Dogecoin (DOGE) Transactions: Fees, Speed, Limits

Dogecoin (DOGE) is one of the most sought-after cryptocurrencies on the market. Although it was created in 2013 as a meme coin, now it is included in the top 10 cryptocurrencies by market capitalization. It is most often used to make payments because of the low cost and unlimited supply, so it is so important to know the features of DOGE transfers. Keep reading, and you will learn about Dogecoin transactions basics and ways to manage them.

Dogecoin Transactions Elements

Dogecoin transactions are the transfers of DOGE coins between two crypto wallets, from one user to another. Taking place in the blockchain, these transactions involve several elements that participate in the process. Here they are:

• Digital signature. It is a cryptographic confirmation that the sender is the owner of the sent coins. The signature is created using the wallet's private key and secures the transaction.

• Outputs. This element means the information, including the recipient's cryptocurrency wallet address and the coins’ sent amount. There can be several outputs if the transfer of DOGE coins is planned to several addresses at once.

• Inputs. These are references to the sources of previous Dogecoin transactions that fund the current one. Each transaction can include multiple inputs if the user decides to combine a few amounts into a single transfer.

• Hash. A transaction has its unique identification number, called a hash. It can be used to track the transfer’s “path” on the blockchain.

• Commission. The cost of a transaction includes a fee that incentivizes miners (verifiers) to validate it and add it to the blockchain. It is generated automatically, and some wallets allow you to customize it manually.

Dogecoin Transactions Process

The elements listed above form the correctness and security of transaction execution. The process itself consists of the following stages:

• Stage 1: Creation. The coins’ owner decides to send them to another crypto wallet and fills in the output data. Then, he provides the destination wallet address, selects DOGE as the desired coin, and enters their quantity. He can also leave comments if needed.

• Stage 2: Signing. Once the sender has confirmed the transaction by clicking on “Send”, it becomes automatically signed with the private key. Only then the transfer can continue its journey on the blockchain.

• Stage 3: Broadcast to the network. After signing, the transaction is sent to the Dogecoin network, which consists of nodes (computers running the Dogecoin protocol). They distribute the transaction throughout the network so that it reaches the miners.

• Stage 4: Verification. The transaction reaches the miners, who verify it. They look at the authenticity of the digital signature and whether there are enough funds in the sender's balance to pay the fee. If everything is in order, the transaction moves on.

• Stage 5: Adding confirmation to the block. After successful verification, the transaction is added to the block and is considered confirmed. Keep in mind that some wallets and exchanges require up to six confirmations to consider a transaction final.

• Stage 6: Completion. The transaction confirmation ensures that the funds have reached the recipient's wallet, so you can see the updated balance at this stage. Now, It is considered complete and irreversible.

The success of the transaction also depends on the additional security provided by the chosen platform to work with. For example, Cryptomus wallet ensures such protection measures as AML and 2FA, guaranteeing confidentiality and safety of funds. By working with Cryptomus, you don’t have to worry about your assets.

Dogecoin Transaction Fees

Dogecoin transaction fees prevent the spam spread on the network and incentivize miners to process them, serving as a reward for their work. As a rule, the fees are determined by the size of the transaction in kilobytes. For example, the fee for a standard DOGE transaction with a few inputs and a size of 1 kilobyte is 0.01 DOGE or 0.001 USD. This low cost of fees makes Dogecoin a convenient solution for high-frequency transfers and payments.

However, the fees for DOGE transactions can become higher if the transactions are larger. This is because they require more space on the blockchain. Also, commissions may increase due to high activity on the network, as competition for faster transaction processing by miners increases during such periods.

How Long Does It Take For Dogecoin To Transfer?

Network congestion can also affect the speed of Dogecoin transaction processing and confirmation. While in normal times one DOGE transfer confirmation takes from 1 to 6 minutes, during periods of high network activity this time can reach 30 minutes or more. It should also be taken into account that several confirmations are usually required, which in quiet times takes an additional 10 minutes, and in busy times it requires much more.

As for speed, the Dogecoin network is capable of processing up to 33 transactions per second (TPS). It is high compared to some other cryptocurrencies, including Bitcoin, which can only process 7. Higher speed is another reason why users choose Dogecoin for making payments.

Why Is Your Dogecoin Transaction Pending?

Sometimes there are cases when DOGE coins aren't credited to the cryptocurrency wallet, although the sending was done a long time ago. Such situations are usual, and they have reasons:

• Network overload. During periods of high network activity, it may take longer than usual to verify transactions. As we have already mentioned, this occurs due to increased competition for space on the blockchain.

• Low fees. Although the standard fees in Dogecoin are extremely low, transactions with higher fees may be verified faster than others. It is associated with the fact that miners give them a higher preference.

• Wallet or network problems. Delays can also occur due to technical problems with both the wallet or exchange being used and the Dogecoin network.

• Suspicious transaction. Miners may suspect double-spending or other problems and take longer to verify a transaction because of it. It may be due to insufficient input and output data in the transaction description.

How To Check DOGE Transactions?

If you are worried about why your DOGE coins have not arrived at the specified address yet, you can check the status of the transaction. It can be tracked by using the hash of your crypto transaction on special blockchain explorers. Here's the algorithm for what to do:

• Step 1: Get the transaction hash. First of all, you need to get the ID of your DOGE transfer. You can find it in the transaction history in the wallet you used.

• Step 2: Choose a blockchain explorer. Go to a service to track Dogecoin transactions. For example, among such are dogechain.info and blockchain.com. You can also use the blockchain explorer on the crypto platform you made the transfer from, if it provides such functionality.

• Step 3: Find your transaction. In the selected service’s search bar, enter the hash of your transaction and press “Find” or “Enter”. Your transfer will appear in front of you.

• Step 4: View the transaction data. Click on your transaction that has appeared, and you will be taken to a page where you will see all the information about it. This data will contain all the output, including the destination address and number of coins. You will also see the status of your transaction there, which can be “Confirmed”, “Pending” or “Rejected”.

If you are sure that you have done everything right and you found out that everything is fine with the network but your transaction has a negative status, then contact the technical support of the receiving wallet and the one you sent the assets from. The problem may be related to their technical nuances.

Dogecoin is gaining popularity in the market quickly due to its fast and cheap transactions. These qualities make it a great way to pay, so it can be found on the list of accepted currencies at many companies more often day by day. Of course, like all other cryptocurrencies, it can encounter delays and network congestion, but it only further proves its demand.

We hope this guide has helped you understand the Dogecoin’s essence, and now you can make an informed decision on whether to use it for transfers. Maybe you have already had experience using DOGE coins? Share it in the comments!