Dogecoins are a new form of currency that is becoming popular in online gambling. They are similar to bitcoins but easier to obtain. Considered a cryptocurrency, Dogecoins actually come from Litecoins. Dogecoins got their name Doge is a popular Internet meme that has been picked up by the online gambling industry.
Unlike bitcoins, which are targeted to a specific demographic, Dogecoins are targeted at a larger demographic of online gamblers. Though they have only been in existence since December of 2014 they have already become very popular. Dogecoins and other forms of cryptocurrency are considered a better choice than bitcoins for funding online casino accounts. Despite being in existence for a short period of time they are already becoming the preferred choice of many online gamblers.
In order to obtain and use Dogecoins it is first necessary to download software to gain access to a Dogecoin wallet. They can also be obtained by going through any trading market. As with bitcoins, Dogecoins can also be mined online, though this is a more complicated and time consuming process. Depositing and withdrawing Dogecoins is done the same way depositing and withdrawing bitcoins is.
The Big Question Mark – What Is The Future Of Dogecoin?
Like bitcoins, the value of Dogecoins can fluctuate. However, Dogecoins are still always worth less than bitcoins at this time. Since Dogecoins are worth less they are safer for online gambling because players don’t have to risk losing as much money.
Since Dogecoins are still in the early stages of use they have to be converted into either bitcoins or litecoins. Dogecoins can be used at some online casinos to play games such as European Roulette. Many dice games can be played using this currency and it is accepted at select online sports books. So far there is a decent amount of competition in the Dogecoins online gambling market. Investors are being to see the value of this currency and are quickly becoming more interested in using it.
With the introduction of Bitcoin into the world it wasn’t long until the poker world adopted this new currency as another method to play online. Bitcoin has changed a lot of the complications that arose due to online gambling to much simpler terms.
Bitcoin is completely anonymous and many countries do not recognise it as a valid currency and thus gambling using Bitcoin online bypasses the gambling laws in most places such as the US. Within the US it is illegal for any company to knowingly accept payment from a US resident for gambling purposes. The anonymity that comes along with Bitcoin allows US players to deposit and companies to accept the deposit without actually breaking any laws.
The poker itself is unchanged when using Bitcoin apart from two small changes. These changes do not actually affect the playing of the game. The two changes I am referring to are:
1) Bitcoin is changed, by most online poker sites into Bitcoin chips. This is simply just to make the logistics easier. For example it is possible to have 0.0000001 of a Bitcoin, playing poker with such denominations become unnecessarily difficult. To get around this all Bitcoin is changed into Bitcoin chips which are in easier to use decimal denominations. Such as 1BTC is equal to 1000 bitcoin chips. This allows you to play 1 / 2 blinds using Bitcoin chips. This would be equivalent to playing 1milli Bitcoin / 2milli Bitcoin.
2) The second major difference when playing poker with Bitcoin and is, in my opinion the biggest reason any player would have to decide to play poker with Bitcoin is that the rake is lower. This is due to the lack of addition costs and transaction fees that surround Bitcoin as opposed to more conventional currencies. With Standard currencies there are fees that are incurred when the site tries to handle a withdrawal request. These costs are absorbed by the site but as you would expect they need to still make profit so the rake has to be higher to compensate.
However with Bitcoin gambling sites these transaction fees are non-existent as the transaction doesn’t have to make its way through lots of financial institutions. Instead it is a direct digital transfer from one user to the other. In this case the site to the player. This allows the site to reduce the amount of rake taken while still maintaining a healthy profit margin.
For me playing poker with Bitcoin is a very good idea as the player pool is widened with the introduction of the American market and the rake is lower which means that the winrate of all players will be increased. If you are a losing player it may just be enough to turn you into a winner and for all winners your profits will just increase.