Is dogecoin worth the gamble for MMA and other sports betting?
Cryptocurrency and online betting are two terms that are heard together with increasing regularity. There are a lot of compelling reasons to opt for crypto as a payment method when placing a wager on an MMA encounter, or indeed on any other sporting event. As a result, more betting sites than ever are offering crypto among the possible transaction methods.
Until recently, crypto and Bitcoin have been almost synonymous. However, events over the past 12 months, such as the dramatic fall in the value of crypto and the collapse of FTX have prompted many of us to reevaluate what we know, or thought we knew, about the crypto market.
Dogecoin – no laughing matter
One of the key realizations that is coming home to roost is that Bitcoin might be the biggest cryptocurrency, and it might be the first, but that doesn’t automatically make it the best. Think on this – in 2008, Myspace was still the biggest social media platform. But Facebook and Twitter were, by that time, gathering momentum. MySpace will always have its place in history as the pioneer of social media. Will we one day look at Bitcoin in the same light? And if so, which will be the crypto equivalents of Facebook, LinkedIn and Twitter?
Ethereum is an obvious contender, but one altcoin that has been getting a lot of love in the sports betting community over recent months is Dogecoin. It was originally launched in 2013 by crypto-skeptic Jackson Palmer, who thought a meme-based altcoin would be the perfect cynical response to the crypto hype of the time. Jackson teamed up with software developer Billy Markus, who brought dogecoin to market.
That’s when things got a little more serious. Markus used the scrypt protocol to mine and verify dogecoin. This is the same algorithm used for Litecoin and makes it faster and more efficient than Bitcoin. This is just one reason more top crypto casino sites are starting to accept Dogecoin. If you want to bet on MMA with crypto it’s inherently more suited to the job than Bitcoin.
The ups, the downs, the Musk effect
Another reason online betting sites started getting behind Dogecoin was the Musk Effect. Everyone’s favorite megalomaniac billionaire only has to mention something in passing for it to start trending. In the case of Dogecoin, Musk remarked in December 2021 that Dogecoin is better suited to transactions than Bitcoin. That’s exactly what we just said in the last paragraph, but it will probably not have the same influence on Dogecoin’s price.
Musk’s comments, and a few more typically cryptic Tweets, led to a flurry of spurious speculation that he was backing Dogecoin, or was involved in its development. Weeks later, when he said on SNL that Dogecoin is “a hustle” his words were likewise taken out of context and Dogecoin’s value tanked.
Dogecoin has proved resilient through these ups and downs. That means more than any Musk effect to both the MMA betting sites and their customers. The jury is still out on whether it is the next Twitter or Facebook, but Dogecoin is here to stay and if you are dipping a toe into the world of crypto sports betting, it is well worth considering.
