How To Buy Dogecoin In India
Dogecoin (DOGE), a cryptocurrency often talked about by celebrities such as Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and Snoop Dogg, has captured the imagination of people around the world.
The joke cryptocurrency has run up 4,204.38% since the year began hitting an all-time high of $0.43 a week ago. At press time, DOGE traded 27.23% lower at $0.21. Investors in India who might want to latch on to the action in volatile action-packed cryptocurrency can do so by buying it in a local or foreign exchange. Here’s how.
Buying DOGE In India: There are a number of ways to fund DOGE purchases. At the moment, it is possible to buy DOGE by paying for it through a credit or debit card, multiple electronic wallets, and bank transfers. Also needed is a hardware or a software wallet to store purchased coins.
The WazirX exchange offers the DOGE/INR pair along with DOGE/Tether (USDT) and DOGE/Wazir X (WRX) pairs. At press time, a single DOGE was on sale on WazirX for INR 17.30. The token associated with Wazir X — WRX traded 18.77% lower at $2.43 at press time.
DOGE is also available from exchanges such as BuyUcoin and CoinSwitch in India. At press time, on BuyUCoin, DOGE was trading at INR 16.69.
Buying DOGE From India: An alternative possibility for Indian investors is to use stablecoins such as USDT or USD Coin (USDC) or Bitcoin (BTC) and other cryptocurrencies to fund their purchases through international exchanges such as Bittrex Global, Binance, or Poloniex.
Investors can deposit their cryptocurrencies on these exchanges and then buy DOGE. This of course incurs more transaction costs and fees. Investors can access Bitcoin purchases through peer-to-peer exchanges such as localbitcoins.com or through local exchanges.
BTC traded 6.95% lower at $49,890.36, while Ethereum (ETH) traded 6.42% lower at $2,254.82 at press time.
Legal Implications: As per estimates, there are nearly 7 million Indians that hold over $1 billion in cryptocurrencies.
Indian residents should be aware that the country’s federal government is considering a blanket cryptocurrency ban which will penalize investors should it become law of the land.
However, a delay to the introduction of the bill raised hopes that the government is studying the issue further, according to local Indian media.
Photo by Дмитрий Шустов on Flickr
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.