Dogecoin Vs. Other Cryptocurrencies for Online Casino Banking
Experienced bettors know that Dogecoin is a leading cryptocurrency for online casino payments. Most new players and cryptocurrency muggles probably know DOGE because Elon Musk would not stop talking about it.
We are not Elon, but we sure know a lot about this coin and online casinos. This review takes a deep dive into its history and how it works as a crypto payment option. Furthermore, we compared Dogecoin with Bitcoin, Litecoin, and Ethereum, finding out its operating mechanism, speed, and cost efficiency.
What is Dogecoin?
Like most cryptocurrencies, this crypto coin is a digital payment option that uses decentralized, encrypted blockchain technology. As a peer-to-peer crypto option, the transactions are strictly between the parties and don’t require third-party exchange mediums. Similar to Bitcoin and Ethereum, Dogecoin is a completely open-source crypto option, leaving its design, control, and ownership in the hands of the public instead of the government or any institution.
Unfortunately, that is where the similarity ends.
Dogecoin is an altcoin that uses a slightly different cryptocurrency than Bitcoin and early cryptocurrencies. This coin was created in 2013 as a meme coin, a joke in the tech community to ridicule the hype of cryptocurrencies. DOGE has a block time of one minute, which allows transactions to be confirmed immediately.
Dogecoin and Online Casino Banking
The creators, Jackson Palmer and Billy Markus launched Dogecoin with the image of Kabosu, a popular Shiba Inu dog that became a global sensation and one of the top memes in 2010. Although it started as a joke, its value increased by 300% within 2 weeks of its launch. Unbelievable moments!
Online casinos have been using cryptocurrencies as a more convenient payment option for their customers. Bitcoin, Litecoin, and Ethereum remained the top options on most betting sites until Dogecoin became an official cryptocurrency in 2019.
Since its introduction to the online gambling space, the coin has become a preferred payment option for betting sites and their customers, offering instant, convenient, and reliable transactions.
Top Features of Dogecoin in Online Casino Banking
Many online casinos encourage the use of Dogecoin because its features ensure a safe and convenient payment structure. Let’s explore some of the top features of DOGE as a crypto payment option:
Cheap and Instant Transactions
Cryptocurrencies generally ensure faster transactions and a lower cost compared to fiat currency. However, despite surges, DOGE transactions are cheaper and faster than most cryptocurrencies, including Bitcoin. Dogecoin charges less than 1 cent as its transaction fee and typically concludes transactions within milliseconds due to its 1-minute block time.
This speed and low-cost feature make Dogecoin perfect for online betting transactions. Players need to make instant deposits and timely withdrawals from their betting accounts, and the coin has a lower transaction volume than Bitcoin and Ethereum.
Endless Supply
Dogecoin has a reputation for being in unlimited supply. When it launched in 2013, there were up to 100 billion coins in circulation, but that has increased with consistent mining over the years.
Experts have argued that this limitless supply is responsible for Dogecoin’s low cost and limited value compared to other cryptocurrencies from the same period. Others have said that the unlimited supply is consistent with its founder’s vision to encourage users to spend the coin instead of hoarding it.
Anonymity
Dogecoin is a highly encrypted peer-to-peer cryptocurrency. This feature encourages seamless transactions among users and ensures adequate privacy and anonymity for the parties involved. This coin runs on blockchain and Scrypt technology, which uses hash and wallet details instead of personal information.
With this feature, Dogecoin maintains full anonymity for every user. Users don’t have to worry about leaked details or being tracked by the government. Leaving only details of their wallet. This feature makes the coin a popular option in the online gaming community, where players prefer privacy and data security.
Convenience
DOGE is widely regarded as one of the most convenient cryptocurrencies for mining and exchanging. The coin has a low-cost entry requirement, an endless supply, and a notable social media presence. These features entice users, but the ease of exchange is the most notable factor.
Dogecoin followers have been mining and exchanging the coin for years before Binance listed it as a payment option in 2019. Online platforms use Dogecoin for instant payment because their customers can access and enjoy the coin more conveniently than other cryptocurrencies.
Dogecoin and Other Cryptocurrencies
Users understand that Dogecoin is one of the best cryptocurrencies for online casino banking, but these other crypto options are still popular on betting sites. Here, we put these crypto options side by side with the “meme” coin.
Dogecoin and Bitcoin
Bitcoin remains the most popular and valuable cryptocurrency in the world, with a value of over $60,000/1BTC. As one of the top options, Bitcoin maintains a consistent value and has a broader reach than any other cryptocurrency.
Dogecoin is an equally popular cryptocurrency, but its value is currently lower than $1/DOGE. However, this low value has not deterred its popularity among online casinos. Bettors prefer Dogecoin because it is faster, with a block time of 1 minute compared to 10 minutes for Bitcoin. The block time is the window that allows transactions to be verified, confirmed, and completed.
DOGE is also cheaper to exchange than bitcoin. However, users also get worried about its low and fluctuating value. But that’s a cryptocurrency pattern.
Dogecoin and Ethereum
Aside from being Cryptocurrencies, Dogecoin and Ethereum have very little in common. Ethereum launched in 2015 as a smart contract crypto option. It allows players to create restrictions for their payment transactions to ensure extra security and more data storage.
Dogecoin remains an excellent exchange currency with secure and encrypted data storage. However, the coin uses simple technology for faster, low-cost transactions. Being a meme coin, it is only available for instant transactions, unlike the contracting and hoarding features of Ethereum.
Dogecoin and Litecoin
Dogecoin has more in common with Litecoin than other cryptocurrencies because they are both altcoins and are mined together. Litecoin launched in 2011 as an alternative to, or better still, a clone of, Bitcoin, having a larger distribution but a lower market value.
Dogecoin launched using a mining algorithm similar to Litecoin’s, but it is faster, has more distribution, and has an unlimited supply. Unfortunately, the coin is worth less than Litecoin, which increases the risk of market volatility.
Top Dogecoin Casinos
Dogecoin is an obvious choice for betting sites that want to offer reliable, convenient, and fast payment channels. Most online casinos that allow cryptocurrency payments naturally have Dogecoin in their list of betting options. Here is an outline of top betting sites that allow transactions with DOGE:
7bit Casino
7bit Casino launched in 2014 under the management of Dama N.V. It has a sports betting and online casino license from the Curacao Gaming Board and offers multiple payment options, including bitcoin, fiat payments by debit cards or eWallets, Dogecoin, and other cryptocurrencies. The payment methods at 7bit Casino don’t charge processing fees, and players’ transactions are processed instantly.
Crypto Loko Casino
Crypto Loko Casino made its debut in 2022 with exciting game offers and bonuses. As a crypto-based betting site, Crypto Loko Casino does not allow fiat transactions. The casino’s payment options cover a variety of crypto coins, including Bitcoin, Litecoin, Dogecoin, Ethereum, and Ripple.
CryptoLeo Casino
Cryptoleo Casino is another cryptocurrency-based betting site that entered the gambling space in 2022. All monetary transactions at Cryptoleo Casino are through crypto channels, but the betting site is also open to fiat currency transactions.