Are Online Businesses Ready to Start Accepting Dogecoin?
It wasn't long ago that business purchases with a QR scan that transfers cryptocurrency from wallet to wallet sounded like science fiction. Today, it'...
It wasn't long ago that business purchases with a QR scan that transfers cryptocurrency from wallet to wallet sounded like science fiction. Today, it's becoming a reality.
Consequently, more established businesses are now accepting cryptocurrencies such as Bitcoin and Ethereum as forms of payment. Dogecoin — a cryptocurrency that started out as a joke — is also starting to be considered as a form of payment.
More people began purchasing Dogecoin as all major cryptocurrency payment providers included it in their services. With a rise in demand from consumers comes an increase in interest from financiers and businesses. However, are online businesses ready to start accepting Dogecoin as a means of payment?
Small Business Owners Should Consider the Merits of Dogecoin
There are currently over 1,300 merchants accepting Dogecoin payments as of the end of May 2021, and that number keeps going up.
There are three primary factors motivating the move:
- High Liquidity. Unlike many other deflationary cryptocurrencies, there's no limit to the number of Dogecoins that can be created. This makes the asset inflationary, leaving room for an infinite supply. That's likely to affect its value over time, but a solution is already in the works.
- Fixed Number of Issued Tokens. A fixed number of coins are issued each year to keep Dogecoin's value rising. The number of new coins introduced every year is smaller than the number of coins already on the market.
- Faster Transaction Speed. Dogecoin transactions are ten times faster than Bitcoin due to one-minute block intervals.
With over 1,000 companies across a wide range of niches accepting Dogecoin as a form of payment, there's no doubt that businesses are finding ways to adapt to the new payment model. Ever since BitPay — the leading crypto payment processing service for merchants — welcomed Dogecoin on March 4, 2021, more companies have started following their lead.
In fact, due to a recent increase in demand on behalf of businesses, CoinFlip announced that Dogecoin owners can now buy the asset in cash at more than 1,800 locations. CoinFlip currently operates the most prominent Bitcoin ATM network in the U.S.
No less responsible for the rise in demand of Dogecoin is the attention given to the asset by some of the world's most influential entrepreneurs, including Elon Musk and Mark Cuban. Thanks to these two billionaires, Dogecoin's popularity skyrocketed this year. Musk tweeted about taking "Doge to the moon" and revealed that he's pairing with Dogecoin developers to make the crypto more efficient. This announcement resulted in a 20% jump in a single day.
Today, many third-party vendors offer wallet exchange services to businesses that wouldn't normally have the resources to get involved with crypto wallets. These services make it easier for those lacking their own wallet to become more accommodating to a broader audience.
15 Well-Known Companies Going All-In on Dogecoin
Hardly any sector of online business remains unaffected when it comes to the practice of accepting Dogecoin (DOGE) as a method of payment. Listed below are 15 high-profile companies that accept DOGE now or will begin doing so in the near future.
1. Dallas Mavericks
As an early adopter of cryptocurrency, the Dallas Mavericks are the first NBA team to incorporate Dogecoin into their payment system. Mavs fans can now purchase game tickets and merchandise using the crypto asset online. Owned by Mark Cuban, the company had previously been using BitPay to process purchases in various cryptocurrencies — including BTC, ETH, BCH, GUSD, and others — with DOGE now joining the list. Cuban tweeted that as long as companies accept DOGE, it can become a usable currency with the potential of having a higher purchasing value than one dollar.
In mid-April 2021, Kronos Advanced Technologies Inc. started trading higher after announcing that the company had exchanged its First Bitcoin (not related to Bitcoin) holdings for Dogecoin Cash. The air-purification tech company now has approximately 600 million in Dogecoin Cash and will begin using it as a method of payment.
3. Kessler Collection
The luxury hotel group Kessler Collection recently adopted DOGE as a payment option by pairing up with BitPay. The company thus became the first U.S. luxury hotel chain to accept crypto payments. CEO Richard Kessler stated that the acceptance of cryptocurrencies represent "one of the most innovative concepts in the hospitality industry right now." Kessler believes that "cryptocurrency is only going to gain acceptance, and partnering with BitPay allows us to offer more choices in the payment process." He further demonstrated that DOGE is worthwhile by including it among Bitcoin, Ethereum, and several others.
4. BOTS, Inc.
BOTS, Inc. offers services in the digital robotics manufacturing industry and is among the first publicly traded businesses to add DOGE as a payment method. Users can now purchase all of their products and services with DOGE, Bitcoin, Ethereum, and Litecoin.
AirBaltic was the first airline to make the DOGE-friendly companies list. However, this was not a huge surprise as the company has been open to accepting cryptocurrency payments since 2014 when it began accepting BTC. Latvia's airline carrier doesn't store Dogecoins but instead converts them to euros during the payment process.
EasyDNS is a Canadian internet service provider known for its superior services and innovation. As of April 16, 2021, the company climbed the innovation ladder even higher by accepting DOGE payments. EasyDNS was the first ICANN registrar to accept Bitcoin, Ethereum, and Litecoin, and now DOGE. Canadians starting their online business can now get a domain name, DNS, web hosting, and email server, paying for all of it in DOGE.
7. Post Oak Motor Cars
Post Oak Motor Cars is a luxury car dealership and repair service company operating on the Gulf Coast. Thanks to a recent update in their payment method system, customers can now purchase Bentleys, Bugattis, and Rolls-Royce vehicles using DOGE. Post Oak Motor Cars is the lone authorized Bentley dealership in Houston.
