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What is Dogecoin and How Does it Work?
Similar to Bitcoin and Ethereum, Dogecoin is a cryptocurrency. It was launched in 2013 by two software engineers, Billy Markus and Jackson Palmer. Cryptocurrency is essentially a virtual currency that runs on a peer-to-peer network known as Blockchain technology which is an organized ledger that ensures the security of transactional data.
Although cryptocurrencies are used to make transactions, however, unlike the physical currency, they are decentralized. Therefore, governments or financial institutions cannot interfere.
Having said that, it is important to mention that Dogecoin has some special features distinct from other cryptocurrencies. Unlike, bitcoin – the most popular cryptocurrency – Dogecoin has no limit to the number of coins that can be mined (the process of generating new units of cryptocurrency). Additionally, Dogecoins can be mined faster than other digital currencies.
Interestingly, the origin of Dogecoin began as a small joke between crypto enthusiasts. At that time, a popular meme that was going round featuring a misspelt word ‘doge’ which was used to depict a Shiba Inu dog. Consequently, Palmer decided to brand the dog as the cryptocurrency's logo.
However, what started as a joke and with little attention is now a mammoth project. Particularly in 2021, Dogecoins casinos popularity has grown immensely. Besides its popularity, the cryptocurrency’s value is skyrocketing especially in 2021. To date, Dogecoin is the fifth-largest cryptocurrency by market cap.
Pros & Cons Of Dogecoin Deposits
- Secrecy of Doge Transactions
- Dogecoin gambling ensures the privacy of gamblers personal information
- Efficient and Instant Payouts
- Unlike Bitcoin, Dogecoin takes lesser time to mine
- A large amount of Doge casino games to chooses from
- The cryptocurrency lacks significant technological updates since 2015
- High Inflationary Prices
5 Things You Should Know About Dogecoin Deposits
What is the Dogecoin Wallet?
To wager at any Dogecoin casino site, a player needs to have a Dogecoin wallet. So what is a Doge wallet? Unlike the traditional wallet which is used to store cash, a Doge wallet stores your private keys which are used to enable you to access your DOGE.
For a player to prove ownership of Dogecoins, the private keys act like passwords to allow you to access your money on the blockchain. For this reason, one needs a crypto wallet to keep them safe.
The main types of Doge wallets are MultiDoge and Dogecoin Core. Other third-party website wallets include Trust and Trezor wallets, which are compatible with most online casinos.
How to Use Dogecoin to Deposit at Online Casinos
As mentioned earlier, the process of depositing cryptocurrency is more complicated compared to the conventional method. However, depending on a particular casino, the process might slightly differ. Read our BC.Game review for a detailed explanation.
Dogecoin Casino Safety - Is Depositing with Dogecoin Secure?
By design, Dogecoins deposits are meant to be safe and secure due to the decentralized nature of blockchain technology. Therefore breach of personal information is unlikely while transferring to Dogecoin casinos or within the Doge wallet.
When choosing a digital wallet, ensure that you select one that is compatible with the Dogecoin casinos. As a matter of fact, despite the numerous online wallets, it is much safer to use physical wallets such as external hard drives. External hard drives store private keys offline which limits hackers from gaining unauthorized access.
Before engaging in Dogecoin gambling ensure the crypto casino is fully licensed and regulated. Otherwise, in case of fraud, unlicensed online casinos may lack adequate customer support. Additionally, choose Dogecoin casinos whose terms and conditions are straightforward.
Dogecoin & Taxes - Do UK Players Need to Pay Taxes for Dogecoin Deposits?
Dogecoin casinos in the UK do not require players to remit any taxes on deposits made with Dogecoin or on wins withdrawn in Dogecoin. However, some fees may apply to banking payments depending on the online casino.
Luckily, for dogecoin gambling, the deposit and withdrawal fees are significantly small. In most cases, the ratio is usually 1 DOGE per 1000 bytes. In simpler terms, this means the fee is almost zero. However, due to the drastic surge in prices of the cryptocurrency, the fees might increase but remain very low in comparison to other major cryptos.
It is also important to note that the particular wallet used by a player may charge a fee as well. Though very low charges, players need counter check the prices before sending them to their favourite Dogecoin casinos.
In conclusion, players need to examine the terms and conditions of potential online casinos for additional fees before committing funds.
Dogecoin Games
Online casinos or crypto casinos that recognise Dogecoin as a legitimate payment method allow players to access the same real money slot games and live casino games as other casino sites. Dogecoin online casinos allow customers to play table games such as Dogecoin blackjack, Dogecoin roulette and Dogecoin poker.
Playing dogecoin slot games at Doge casino can even come with added bonuses such as having no wagering requirements on any Dogecoin no-deposit free spins bonuses. Cryptocurrency casinos, like other online casino sites, offer new players a deposit bonus or a no deposit bonus as part of the casino welcome bonus.
Provably fair Dogecoin Blackjack at the best Dogecoin casinos allows customers the chance to deposit and withdraw Doge and play their favourite card game without searching for alternative payment options.
This is also the case for other casino games, with some Dogecoin casino sites offering dedicated Dogecoin casino games sections. Doge roulette, Doge Poker, live casino and Dogecoin lottery are other popular provably fair games listed at the best Dogecoin gambling sites. There are also many live dealer games and classic casino games with a low house edge and high limits and VIP prizes for high rollers.
How to Withdraw Your Casino Winnings Using Dogecoin
Unlike deposits which are instantaneous, it takes up to two days for a Dogecoin online casino to deposit winnings in a player’s Doge wallet. Conversely, Dogecoin casinos differ in terms of the withdrawal process and the period it takes to complete a withdrawal transaction. Below is how to withdraw funds at Doge gambling sites:Alternative Cryptocurrencies - Can You Use Crypto Besides Dogecoin Gambling at Online Casinos?
