While some cryptocurrencies have their own blockchain, others are simply tokens that rely on another currency’s blockchain. So what about Dogecoin? Is it an actual coin, or just a token?
Dogecoin is an altcoin that runs on its own blockchain. As of June 2021, the Dogecoin blockchain encompasses 3,753,138 blocks. Today, Dogecoin has grown to become one of the leading crypto coins.
Interestingly, several online casinos and sports betting sites accept Dogecoin as a payment option. It facilitates quick deposits and fast withdrawals.
Let’s take a step back and discuss the origin of Dogecoin.
History of Dogecoin
The Dogecoin open-source P2P cryptocurrency created in late 2013, deriving its underlying technology from Litecoin. Two software developers, Jackson Palmer and Bill Marcus working for Adobe Systems and IBM designed the coin. Furthermore, the coin’s logo is the image of a Shiba Inu dog.
Though the coin was created as a joke, the narrative changed in 2021 when it became one of the coins with the largest market cap of around $50 billion. This is possible because, unlike Bitcoin, which has a limited supply, Dogecoin is unlimited with over 10,000 new coins produced every minute and no maximum supply. The popularity of Dogecoin comes from its large online community coupled with backing from Snoop Dogg, Mark Cuban, and Elon Musk, resulting in a 4,000% increase in 2021.
How does Dogecoin work?
Like all cryptocurrencies, Dogecoin runs on blockchain technology using a distributed digital ledger that adds and stores all transactions. Dogecoin uses “Proof of work” consensus mechanics, allowing it to accept work from other script-based networks. Additionally, the coin uses cryptology to safeguard all transactions running on the network. You can use the crypto coin to make purchases and payments, and it’s accepted in most business sectors, including the online gambling industry.
How to buy Dogecoin
Similar to other cryptos, you can purchase Dogecoin on every exchange platform. The process of buying your coin is simple. First, you need a wallet to hold your coins. There are two major crypto wallets — a software wallet and a hardware wallet.
Software wallets are free and easy to use. However, you must connect to the internet to access your Dogecoin. On the other hand, hardware wallets are offline wallets you need to plug into your computer to use. This is ideal for players who want to store huge coins. Note that a hardware wallet comes with a fee, depending on the provider.
Once you have a wallet, you can proceed to purchase to a crypto exchange platform. Popular exchange platforms you can use include:
- Coinbase
- Binance
- Robinhood
- Gemini Crypto
- eToro
- OKEx
- Upbit
You need to purchase your Dogecoin through USD using traditional methods like credit and debits cards.
Now that you have the coin in your wallet, you can start transacting online. Supposing you want to fund your casino account, you must visit the cashier’s page and choose Doge as your preferred payment option. Open your online wallet and input the casino’s Dogecoin address.
Input the amount you want to send and click the “Submit” button. You’ll receive the fund instantly in your casino account, and you can start wagering your favorite games.
Benefits of using Dogecoin at an online casino?
Several benefits are attached to using Dogecoin at an online gambling site. Below are some benefits of Dogecoin gambling.
Anonymity
The casino won’t request your financial information when you gamble with Dogecoin. No one will be able to access your information or know the amount you’re betting at a Dogecoin casino.
Speed
Transactions with Dogecoin are superfast. Deposits are processed instantly, and withdrawals won’t take forever to reflect in your account. Depending on the casino, you can receive your Dogecoin winnings within 0 to 24 hours.
Provably fair games
Dogecoin games are provably fair, so players need not worry when they wager them for real money. You can rest assured that the outcomes of Dogecoin games are random, and the casino can’t cheat.
Welcome Offer
Players who deposit using Dogecoin at crypto casinos can enjoy lucrative offers that will boost their bankroll. You can enjoy welcome bonuses, free spins, deposit bonuses, and more.
No Commission
Online gambling sites don’t take a commission when you transact using Dogecoin. Transactions with Dogecoin are peer to peer, so there are no intermediaries between the transactions.
Disadvantages of using Dogecoin at an online casino
Everything that has benefits will have downsides, and Dogecoin is no different.
Volatility
Like other cryptocurrencies, Dogecoin is highly volatile. Players who are not careful can lose their bankroll overnight. So we recommend that players stay abreast of the Dogecoin market to avoid losing money.
Competition
There’s stiff competition for Dogecoin in the market. The likes of Bitcoin, Ethereum, and Litecoin might make it difficult for the coin to retain its popularity among gambling sites.