Cryptocurrencies have taken the payments market by storm, giving users an alternative method of sending funds to individuals or companies within seconds. However, which cryptocurrency does it best? And which one should you choose? To give you some insight, let’s have a look at DOGE. This article will review why you should pay with DOGE and why accepting payment is also viable.
What is DOGE?
DOGE is the digital cryptocurrency developed by Dogecoin. The main object of this company is to provide peer-to-peer transactions using the DOGE coin. Eventually, the team aims to make DOGE the currency of the internet. The mascot for the company is also called DOGE, which translates directly into ‘dog’, and is associated with the Shiba Inu seen below.
Original Dogecoin was created as a meme currency and for fun based on the Shiba Inu posted on Tumblr many years ago. Things started to get serious when the popularity of the coin started skyrocketing with a massive 300% price increase within a 72-hour time period. This occurred all the way back in 2013 when China began cracking down on cryptocurrencies. A few days later the token saw its first price dump, reducing in price by 80% due to the Chinese new regulations. Things were looking bleak for the coin back then.
However, several years later the sleeping giant awoke and reached its previous all-time high in 2018, with a market cap of $1,986,736,955 with a value of $0.017. Recently Dogecoin has been making headlines with a new all-time high of $0.07797, something many users thought was unimaginable. Dogecoins future looks bright as it’s quickly gaining in stature and is currently in the top 10 cryptocurrencies in the world. Big names like Elon Musk have also tweeted about Dogecoin in the past really giving authority to the coin.
Getting Started With Dogecoin
To begin using Dogecoin for your transactions and payments you’ll need to start off by purchasing some coins from a reputable exchange and open a well-designed wallet that stores the DOGE in the meantime. There are lots of options out there for you to pick from, so let’s have a look at what’s available to you at the current time.
Exchanges
There are several exchanges out there that have DOGE listed as a tradeable coin. Trading pairs with Bitcoin, Ethereum, and Tether are among more popular options. We recommend purchasing DOGE from a reputable exchange that has low trading fees. Here are a few exchanges you can use:
- Binance
- Cointiger
- OKEx
- Huobi
- Kraken
These exchanges also allow users to directly purchase cryptocurrencies from their bank accounts, making it easier to join in on using DOGE for payments. So what happens once you’ve purchased your tokens? The next step is to find the perfect wallet to store them.
Many users also ask “should I buy Dogecoin for an investment?” This is a difficult question to answer as making an investment is solely the users decision. However, looking at the recent popularity in the token, it might be a good time to take a look closer look at the DOGE charts.
Wallets
Holding your coins in a cryptocurrency wallet is essential if you want to confirm the token is safe and secure. The saying goes as “not your keys not your tokens” which is saying if you keep coins/tokens on an exchange then the asset doesn’t belong to you. There are several types of wallets, which all store your coins on the blockchain. Users can either use online wallets that are free and don’t cost anything or can purchase hardware wallets that are a bit more secure however can cost a lot. Here’s a list of all the wallet types and the best options available:
- Online Wallet: DogeChain;
- Software Wallet: MultiDoge;
- Mobile Wallet: Dogecoin wallet and Dough wallet. For iOS and Android;
- Full Node: Dogecoin Core;
- Hardware wallet: Ledger or Trezor.
Most people will use a hardware wallet when it comes to holding their cryptocurrencies. Hardware wallets ensure the private keys are kept on the device and are immune from getting viruses. This stops hackers from stealing funds that would be easily stolen from online wallets.
Making Payments in Dogecoin
Once you’ve purchased your coins and stored them in your wallet, payments can start being made. Sending and receiving payments is fast and easy with Dogecoin. There are a few things you’ll need in hand when carrying out Dogecoin payments to any individuals or retailers. The main thing is the public key of the person you intend to send funds to. Your public key will generate an address to receive payments and the same vice versa. So before sending funds to ensure to obtain the address from the other user.
Retailers have QR codes that can be scanned and connect to some wallets. This is an easy way to make payments through Dogecoin at your local retailer that accepts Dogecoin payments. So what are some places that accept Dogecoin? The short answer is yes, there are companies that accept Dogecoin payments. Here’s a list of stores that accept Dogecoin.
Food and Drinks Companies
- Strange Donuts;
- Bitburgers;
- Burger Bear;
- STEEM;
- Sarah’s Bake Shop.
Goods and Services
- BitcoinGiftCards;
- NodeX;
- Graphix Designer;
- Meltdown Comics;
- Mineral Pharmacy.
You can find even more places that accept Dogecoin at the Dogecoins website.
Pros and Cons of accepting Dogecoin
Pros
- The transaction fees for Dogecoin are low. Typically, 1 Doge per 1000 bytes of transaction size;
- Transaction confirmations are quick ranging anywhere between 1 – 6 minutes;
- Low coin value allowing users to use it as a tipping currency in the gaming industry;
- Effective for small transactions due to low coin value;
- Fun and friendly community making it an approachable coin.
Cons
- Not Widely accepted yet;
- Less stable.
The Dogecoin advantages heavily outweigh the cons of using the coin as a payment option. Users will benefit from using Dogecoin more as companies are beginning to accept payments in the coin more readily.
Final Thoughts
The Dogecoin payment is an effective way to send money to a business and purchase items from retailers. If you’re in search of a coin that’s got fast transactions, quick confirmation times, and low fees then Dogecoin is the place for you as it’s far quicker than alternatives like BTC and ETH which can also have extremely high fees during busy periods.