What is Dogecoin?

What is Dogecoin (Doge): We all know about Rupees and Bitcoin cryptocurrency, Now its Rupees are based on Currency but Bitcoin is based on the Blog Chain Pay which claims will bring a revolution to the monetary system of the world. but nowadays a new coin is becoming famous in the world named Dogecoin.

Dogecoin (DOGE) is a typical, open-source automated money. It is considered an altcoin and a fundamentally interesting picture coin. Dispatched in December 2013, Dogecoin has the image of a Shiba Inu Dog as its logo. And it has also come on the list of Cryptocurrencies.

Understand What is Cryptocurrency?

Cryptocurrency has become an attractive financial asset for investors these days, which despite its volatile nature, has the potential to provide stable returns.

Being a form of digital asset, cryptocurrency is primarily based on a network that is distributed across a large number of computers.

The decentralized structure of virtual currency allows it to exist without the control of governments or regulation of any central authority.

Since the time Elon Musk’s electric vehicle organization Tesla Inc. & Space X invested in the world’s largest cryptocurrency- Bitcoin, major crypto coins such as Ethereum, Dogecoin, and Bitcoin have attracted the attention of large investors as well as the common man.

In India, many are still advocating for the classification of cryptocurrencies as an asset. Recently, Finance Minister Nirmala Sitharaman said that the Cabinet Note on Cryptocurrency Bill is ready and the cabinet has not approved it yet.

Presently, there is no guideline for cryptographic forms of money in the country, which regularly makes it dangerous for financial Supporter.

In spite of this, one should know the fundamental stages of putting resources into cryptographic money here’s How You Can Invest In Crypto Coins Like Bitcoin, Ethereum, and Dogecoin In India.

About Dogecoin Cryptocurrency

Dogecoin Coin is based on a funny Meme, Dogecoin originated by looking at a dog meme that was made into a joke. Dogecoin has the picture of a Shiba Inu Dog as its logo.

In spite of the fact that it was made as a joke, Dogecoin’s blockchain still has merit. Its basic innovation is gotten from Litecoin.

Outstanding highlights of Dogecoin, which utilizes a content calculation, are its low cost and limitless stock.

Facts About Cryptocurrency

After the popularity of bitcoin, some people see many disadvantages in bitcoin because their transaction time is very long and the process of bitcoin consumes a lot of energy which is for our environment,

So some people make their own coins without thinking about anything that these coins are called Alt-coins.

What is alt-coins

Alt-coins means that these alternative coins try to counter the disadvantages of bitcoin in a few different ways. A lot of these alt-coins are

• Ethereum (ETH)
• Solana (SOL)
• Polkadot (DOT)
• Dogecoin (DOGE)
• Litecoin (LTC)
• Shiba Inu (SHIB)
• SafeMoon (SAFEMOON)

After Alt-Coin, everyone realized that they can make their own coins too, so some people even started making coins without any meaning so that We call such thing as Pump and Dump Scheme.

Pump and Dump Schemes

People started making coins without any meaning and his coin was of no use and advantage as compared to bitcoin. he simply changed the name of the coin and made his own coin.

Many times people made coins to scam or just go for the joke, So all these coins which are of no use and its purpose are only for fun and joke then which we call pump and dump schemes

Definition of Shitcoin

Such coins are made only for Scams, entertainment, and for their own purpose are Shit-Coins because they are not adding any value to the world so we call them Shit-Coins.

How to identify Shitcoin

These coins are created without any meaning and they are not adding any value to the world, nor are they bringing any improvement in the whole process. Looking at these things, we can recognize that this is a Shit-coin.

The Story of Dogecoin

Some people also believe that Dogecoin is also a shitcoin, but the difference is that their purpose behind making Dogecoin was not to scam anyone but to make a joke.

In 2013, when the Dodge meme was at the peak of its popularity, it was jointly developed by Jackson Palmer, an Australian marketer, and Billy Markus, a software developer at IBM.

Jackson Palmer: says that he jokingly came up with the idea that two popular topics doing the internet would combine cryptocurrency and doge memes.

The code of Dogecoin is based on Litecoin, Litecoin is an Alt-coin which has some advantage according to bitcoin, Its advantage is to have work process and work transaction fees, this is an advantage litecoin as compared to Bitcoin.

But it is really surprising that the Dogecoin coin has become the 4th largest cryptocurrency.

How is it possible to accept Dogecoin?

How did it become possible for people to accept Dogecoin, because a Coin that started jokingly, how did it become popular and why people started buying from it, and what is its reason to buy.

The reason for this is the Reddit website because initially, people started using it as a joke, and when posting or commenting on the Reddit site, and if someone liked the comment or liked that post,

Then people gave them Dogecoin as a tip. Were. Since then people call him Dogebot Tip. Usually, this was a tip of 5 dogecoin times 1 doge worth 0.0002 ¢, It was a very small amount.

