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Can Dogecoin (DOGE) Serve As A Real Payment Substitute?

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Dogecoin may be able to become a valid payment instrument.

Dogecoin (DOGE) has just experienced momentum that propelled it to above 120% in one week. It recorded over 50% gain over fiat currency in the past week. One can easily attribute the gains that DOGE recorded the past days to the announcement of Dogethereum, which increased its payment substitute potential.

Indeed, Dogethereum is the latest project from the stables of DOGE’s development team. They say that the platform will enable cross-chain operations between DOGE and Ethereum. On this platform, the DOGE community will be introduced to smart contracts. Prior to its September 2nd loss, this project brought DOGE to the spotlight, leading to a DOGE price spike. That’s not all; there are other good things happening around DOGE. Let’s break them down.

Yahoo Finance Supports DOGE

In fact, when a new cryptocurrency is listed on a popular platform, it brings the cryptocurrency into the spotlight. When media property Yahoo Finance announced that it would catalog DOGE with other altcoins, it brought the coin to  the limelight. Other altcoins listed include Litecoin (LTC) and Ethereum (ETH). Truly, the impression the cryptocurrency community got was that DOGE represents a suitable payment instrument. Effectively, this means that should the services the platform provides be extended, users will have to acquire DOGE.

DOGE Tagged as Payment Instrument for Amazon

In recent times, there has been speculation that retail giant Amazon will adopt cryptocurrencies. To date, the rumor continues to gather momentum. Well, DOGE is tipped to be among the first virtual currencies to be adopted. Amazon is particularly interesting given that it is the world’s biggest online retail market. It cannot be overstated how much would Amazon’s adoption of cryptocurrency mean for the entire cryptocurrency industry.

Although Amazon has yet to break the cheerful news, it hasn’t come out to dispel the claims either. What is clear, though, is that the retail giant is not accepting cryptocurrency for now. Also, change.org is championing a campaign that will see Amazon accept DOGE as a payment instrument. The idea is to collect 15,000 signatures for the purpose. As of now, the platform has collected over 12,400 signatures. In short, it argues that as a lightweight coin, DOGE is perfect for instant and cheap payments.

Is DOGE Perfect as the Next Payment Instrument?

In truth, DOGE has some advantages as a payment instrument. Sure, the most notable ones are its ability to process fast payments as well as zero-fee on some occasions. Also, the currency enables micropayments. Not to mention, it enables instant payments at a very minimal processing time. Yes, all these benefits make a good case for DOGE becoming a good payment instrument.

 

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