Dogecoin has had a strange year. A once-obscure cryptocurrency named after a dog-based meme has gained over 14,000% in 2021 and has created many millionaires. It has been backed by many major celebrities and seems to be set for a pretty big future.
Of course, nothing is ever guaranteed and Dogecoin could just as easily plummet, with the bottom falling out and those millionaires turning to paupers overnight, but whether it rises or falls, it looks like Dogecoin is set to become a popular payment method.
The question is, can Dogecoin rival Bitcoin in the online casino industry? It’s an industry that has helped Bitcoin to become the massively popular currency that it is, and one that facilitates the transfer of millions of dollars worth of coins every day, so will it do the same for Dogecoin?
Will Dogecoin be Accepted by Bitcoin Casinos?
You can already use Dogecoin at many online casinos, but it’s often relegated to a fringe payment method, with the likes of Ethereum, Litecoin, and XRP available ahead of it. The first step for these casinos is to accept Bitcoin. That’s how the biggest and the best bitcoin casino sites operate. Once the systems are in place for these sites to accept Bitcoin, they move onto Ethereum, Litecoin, and other major currencies.
Only when these have been covered do they considered Dogecoin.
However, now that Dogecoin is flying high, and assuming it remains stable for at least a few more months, that will likely change.
Casinos want to see the stability before they embrace a payment method, otherwise, the price will change too much and too quickly for it to be a viable option. In the past 12 hours, for instance, Dogecoin has gone from a gain of 4% to a loss of 10%. In fact, in the time it has taken to write this sentence, it has dropped 0.5%.
That is just not suitable for an online casino payment method and casinos will be keeping a close eye on proceedings, waiting for it to stabilize, and then jumping on board when it does.
Once they do, payment methods like CoinsPaid, which is already used on dozens of sites, will likely become major players in this industry, helping companies to facilitate crypto payments.
In the meantime, some sites are looking to currency exchanges to process the payments. With these payment methods, your cryptocurrency exchange account essentially assumes the role of a web wallet like PayPal or Skrill.
It means that you can use payment methods like Dogecoin, as well as hundreds of others that are accepted on the exchange. As long as you have the funds in the exchange and can transfer them to an online casino, it doesn’t really matter how they got there, at least not as far as the online casino is concerned.
What is the Future of Dogecoin?
Many have argued that Dogecoin is set for an epic failure, noting that the coin was created not as a serious investment opportunity but as a joke. They’re not wrong, and it’s fair to say that Dogecoin doesn’t have the same benefits that other coins have.
But it’s not always the best commodities that thrive, and the same is true for anything else. If it was always about being the best, Betamax would have beaten VHS and Blu-ray would have beaten HD. In fact, if the cryptocurrency industry prioritized the most advanced technologies, we’d be seeing new market leaders every couple of years.
It’s all about market demand. If people want that currency and back it, it’s going to soar, and if they keep backing it, it’ll be the currency of the future. Sure, it’s a little hard to believe that the future of Dogecoin could be so bright, and it’s more likely that the bubble will burst and it will be overtaken by better altcoins, but we’re still treading new ground here and nothing is ever certain in the cryptocurrency sector.
In 2013, if you had said to someone that there would be a Bitcoin rival created as a joke and based on a dog with bad grammar that would generate a worth of over $100 billion, no one would have believed you. Even now, it’s hard to imagine, and yet that’s exactly what happened. That’s the future that we live in now.
For all we know, the future of currencies could be based on memes and jokes. Maybe people get so tired of Dollars and Pounds that they start investing in altcoins based around amusing memes.
In a world of Dogecoins and NFTs, a world where people will happily invest millions of dollars to purchase something that doesn’t exist and something that is still, technically, owned by the seller, anything is possible.
Logic dictates that Dogecoin will crash pretty soon and that it doesn’t have much of a future, but logic isn’t in control here.