What is a Dogecoin wallet?
Dogecoin is an open-source peer-to-peer cryptocurrency which launched in December of 2013. Designed as a joke intended to poke fun at cryptocurrency enthusiasts in the early days of the space, Dogecoin has become a mainstay in the crypto world. Featuring the now infamous Shiba Inu dog as its logo, Dogecoin rocketed in popularity and value in 2017, benefitting from the attention caused by the bull run.
This attention was surpassed in 2020 due to efforts of the WallStreetBets Reddit group and the support of Tesla founder Elon Musk, to the point where it is now one of the most recognized cryptocurrencies in the world.
Dogecoin’s blockchain is built on the same infrastructure as another cryptocurrency, Litecoin, which is why miners are able to mine both Litecoin and Dogecoin simultaneously. This increases the efficiency and profits of their mining operations. However, Dogecoin stands apart from Litecoin and other proof-of-work cryptocurrencies because it is intentionally an inflationary coin, which means there is no limit to how many coins can exist.
This is why its coins tend to have much lower prices than its peers. This hasn’t stopped it having a market cap in the tens of billions and being accepted in a great many online stores, with its fast transactions times and low cost appealing to many.
As with all cryptocurrencies, storing your Dogecoin should not be an afterthought. Deciding which is the best Dogecoin wallet is not an easy task and depends on your needs, so in this piece we investigate what we believe to be the top Dogecoin wallets available today and who they are suitable for.
What should your Dogecoin Wallet Priorities be?
No two Dogecoin wallets are the same, and not all wallets will be aligned with your goals. When seeking the best Dogecoin wallet for you, these should be some aspects you look at:
Support for Dogecoin: Some wallets don’t support Dogecoin, so it’s important to ensure the one you are choosing actually does.
Usability: Your level of familiarity with cryptocurrencies should determine which wallet you choose. Many who get into Dogecoin do it as their first foray into the crypto space, and so they should choose a wallet has security and simplicity at its heart. More advanced users however may want a Dogecoin wallet that has more trick up its sleeve.
Security: Whenever anything of value is to be stored, security should be a prime concern. As with all valuables, wherever there is value to be derived, malicious actors will make all possible attempts to get their hands on assets. It is important that you ensure the wallet you are choosing prioritizes the safety of your funds.
Smooth backup/restoration: Devices get damaged and lost. It is important to have a wallet that can be easily restored so that even if the unexpected happens you can still gain access to your funds once again.
A vibrant developer community: The cryptocurrency market is constantly evolving, so it is important to have a wallet that is developed by an active and innovative team that releases regular updates to keep the wallet in tune with the times.
With this list of priorities in mind, here are what we think make up the best Dogecoin wallets out there and who they are suitable for.
Dogecoin Core
Dogecoin Core is the official Dogecoin wallet developed by the Dogecoin Foundation. Dogecoin Core is accessible through desktop (Linux, Windows, and macOS) or mobile applications.
Dogecoin Core is a client that entrusts you with the private keys, meaning that the security of your wallet is entirely down to you. To make things easier, the Dogecoin Core wallet allows you to encrypt your private keys in the “Settings” menu, and you can backup your wallet to make it easy to recover in the future.
When you download the Dogecoin Core wallet you’re also downloading the entire Dogecoin transactional blockchain, which currently sits at over 50GB, so make sure the device you’re installing it on has space for it.
Unlike some of the other wallets on this list, the Dogecoin Core is a basic application which does not come with many features; you can send, receive, and view your transaction history but little else can be done with the Dogecoin Core wallet.
However, this makes it an easy app to use, and it still provides a high level of security, as well has having that all-important stamp of approval from the Dogecoin Foundation.
Some of the benefits of the Dogecoin Wallet are:
- Official stamp of approval from the Dogecoin Foundation
- Non-custodial
- Simple 3-step setup process
- Easy access
- Free to use
- Possibility of earning Dogecoin through activities
However, Dogecoin Core also has its limitations:
- Limited features
- Manual updates
- 50GB of space needed
- Less secure than other types of wallets
With simple and easy to use features, those who are new to cryptocurrencies and are interested in starting off simple will find that the Dogecoin Core fits their needs perfectly…as long as they have the space on their hard drive.
Exodus Wallet
With an Exodus wallet, you can send, receive, and exchange over 100 cryptocurrencies including Dogecoin with ease. This software wallet is available on desktop and mobile and has a tie-in with Trezor hardware wallets for great compatibility.
Exodus wallet is an easy to use software wallet with a simple design that especially appeals to newcomers. Exodus Movement Inc., the developers of the Exodus wallet, emphasized design so much that it is often compared to Apple products in terms of aesthetics and functionality. There is even a Dogecoin skin for those who want the true Dogecoin wallet experience!
The Exodus dashboard is indeed very sleek and easy to navigate, with Dogecoin users able to receive, store, and send their coins intuitively. Exodus doesn’t stop here however, with apps allowing users to take their usage of the wallet to a new dimension, from staking to exchanging.
Users can also back up their keys and wallet data if they wish, proving that the wallet is non-custodial.
