Dogecoin recently experienced market volatility ahead of India's Cryptocurrency Bill, which is expected to be introduced in Parliament. Despite this, the price correction has presented an entry opportunity for many investors. While some believe the government may impose restrictions on private cryptocurrencies like Dogecoin, many enthusiasts view regulatory clarity as a positive development.
Before exploring how to purchase Dogecoin in India, it’s helpful to understand what Dogecoin is and why it has gained such widespread attention.
Understanding Dogecoin
Dogecoin is a peer-to-peer cryptocurrency that began as a lighthearted project by software engineers Billy Markus and Jackson Palmer in 2013. Like other cryptocurrencies, it is a digital currency secured by cryptography, making it nearly impossible to counterfeit.
In February 2014, Palmer removed Dogecoin’s supply cap, making it an inflationary asset with an unlimited supply. This change was intended to encourage spending and tipping rather than long-term holding. New Dogecoins are minted continuously, unlike Bitcoin, which has a fixed supply of 21 million coins.
Why Is Dogecoin So Popular?
Dogecoin’s popularity surged dramatically thanks in large part to support from high-profile figures like Elon Musk, Mark Cuban, and Snoop Dogg. Musk, in particular, has repeatedly expressed his support for the token, even briefly changing his Twitter bio to “Former CEO of Dogecoin.”
More recently, Musk announced that Tesla would explore accepting Dogecoin for merchandise purchases, causing the token’s price to jump 22% within seconds. These endorsements have solidified Dogecoin’s reputation as “the people’s crypto.”
Practical Uses of Dogecoin
One of Dogecoin’s strongest use cases is its utility in transactions. It offers fast processing times and very low fees, making it suitable for everyday digital payments. However, investors should note that its infinite supply means Dogecoin will continue to be produced indefinitely, which differs significantly from Bitcoin’s scarcity model.
This abundance helps keep Dogecoin’s price relatively low compared to Bitcoin, though its market valuation now rivals that of major traditional companies like Ford and Volvo.
How to Purchase Dogecoin in India
To buy Dogecoin in India, you need to use a cryptocurrency exchange that supports it. These platforms allow you to convert Indian rupees (INR) into Dogecoin or other digital assets.
Here’s a general step-by-step guide:
- Choose a Crypto Exchange: Select a platform that is reputable, user-friendly, and compliant with Indian regulations.
- Register an Account: Sign up using your email address or mobile number.
- Complete KYC Verification: Submit required documents, such as your PAN card and a valid proof of address, to verify your identity.
- Deposit Funds: Link your bank account or use other payment methods to add INR to your exchange wallet.
- Buy Dogecoin: Navigate to the trading section, select Dogecoin, enter the amount you wish to purchase, and confirm your trade.
After completing your purchase, your Dogecoin will be stored in your exchange wallet. You can monitor its value, track market trends, and execute trades directly through the platform. For those looking to explore further, you can discover reliable crypto platforms that offer real-time trading features and educational resources.
Frequently Asked Questions
Is Dogecoin legal in India?
As of now, cryptocurrencies like Dogecoin are unregulated but not illegal in India. The government is discussing a regulatory framework, so it’s important to stay updated on official announcements.
What is the minimum amount needed to buy Dogecoin?
Many platforms allow users to start with as little as ₹100, making it accessible for beginners with a limited budget.
How do I store Dogecoin safely?
You can store Dogecoin in your exchange wallet, but for better security, consider transferring it to a private hardware or software wallet.
Why is Dogecoin considered inflationary?
Unlike Bitcoin, Dogecoin has no maximum supply. A fixed number of new coins are created each year, which means its supply continuously increases.
Can I use Dogecoin for everyday transactions?
Yes, thanks to its low fees and fast transaction times, Dogecoin is accepted by a growing number of merchants and online platforms.
What makes Dogecoin different from Bitcoin?
While both are cryptocurrencies, Dogecoin has an unlimited supply, faster transaction times, and lower fees, whereas Bitcoin is deflationary and often treated as a store of value.
Final Thoughts
Dogecoin continues to attract interest from retail investors in India, with over 15 million people now participating in the crypto market. Increased regulatory discussion may bring more stability and legitimacy to the ecosystem.
Supported by celebrities and known for its active community, Dogecoin remains more affordable and less volatile than many other cryptocurrencies. As blockchain technology becomes more integrated into digital transactions, Dogecoin’s utility and value may continue to evolve.