Profile of Dogecoin
- Logo: |
- Symbol: DOGE
- Initial release: 6 December 2013
- Circulating Supply: 129,87 billion DOGE (No maximum limit)
- Author: Jackson Palmer and Billy Markus
What Is Dogecoin?
Dogecoin is a cryptocurrency that shares a merged mining operation with Litecoin and an unlimited maximum supply. You can buy Dogecoin on a cryptocurrency exchange and store it in a crypto wallet. The history, uses and community around this coin make it enjoyable, so we’ll have a quick gander at these.
Dogecoin is also known as the meme coin since the logo is based on a meme using a Shiba Itsu dog named Kabosu. The name Dogecoin is also derived from the meme that uses the misspelt ‘doge’ instead of the regular dog. Kabosu is owned by Japanese kindergarten teacher Atsuko Sato, who posted several pictures of her rescue dog on the internet—the base for the meme.
Dogecoin was intended as a joke currency, so the name and logo were based on an internet meme. The exposure and association with the meme combined with its low price, availability and fast transactions drove the coin’s popularity. Dogecoin is currently among the 15 most popular cryptocurrencies and has even made it to fifth.
The most intriguing thing about the Dogecoin community is philanthropy. In 2014 Dogecoin made several donations, like sponsoring the Jamaican bobsled team, building a well in Kenya and supporting Nascar driver Josh Wise. The spirit of charity continues today, with Dogecoin supporting various charities like water for Africa, dog rescue and dogs for kids in need (Doges4Kids).
What Makes Dogecoin Different from Other Cryptocurrencies
Dogecoin has many differences from other cryptocurrencies, and these mainly stem from the reason why it was created. The authors of Dogecoin were taking a poke at the establishment and the popularity of cryptocurrencies. The availability and versatility of the coin resulted in unexpected growth. However, the currency still has no ecosystem or development methods in place.
The main differences between Dogecoin and other cryptocurrencies include:
- Dogecoin was created with no plan or expectations. It wasn’t designed to be successful.
- Dogecoin is an inflationary coin. Other cryptocurrencies like Bitcoin and Ethereum have built-in scarcity, ensuring an increase in value. Dogecoin has no maximum limit.
- The Dogecoin currency is most often used for charitable causes rather than regular internet purchases.
- Unlike other cryptocurrencies, there’s no driving force behind the development of a Dogecoin ecosystem. Companies that accept Dogecoin do so only because there’s a market for it.
How to Bet With Dogecoin
Before using Dogecoin for crypto gambling, you’ll be needing to buy coins and set up a wallet. The process is easy and standard for any cryptocurrency, so you can even try this method with Binance coin, Ripple or Bitcoin. Dogecoin is more easily accessible and cheaper than most, though.
- Register at an exchange: Registering at a crypto market is the first step to buying any cryptocurrency. It’ll ask for your email, proof of address and a photo ID, so it’s best to have these handy to scan and upload when asked. Once you’ve verified your identity, you can buy and trade with crypto.
- Buy Dogecoin: You can buy Dogecoin from the exchange using a debit or credit card or bank transfer. Simply follow the exchange’s process to buy Dogecoin, and you’re all set.
- Set up your wallet: You can keep crypto at the crypto market and even send and receive currency, but we consider this unsafe as hackers target these sites due to the volume and variety of cryptocurrencies available. It’s safer to set up your own wallet and keep your credentials safe and away from any devices with access to the internet.
- Register on the site: Choose your preferred crypto sports betting site and register. Take special care that the provider accepts Dogecoin as not all crypto betting sites take all the cryptocurrencies.
- Deposit Dogecoin: Once you’ve registered, you can deposit your Dogecoin to start betting. Select the cashier, choose your currency and amount to deposit and send the Dogecoin via your wallet. The cryptocurrency betting site should verify the deposit within minutes, allowing you to start betting almost immediately.
