Cryptocurrency is one of the buzzy topics of the new decade so far, with recent years seeing these digital assets skyrocket in value. Cryptocurrencies are assets that only exist digitally, and are decentralized, disconnected to banks, and have comprehensive software that tracks their use and provides security. Cryptocurrency is a topic that is filled with buzzwords, so if you’re struggling to understand some of the words we use, check out our page Cryptocurrency Betting for a breakdown of terminology and much more details about what crypto is and how it works.

From Bitcoin to Ripple, there are a wide variety of different cryptocurrencies, each with various features that set them apart. Because cryptocurrency has become so popular, crypto gambling is now a rising trend. It is essentially online sports betting with cryptocurrency as the payment option. Cryptocurrency betting has numerous upsides that make it so popular. Dogecoin is one of the up-and-coming cryptocurrencies, and if you’re wondering what Dogecoin is, where to bet with it, and how to bet with it, you’ve come to the right place.

Profile of Dogecoin

Logo: 

Symbol: Ð

Initial release: December 6th, 2013

Authors: Billy Markus and Jackson Palmer

Market Cap: 44.6 Billion USD (at writing)

Circulation: 129.76 billion (at writing)

What is Dogecoin?

Dogecoin is representative of the complete craze that cryptocurrency investment has led to. Originally started as a joke by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer, Dogecoin is now the cryptocurrency with the 7th highest market cap and is touted by famed billionaires like Elon Musk and Mark Cuban.

Dogecoin was initially created as a way to make a joke of the wild speculative nature of the cryptocurrency market, and before long, the joke took on a life of its own. The currency started with a value under $0.0003 per coin, but when buyers began to pile on, it shot all the way up to a peak of over $0.70 per coin.

Dogecoin has greatly benefitted from celebrity interest pumping up the value, as everyone from Elon Musk and Mark Cuban to Gene Simmons and Snoop Dogg have encouraged their social media followers to invest. Dogecoin jumped particularly high after Cuban announced that his NBA team, the Dallas Mavericks, would accept Dogecoin as a form of payment for tickets.

Dogecoin operates using DeFi, a blockchain-based form of finance that doesn’t require third parties like brokerages or banks.

Dogecoin can be bought in a variety of ways. Exchanges like Binance and Kraken offer Dogecoin for sale, and Dogecoin is going to be offered on Coinbase soon. Like other cryptos, Dogecoin can be stored in crypto wallets for safekeeping.

What makes Dogecoin different from other cryptocurrencies.

  • Dogecoin has the most circulating supply of any cryptocurrency worth more than $0.01
  • Dogecoin was initially started as a joke, and due to its success in meme culture, it took off
  • Dogecoin is very susceptible to rising and falling with pure speculation, with one July 2020 tweet from Elon Musk causing prices to rise 14%
  • Dogecoin’s actual value lies primarily as an investment, as most places don’t accept it as a viable means of purchase
  • Dogecoin is represented by a Shiba Inu, a type of dog that is popular in meme culture.

How to bet with Dogecoin

Crypto sports betting is a rising trend that is attracting more and more bettors every day. Crypto betting sites attract new customers by offering a different way to bet. Bettors who want to try something new, who are sick of the conventional methods of banking and the frequent complications that come with it, can find crypto gambling to be the perfect alternative.

Dogecoin is not like Bitcoin or Ethereum, which is a conventionally accepted form of online currency. Right now, Dogecoin exists primarily as an investment for those who are trying to make money off the fluctuations of this Internet trend. However, that doesn’t mean betting with Dogecoin is impossible.

There are still some sites that do offer gamblers the opportunity to use this cryptocurrency for betting. Here’s a breakdown of how you can do cryptocurrency betting with Dogecoin.

  • Step One: Find a sports betting site that accepts Dogecoin as a deposit and withdrawal method
  • Step Two: Set up a Crypto Wallet if you haven’t already
  • Step Three: If you don’t have Dogecoin, visit an online exchange and purchase some. Dogecoin is much cheaper than some of the bigger cryptocurrencies per coin, so you can buy a large number of coins.
  • Step Four: Send the Dogecoin to your wallet
  • Step Five: Deposit the Dogecoin into your gambling account
  • Step Six: Put your Dogecoin to work and start betting!

Dogecoin betting vs regular betting

Now that you know how to bet with Dogecoin, let’s take a look at what the experience might be like compared to betting with a more traditional method of banking.

Niche Websites Only

As mentioned before, Dogecoin is a very niche form of actual currency. Its primary use is as an investment. Because of this, most gambling sites aren’t going to have Dogecoin as a payment option. If you are insistent on using Dogecoin as your payment method, there will a limited number of websites for you to use, mostly crypto betting sites that specialize in the use of cryptocurrency.

Hard to Track How Much You’re Betting

Cryptocurrency as a whole is extremely volatile, but Dogecoin really takes it to a new level. You may deposit a certain amount of Dogecoin into your account, and think you’re betting with the value it had when you deposited, but your Dogecoin may have doubled or halved in value since you deposited it. This makes it very difficult to be sure how much you are betting with, which can be problematic.

Quicker Withdrawal Time

When you are using regular currency, there are multiple parties your money has to go through to get to your account. When you are using decentralized cryptocurrency like Dogecoin, there is no bank as an intermediary, so your money can go to and from your account much quicker.

Complicated to Get

Just about everyone has a bank account, so it is simple to use a debit card as a banking method. While it can be annoying, as banks can stall the process, the average person has everything in place to use their bank account as a deposit method for a sports betting site. Dogecoin requires a lot more to set up, so if you don’t already have everything in place, it is a longer process.

Where can I bet with Dogecoin

Now that we’ve explained all about Dogecoin betting, you’re probably wanting to get started. To do that, you’re going to need to find a crypto betting site that accepts Dogecoin as a deposit/withdraw method. This may be harder than with other cryptocurrencies, as Dogecoin is widely considered an unstable form of currency.

There are two different kinds of betting sites that would accept crypto. There are ones that exclusively accept crypto as a payment method, and there are ones that offer hybrid banking, with both regular payment methods and cryptocurrency. Not all the hybrid sites would accept Dogecoin though, as it is a niche form of payment. Here’s a breakdown of the gambling sites that are confirmed to accept Dogecoin as a payment method:

  • Stake
  • 22Bet
  • Sloty Sports
  • 1xBit

Other cryptocurrencies for betting

Dogecoin is an altcoin that has soared into the mainstream in the past couple of years. It is an interesting example of how wild the cryptocurrency market can be. It is also far from the only crypto betting option out there. There are many cryptocurrencies out there that users can choose to make their bets with. Here’s a summary of some of the other available cryptocurrencies out there. We’ve also provided more of a deep dive on each of these.

  • Bitcoin: Bitcoin is the original decentralized cryptocurrency, coming into existence in 2009, and inventing Blockchain in the process. It is the cryptocurrency with the highest market cap, and each Bitcoin is worth thousands of dollars. The identity of Bitcoin’s creator remains a mystery.
  • Ethereum: Ethereum is the cryptocurrency with the second highest market cap behind Bitcoin. Ethereum was crowdfunded into development and went live in 2015. Since then, it has seen its value skyrocket as it becomes one of crypto’s leading currencies.
  • Binance Coin: Binance Coin is a coin that was launched in 2017, and has quickly risen to have the 4th highest market cap of any cryptocurrency. It is used to buy and pay fees on the Binance Exchange, the largest cryptocurrency exchange in the world.
  • Ripple: Released in 2012, Ripple is a currency exchange that is operated by Ripple Labs. Their actual currency is called XRP and has the 6th highest market cap of any cryptocurrency.
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