Bitcoin (BTC) and Dogecoin (DOGE) are two of the most popular cryptocurrencies to play on online gambling sites. There are many reasons why these are just two of the best options for you to get access to online casinos.
Both coins have a rich history in the crypto market. While Bitcoin was the first digital asset, Dogecoin expanded as something totally different: a meme coin. Despite the different approaches they had toward the crypto industry BTC and DOGE are among the best coins to use to gamble online.
This Bitcoin vs Dogecoin comparison will tell you all the things you should know about online gambling with each of these virtual currencies. You will find that there are some advantages of using one or the other, depending on which type of service you are searching for. Without further ado, let’s get right into this Bitcoin vs Dogecoin guide for gamblers.
🔀 Main Bitcoin and Dogecoin differences
These two cryptocurrencies have many things in common. But at the same time, there are also some features and characteristics that differentiate them. Some of the things that we will take into consideration at the time of analyzing these coins include their security, their anonymity, the fees that you have to pay to send and receive them, and many other things.
Availability on gambling platforms
One of the most important things that we should take into consideration when searching for a coin to gamble online is related to its availability. Which coin is widely accepted online? Bitcoin or Dogecoin? Are both equally accepted?
Bitcoin has certainly an advantage over every single other cryptocurrency: it is the oldest and the first one to be released to the market. This benefit is then translated into their online availability. You will find that, despite the large number of online casinos supporting Dogecoin, Bitcoin is present on every online gambling site.
That being said, Dogecoin is present at an incredibly large number of crypto casinos. This is because other features make Dogecoin better than Bitcoin in some areas when it comes to gambling online.
How easy is it to buy Bitcoin and Dogecoin?
It is quite easy to buy both, Bitcoin and Dogecoin. You will find these two virtual currencies at most cryptocurrency exchanges around the world. This is due to the fact that Bitcoin is the largest cryptocurrency in the market, while Dogecoin has received a lot of attention from the media, especially over the last few years with Elon Musk playing a key role.
If you are searching for a cryptocurrency to use at online casinos, then these two digital assets will be present in most exchanges. As it happens with Bitcoin’s availability at online casinos, you might find some exchanges that do not support Dogecoin, considering it is a smaller coin than BTC. Nevertheless, most trading platforms and wallets would let you get access to BTC or DOGE. Is then up to you to decide which one you use.
Where to keep your coins?
The way you protect your coins is very important. In the cryptocurrency industry, we are used to reading about how hackers steal users’ funds from exchanges, and how online protocols lose their funds from one day to the other. That’s a fact, if you do not properly take care of your virtual currencies, you can eventually lose them.
So how to keep Bitcoin and Dogecoin? There are multiple ways to keep your coins, and this will also highly depend on your daily usage and needs. For example, only a casino player that sends funds every single day to a gambling site might prefer to hold BTC and DOGE in a software wallet. This would allow users to avoid paying a withdrawal fee every single time they send funds to their favorite casino.
Now, investors might prefer to do something completely different. Long-term Bitcoin and DOGE holders should consider keeping their funds in cold storage solutions (hardware wallets). This is the most secure way to hold virtual currencies. Both BTC and DOGE are supported by the main hardware wallet providers in the market.
Finally, traders might prefer to keep their coins at an online exchange, ready to be traded for other digital currencies.
Security
Both networks are now being protected by a Proof-of-Work (PoW) consensus algorithm. Nonetheless, Bitcoin’s hash power is much larger than the one on the Dogecoin network. This makes Bitcoin the most secure and reliable cryptocurrency in the market.
Meanwhile, Dogecoin shares its hashing power with Litecoin. Indeed, Litecoin (LTC) miners tend to mine both Litecoin and Dogecoin and get double rewards. There has never been a 51% attack on Dogecoin.
In just a few words, when it comes to security, Bitcoin is extremely secure. Meanwhile, Dogecoin should be considered secure. Both of these digital assets are reliable when it comes to the security offered to online casino players.
Anonymity
Neither Bitcoin nor Dogecoin is considered to be digital assets that focus on privacy. Cryptocurrencies such as Monero (XMR) or Litecoin (LTC) tend to have better anonymity measures in place. Therefore, if you are searching for anonymity, BTC and DOGE might not be the best option for you.
For example, some blockchain analysis companies conduct regular checks on the Bitcoin network to track funds and unmask criminals. Therefore, every single blockchain transaction is controlled, checked, and audited. A similar thing takes place on the Dogecoin network, however, the control that these companies execute on Dogecoin might not be as exhaustive as the control they conduct on Bitcoin.
There are many ways to increase privacy online. Especially when you send funds to an online gambling site. Additionally, if you purchased digital currencies using an online exchange that performed KYC information, you have already been identified as well as your BTC or DOGE transactions.
