Dogecoin is an open-source electronic currency inspired by a famous Shiba Inu meme. The cryptocurrency runs on a dedicated blockchain constantly updated with new transactions and uses cryptography to keep transactions secure. The currency functions like FIAT money and can be traded for products and services like real money gambling.
Top Dogecoin Casinos 2022 – NZ Casinos That Accept Dogecoin
Dogecoin is not as desired as Bitcoin, the most popular cryptocurrency, but it is reasonably devoted to easing the acquisition of gambling services. Casinos that accept this fashion money are far between compared to those accepting FIAT currencies, but they offer just as much entertainment. The acquisition of DOGE is pretty simple once you come across an ideal merchant processor. The currency is inexpensive compared to other cryptos, so you can easily invest just enough for gambling entertainment without worrying about making astronomical losses. On the downside, its security and code level are lower than those of Bitcoin and Ethereum, exposing it to mining-level attacks.
💳 Dogecoin Review
Dogecoin is a digital currency operating on an open-source, peer-to-peer platform. The money was created in 2013 as a funny jab at Bitcoin and was inspired by a popular Shiba Inu meme that deliberately misspelled the word ‘dog’ as ‘doge’. In 2014, a group of enthusiasts on Reddit arranged publicity stunts to propel its value beyond free tokens earned by doing basic tasks online, like watching advertisements. The most significant impact on DOGE’s value was when Tesla CEO, Elon Musk, announced it as his favourite cryptocurrency in May 2021, sending its value from just under a penny to over $0.65. Since then, its value has fallen and risen precipitously, and it is among the top 20 cryptos by market cap.
👍 How Dogecoin Works
Like many other digital currencies, Dogecoin runs on a dedicated blockchain. The cryptocurrency’s digital ledger keeps track of every transaction made on the network and is kept secure using cryptography. The blockchain uses a proof of work consensus system to create the coins. Miners use computers to solve mathematical equations and are rewarded with DOGE for their work. The coins are used to process and record transactions on the blockchain, and additional ones are left for the miners to hold or sell on the open market.
One significant difference between Dogecoin and other popular cryptocurrencies is the lack of a lifetime cap. For instance, Bitcoin and Bitcoin Cash each have a cap of 21 million, limiting the maximum possible number that can be created. On the other hand, Dogecoin allows its blockchain to reward millions of new coins every day. This affects its ability to hold and grow value over time, making it a spending currency rather than a viable store of value.
💻 Opening an Account with Dogecoin
Before purchasing any Dogecoin, one needs to choose a wallet. The official Dogecoin website provides two wallet options: MultiDoge (A light wallet that syncs with the blockchain by skimming through it, offering fast sync times) and Dogecoin Core (a solid-working wallet that syncs through download). Wallets can also be found in exchanges like Coinbase, downloadable mobile apps, and physical storage devices like hard drives. The wallets are secured by a private password and hold coins outside the network, making them nearly impossible to hack. It is advisable to back up the password since there is no way to recover them on the system once lost.
After getting a wallet, Dogecoin can be purchased on a cryptocurrency exchange like Kraken and Binance. These merchant processors require registering and funding an account using a FIAT currency or other cryptocurrencies. The funds are then converted to Dogecoin according to the market value. The coins can also be purchased from online brokers like Robinhood, which also sell conventional assets like mutual funds, stocks, and bonds.
🪙 Depositing with Dogecoin
Many online casinos are adopting cryptocurrencies for actual money gameplay, and Dogecoin is among the five most popular. Some of these casinos are created exclusively for crypto gambling, while others accommodate FIAT currencies as well. Whichever the case, the depositing process is hardly complicated and often follows these guidelines:
- Signup an account or log in if you already have one
- Open the banking tab, which is usually placed on the homepage
- Choose Dogecoin as the payment method to use or any crypto exchange listed
- Open your wallet and enter the amount to transfer to the wallet provided by the casino
Most casinos have a minimum limit of the DOGE that can be transferred but do not state a maximum cap.
🧾 Withdrawing with Dogecoin
Casino payouts can also be withdrawn as Dogecoin through the same banking section used for deposits. First, confirm that any wagering requirements attached to bonuses or regular deposits have been met. Open the cashier tab and choose to withdraw, selecting Dogecoin or a crypto exchange as the payment method. Enter the address to which the coins should be sent and confirm the transaction. The entered amount should be within the stipulated minimum and maximum caps.