Dogecoin Betting vs Regular Betting
Although the markets and process of crypto sports betting remain the same as traditional online bookies, there are also some differences. Take a look at some of these differences before deciding if crypto gambling is for you.
| Dogecoin Betting | Regular betting |
|---|
| Betting with Dogecoin is anonymous. All the crypto betting sites require from you is a username, password and email address | Regular betting sites have to go through the Know Your Customer process and verify your ID and address. |
| The crypto gambling site can confirm your deposit within two minutes and process a withdrawal request in the same amount of time. | Fiat currency withdrawals can take days to reflect on your account. |
| The volatility of cryptocurrencies can make it challenging to track your bets, wins, and losses. | It’s easy to track your spending and wins in euros. |
| You’ll save on bank charges as Dogecoin operates on a peer-to-peer basis with no middleman. (Transactions typically cost around 1 DOGE or about €0.50). | You’ll pay bank charges, and third-party e-wallets also charge a fee for every transaction. |
| The crypto gambling market is still tiny, so you have fewer bookies to choose from. | Regular betting sites have around 75% of the market share, so you have a wider choice with traditional betting. |
| Dogecoin can gain or lose value radically in 24 hours, with a 30% variance in value not uncommon. You could quickly lose the monetary worth of a win or regain a loss. | The euro is stable, and the value of stakes, wins and losses are easy to track.
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Where Can I Bet With Dogecoin?
Crypto betting sites don’t need to be registered, which gives you anonymity. It also puts you at risk as you’ve no resource if the site acts in bad faith. For these reasons, you need to take special care when selecting a crypto gambling site. Follow these easy steps for a safe and enjoyable cryptocurrency betting experience.
- Reputation: Being honest and keeping customers happy is in the crypto sports betting site’s own interest. Most bookies do this, but it’s still worthwhile to check the reputation of any site before signing up and depositing money. You can do this by reading our reviews or asking friends who’ve used the sportsbooks before.
- Supported Cryptocurrencies: Check that the bookie supports Dogecoin, or you may have a wallet full of crypto that the provider doesn’t accept. Most sites will trade with Dogecoin as it’s one of the top 15 cryptocurrencies, but it’s still worth checking.
- Variety of markets: A cryptocurrency betting site with various betting markets is likely to give better service and have higher liquidity than one with fewer betting options.
- Customer support: Customer support is essential to any betting site. Suppose you can only contact the provider via email. In that case, you can’t expect them to place much value on customer support and satisfaction. Look for a site that has a live chat option or telephone number. And test it out before signing up.
Other Cryptocurrencies for Betting
You have more than 7,800 cryptocurrencies to choose from, but crypto betting sites only use a few of them. We’ve given a short description of some of the more popular ones below.
Bitcoin (BTC)
Launched in 2009, Bitcoin was the first cryptocurrency on the market. The launch of Bitcoin was accompanied by a well thought-out white paper, clearly describing the aims and future of the project. Essentially, Bitcoin was designed to enable secure peer-to-peer transactions with no middleman and lower fees. Bitcoin is also the most expensive cryptocurrency available.
Ethereum (ETH)
Ethereum is a blockchain and an open platform to allow decentralised apps (DApps) and crypto tokens. The native currency of the Ethereum chain is Ether (ETH), and it was initially intended to power Ethereum apps. It’s currently the second most popular cryptocurrency behind Bitcoin.
Binance Coin (BNB)
Binance Coin started life as a token on Ethereum in 2017 but migrated to its own blockchain in 2019. Each quarter Binance destroys a portion of the coins in its treasury to keep the currency’s value high. It’s currently the third most valuable crypto asset, and the Binance exchange is the busiest, processing 1.4 million transactions per second.
Ripple (XRP)
Ripplepay was an existing peer-to-peer payment method developed in 2005. After Bitcoin, Ryan Fugger saw the advantages of the blockchain method and founded the OpenCoin Corporation to develop a cryptocurrency.
The XRP token was launched in 2013 and is seen as a banker’s coin. The Ripple blockchain uses bank servers instead of an independent network of nodes for the consensus required to confirm a transaction.
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