Dogecoin’s journey from meme material to a cryptocurrency is pretty inspiring. The crypto community, which treated it initially as a joke, is now including it in their wish list. Great achievement indeed! Another milestone that led the meme coin towards a bright future is its acceptance as a mode of payment by many businesses.
In case you are still ignorant about DOGE, then let me offer you a brief description of the meme coin. Dogecoin, unlike any other cryptocurrency, is a meme coin which represents the face of a Japanese dog breed Shiba Inu. The developers Jackson Plamer and Billy Markus created the coin in 2013 as a satire on the growing greed of the crypto community. The coin has risen in popularity because of Elon Musk’s constant support and, of course, tweets.
Why Are Businesses Accepting DOGE?
A survey conducted by Digital on 1000 US-based companies revealed that almost 27% of US businesses will accept payments in DOGE in 2022. You might be wondering the possible reasons behind such an achievement. I tried jotting down a few of the reasons why dogecoin is gradually becoming the business’s favorite.
- More advantages over Bitcoin
Cryptocurrency mining wreaks havoc on the environment, which is a major concern. If you take doge’s case, you will take a sigh of relief because compared to bitcoin, the coin uses less electricity per transaction. Besides serving as a sustainable option, the meme coin has no limit in availability. As the coin offers limitless access, the businesses believed in its capacity to retain a stable value compared to any other currency.
- Guarantees swift transaction
Dogecoin operates on the Ethereum blockchain, which makes it productive crypto as the blockchain is known to undertake several development projects. Unlike other cryptocurrencies that might consume a lot of time in transaction processing and charge a hefty fee, DOGE offers swift transactions. Business gets a scope to use the coin for the long-term due to the opportunities it provides.
- Successful in retaining stability
Another primary reason why business organizations are showing a positive outlook towards DOGE is due to its market stability. Despite price drops, the coin has displayed a strong immunity in the ever-volatile crypto market. The stability of dogecoin confirms its bright future and wider acceptability by different sectors of the business.
Is Dogecoin Gaining Wider Acceptability Than Popular Cryptos?
Dogecoin is undoubtedly growing in prominence, and the prime reason lies in its limitless supply. Unlike bitcoin or Ethereum, this meme coin seems a perfect currency for daily transactions. The Dogecoin community is constantly taking fruitful initiatives to develop the currency so that it serves as an ecosystem for the smooth acquisition of goods and services.
Furthermore, dogecoin is expected to have a bright future due to its blockchain system. As you must be aware that Ethereum mints dogecoin; hence the cryptocurrency will boom with the development processes undertaken in its blockchain.
Which Business Enterprises accept Dogecoin?
Let’s explore which business enterprises have taken this light-hearted cryptocurrency for serious business usage. It will definitely boost your confidence in this meme coin.
- Tesla: Founded by Elon Musk, Tesla accepts the meme coin for the merchandise. You will find the logo of dogecoin beside the order button when purchasing any Tesla product. The famous kids’ collections “Cyberquad for kids” and “Cyberwhistle” use only dogecoin as payment.
- AirBaltic: This is a popular airline operating in the Baltic countries, which allows passengers to pay in dogecoin. It’s a great move indeed and hopefully encourages several other airline companies to use this meme coin.
- Sheetz: The convenience store has partnered with Flexa, a digital payment company for crypto payments. They enable customers to pay for their food using dogecoin. By accepting dogecoin, the store chain is trying to offer a better customer experience.
- AMC Theatres: This is regarded as one of the largest theatre chains in the US, and it’s a matter of pride for the meme coin to gain acceptability from them.
- Newegg: Newegg is a reputable e-retailer in North America which accepts payment in dogecoin. In fact, they were the first e-retailer to accept bitcoin for purchases. Besides DOGE, they also support SHIB, LTC, ETH and other digital coins.
- Keys4Coins: Keys4coin serves as a perfect place for gamers to buy gift cards and game keys with dogecoin. You can get game keys from providers like PSN, Origin and Steam. Keys4Coins gives you a host of crypto payment options.
- Dallas Mavericks: The Dallas Mavericks use BitPay to allow football fans to buy merchandise and tickets with dogecoin. They owe the status of the first NBA team to accept cryptocurrency.
Though the coin, during its initial phases, was used as a way to poke fun at the crypto community, however gradually, investors saw its true potential. Be it dogecoin or any other cryptocurrency, you have to bear a certain amount of risk when investing, so start setting your investment goals before staking capital.