💲 Transaction Speeds with Dogecoin
Since Dogecoin is free of control and scrutiny by third parties like banks and card companies, the currency is processed in near real-time. However, the funds often go through a processing period during which the casino verifies their legitimacy.
Dogecoin applies close to nothing charges for transactions on its network. It eliminates processing, conversion, and transfer fees by making users their own banks free of third-party influence. The charges are negotiated with each transfer.
✔️ Upsides of Dogecoin
Several aspects make Dogecoin an easy choice for anyone looking to gamble using cryptocurrency, and here are a few:
- Unlike regular currencies secured by governments, Dogecoin is decentralized, free of control by third-party institutions and risks like being frozen or seized. Instead, it runs according to laws agreed upon by consensus
- Dogecoin is one of the more affordable cryptocurrencies. As of the penning of this review, the currency sells for about 70 pennies. This price is a steal compared to Bitcoin, which costs more than $20,000 per coin.
- Dogecoin transactions cost close to nothing since they move on an open-source, peer-to-peer platform
- Being among the top five most used cryptocurrencies, players do not have to sift through too many crypto casinos to find one that supports DOGE
- Dogecoin transactions are instantly traceable thanks to the addresses attached to each transaction. Permissioned users can use these addresses to trace an asset’s journey through the blockchain
- The crypto’s use of bigger blocks than Bitcoin allows it to process transactions 10x faster
❌ Downsides of Dogecoin
Dogecoin may have proven a joke is enough to establish a full-fledged and recognizable digital currency, but it is not without its downsides. The most significant drawbacks of the digital money include;
- Its lack of a lifetime cap makes it a less effective store of value than Bitcoin and Bitcoin Cash. The unlimited supply of the coins makes them highly inflationary by design
- The currency does not share the same security and code-level scrutiny as Bitcoin, Bitcoin Cash, and Ethereum, making it more susceptible to mining-level attacks
- Since Dogecoin is a decentralized project, there is no special access or ability to reverse funds sent to the wrong account
- If the password to a physical or online wallet is lost, there is no way to recover it if they are not backed up
- While Dogecoin miners work less than Bitcoin miners to earn the currency, the process still comes at a high cost to the environment
Frequently Asked Questions
What is Dogecoin?
How do I deposit Dogecoin into casinos?
The deposit process varies from one casino to the next but often falls within a similar framework. The 1st step is to confirm that the gambling den supports Dogecoin before registering an account. Open the banking section and choose Dogecoin as the cash-in method to use. Launch your online DOGE wallet and transfer the desired amount to the wallet provided by the casino.
Can I play free games in Dogecoin casinos?
Yes, you can. Nearly all real money casinos have free versions for all their real money games, except those in the live lobby. The demo sets are fitted with fun credits to use as bets, but their winnings cannot be withdrawn. Depending on the gambling site, these games are accessible before or after account registration.
Do Dogecoin casinos offer bonuses and promotions?
Yes, they do. In some cases, casinos have separate incentives for crypto and FIAT currency users. In others, one package is open to claim using any money type. Ensure you read the terms attached to each incentive to confirm its availability for DOGE users.
Where can I get Dogecoin?
Dogecoin can be mined like other cryptocurrencies, which requires solving problems and receiving the coins as a reward. You can purchase Dogecoin on Binance, Kraken, and other cryptocurrency exchanges using FIAT currencies. Some online brokers like TradeStation and Robinhood also sell the money alongside bonds and stocks. If you’re lucky, you can purchase the currency directly from someone with it.
Final Remarks on Dogecoin
Considering Dogecoin is mainly beneficial as a spending currency, it makes sense to use it in online casinos. However, purchasing any cryptocurrency comes with several risks, including Dogecoin. Accordingly, it is advisable to buy a few coins to get familiar with the system; not more than a token amount you would be comfortable losing when gambling or due to the coins plummeting in value. Regardless, the currency offers as much gambling entertainment as regular money types. The randomness and luck involved in winning remain the same.
A seasoned veteran with years of igaming experience. A local to New Zealand land based casinos, Frank will teach you the ins and outs of all things online casino, diving deep into the subjects of casino bonus, freepins, online pokies and $1 NZ deposit bonus.