It is almost impossible to ignore the crypto revolution in our daily transactions and online casinos have not been left behind either. Besides Dogecoin, there are a dozen cryptocurrencies in the market today which are accepted by crypto casinos.
Bitcoin
Mention the word cryptocurrency anywhere and the word Bitcoin comes to mind. Bitcoin is the oldest, most popular and most valuable among the various cryptos out there. It is the first cryptocurrency to use blockchain technology to enable digital transactions.
Ethereum
Closely following Bitcoin in terms of popularity is Ethereum. Like Bitcoin, it uses blockchain technology to track digital transactions on its Ethereum network. However, it uses tokens known as Ether to run on the Ethereum network.
Litecoin
Litecoin was created in 2011 by an MIT engineering graduate and it functions in a similar way to Bitcoin. Litecoin edges bitcoin slightly when it comes to coin limits. While Bitcoin has 21 million, the Litecoin coin limit is 84 million.
3 Tips for Making the Most Out of Your Dogecoin Deposits
Did you know, as a gambler you could benefit from making deposits at Dogecoin casinos?
Alternate Deposit Methods - Dogecoin Alternatives
Before Dogecoin casinos and crypto casinos in general emerged, the prospect of which type of online casino banking method to use has been a major hurdle for punters. Besides the use of cryptocurrency, there exist other payment methods of depositing money at online casinos.
Visa
Specifically, in the UK, debit cards are the most popular mode of depositing funds at any online casino. Probably the main reason why debit cards are popular is due to their accessibility. It is very easy for casino players to access debit cards from any financial institution.
PayPal
Unlike Debit Cards, PayPal is an electronic wallet that is used to make online payments as well as safely storing funds for future use. It is ranked as the best e-wallet system since its inception a decade ago and is compatible with a majority of online casinos and sports betting sites.
Skrill
Similar to PayPal, Skrill is another popular e-wallet among UK players. Its system of operation is no different from that of PayPal. Skrill is a genuine digital wallet regulated by the laws of the UK and accepted by a majority of online casinos.
Frequently Asked Questions About Dogecoin Deposits
What is a Dogecoin Casino?
A Dogecoin Casino is an online gambling platform where you can play casino games using Dogecoin, a popular cryptocurrency known for its Shiba Inu dog logo.
How to check If an online casino accepts Dogecoin?
Before engaging in Dogecoin gambling, ensure the casino accepts Dogecoin as a mode of payment. Depending on the particular casino go to the ‘Payments’ section or the ‘Cashier’ section and check from the available payment methods if Dogecoin is one of them.
Are Dogecoin Casinos Legal?
Most Doge casinos are licensed and regulated by the British Gambling Commission thus making them safe and legal. However, some of these casinos are unlicensed since such electronic payment is not controlled by any government body or financial institution.
Therefore, before engaging in any Dogecoin gambling it is upon the player to investigate whether the online casino is licensed.
What can I do if my casino doesn’t accept Dogecoin?
Since the cryptocurrency is new in the market, it is possible to find some online casinos that do not accept Dogecoin as a mode of payment. In case a casino does not allow you to enjoy Dogecoin gambling, there are many other crypto gambling sites that accept Dogecoin which you can choose to join.
How Do I Start Playing at a Dogecoin Casino?
First, you need to purchase Dogecoin from a cryptocurrency exchange. Then, choose a reputable Dogecoin casino, create an account, and deposit your Dogecoin into your casino wallet.
Are Dogecoin Casinos Safe?
Safety varies depending on the casino. Look for casinos with a good reputation, valid licenses, a wide range of games, robust security, and responsive customer support.
Can Dogecoin be hacked?
Dogecoin uses the latest blockchain technology which is a digital ledger that stores all transactions through a process known as cryptography. This sophisticated technology prevents any threat of hacking.
Can I Withdraw My Winnings in Dogecoin?
Yes, most Dogecoin casinos allow you to withdraw winnings in Dogecoin. Still, you need to check the rules of the casino you're playing at to make sure.
How long does it take to withdraw winnings using Dogecoin?
It may take up to 2 days for a player to receive winnings using Dogecoin. Such a scenario occurs when the Dogecoin casino is forced to manually to consent your withdrawal. Among the most popular cryptocurrencies, Dogecoin boasts of the fastest payouts when it comes to withdrawing winnings.
What is the minimum amount needed to withdraw or deposit Dogecoin?
There is no specific minimum amount of Dogecoin required to deposit or withdraw. Any deposit or withdrawal limits are likely to vary from a Dogecoin casino to the other.
Are There Any Fees for Playing with Dogecoin?
While Dogecoin transactions usually have lower fees compared to traditional money, some casinos may charge their own fees. Check their policies.
Is it free to open a Dogecoin wallet?
Opening a Doge wallet is free of charge regardless of the version a player decides to use. Whether the desktop version – Mac or Windows, or the mobile devices Android version, there are no charges incurred.
How Fast Are Transactions with Dogecoin?
Dogecoin transactions are generally fast, but transaction times can depend on network congestion and casino processing times.
Can I Play Dogecoin Casinos on My Mobile?
Many Dogecoin casinos are mobile-friendly, either through mobile apps or mobile-optimized websites.
What Should I Do If I Encounter Issues at a Dogecoin Casino?
Contact the casino’s customer support. If unsatisfied with the response, you can look for dispute resolution services within the cryptocurrency community.
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