What is Dogecoin?

Dogecoin is one of the oldest cryptocurrencies in existence. Born as a joke and initially given away in the millions (or hundreds of thousands anyway), DOGE has somehow retained a presence, with renewed value and interest marking 2017.

An alternative cryptocurrency (altcoin or alt), DOGE has managed to stay around for a very long time, albeit with relatively low use and adoption outside of the gambling and social community. Its creators launched DOGE in December 2013 as a “joke currency”, choosing the likeness of the Shiba Inu from the “Doge” Internet meme to represent the coin. Due to the popularity of the meme and its associated meme language, its online community quickly swelled, with droves of people flocking to use Dogecoin to tip and give away.

Within a month, the joke took on a serious hold, reaching a $60 million market cap and has continued to grow. A spurt of value in 2017 took DOGE to its highest ever levels after languishing for the better part of two years. Today, it has a capitalisation of $191 million and attracts a daily volume of just over $4 million.

Its original creator, Jackson Palmer, as well as most of its development team abandoned the project, citing personal reasons and a disenchantment with cryptocurrency. This left Dogecoin without development for more than a year. In March 2017, the current lead developer, Max Keller, and core developer Ross Nicoll, subtly announced that they were planning upgrades, breathing life into the plodding alt.

DOGE may be the little brother of big alts, but with developers and a staunch community refusing to let it die, expect much crypto and such wow for many years to come.

What’s unique about Dogecoin?

The core concept of Dogecoin was its purely fun nature, intended to bring a lighter tone to the sometimes technically extreme and serious battlefield of cryptocurrency development. It succeeded initially, but itself was caught up in politics, leading to the departure of its creator.

Dogecoin was (and is) also synonymous with giving and tipping. In the hey day of DOGE, users on social media such as reddit were frequently receiving Dogecoins from giveaways, often random and often anonymous. The Dogecoin community is also famously charitable, raising significant funds to support non-profit endeavours. The Dogecoin Foundation raised $50,000 for Kenya’s water crisis in 2014, funded the Doges4kids project which helped find dogs for children in need and even sent a Jamaican bobsled team to the Olympics!

More recently in 2017, Shibes for Socks collected funds to buy socks for the homeless of Los Angeles, proving that Doge’s giving nature was still alive and well.

It continues to be a very popular alt in crypto casinos, with Doges being the favourite currency of tipping, partly due to its low value and availability.

How does Dogecoin compare to other cryptocurrencies?

Dogecoin’s innovative introduction:

It was designed to be an inflationary crypto – with no limits to production.

Dogecoin has become especially useful in online casinos, with many Bitcoin casinos also adopting DOGE into their ecosystems. Due to its low value, it’s normally quite easy to give 5 or even 10 DOGE when minimum limits for its Bitcoin equivalent (currently 60 satoshi per DOGE) are too high.

DOGE’s low use means that it is coupled with low fees (you can generally still send DOGE without any fees) and quick transactions (again, low transaction volume means quick confirmations). This makes it a useful option for people wanting to transfer funds quickly and cheaply, temporarily converting crypto to DOGE and moving them around sites.

Because DOGE is also plentiful, it is also relatively cheap and easy to obtain.

Comparative factors Cryptocurrency
BTC ETH DOGE LTC XMR
1. Ease of use 8.5 7 9 8 6
2. Development 9 9 5 8 7
3. Adoption 9 7 7 5 4

 

1. Ease of use

Perhaps because of its perceived low value, there has been virtually no attention from hackers with Dogecoin – meaning that most people who own Doges store them at exchanges and sites, as opposed to keeping a stand-alone wallet as they would other cryptocurrencies.

Transacting DOGE is probably a lot easier than BTC or other high value coins, as well, with round figures likely to be used and mistakes in decimals easier to avoid. For example, 100.5 DOGE is practically the same value as 100.05 DOGE.

2. Development

As mentioned above, Dogecoin was abandoned by its creator in arguably acrimonious circumstances some time in October 2015. For more than a year, its network remained untouched in terms of technical upgrades but was maintained faithfully by the community.

However, that has changed recently and recent suggestions by developers Keller and Nicoll in March 2017 helped propel DOGE into an all time high price in May, 15 times its value in March.

Dogecoin is merged mined with Litecoin, with the latter’s hashing power providing security to Dogecoin. Furthermore, Dogecoin’s mining software is pending an upgrade and there are efforts to create  a “bridge” between DOGE and ETH blockchains, allowing users to send DOGE to Ethereum without exchanges. This ability to use DOGE to directly trade via smart contracts for ETH-based tokens may see Dogecoin extend its life yet.

