Dogecoin is a cryptocurrency that started as a joke and now it is one of the cryptocurrencies that has acquired a lot of attention this year. Before we dive into how Dogecoin can be the future of payments, we need to understand where Dogecoin stands in terms of cryptocurrency.
Why Consider Dogecoin?
When it comes to cryptocurrency the first name that comes to mind is Bitcoin, but knowing the fact that Bitcoin is way too volatile to be accepted as payment on day-to-day services especially when most of the businesses want to stay away from extra risks. Here where Dogecoin comes into play.
The attention gained by Dogecoin by some of the most important entrepreneurs in the world, like Elon Musk and Mark Cuban, is no less responsible for increasing demand for Dogecoin. This year, the popularity of Dogecoin has increased by these two millionaires.
Musk tweeted “Dog to the Moon” and stated that he aims to combine with Dogecoin developers for more efficient crypto, this news led to a 20% rise to Dogecoin’s price.
Many third-party providers are currently offering wallet services to enterprises that usually do not have the means to engage with any government entities.
Benefits of Dogecoin
High liquidity
There is no limit on the amount of Dogecoin that may be generated, unlike many other deflationary cryptocurrencies. This inflation rises the asset, which leaves room for endless supplies. That will probably change its worth over time, but there’s already a solution in progress.
Fixed issued tokens
A certain amount of coins are minted annually to maintain Dogecoin’s value. Each year there are fewer new coins issued than the amount currently available in the market.
Transaction speed
With a one-minute block interval, Dogecoin has the fastest transaction in comparison to Bitcoin, which in turn makes it a widely considerable cryptocurrency.
Should businesses start accepting payments in Dogecoin?
Small firms can start adopting DOGE as a payment in many ways. The procedure may nevertheless be lengthy, sometimes not so simple in comparison to more standard payment methods.
But it might well be worth accepting payments in crypto to assess the enormous gain in value. Not only that, companies adapting to cryptocurrencies enhance the number of new clients or customers.
The benefit of Dogecoin over Bitcoin as payment
- Sure, Bitcoin is the most valued cryptocurrency but accepting it as payment is just not so practical looking at the price fluctuation, whereas Dogecoin is more of the day-to-day crypto that can be actually considered for the transaction.
- Transactions done with Bitcoin tend to take a longer time than Dogecoin which makes it easier for any business to take payments in it.
- Most importantly the transaction fees taken on Dogecoin are much lesser than Bitcoin.
How can businesses start accepting Dogecoin?
In order to accept payment in Dogecoin, businesses can use a third-party payment gateway which will make their work really easy and most importantly more sure.
Apart from that, small businesses can just create a Dogecoin wallet and use its address to receive payments.
Dogecoin Payment Gateway
There are a lot of cryptocurrency payment gateways available in the market, all of them offer their services which have a set of functions and fees. Below are the best three payment gateways to process payments in Dogecoin.
CoinRemitter is one of the crypto payment gateways which provides numerous services which are required by any merchants/business today.
Most importantly it provides its services at a very low cost which is about 0.23% which makes it a more considerable payment gateway by businesses.
It is very easy to use. All you need to do is just integrate its plugin into your website, create a wallet and link your API to it, and you can receive payments in Dogecoin and also other 7 major cryptocurrencies.
There is also another altercation available in the market like CoinPayments and NowPayments, which are also great payment gateways that support Dogecoin and other cryptocurrencies and their fee varies from 0.50% to 1%.
Final Remark
The more Dogecoin individuals have, the more they desire to spend on other shopping. Companies need to lead the way in which cryptocurrency is a common component in online transactions to be accepted as a form of payment.
The views on the scalability of DOGE are still split as ever. And increasing numbers of firms are ready to put bets on it to become a dominant payment option.
The scalability of the crypto markets and its overall volatility make the whole procedure a little more speedy. But things related to it keep changing.
Online companies are now embracing DOGE, but the success of this crypto money will be shown only with time.
Author
Amit Singh, I am a content writer, and over time I have written many articles about bitcoin, and other cryptocurrencies knowing the fact that the future of finance is going to be cryptocurrency and business-related. Currently, I work with CoinRemitter which is the best cryptocurrency payment gateway and wallet provider.
The post Can Dogecoin be the future of payments for businesses? appeared first on The Cryptonomist.
