It’s hard to imagine a cryptocurrency with a more robust and dedicated community than Dogecoin. This coin is already actively used for payment by many famous companies and is supported by influential people. Find out whether it’s worth jumping into a DOGE bandwagon in our article.
Key points:
- DOGE is the people’s cryptocurrency.
- DOGE payments are fast and cost-effective.
- NOWPayments provides merchants with the opportunity to accept DOGE.
What is the future of Dogecoin?
Back in 2013, the Dogecoin developers did not even have the goal of making a profit from the created cryptocurrency. On the contrary, the main goal of Dogecoin was to demonstrate the satirical attitude of users to how cryptocurrencies have suddenly become popular, which in fact, do not stand out among others and do not deserve special attention. However, today Dogecoin is one of the most popular cryptocurrencies and rarely leaves the top 10 of the CoinMarketCap rating. This is largely due to the Twitter publications of Tesla CEO Elon Musk. Now the entrepreneur is perceived by the IT community as an oracle who, after the Tesla and SpaceX projects, has established himself as a person who turns his investments into good returns.
Thanks to the influence of Elon Musk, DOGE gained popularity and acquired a community of more than 3.5 million people. For example, in 2021, the price of the meme coin reached $0.7376. The entrepreneur called Dogecoin “the people’s crypto”.
It is noteworthy that Elon published not only humorous posts. He took Dogecoin seriously. Musk even shared that he had acquired Dogecoin for his son, born in May 2020. Elon Musk and Mark Cuban, an American entrepreneur and billionaire, said that DOGE is the most reliable means of exchanging digital assets, as it has a huge dedicated community.
From everything, we can conclude that the intense interest in Dogecoin is unlikely to subside. Especially against the fact that the billionaire is ready to support the digital asset further. One of the last posts is direct proof of this. On the morning of November 1, Elon Musk posted on Twitter a photo of a Shiba Inu dog in a T-shirt with the social network logo.
In just a few hours, the price of Dogecoin increased by 16.7%. The reason for this was that Twitter is waiting for the integration of DOGE, which cannot but affect its value. In addition, Musk is trying to support his favorite asset wherever possible. For example, Tesla already allows DOGE payments when paying for merch.
In addition, Elon Musk is not the only patron of Dogecoin. In June 2021, Ethereum founder Vitalik Buterin, declared that he loves Dogecoin and proposed a collaboration between Dogecoin and Ethereum for scalability.
Mentioning Ethereum, it is also worth noting that the transition of the second largest cryptocurrency to Proof of Stake played into the hands of Dogecoin. For it, this will be another opportunity to strengthen its position in the crypto market and in the very near future finally become an asset that is of interest to serious investors, and not just a hype project.
However, Dogecoin Foundation has published a development plan called Dogecoin Trailmap. As part of the program, the Dogecoin Foundation is working with Buterin to create a unique Doge offer for the Proof of Stake algorithm with the possibility of “community staking”. The update will allow all Dogecoin users to send their DOGE to the staking pool and receive additional tokens, while participating in the confirmation of transactions.
Should I accept Dogecoin in 2023?
Given such strong support from celebrities, the answer is obvious, yes. Even though Dogecoin is often criticized for lack of value, the digital asset has the main thing — a strong, large, and dedicated community that actively uses DOGE as a means of payment.
Pros of DOGE as a payment option
- Accessibility. Dogecoin allows beginners to get used to the virtual currency market and gain the necessary experience in e-commerce.
- Fast and cost-effective transactions. The DOGE coin is a fork of Litecoin and allows you to make fast and low-fee transactions. The average transaction speed is about 1 minute, along with near-zero fees. This also makes DOGE an excellent tool for micropayments.
- An established community and reputation. Dogecoin has one of the most powerful crypto communities. Famous personalities support the coin. The Dogecoin Foundation’s advisors include Ethereum creator Vitalik Buterin, Elon Musk, Jared Birchall, Billy Marcus, and Max Keller.
- Widespread use as a means of payment. DOGE is accepted as payment in companies such as Tesla, GameStop, airBaltic, Dallas Mavericks, Twitch, and hundreds of others.
Cons of DOGE as a payment option
- The concentration of coins in a small number of wallets is too high. Twenty addresses store about 50% of the issued coins. In addition, unlimited emissions can negatively affect the price of DOGE.
- The possibility of manipulating the DOGE rate, however, this feature applies to all types of cryptos.
- Dogecoin is not unique in terms of technology. This makes this cryptocurrency very vulnerable.
How can I accept Dogecoin payments?
NOWPayments provides many integration tools thanks to which you can benefit from DOGE as a payment option:
- Plugins: NOWPayments’ plugins are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware.
- Recurring invoicing: Some companies may deploy special recurring invoices to automatically process all transactions.
- Custodial recurring payments: It allows companies to set up separate billing accounts for their customers and let them top up these accounts with DOGE.
- API: NOWPayments’ API enables businesses to create custom crypto payment solutions.
- Payment Link and a PoS terminal: Businesses can use a payment link and a virtual Point-of-Sale terminal. To use this tool, just follow the below steps:
- Create your NOWPayments account.
- Next, they can navigate to settings and Generate an API Key.
- Go to “Payment Tools ” >> “Payment Link”.
- Click “Create payment link”.
- Fill in the form and click “Confirm”.
- Save the link and send it to your customers.
Conclusion
The DOGE cryptocurrency will fit perfectly in your business’s list of payment methods. Thanks to the acceptance of DOGE payments, you will be able to expand the boundaries of your business and ensure an uninterrupted profit stream.