That time the dogecoin value

1 Doge = 0.0002 ¢

Key Features of Dogecoin

Nonetheless, despite the above factors, DOGE participated in a massive surge in 2021. Some crypto investigators assess that the convention may not be possible in the long term.

Dogecoin’s other unfortunate features Dogecoin also hinder its purchase, for example, the generally more vulnerable security and code-level tests and the absence of a strong mining local area unlike its friends like bitcoin. These provoke an openness to mine-level attack.

The increase in DOGE’s costs in 2021 has been largely attributed to the accompanying elements of:

• An expansion in cash supply because of the U.S. financial upgrade bundles, which brought expansion up in most exchanged items, stocks, land, and even cryptographic forms of money.
• Expanded admittance to exchanging and speculation by the more youthful age using finance applications like Robinhood. Retail financier stages reacted by lessening their payments and expenses.
• Online media stages advance select speculation choices, prominently the Reddit gatherings. This youthful age of retail financial backers is running in large numbers to these stages.

What Reasons to Invest in Dogecoin

Use Dogecoin as a tip It slowly became popular on the Reddit sites and the thing got expanded over the years.

Dogecoin became so widely used and exchanged so much that its value began to grow Rapidly and was noticed by Tesla CEO – Elon Musk in September 2018.

Elon Musk met Jackson Palmer on the issue of Twitter spambots. Because when Elon Musk was doing scams in the name of cryptocurrency by creating a fake Twitter account in the name of Elon Musk,

Elon Musk wanted to stop them. Then Jackson Palmer asked Elon Musk for help when he first found out about Dogecoin.

Why Dogecoin is going up?

Dogecoin is going up because, after a few months, Elon Musk tweeted again in April 2019, he tweeted that Dogecoin might be my favorite cryptocurrency.

Then tweet in march 2020 Dogs Rock they are the Best coins

So over the years to come, over the months he has made a lot of tweets that are indirectly or directly promoting Dogecoin.

Because Elon Musk is such a famous person in the world, and a favorite that whenever he used to tweet about Dogecoin, every single tweet of his was raising the Dogecoin Value by sometimes 25 % and sometimes 50% and now Dogecoin value increase day by day.

Growing slowly, today in 2021 the value of Dogecoin has crossed 50¢ and At its peak, Dogecoin had almost touched the valuation of $80 billion

Although its price has come back down in the last few days, the AIM for those who support Dogecoin is to take the value of 1 Dogecoin up to $1.

① Currently Value Of Dogecoin:

The Value of Dogecoin

Dogecoin was worth $20 million at the start of 2017, I am not talking about the value of one Dogecoin here, but the value of the entire market Dogecoin

But at the end of 2017, their overall market value reached $2 billion, 2017 there is not much activity in this dogecoin digital currency but then suddenly its currency started actively again and they have two Reasons first Elon musk and Reddit users of the sites.

Dogecoin Prediction

You need to understand that cultural trends grow exponentially and die down after their peak. There is a very high possibility that it may happen.

All I am saying is that beware of big risks, because the higher the risk, the better the chances of getting high returns.

It is possible that from today the Dogecoin value may be $100 dollars or it may even be 0, Dogecoin price prediction.

Because predicting cultural trends on the internet is almost impossible. basically, you tried to Dogecoin Price prediction that how the world would think collectively.

How to buy Dogecoin in India?

The process to buy any other cryptocurrency is the same as it is. Now you will use a cryptocurrency exchange platform from which you can buy cryptocurrency which means,

Purchasing and exchanging digital currencies were illicit in India until 2018 when the Supreme Court chose to sanction them.

From that point forward, the crypto business in India has blasted and a great many Indians have put resources into crypto.

Purchasing crypto can be a muddled cycle, however, there are crypto trades that make it very simple for a layman to purchase crypto.

There are applications/sites like crypto trades Binance or Robinhood that don’t permit ordinary individuals to put resources into crypto which is a seriously simple way by contributing their government-issued money.

Individuals in India can purchase Dogecoin through different trades like Coinswitch Kuber, WazirX, CoinDCX.
Follow the given strides to purchase Dogecoin.

How to Invest in Dogecoin?

There are many steps are followed here,

Stage 1: Find the right crypto trade platfrom exchange

Since there is no settled construction for exchanging cryptographic money yet, crypto trades are the stages where individuals can trade their computerized resources.

In India, a portion of the more well-known trades is WazirX, CoinDCX, and CoinSwitch Kuber.

Step 2: Create an acoount

In the wake of choosing the crypto trade for exchanging, make your record on the stage. After creating the record, select the amount you intend to contribute, based on the amount you try to contribute. Carefully read all the strategies of the platform.

The platform will request accommodation of records as a form of verification to prevent any fraudulent practice.

Step 3: Set up the account 

One requirement is to have cash in the record prior to purchasing digital forms of money. The cash can be moved from one’s financial balance to a specific trade account.

