When Bitcoin was developed in 2009, it didn't have some positive reaction in the business sector or any other reaction at all. Not many users believed that Bitcoin and other cryptocurrencies are going to become a great alternative to fiat currencies.
However, the crypto market kept growing, and by 2020 entered its latest bull market phase. By that time, there were already businesses that supported certain cryptocurrencies. The bull cycle promoted the value of cryptocurrencies, and it also attracted a new audience of users.
Dogecoin is one of the virtual currencies in the market that was released not long after Bitcoin entered the crypto market in 2009. By 2020 it had a substantial number of followers, and it exploded in value in the following years, especially with the support of influencers like Elon Musk and famous brands.
In this article, we will take a look at the main advantages of accepting Dogecoin payments for your business.
Dogecoin Transactions
One of the main reasons why businesses accept digital currencies is the potential to generate large profits, but also crypto transactions have many other advantages for the users as well as the businesses. It doesn't matter whether it's a small brick-and-mortar business or a large online platform.
Cryptocurrencies have many benefits, including low transaction fees, anonymity, short processing times. This is very beneficial for any business, especially since they only need to invest in a digital crypto wallet in order to accept the payments in Dogecoin. They don't have any additional costs, and also it gives them a chance to reach another audience of crypto users that use Dogecoin.
For example, online casinos also support Dogecoin payments on their platforms because it gives them a chance to expand their target audience and to provide a safe payment method for their crypto users. So actually, the virtual currency is available in different casinos, and you can find Dogecoin available on Bitcasino, a reputable online casino that caters to crypto users.
In other words, well-established platforms accept Dogecoin payments. Moreover, due to the unlimited supply of Dogecoin, which is set to introduce a set of 5 billion coins every year, day-to-day transactions and easier for processing. Also, the inflation rate is kept under control thanks to this attribute of Dogecoin, and this is another advantage for any business that is looking to accept Dogecoin payments.
Market Cap
When it comes to the market cap of Dogecoin, it's actually unbelievable that it managed to reach a market cap of $21.693 billion in 2022. It's the first meme-coin to reach that kind of milestone and to become the fifth-largest cryptocurrency on the market, just behind valuable cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
This is another advantage of accepting Dogecoin because your business invests in Dogecoin as you accept Dogecoin payments. Generally, cryptocurrencies that have a market cap larger than 10 billion are considered more stable than other cryptocurrencies on the market.
Technology
Dogecoin is also based on blockchain technology as most virtual currencies, but it uses the blockchain network, proof of work system of Litecoin. As we know, Litecoin is one of the prominent cryptocurrencies on the market that was developed not long after Bitcoin was launched in 2009. So, the crypto users and any party involved in Dogecoin's blockchain system can rest assured that the crypto transactions are safe and the network also has a good system of operations.
It's also worth noting that the blockchain network functions based on the input from the miners to get a reward for validating the transactions and working to ensure that the network remains secure for everyone.
Dogecoin Value
Dogecoin's value increased significantly with the endorsement of celebrities like Elon Musk. Actually, one Tweet of Elon Musk has a huge positive impact on the value of the cryptocurrency. For example, Dogecoin's price rose by 100% when Elon Musk tweeted the painting Dog Barking at the Moon.
So, even though Dogecoin is a volatile asset, the support from famous brands and celebrities is another factor that businesses need to keep in mind when they decide to accept Dogecoin payments on their premises.
Final Thoughts
In conclusion, cryptocurrencies like Dogecoin prove that virtual currencies are really a solid payment option for a lot of online businesses and brick-and-mortar stores, and there are many advantages that are associated with Dogecoin. So, it's safe to say that its popularity won't subside in the following years, and we're yet to see what kind of impact it will have on the business sector.
