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Renampun

sr. member

Activity: 2324

Merit: 362

★Bitvest.io★ Play Plinko or Invest!

Quote from: BTCWigs on May 12, 2021, 04:49:09 AM

Is it possible to stake Dogecoin?
Where do the newly minted coins go?

So far I don't know where staking Doge...

btw, I more recommend you invest your Dogecoin in Bitvest instead of looking for a place to stake doge. Dogecoin's minimum investment in Bitvest is only 10k. but you need to remember, before investing your Dogecoin into Bitvest, you must first read these Investment Terms https://bitvest.io/investing, so that you can understand the advantages and disadvantages. DWYOR

Kavelj22

legendary

Activity: 1778

Merit: 1474

🔃EN>>AR Translator🔃

Quote from: zasad@ on May 12, 2021, 05:49:51 PM

In 1 year, the price of the coin has grown 194 times
https://www.coingecko.com/en/coins/dogecoin
Are you seriously looking to stake this coin even if it were possible?
Its price can drop very quickly and you will lose your investment.
This coin has an infinite supply, and this has a negative effect on the price.

So Logic!
I think this is the result of the tweets of Mr Robot (Elon Musk) to see people jump into such a risky investment. If Doge succeeded over the long last years, is because of some of the temporary benefits that lacks in some other major cryptos (cheap fast transaction) but actually it has nothing to do means it has no stable utility. I am sure it would vanish someday (maybe sooner).
The enthusiasm of Elon Mask should bring more doubts about this coin more than a positive interest.

Cappex

member

Activity: 571

Merit: 11

Quote from: BTCWigs on May 12, 2021, 04:49:09 AM

Is it possible to stake Dogecoin?
Where do the newly minted coins go?

do not trust little known platforms that offer this service, in the past I have found that they were ponzi scheme.
Dogecoin by its nature can only be mined through POW, staking is not possible but some exchanges could incentivize this distribution to ride the wave of enthusiasm and attract new investors to their platforms.

cryptoperkele

member

Activity: 889

Merit: 60

Quote from: BTCWigs on May 12, 2021, 04:49:09 AM

Is it possible to stake Dogecoin?
Where do the newly minted coins go?

No but it's proof of work and you can mine it with your graphics card if you want. Just like litecoin or bitcoin, there are several how to videos all around youtube that are surfacing once again. But i wouldn't recommend mining, save the life cycle of your gfx card for something more useful. It's not really even profitable.

zasad@

legendary

Activity: 1736

Merit: 4270

In 1 year, the price of the coin has grown 194 times
https://www.coingecko.com/en/coins/dogecoin
Are you seriously looking to stake this coin even if it were possible?
Its price can drop very quickly and you will lose your investment.
This coin has an infinite supply, and this has a negative effect on the price.

doomloop

hero member

Activity: 2268

Merit: 581

Quote from: BTCWigs on May 12, 2021, 04:49:09 AM

Is it possible to stake Dogecoin?
Where do the newly minted coins go?

I am not sure if dogecoin mining is possible, maybe some exchanges are offering it but no such concept actually exists in dogecoin because it works on proof-of-work as we can mine dogecoins using hash power. My sincere suggestion would be to avoid staking coins because any exchange can turn scam any time and you don't have the private keys then you are not the owner of the coins.

I had some coins in bleutrade and a few small exchanges while others ran away with my coins, Bluetrade is still running but they have stopped replying to me and my coins are locked under them. I have few hundred dogecoins there and I left it there because it was not much worth back then but now I regret even leaving dust there.

tygeade

legendary

Activity: 2086

Merit: 1058

Quote from: ryzaadit on May 12, 2021, 12:06:18 PM

If there has some service offering a stake for some coins while the coin algo is not a stacked coin, that just a service offer investment feature and most of the time is just like kind of ponzi.

Exactly what I wanted to say. There are various schemes which promise to pay coins by mining, staking and other methods but I would rather keep my coins to myself because most of these services are scam. There used to be a very popular return site plustoken and even they scammed last year so I mean it is just not worth risking large amount of coins for small gains daily.

You may check if Binance offers staking of dogecoin though because I don't think Binance is going anywhere anytime soon so if they offer these kind of services, which they do for some coins, you may go with them.

covfefe_

full member

Activity: 935

Merit: 105

Theirs no official way to stake Dogecoin as it's a mineable coin. There could be several scams asking user to deposit dogecoin for cloud mining but don't fall for them. There are a few of legit exchanges that do actually provide interest on Dogecoin for providing the liquidity. Like binance is providing 1.55% on doge annualy for flexible deposit. They are providing this because they would benefit from the Dogecoin liquidity you add to the exchange. But most of the times, it's not worth it as the yield are very low.

ryzaadit

legendary

Activity: 2450

Merit: 1225

Dogecoin is a POW (Proof of Work) not POS (Proof of Stake) so there is no stacking option for "DOGE". All newly minted coins is going to the miners, because they mining the block from the network.

If there has some service offering a stake for some coins while the coin algo is not a stacked coin, that just a service offer investment feature and most of the time is just like kind of ponzi.

Yaunfitda

hero member

Activity: 2870

Merit: 594

Quote from: BTCWigs on May 12, 2021, 04:49:09 AM

Is it possible to stake Dogecoin?

Never heard of Dogecoin staking though, don't get me wrong but it doesn't have any utility at probably that is the reason why we haven't heard any exchanges staking it.

Quote from: BTCWigs on May 12, 2021, 04:49:09 AM

Where do the newly minted coins go?

Exchanges I presumed, and then traders bought it to buy/sell or put it on their wallet.

passwordnow

hero member

Activity: 2968

Merit: 572

Leading Crypto Sports Betting & Casino Platform

Quote from: BTCWigs on May 12, 2021, 04:49:09 AM

Is it possible to stake Dogecoin?

I can't find that much information about staking of Dogecoin to a wallet which is the safest place to stake a coin that you have. But there is one video that I've got a peek and it says that you can stake it on bakeryswap. I haven't heard the platform and it just so happen that it's the one to appear in the search results. I'm not recommending or vouching for it but I just have to mention since that's the detail that I've got after trying to search and help you.

FloridaKid

member

Activity: 375

Merit: 15

$CYBERCASH METAVERSE

Every staking features you seeking for can be achieved by going on binance exchange or using kraken exchange and if you don't like this idea you can use Atomic wallet or trust wallet too they have inbuilt staking features and I'm sure that doge coin is also among the coins available for staking

BTCWigs

newbie

Activity: 14

Merit: 0

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