Introduction to Gambling
Gambling has been the traditional form of betting money on favoured odds to win since ages. Though addictive in nature, it has been a means to earn some extra money.
Online gambling requires just a device (tablet, smartphone, laptop etc.) from which you can access the website portal and play online. With the evolution of the internet, online gambling has been generating interest amongst gamblers. Online gambling activities have surged in recent years.
In recent years, cryptocurrency has been spearheading the financial instrument industry. With gaining acceptance, cryptocurrency has found its way into online gambling too. Gamblers can now bet and win cryptocurrency on online gambling websites.
What Is Dogecoin Gambling?
Dogecoin is a meme centric cryptocurrency. The news and speculation around the currency is the driving factor for its increasing valuation. Especially the keen eye from Elon Musk and like celebrities has helped the coin gain popularity. With its increasing popularity, Dogecoin is becoming a widely accepted currency in online gambling.
You can play a variety of gambling games online with Dogecoin. Be it online slots to poker, blackjack, lotto games or other live games, there are ample games you can use dogecoin for.
With the benefits like anonymity, faster transactions and strong social media presence, search for Dogecoin casinos and gambling sites is on the surge.
Working of Dogecoin Gambling
In Doge gambling, the users or players must first deposit a designated amount in the form of their Dogecoins into their account made with the gaming website. Then the players/users select the game they wish to play and put their bets on. The bets are placed anonymously.
The winning amount, which is the total of the bets placed on that game, remains in the form of Dogecoins. The winners get the prize money in the form of Dogecoins only. These can be then used to further gamble in different games or take it out as a form of investment.
Pros and Cons of Dogecoin Gambling
- Dogecoin being one of the famous cryptocurrencies is acceptable on a wider range of online platforms. Hence it makes the coin liquid, easy to trade and exchange with other currencies, even fiat ones.
- The anonymity Dogecoin brings allows secrecy to the gambler (owner) in today’s world of internet.
- The lower purchase value of the Dogecoin makes it appealing for experimental purposes.
- Easier transactions make it easy for cross border transactions of Dogecoin at online casinos. Also the unlimited supply (mining) allows you umpteen opportunities to trade and gamble.
- The lower transaction costs on deposits and withdrawals is an added advantage
- Because Dogecoin is a fun (meme) based currency, the volatility of the coin is high. Hence may not be suitable for seasoned gamblers.
- The price valuation of Dogecoin is too dependent on the celebrities talking about it. Hence the uncertainty remains hovering around gamblers on the winning amounts.
- Since the process of getting Dogecoins requires the owner to go through various payment methods to acquire Dogecoins, it could be cumbersome for some non tech savvy people.
Future Growth of Gambling with Dogecoin
Dogecoin’s future valuation looks very bright. The coin was launched at $ 0.005 and has touched the high of $0.7 in 2021. Dogecoin has already gained massive profits in 2021. This indicated that usage of Dogecoin in gambling is not going to stop.
The world today is weighing the cryptocurrency world’s economic calculations based on supply and demand. There are coins like Bitcoin which have high value but limitation of supply and there are coins like Dogecoin, which are ample (infinite) in supply but of lesser value in comparison.
It is to also see the acceptance of the currency. Especially with Dogecoin, where various celebrities including Elon Musk are announcing the probable acceptance of currency in future projects is not to be ignored.
And with the increasing familiarity and popularity, the acceptance of currency for various transactions is also on rise. Likewise, the usage in online gambling where Dogecoin is replacing the traditional money and financial assets.