After moving assets, ensure that the two records are connected.

Step 4: Ready for Investment

The accounts are connected and the crypto trade account has cash, one is necessary to choose which coin they need to put resources into. The world’s greatest and most famous digital money is Bitcoin, Trailed by Ethereum by market cap. Other driving coins incorporate tie, Dogecoin, XRP, Cardano, Binance coin.

Resulting in purchasing, guarantee you store codes to the record, to protect it from risks, for instance, hacking. Specialists advise putting away the coins bought in a crypto wallet.

The Problem of Dogecoin

There are two problems that are more

① Supply is too High

The first problem with Dogecoin is that its supply is too high, there are 100 billion Dogecoins available and 5 billion new ones will come in every year. The point identified with supply is very important.

② Technology and Software update

The software update for Dogecoin hasn’t happened for many years and doesn’t use any new technology for Dogecoin.

Is Dogecoin a good Investment in 2022?

Here are a few reasons that are Dogecoin is a good investment:

① Dogecoin scales somewhat quicker than Bitcoin

Dogecoin is based on a fundamental innovation related to digital forms of money that permit it to check exchanges and forestall twofold spending endeavors by clients.

Through this cycle, it gives secure admittance to the sending and getting of cash without go-betweens.

DOGE utilizes SCRYPT in its calculation. This has seen the cryptographic cash have for the most part speedier taking care of speed than BTC. This could help its gathering and blend as restrictive cash later on.

Again institutional associations are framed, DOGE would move from its tipping and philanthropic cash status to truly advanced money that administrations a huge number of clients day by day.

② Big names in the business advance Dogecoin

Elon Musk, CEO of Tesla has taken on Dogecoin alongside the VIPs like Snoop Dog and Paris Hilton. Things being what they are, why would that be no joking matter?

The appropriate response is straightforward, every one of the superstars has a huge number of supporters, and plainly has compelling control over their clients.

Hence, individuals who had no thoughts regarding digital forms of money like Dogecoin, are presently considering putting resources into them.

③ Dogecoin's designer group is back on the stage

A digital currency is basically pretty much as incredible as the designer group behind it. The more powerful the center engineer group is, the better it is most likely going to perform long haul.

That is on the grounds that they can do improvements that make the digital currency more adaptable to the changing industry area needs.

They can moreover manage issues like security, which is essential to the somewhat long advancement of any cryptographic money and more

Dogecoin future

A $26 billion dollar image will in general shake customary financial backers deeply. It even drives many off from digital money by and large.

While many consider this to be a market top marker, it looks to me like a bull banner.

In 2017, the greatest concern confronting Bitcoin was its suitability for regular use. No stores acknowledged it as installment (aside from a couple of ridiculously brilliant ones) and the normal individual actually thought Bitcoin was wizardry web cash.

Presently their account has changed, and Dogecoin essentially affects digital money reception in general. Gone are the times of exhausting CDs and depository bonds from grandmother.

The new age talks in images on their iPads from the age of 3, and their funds should mirror that.

Dogecoin presented the tycoons and extremely rich people of things to come to an innovation they didn’t have a clue (may in any case not understand) they needed, blockchain.

In the event that the development of blockchain and Bitcoin genuinely keep Metcalfe’s law (as they seem to do as such far), then, at that point, far-reaching reception through any channel isn’t just something worth being thankful for, yet great.

Dogecoin is probably not going to endure over the extremely long haul, yet it nearly doesn’t make any difference.

Elon Musk is as of now pushing the cost of Dogecoin around with Twitter, and whatever he says will in general raise or lower the coin’s cost.

The only thing that is important is that you can contribute at the level you are OK with, you comprehend you could lose that cash and you possibly create again when you sell during a Musk-initiated value spike.

My Opinion

I believe that the same thing applies to bitcoin as well, I believe the same applies to bitcoin as you should only invest as much bitcoin as you can afford to lose because,

Tomorrow if your dogecoin value drops to 0 you will not lose much even after all your investment. and Dogecoin is even riskier than Bitcoin so this is even riskier valid for Dogecoin than it is for Bitcoin.

At least bitcoin has some value of its own. because it presents a revolutionary technology, it presents an alternative monetary system But it is not so with Dogecoin

But at the same time, also remember this, that only those have any value in the society, in which people believe.

If people think that a thing should have value it does.

FAQ [frequiently Asked Question]

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Summary & Conclusion

Important Note:
But overall, Dogecoin has become a cultural trend today because it does not have any value by itself, it is not that any technology brings advanced in it.

Only because of its circumstances Dogecoin has become so popular now.

And that is needed to be understand by those people that think that if they invest in Dogecoin now and they would get 10x and 100x or 1000x returns. That Dogecoin is a good investment

I am not giving any Investment advice here but You need to understand that cultural trends grow exponentially and die down after their peak. There is a very high possibility that it may happen. You can buy Dogecoin if you want.

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