Depositing and withdrawing processes
As it happened with other aspects of both Bitcoin and Dogecoin, the depositing process is the same for these two digital currencies. You will receive a wallet address from the online platform depending on the virtual currency that you want to use. If you want to send Bitcoin, then you will receive a BTC wallet address. If you want to send Dogecoin, then you will receive a DOGE wallet address.
Addresses belong to each network. That means that you cannot send DOGE to a BTC address or vice-versa. This could result in your funds getting lost forever. Therefore, make sure that you send the correct digital currencies to the right wallet address. For withdrawals, the same process applies.
Transaction fees
Transaction fees are among the most interesting aspects to take into account about Bitcoin and Dogecoin. Indeed, one of the main reasons to use one or the other virtual currency is related to the fees paid to perform an on-chain transaction.
Bitcoin has higher fees compared to Dogecoin. While BTC fees are close to $0.50 on a normal day with average transactional volume, DOGE transactions are close to $0.01. DOGE transactions can fall below this level if there are few transactions being processed by the network.
As it happens with most PoW blockchain networks, there is a limited block space. Despite that, Dogecoin has managed to offer transactions with a very low fee.
When Bitcoin is congested and the price to process a transaction skyrockets, people turn to other blockchain networks. Ethereum was one of the most popular alternatives. But with the growth that it experienced (especially with DeFi and NFTs) it became almost impossible to process a cheap transfer on Ethereum. Litecoin (LTC) was also an alternative to Bitcoin, as it has very low fees and transaction times.
Nevertheless, without the marketing push that Dogecoin had, Litecoin was not considered the first alternative. Hence, Dogecoin is nowadays a very useful virtual currency to process online payments and pay very low fees. When most networks are congested, Dogecoin is likely to be there without major problems or issues to offer reliable transactions to players and investors.
Speed of transactions
This point is closely related to the previous one. It is not only important to be able to process cheap transactions, but we also want these transfers to be processed fast. While Bitcoin is relatively fast (a transaction can take between 10 and 60 minutes), Dogecoin is much faster.
Dogecoin transactions get processed in close to one minute. This is much faster than Bitcoin and makes the whole gambling experience better for the player. Users don’t want to wait for transactions to be confirmed by the network, they want to play right away and pay low fees for processing the transactions.
It is worth pointing out though, that some online casinos have implemented a solution that lets users see their BTC transactions almost immediately on their balance. In some cases, players would only have to wait 2 to 5 minutes to start playing with their BTC (even when the on-chain transaction was not processed).
👍 Bitcoin gambling advantages
There are some advantages of using Bitcoin for gambling. Let’s have a look at them:
- It is a very easy cryptocurrency to use
- Bitcoin is widely supported by wallets, exchanges, and casinos
- Some online gambling sites might offer BTC promotions and discounts
- Most gambling sites (almost 100%) support BTC
- Bitcoin security is one of its main advantages
- Transaction fees are standard (neither expensive nor cheap)
- It is among the most popular blockchain networks in the market
- Bitcoin has the largest market valuation
👎 Bitcoin gambling disadvantages
These are some of the disadvantages of using Bitcoin to gamble:
- Dogecoin is faster and cheaper to process transactions
- If the network is congested, you would have to pay high fees
- It is not as fun and exciting as Dogecoin
👍 Dogecoin gambling advantages
Dogecoin has also many advantages compared to Bitcoin:
- It is fast, cheap, and reliable
- DOGE can be used in case the Bitcoin network is congested
- Dogecoin has a large and active community
- Users can purchase DOGE at a large number of online exchanges (like Bitcoin)
- Most online casinos offer Dogecoin support
- There might be some unique promotions for Dogecoin players
👎 Dogecoin gambling disadvantages
But there are also some disadvantages compared to Bitcoin:
- Dogecoin is not as large as Bitcoin
- DOGE is used as an alternative to BTC, in some cases, people would prefer BTC over DOGE
- It is not as secure as Bitcoin (despite that, it is very secure)
- There might be cheaper and even faster digital assets (XRP, for example)
✔️ Which coin to choose for gambling: BTC or DOGE?
The final decision of which virtual currency to choose to play at online casinos is up to you. It would depend a lot on what your needs are and how you want to execute your gambling strategies.
If you are a person that is searching for cheap and fast transactions, then Dogecoin could be a good option for you. Instead, if you want stability, reliability, and security, Bitcoin might be a better option. Make sure that the online casino that you have chosen to play at supports these two virtual currencies. Additionally, you have to check if the games that you want to play are available to be played using BTC and/or DOGE.
The positive thing is to use an online casino that would support both digital currencies and that would let us choose the coin that we prefer the most. For example, if Bitcoin is congested, then we can move to DOGE. Instead, if we believe that BTC could be more stable than DOGE, then we could switch to BTC.
There are many possibilities for you to choose and decide which coin would better meet your needs. Both of them are reliable, popular, and secure. You will find that playing with BTC or DOGE would give you a pleasant experience at most online casinos.