Exodus provides users with the following benefits:
- Free to use
- No fees for sending and receiving some crypto
- Sleek and easy to use interface
- Support for more than 130 cryptocurrencies
- Can be used on desktop, mobile, and is compatible with the Trezor hardware wallet
- Allows staking
- 24/7 customer support
- Dogecoin skin
On the other hand, Exodus has the following disadvantages:
- High transaction fees at times of high congestions
- Custom fee setting only available on Bitcoin and Ethereum
- Software wallets are inherently not as safe as offline wallets
Exodus is a very attractive and easy to use wallet that new Dogecoin holders in particular will find very useful. Advanced users who crave simplicity and a beautiful interface will also find Exodus valuable, while the apps take the user experience to the next level..
Coinbase Wallet
Coinbase is one of the most popular companies in the crypto industry, it is also the largest crypto exchange in the U.S. Alongside Dogecoin, Coinbase supports more than 100 cryptocurrencies and offers users a variety of tools to aid them in storing, buying, receiving, and investing their funds.
With a $38 billion behemoth behind it, the Coinbase Wallet (which is a separate entity from the platform) is one of the safest and best Dogecoin wallets out there. Coinbase uses a variety of security features to keep your funds safe, such as two-factor authentication, confirmation requests, and more.
While the Coinbase Wallet is distinct from the exchange itself, both platforms interact well, so you will be able to benefit from both. Despite being linked to the Exchange, the Coinbase Wallet is a self-custody wallet (meaning you keep the private keys and therefore the coins) that can be easily installed on Apple and Android devices as well as through a browser extension for Chrome, Firefox and more.
Some of the benefits of using Coinbase Wallet to store your Dogecoin are:
- Powerful security features to keep your funds safe
- Easy to use
- Swift registration process
- Easily swap with over 100 cryptocurrencies
- Self-custody, meaning you keep the keys
However, downsides also exist. Some of them are:
- Higher transaction fees than its peers
- Users must supply name, telephone number, and email address
- Hot wallets are always connected to the internet, representing a security risk
Beyond its relatively high fees, Coinbase wallet is a valuable option for both first timers who don’t plan to send and receive their Dogecoin very often and those who want a few interesting tools to expand their experience.
KeepKey
KeepKey is a reliable hardware wallet which offers support for over 40 different cryptocurrencies, including Dogecoin. Like all hardware wallets, KeepKey is one of the safest options out there because it keeps your private keys offline beyond the reach of hackers, meaning your DOGE can’t easily escape.
KeepKey sports a beautiful outer design and is more affordable than other hardware wallets which, in truth, aren’t that much better. By carrying out most processes through its mobile app, KeepKey has been designed to enable easy usage compared with other hardware wallets.
This design goal is also emphasized by the screen on the device, which is larger than most and allows a clear view of cryptocurrency addresses.
The strengths of the KeepKey wallet are:
- Very secure compared to software alternatives
- Special security feature switches your PIN code numbers from time to time to reinforce security
- Sleek design
- User-friendly, easy to use
- Very affordable for a hardware wallet
The downsides of the KeepKey wallet include some points you should consider, especially portability:
- The device is larger than most hardware wallets and is also quite heavy (54g), making it less portable than other hardware wallets
- Integration with decentalized platforms not as common as with other software and hardware wallets
The KeepKey wallet is a very sleek and affordable hardware wallet which will serve as a good option for Dogecoin holders who plan to hold for a long time, as long as they don’t want something too portable.
5. Ledger Nano X
The Ledger Nano X is the latest offering from hardware wallet giant Ledger. It was released in 2019 and is designed to be the easiest way to secure your cryptocurrency, including Dogecoin, offline. Ledger designs its devices to leverage what it calls a “secure element”, which makes them resistant to physical attacks and enables a very secure cold offline storage ability.
The Ledger Nano X has a Bluetooth connection, doing away with annoying wires, and has the same high level of portability as the prior incarnation, the Ledger Nano S. Its screen is hardly high tech, but this helps keep the size down. The device is managed through the Ledger Live app, which has improved immeasurably over the years.
The key strengths of the Ledger Nano X are:
- Superior security ability compared to alternative types of wallet
- Easy to use
- Integrates with a large number of crypto platforms
- Bluetooth compatibility
- Supports up to 100 apps
The weaknesses of the Ledger Nano X are as follows:
- Quite expensive compared to other wallets
- Heavy users may find 100 apps is not enough
- Bluetooth only works with mobile app, not desktop
- No further features or capabilities other than storage
The Ledger Nano X is a great option as a Dogecoin wallet for those who want the next level in security, although we can’t let this review go without reminding readers of the hack on Ledger’s backend which saw 292,000 customers’ personal details leaked online.
Conclusion
As you can see, the concept of what is the best Dogecoin wallet is not an easy one to pinpoint as it depends on what your use case is and what you are trying to achieve.
For the new investor learning the ropes, the best choice may be the Dogecoin Core wallet, which offers basic features and expedites the learning process by placing so much emphasis on being simple to use. If you haven’t got the disk space, both Coinbase Wallet and Exodus are great options for a software Dogecoin wallet.
If Dogecoin makes up one of a number of the coins in your portfolio and you’re looking to hold for the long term, a hardware wallet makes more sense. KeepKey is a great option for the ‘send and forget’ crowd’, while those who see themselves being more active in the markets but wanting to retain the element of security could plump for the Ledger Nano X…if they want to splash the cash, that is.
As you can see, there are many wallets for Dogecoin out there, but hopefully this article has given you some insight into which Dogecoin wallet might be best for you. Woof!