What is Dogecoin?
The Dogecoin is a peer-to-peer digital currency or cryptocurrency based on the Doge meme and was started as a fun alternative to Bitcoin. Its value has risen phenomenally this week too. Its value has reached 48 million dollars this week
The digital currency was created in the year 2013 by Billy Markus and Jackson Palmer who were software engineers. They said that dogecoins were faster and a fun alternative to Bitcoin. Unlike Bitcoins, the maximum possible number is not fixed. Bitcoin has been fixed at 21 million dollars. Dogecoin numbers do not have any upper limit and these are 100 billion in existence now. When the crypto coin first started, an online community that was backing it, invited attention by supporting unconventional causes like sponsoring Jamaica's bobsled team at the Winter Olympics 2014.
Dogecoin: Why in news?
Dogecoin has been in the news of late after there were multiple cryptic tweets by Tesla and SpaceX CEO Elon Musk in the past few weeks. This indicated his support for the most trending altcoin. It gained popularity after Elon Musk’s tweet on
February 4, 2021, in which he wrote that “Dogecoin is the people’s crypto”. Milky Way’s Twitter account also joined in on promoting the meme-based cryptocurrency.
How did Dogecoin rise?
- The major reason behind the rise of Dogecoin is the same that has propelled Bitcoin and Ethereum. One can mine
Dogecoin on Windows, Mac, or Linux. - Coinbase's market cap briefly hit $100 billion after it went public on 14th April 2021. Dogecoin is a part of the frenzy.
- The reason behind its current success is also said to be Satoshi Street Bets. Here members built up an enthusiasm for
the cryptocurrency so as to lead to the rise of GameStop earlier this year. The group's name is Satoshi Nakamoto.
Why are a lot of people investing in Digital Currency like buying Dogecoin?
Following the success of the cryptocurrency Bitcoin, multiple individuals and organizations realized the potential of blockchain networks and cryptocurrencies and thus followed the development of numerous other altcoins that stormed the cryptocurrency market offering special benefits and unique abilities to its investors and users to woo in investment. Dogecoin rode the wave of success that Bitcoin created and eventually became a cryptocurrency that is being widely accepted by the crypto community for online transactions.
Buy Dogecoin in India
Step 1 — Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with other citizens. It is important to make in-depth research before you decide what one is best for you, however, there are several providers of digital wallets. Today, BuyUcoin’s leading digital wallet provider.
Step 2 — Register & Open an Account
When you enter the BuyUcoin/Signup account, register and open a service account. Choose your person or company form of account. Choose your country and adhere to the terms and conditions of your crypto-trading account.
Step 3 — Complete your KYC
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centers. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. The pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4 — Google 2 Step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If enabled, any time you log in to your Federal Republic of Germany account, you will be asked to include a 6-digit one-time password with your email and password. This only functions when an email and password are entered. You should set up 2FA for your social media provider settings by using Facebook or LinkedIn.
Step 5 — Add Bank details
Add your name credentials, the account name of the holder, and the IFSC code information.
Worth to Buy Dogecoin in India
The market generates value and can increase the value of DOGE as people find more ways of using it. People making gifts and tipping them online more frequently. Some retailers embrace cryptocurrency as well. It is perfect for daily purchases due to its low cost and quick processing.
Dogecoin soars another 600% as Reddit frenzy pushes the token into the top 10 cryptocurrencies by market cap
The value of Dogecoin might also benefit from the influence of Elon Musk. Musk’s tweets delivered inventories to businesses like GameStop and Signal Advance. The tech billionaire also often tweets dogecoin, which raises his price.
DogeCoin Predictions
The sharp rise in Dogecoin’s (DOGE) price and the huge addition of subscribers in Dogecoin and other cryptocurrency subreddits last week indicate that there is an influx of novice traders who are dreaming of making easy riches. The bulls have continued with their recovery today and are attempting to drive the price above the all-time high at $0.45. If they succeed, the DOGE/USDT pair could start the next leg of the rally that could reach $1.0.Dogecoin is the new Bitcoin. Maybe, it’s too early to say that but in the next few months, Dogecoin may emerge as the cryptocurrency of 2021. It’s already on its path, witnessing a massive surge since the start of the year. Dogecoin has given nearly 1900 percent returns since January 2021. It’s a possibility that DOGE can reach to $50 in future