3. Adoption and popular support

Almost any veteran crypto gambler will know Dogecoin and many Bitcoin whales even have several thousand DOGEs lying around. It’s still one of the most-used currencies to tip in crypto gambling and giveaways. Dogecoin merchants or stores have not grown the way Bitcoin has but even modern business projects like ICOs regularly accept DOGE as currency.

Loyal “Shibes” (DOGE users) are found in many gambling and social communities, reminding people that you can’t keep a good Doge down for long.

How does Bitcoin compare in terms of gambling use?

Transaction speed

Transactions are quick – DOGEs get confirmed in roughly 1 minute blocks! You’re also very likely to get confirmed in the very next block after your transaction is broadcasted, since blocks are hardly full. With DOGE, you can forget about waiting for hours or even days on congested networks.

Transaction cost

There probably isn’t a cheaper coin to send in the Top 50 by market cap – DOGE is one of the few you can still spend with 0 fees (we tried it, it works) and most sites only charge 1 DOGE (60 satoshi) per withdrawal.

Anonymity

DOGE isn’t any more anonymous than Bitcoin is. It operates on the same basis of open ledgers, with any addresses visible on the blockchain. Unlike Bitcoin, though, there aren’t any reputable mixers to help add layers of privacy and security, so you’re going to have to go through your own hoops of anonymising your DOGE.

OK I’m interested! How do I start?

If you want a good wallet, might as well start by downloading the official one from dogecoin.com. You can use this to store your Dogecoin safely, the same way you might with Bitcoin. Otherwise, if you’re not planning to keep a lot, you should be all right keeping DOGE at the sites you gamble at.

If you don’t want the hassle of having a separate wallet, you can go for multi-currency wallets such as Exodus or Jaxx, which will allow you to store DOGE alongside your BTC. Planning to store millions of DOGE? Go for a hardware wallet from Ledger or Trezor.

Where do I get Dogecoins from?

There aren’t actually many places to buy DOGE with fiat, unlike Bitcoin, so it can be limited in that sense. However, if you live in China or Hong Kong, you can buy DOGE at BTC38, Jubi and Yuanbao for Renminbi (these are also among the biggest traders of DOGE).

Otherwise, most major exchanges will sell you DOGE for other forms of cryptocurrency, especially Bitcoin. Here are some other exchanges you can obtain Dogecoin from:

  1. wesellcrypto.com Paypal
  2. Poloniex Credit, debit card (converting to USDT, to buy DOGE), BTC
  3. Cryptonator.com Most major crypto
  4. HitBTC SEPA, iDeal
  5. Bitcoin Indonesia BTC, Bank Transfer, credit and debit card

Show me 5 gambling sites that accept Dogecoin today!

You’re in luck, gambler. Dogecoin continues to be a popular gambling currency, especially with older sites that have always accepted multiple cryptocurrency. If a Bitcoin casino accepts more than 1 crypto, it’s likely to accept Dogecoin.

In no particular order:

1. LuckyGames.io

A new entrant into the crypto gambling scene, LuckyGames has an impressive design and offers four games: Dice, Balls, Roulette and Cells. Balls and Cells are quite unique, so they have a bright future ahead. They accept Bitcoin and five other alts: Blackcoin, CLAM, DASH, Digibyte and of course, Dogecoin.

2. DuckDice

Another new dice site, DuckDice premiered in February 2017 and has gained a decent following thanks to its generous Bonus and affiliate programme. Ignore the prominent duck face on the site, DuckDice has got serious gambling rewards. That’s right, get more DOGE for your deposit, and earn DOGE from those your referrals wager! They also let you gamble with Bitcoin and Litecoin.

3. Dicecoin.io

One of the oldest dice casinos on the internet, Dicecoin isn’t one of the more popular ones but it still stands out as an elegant site, with good dice speeds and instant deposits and withdrawals. The faucet doesn’t work anymore and players are few but this can be a good introduction if you want to bet DOGE.

4. Bitcoin Penguin

Fancy a full fledged casino complete with hundreds of High Definition slots to try your luck at, including a retro 90s themed Meme Faces slots? Head over to Bitcoin Penguin. Your DOGEs are as welcome here as Bitcoin and Litecoin. They’ve got a generous 100% First Deposit Bonus and 150% Third Deposit Bonus with the 10 highest slot wagerers earning rewards each Saturday. Anonymous play is icing on this cake.

5. Cryptogames.io

If cartoons and brightly-coloured slots are your cup of tea, Cryptogames is your destination. Bet your DOGEs on three unique slot titles: Tropical Dreams, Stellar and 777. Or try your hand at Wheel of Fortune, relive Windows 95 memories with Minesweeper or settle into the ever popular Dice. Anonymous play and a 120% Deposit Bonus will get you the best bang for your DOGE.