Is Dogecoin accepted by mainstream businesses?
Jan. 24, 2023, 1:41 p.m.
Dogecoin, the popular digital currency with a likeness to an internet meme, is increasingly becoming accepted by mainstream businesses. The acceptance of Dogecoin marks a significant milestone in the adoption and use of cryptocurrencies within the financial world. Dogecoin was created as a joke in late 2013 but has since gained traction as both a legitimate form of payment and store of value. It started out as an online tipping service for content creators on social media platforms such as Reddit, YouTube and Twitter but its popularity soon began to spread beyond these circles. This has led to increasing interest from merchants who want to offer their customers another method of payment other than cash or credit cards. One example is Overstock, one of America’s largest online retailers which recently added Dogecoin payments back into its inventory after briefly suspending them during 2018 due to market volatility and growing concerns about the security surrounding cryptocurrency transactions at that time. Other companies have also begun accepting Dogecoins including Microsoft's Xbox Store which allows gamers around the world to purchase games using this virtual currency. Similarly, Burger King locations across Europe now accept Dogecoins for payment along with several other cryptocurrency options like Bitcoin Cash, Dash and Litecoin among others. The increased commercial acceptance of DogeCoin comes at an important juncture in its development given that it recently underwent a major overhaul last year when it switched over from being based on Bitcoin’s codebase over to Ethereum’s blockchain technology – allowing users significantly faster transaction speeds while also opening up access to smart contracts functionality amongst many other benefits brought by Ethereum’s platform architecture . As well as being more efficient than ever before , this new update helps secure user funds against potential hacks making it even more attractive for businesses looking for reliable forms of digital payments . In addition , there are numerous merchant services available today which make it easier than ever before for businesses wanting to start accepting cryptocurrencies such as BitPay or Coinbase Commerce . These services enable quick integration so that nearly any type business can begin accepting payments via crypto assets without having extensive technical knowledge about how blockchain works . Furthermore , some countries such as Japan already have their own official regulations regarding cryptocurrency usage – meaning that if you plan on trading or investing in crypto assets then you should be sure check your local laws first before doing so . Overall , while still relatively new compared with traditional currencies like USD or EURO , doge coin is quickly gaining traction amongst mainstream merchants & consumers alike thanks largely due improved security measures & widespread availability through popular merchant services providers mentioned earlier ; thus signaling yet another sign towards wider global adoption & usage within everyday life !