Buy Dogecoin (DOGE)
One of the main questions of economic theory is what is the essence of money? What are the characteristics of virtual money and traditional (cash) money? There have already been a number of definitions of the nature of money formulated by financiers. Most of the terms are dissimilar, but they are nevertheless true. Money is a means of providing an indirect medium of exchange, that is, an intermediary asset that helps people who do not have the ability to barter (direct exchange) for a mutual benefit to make a deal.
Virtual currencies, particularly cryptocurrencies, are much better suited to the virtual economy than traditional money in bank accounts. If we consider a situation where a group of people on different continents create successful digital products, and consumers from around 200 countries buy them at once, the use of cryptocurrency removes the problems that are associated with cross-national financial barriers. These barriers can include excessive fees for converting money into a form that is convenient for all buyers and sellers, or slow payment processing. Therefore, the growth of sales in the virtual economy is supporting the demand for cryptocurrencies and their exchange rate movements.
Virtual money, in our case cryptocurrencies, is quite secure. Despite the lack of government control, decentralized software algorithms can guarantee the sustainability of the cryptocurrency payment system.
The topic of today's review is investing in Dogecoin shares in India.
Dogecoin is the most unusual player in the cryptocurrency market. The project was originally conceived as a non-profit. Dogecoin was conceived as a digital coin for people who could purchase it for a small fee and use it to buy goods online, transfer money for various purposes, etc. But in the last year alone, it has risen in value by 1500%, and its capitalization has equaled that of large public companies. However, the creator of Dogecoin confessed: he made next to nothing from it. The money he made from selling the coins was barely enough to buy an inexpensive car.
Dogecoin is an open-source cryptocurrency that is named after the popular internet meme DOGE, which is an image of a Shiba inu, a Japanese hunting dog. The founders of Dogecoin are two programmers working for IBM, Jackson Palmer and Billy Marcus. Programmer Billy Marcus had the idea of creating a mock cryptocurrency that would surpass the popularity of bitcoin, as well as be distanced from the controversial history of other coins. So they decided to turn Dogecoin into a real cryptocurrency on the bitcoin block chain.
Investors tend to choose Dogecoin because of its reliability, the amount of capitalization, and the trust of users around the world. The world's most famous projects do not make super profits because of their high asset values. If we look at less popular cryptocurrencies, their main advantage is growth prospects. Dogecoin is exactly that.
How to start investing in Dogecoin in India?
Before you start trading Dogecoin in India, it is crucial that you are aware of the intricacies of this particular market. If you are wondering how to invest in Dogecoin in India, you can rest assured that the process is simple. All thanks to technological advances that allow you to purchase DOGE through digital contracts.
Before you buy Dogecoin, you must decide what your trading goals are. You have two options in front of you - invest in Dogecoin for the long term or trade the asset in the short term. Many users keep Dogecoin in their account and expect them to grow continuously. With such a long-term strategy, an investor will wait for constant growth to earn more. This can lead to a higher cash investment and a longer expectation of profit.
For those who prefer to trade Dogecoin in the short term - you will need to find an online broker that offers CFDs on Dogecoin (contracts for difference).
CFDs are financial instruments that allow you to speculate only on the value of the underlying asset without actually purchasing it - in this case, Dogecoin.
Trading CFDs offers the advantage of low commissions and leverage - a brokerage service that is a loan of cash or securities provided to the trader to make a trade.
CFDs allow speculation on both rising and falling Dogecoin prices by opening a long or short position in the digital asset.
Dogecoin has improved its image and become a friendlier alternative to bitcoin thanks to social media mentions from prominent supporters such as Elon Musk. The value of the coin has risen sharply in recent months. As with other cryptocurrencies, Dogecoin's value fluctuates throughout the day - sometimes even by a second. When trading Dogecoin, your goal is to speculate on the future price of DOGE coins.
Here is a practical example to make it easier for newcomers to understand how investing in Dogecoin works.
