Dogecoin is a type of cryptocurrency that was created on December 6th, 2013. It followed a similar network to Litecoin, which was one of the first mainstream cryptocurrencies. Originally, DOGE started as a joke, and its logo was the popular Shiba-Inu dog meme that circled social media.
You can purchase DOGE on several reliable crypto exchanges, including Binance, Bitfinex, Bittrex, Blockchain, Crypto, Kraken, KuCoin, and more than 50 others.
It was one of the first cryptos to be used to raise funds for charity. During the 2014 Winter Olympics, the DOGE community created a fundraising campaign to generate funds so the Jamaican bobsled team could travel to compete in Sochi. This campaign resulted in more than $36,000 in DOGE being donated and proving their community to be active and compassionate.
This type of crypto is perfect for gambling transactions, with funds taking on average less than 10 minutes to be confirmed for most deposits. It’s also cheaper than other cryptos like Bitcoin, with the average transaction fee being less than $1. You can use this coin to deposit & play at many casinos, including 7Bit, Bao Casino, Bitstarz, FortuneJack, and Katsubet.
A Brief History of Dogecoin
Two software engineers from the USA created Dogecoin. Billy Markus and Jackson Palmer initially thought to create a digital payment system based on a joke. Because DOGE was around at the start of the cryptocurrency movement, the coin has a large and loyal community on global platforms like Forums, Twitter, and Reddit. Many users helped the currency grow by using Tip Bots to reward users for good content.
DOGE follows the same blockchain style as Litecoin, using Scrypt technology within the Proof Of Work mining algorithm. This type of mining differed from Bitcoin and required more advanced equipment like ASIC miners. This higher computing power means blocks are mined every 1 minute on the Dogecoin blockchain.
Recently this coin has made the news, gaining support from Elon Musk and Mark Cuban. This backing caused the price of DOGE to skyrocket, and in turn, fall back down. It was trading at an All-Time High of $0.7376 on May 8th, 2021. This movement was up from its All-Time Low of $0.000085 back in 2015. Currently, it has a market cap of more than $60 Billion and 1 DOGE = US$0.50.
This type of cryptocurrency can be highly volatile, so it might be wise to trade into a stable coin like USDC or USDT if you want to keep your USD balance the same value.
DOGE started with a hard cap on the supply of 100 Billion coins. Since its growth, the community mined the 100th Billion coin back in 2015, and since then, they’ve added 5 Billion into the circulating supply each year. This surplus has enabled slow growth as more miners focus on this coin. The activity of large holders & miners can cause price fluctuations, so it’s wise to be careful when looking to buy these types of crypto coins.
This ample supply has lead to criticism of Dogecoin from many people in the industry. Numerous security experts have analyzed the coin and determined it might not be safe because a small number of wallets hold 40% of all coins. However, this hasn’t stopped the currency from rocketing past all previous highs and gaining a lot of media attention.
Dogecoin – Pros and Cons
- Quick transactions
- Low fees
- A layer of privacy compared to traditional payments
- Price per coin can fluctuate dramatically
- It started out as a joke, so many find it hard to take seriously
How to use Dogecoin at Online Casinos
The first step to using Dogecoin at casinos is to buy some coins. You can do this at online exchanges where you’re able to purchase Crypto with Fiat Currency using Bank or Credit Cards. Some popular exchanges that you can buy DOGE on are Binance, Blockchain, Crypto, Kraken, and KuCoin.
Now you’ve got your stack of Dogecoin on the exchange. The next step is to send your coins to a private wallet. You can use hardware wallets like the Ledger Nano S or Trezor, which offer the best security for storing coins. Alternatively, you can use online wallets like Coinomi or Exodus. These are easy to set up, and if you follow all guidelines, they’re a pretty safe option.
The next step is to choose the site you wish to play at from our list of Dogecoin casinos. After creating your account at the casino, head to the cashier section and click on Deposit. Look for the Dogecoin (DOGE) option. The casino will provide you with a unique wallet ID to deposit your coins to. Copy this address, go to your crypto wallet and paste it into the Send To field. Choose how much you want to deposit and click Send. Dogecoin is a pretty quick payment method, and transactions usually take under 10 minutes to be confirmed & received.
After you’ve played and had a win at the casino, you’ll want to cash out some of your profit. Head to the cashier, select the Withdrawal option, and choose Dogecoin. You will need to get a receiving address from your wallet. Copy this and paste it into the withdrawal address field. Choose how much you wish to cash out, and click Withdraw.
Most casino sites will convert your Dogecoin balance to USD/EUR currency after your Deposit. While your playing, the currency stays the same. When you request a cashout, they will use the USD/EUR value and send that amount in DOGE to your crypto wallet.
Dogecoin is one of the earlier forms of cryptocurrency and has enjoyed a wild ride so far. This type of crypto is highly volatile, and the price can fluctuate dramatically. It’s wise to be careful when using this payment method.
It offers an excellent solution for those looking for alternative payment methods, and you can find many reliable Dogecoin casinos to play at in 2021.
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