when compared to other major cryptocurrencies. Furthermore, there isn’t a particularly robust mining community around Doge, so the risk of a mining level attack is far greater than that of something like Bitcoin.”
Purchasing any cryptocurrency, including Dogecoin, entails risk. It’s always worthwhile to purchase a few coins and become acquainted with the system, but it’s probably best to avoid investing more than a token amount of your hard-earned money in a cryptocurrency that began as a joke.
Conclusion
Before investing in Doge, investors should understand that it is an inflationary coin, which means it has an infinite supply that grows at an increasing rate over time. More than 4 billion Dogecoins are mined and added to the overall supply each year. In the long run, this makes Doge unsuitable for long-term investment, in contrast to deflationary coins such as Bitcoin, which has a high demand and a limited supply.
However, no one expected Doge to even reach $0.10, and it is now on its way to a $1 value. The cryptocurrency market can be extremely volatile. You can buy Doge if you want, but it’s best to wait until the prices fall a little. However, this is not financial advice, and you should conduct your own research before investing in cryptocurrency, as the cryptocurrency markets can be extremely volatile.