Dogecoin: The Joke Currency That Became a Real Payment Option

• Dogecoin’s low fees and speed make it an attractive payment choice for businesses.
• Strong community support boosts Dogecoin’s visibility and encourages broader adoption.
• Celebrity endorsements from Musk and Cuban enhance Dogecoin’s market appeal and relevance.

Dogecoin, originally created as a joke, is now a real payment option for businesses. No longer just a memecoin, Dogecoin has become a practical choice for merchants who want to accept cryptocurrency.

Its speed and low fees have attracted interest from small businesses like Williamsburg Pizza in New York and University Sports Grill in Arizona, where customers can now pay with Dogecoin for a variety of items, from pizza to beer. This shows that Dogecoin is increasingly used for everyday purchases, driven by its practical advantages over other cryptocurrencies like Bitcoin.

Dogecoin’s Edge: Fast and Affordable

Dogecoin’s appeal comes from its speed and affordability. Payments on its network are processed faster than many other cryptocurrencies, with transaction fees often costing less than a penny. By contrast, Bitcoin’s transaction fees are significantly higher, averaging around 79 cents.

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This makes Dogecoin a better choice for small businesses like Williamsburg Pizza, where co-founder Aaron McCann created DogeExpress, a payment processor made specifically for the token. While Dogecoin payments are currently a small portion of sales, McCann believes they will increase.

Beyond payments for goods and services, Dogecoin is also being used for international remittances. Its lower transaction costs and quicker processing times make it a good option compared to traditional banking methods, which often have hefty fees and delays. For example, while Bitcoin can take up to an hour to process, Dogecoin transactions usually take about a minute, even for cross-border transfers.

Community and Celebrity Support Boost Dogecoin

The Dogecoin community has been key to its success. Although the cryptocurrency started as a parody, its viral nature, particularly on platforms like X and Reddit, has kept people interested.

Read also: Elon Musk Introduces DOGE Mascot for U.S. Government Efficiency Dept.

High-profile supporters, like Elon Musk and Mark Cuban have also helped. Cuban’s Dallas Mavericks started accepting Dogecoin for merchandise and tickets in 2021, while Musk has suggested that Tesla might start accepting Dogecoin for products again.

Also, Dogecoin’s strong community sets it apart from other fast, affordable cryptocurrencies like Litecoin. Even though Litecoin is the most-used cryptocurrency on the BitPay app, Dogecoin has a larger market capitalization, making it the eighth-largest cryptocurrency.