The post Elon Musk’s Favorite Memecoin: Dogecoin Finds Niche In Retail Payments appeared on BitcoinEthereumNews.com.

In an unexpected twist, Dogecoin (DOGE), originally created as a parody of cryptocurrencies, has emerged as a viable payment option for businesses across the United States. A recent Bloomberg report highlights establishments like Williamsburg Pizza in New York and University Sports Grill in Tempe, Arizona, that accept the token for their products, from pizza to beer and even baked potatoes. Retailers Embrace Dogecoin As A Practical Payment Despite being viewed as a joke since its inception 11 years ago, DOGE has gained popularity among businesses looking to incorporate cryptocurrency into real-world transactions, largely attributed to the speed and low transaction fees associated with the token.  Currently, the average transaction cost is around 0.07 DOGE—less than a penny—while Bitcoin transactions can cost approximately 79 cents, according to BitInfoCharts. Speaking to Bloomberg, Aaron McCann, co-founder of Williamsburg Pizza, said:  Dogecoin is the only proof-of-work cryptocurrency with transaction times fast enough and fees low enough to be practical for merchants like me.  Although DOGE payments account for about 1% of the restaurant’s gross sales, McCann is actively working to increase its use. After years of trying to find a way to accept cryptocurrency, he developed DogeExpress, a payment processor dedicated to Dogecoin, which he has implemented at several retailers. Interestingly, DOGE is also finding utility in the remittance market. Traditionally, sending cash internationally involves high fees—often as much as 7%. In contrast, DOGE transactions are typically completed in about one minute, making them more efficient than Bitcoin, which can take 10 minutes to an hour for transaction validation.  High Volatility And Security Concerns Despite its advantages, Bloomberg points out that Dogecoin is not without its drawbacks. It is considered less secure than BTC, and unlike Bitcoin, which has a limited supply, Dogecoin has no limit on circulation, making it less attractive for long-term…

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Filed under: News - @ October 2, 2024 7:22 pm