- For example, Dogecoin is valued at $0.0560;
- Assuming Dogecoin is undervalued, you place a buy order for $1,000;
- A couple of months go by and the digital asset is valued at $0.0700;
- This represents an increase in value of 25%;
- You place a sell order to exit the trade at a profit.
In this example, we saw that the price of Dogecoin rose from $0.0560 to $0.0700 in two months. This gives you a profit of $250 on your $1,000 bet.
Simply put, if you speculate correctly, Dogecoin trading has a fairly high profit potential.
How to buy Dogecoin in India?
If you have decided to become a trader, we will tell you how easy it is to set up trading and earn on a trading platform in India without wasting a lot of time.
CFD trading is done through a broker. When you have chosen an online broker and are ready to buy DOGE, you can register and then make your first deposit. It is essential that a budget is set for buying digital assets. This will protect your savings and avoid unexpected losses.
How to register?
Registration on the platform only requires a few clicks. Go to the brokerage company's website and click on the "register" button. A standard registration form will then open. All you have to do is enter your first and last name and your email address, which you will have to confirm via a link sent to you by the system. To begin with, this data will be sufficient to familiarise yourself with the system and perform operations. In the future, the system may ask you for additional information to confirm your identity when you want to make actual transactions and withdrawals. This additional information is usually a copy of your identity document.
After registration, you can open a demo or live trading account.
How to open a demo account?
You do not have to open a real account right away and earn real money on it. To start trading on the platform, it is recommended to open a demo account. A demo account is a free practice account, which gives you the opportunity to test how the investment market works, without risking your money. You can use it for as long as you like - unlimited in time and amount.
To open a demo account, all you need to do after registering on the platform is select demo-mode trading.
How to open a live account?
Once you understand how the online trading platform in India works - you can move on to a live account. First, you need to log into your account on the trading platform and choose the asset you want to trade. The trading platform offers traders a wide selection of cryptocurrencies and provides good opportunities for both beginners and experienced traders. You can set a stop loss, which will help limit your losses when the price reaches a predetermined level. Some investment platforms allow traders to open an unlimited number of CFD trading assets. If you have the desire to open an unlimited number of assets, this is a good way to maximize your profits.
You can trade CFDs in India on a leveraged platform to generate more profit.
How to make a deposit?
Depositing your trading account to invest in Dogecoin is very easy. To do so, the investment platform provides you with various payment methods. All available methods of making a deposit are listed in the "Deposit" section. Here you will see options such as depositing via bank payment card, as well as using popular online payment systems.
The instructions for making a deposit are very simple:
- You need to select a payment method;
- Then you have to choose which currency you are going to use;
- Then you have to enter the deposit amount;
- Fill in necessary details.
How to withdraw money?
When withdrawing money, you can use the same methods as when making a deposit. For example, it can be bank transfers, or credit or debit card payments, or e-wallet transfers.
When you get a foothold in the online trading platform in India, you can develop your own strategies. A trading strategy is the rules and algorithm that a trader follows when making trades. There are many variants of strategies, so it may be difficult for a beginner to understand them.
When you think about investing in Dogecoin in India, security is one of the elements you may be most concerned about. Remember, your investment will be safe if you choose a reliable broker and a safe online network.
Thanks to a quality platform, you can save a lot of time during the account opening and funding phase by doing it online. Instead of making all your transactions through a computer, you can use the mobile app and log in to your account from anywhere, anytime.
Modern platform is a platform with great tools, it has great data feeds as it is a broker, so you have everything you need to start trading in one place.
When it comes to trading speed, this is a very important aspect. You should always be concerned about how fast you can make your trades. In the case of a good platform, trading happens almost instantaneously. With an innovative trading platform, investing becomes more accessible, efficient and easy to understand. As a rule, it is very easy to use, feature rich and easy to navigate.
You are sure to succeed!
We wish you success in investing!