Dogecoin As Currency!! – What You need To Know
Dogecoin being used as currency to buy things. Now when we think of Dogecoin, a lot of us hodling it and expecting it to go to the Moon. But it’s great if the currency actually has a use case not just to HODL, that’s what’s become of Bitcoin.
Dogecoin can be what Bitcoin was meant to be
Bitcoin was made about being used as a digital currency. But now, because Bitcoin has this hard cap, it’s seen as the store of value price up over 40K dollars per coin. People are spending their Bitcoin as currency. So that’s where Dogecoin comes in. Dogecoin can be what Bitcoin was meant to be.
More retailers not only are accepting crypto payments, but they’re really concentrating on Dogecoin. AMC started accepting crypto as payment. They didn’t include Dogecoin right away. And of course, the Dogecoin community was like, Hey Aron, what about us? And Adam Aron heard that and adds Dogecoin to its different cryptos that it accepts.
Another person who understands that is Mark Cuban. Mark Cuban is a leading U.S. businessman and he owns the Dallas Mavericks basketball team, and he started accepting crypto payments for merchandise and tickets for the Dallas Mavericks. This was back in early March, he tweeted this.
The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!🚀🚀🚀
— Mark Cuban (@mcuban) March 6, 2021
And then in August, there was this article on CNBC about Mark Cuban saying that Dogecoin is the strongest cryptocurrency as a medium of exchange. Elon Musk responded, Musk calls Dogecoin the people’s currency and also that it could be the future currency of Earth. So even Mars, who knows where this could go? But with leaders like Mark Cuban and Elon Musk supporting Dogecoin, more and more start getting interested.
How can Dogecoin really be used as currency?
Meme coins like Doge only work if they gain utility and users use them for that utility. As long as you can spend Doge , because we know it’s annual inflation rate is set at 5b coins, it can gain SOME value as the utility grows. It becomes like any other currency…
— Mark Cuban (@mcuban) May 2, 2021
As long as more companies take DOGE for products and services than DOGE can be a usable currency because it may hold its purchasing value better than a dollar in your bank. Mark goes on to say DOGE has deterministic inflation.
Doge has “deterministic inflation” meaning the amount of inflation is defined. There is no uncertainty as to the amount of created and it’s inflation percentage. Which could allow it to grow as a valid payment mechanism. The unknown is whether enough people will use it this way. https://t.co/XN1Qy1Y3b6
— Mark Cuban (@mcuban) May 15, 2021
That’s what Mark Cuban said. People are worried about Dogecoin because it’s a proof of work, cryptocurrency and so many DOGE has given out each year through the mining in order to validate the transactions on the blockchain. Five billion new Dogecoin every year.
Dogecoin in 2021 being one of the top cryptocurrencies
Mark Cuban said back in April, buying Dogecoin is better than a lottery ticket and can be a great way to learn about the market. Mark bought some Dogecoin for his son and was teaching him about cryptocurrency and markets, which Dogecoin can certainly be used for.
Then Motley Fool says that Dogecoin is starting to find utility as a form of payment. So even Motley Fool is saying. Dogecoin as a form of payment. That helps Dogecoin as currency. So how is this done? One is with BitPay, and BitPay is what Mark Cuban uses for the Dallas Mavericks. And it is a third party platform that you can have your business running on.
What the business can do is the business with the bank settlement. It can the business can either receive cash for for that payment or can actually receive directly that same cryptocurrency that was used. And that’s what Mark Cuban said he was doing. He wasn’t accepting the cash, he was taking the crypto. The Dallas Mavericks have a large amount of Dogecoin that they’ve been receiving. They’ve probably received some other cryptos, too. But a lot of Dogecoin.
Over 2000 companies now in their directory that are accepting Dogecoin
AMC theaters with gift cards at DoorDash and Newegg. Newegg has been up Twitter talking about Dogecoin, even though they accept other crypto payments as well. But mostly they’ve been talking about Dogecoin entertainment, gaming and travel software systems, fashion, food and drink.
Another platform is called Flexpay, and this is what GameStop was using now. GameStop also accepts other cryptos besides Dogecoin, but they were pushing Dogecoin because of the flexpay of network works very similar to BitPay. Over 2000 companies now in their directory that are accepting Dogecoin, and most of these are small businesses.
And so it’s fun to kind of go through here and look and see what different businesses accept Dogecoin. This is about Dogecoin as currency, Dogecoin’s best use case because of its inflationary nature and continuing more and more Dogecoin coming in to the total quantity. Helps Dogecoin as a currency.