Newegg is one of the latest e-retailers to announce its acceptance of DOGE as a method of payment. The company did so to celebrate Dogeday on April 20. Newegg was also the first major online business to accept Bitcoin back in 2014. This online business sells tech products, including computers, laptops, TVs, small kitchen appliances, cell phones, car electronics, gaming equipment, toys, and more. Similar to the other businesses that made this list, Newegg partnered up with BitPay. Their customers can now pay with DOGE by simply clicking "Edit" in the payment section and selecting BitPay.
SpaceX plans on launching "DOGE-1 Mission to the Moon" in 2022 and has already begun accepting payments in DOGE for mission funding. The SpaceX flight will be the first satellite to go on a space mission funded solely with digital currency. The company says this first-of-its-kind mission will show the cryptocurrency application beyond the Earth's orbit and pave the road for interplanetary commerce.
10. Estate Diamond Jewelry
Estate Diamond Jewelry is a fairly recent addition to the list of companies accepting DOGE as a payment method. This jewelry house is also one of the first of its kind to accept high-ticket payments using DOGE. Estate has some of the highest-quality Art Deco, Victorian, and Edwardian jewelry. Jewelry lovers can also shop for high-end vintage rings, earrings, wedding bands, and cocktail rings, paying for all of their purchases with DOGE.
11. Energy Electronics
Energy Electronics is one of the most authoritative mobile solution distributors in the U.S. and one of the first in its niche to announce DOGE as an accepted method of payment. “We believe that cryptocurrency, especially Bitcoin and Dogecoin, are here to stay. We like to stay ahead of the curve and accepting crypto is an obvious move,” said Yisroel Teitelbaum, president of Energy Electronics. The company is among the leading sources for corporate logistic solutions across the country, helping businesses streamline operations and improve efficiency since 2014.
NOWPayments is among the first companies dealing with cryptocurrency payments to accept DOGE. The company offers easy cryptocurrency platform integrations for online businesses, allowing instant withdrawals and an auto coin conversion service.
CoinPayments has become one of the industry's leading cryptocurrency processing companies. This platform helps businesses integrate crypto payments into their Shopify, WooCommerce, and other major e-commerce platforms. There is currently a 0.05% fee, one of the lowest in the marketplace. Adding DOGE to its list of cryptocurrencies means all businesses using their services can now also start accepting payments in DOGE.
Web hosting provider Snel is flexible with its methods of payment and uses CoinPayments and BitPay as payment gateways, both of which now operate with DOGE. The company has announced cryptocurrency plans for businesses of all sizes.
UK-based web hosting company HostMeNow has started accepting DOGE as a payment method in addition to Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies.
How Can the Average Small Business Start Accepting Dogecoin?
There are several ways for small businesses to begin accepting DOGE as a cryptocurrency. However, the process may be slow and not as straightforward as implementing more traditional payment options. But it may well be worth the hassle, judging by the whopping increase in value this year. Not only that, businesses that adapt to cryptocurrency increase the pool of customers with whom they can make quick sales.
DOGE has a few obvious benefits for small businesses as compared to Bitcoin:
- Bitcoin is more of a store value. Dogecoin is better geared for day-to-day transactions due to its unlimited supply and inflationary nature.
- Bitcoin's transaction times are up to ten times slower compared to that of DOGE.
- DOGE carries lower transaction fees.
For small businesses looking to accept DOGE, the two main options are 1) creating a wallet or 2) using third-party services to process transactions.
Create an Official Doge Wallet
The most secure and straightforward method for businesses to start accepting DOGE is by having customers pay them in Dogecoins directly. Business owners can get started at the official Dogecoin website. The process involves the following steps:
- Choosing a wallet for holding Dogecoins.
- Configuring the wallet.
- Getting Dogecoin.
There are two types of digital wallets to choose from — MultiDoge, a light wallet, and Dogecoin Core, more suitable for miners. First, business owners set up the app on their computers. Then, they will be asked to name the wallet. Additionally, they will also have the option of giving the wallet address to customers and asking them to send Dogecoins directly to the wallet. Brick-and-mortar store owners can set up a QR code containing all important product information that customers who use the Dogecoin app can scan and transfer the data to the app.
BitPay is the leading cryptocurrency payment service provider. Using BitPay, merchants worldwide can sell their products and services online using various cryptocurrencies. Recently, the company started accepting Dogecoins next to Bitcoin, Bitcoin Cash, Ethereum, and Wrapped Bitcoin.
The main advantage of BitPay is that business owners are not obliged to create crypto wallets. Nevertheless, they can accept the assets without buying or owning them. When a customer pays for a service in DOGE, BitPay converts it to USD or the local business currency. The business then receives the balance in its bank account through ACH.
The BitPay wallet app is available in the App Store and Google Play for merchants who want to accept DOGE and other cryptocurrencies. Then, business owners can also sign up for service through the app.
Companies such as NOWPayments and CoinPayments offer services similar to those of BitPay, allowing small businesses to incorporate cryptocurrencies into their payment systems.
Prodoge is another platform that allows businesses to send and receive Bitcoin, Dogecoin, DigiByte, and Ethereum cryptocurrencies by maintaining a USD coin wallet. Small business owners can use this software to sell items, send invoices and payment links, and more.
WordPress website owners can use open-source plugins such as Nomiddleman Crypto that accepts all major cryptocurrencies, including DOGE. The plugin is free to use. It has automatic payment processing, a real-time crypto valuation, and a fully automated customer QR code feature.
Keep One Eye on the Steady Rise of Dogecoin
The more Dogecoin people acquire, the more they'll want to spend it on various purchases. For Dogecoin to be accepted as a means of payment, innovative businesses will need to lead the way making cryptocurrency a regular feature of online commerce.
As always, opinions are still divided on the scalability of DOGE. And, more and more companies seem to be willing to place their bets on it becoming a leading method of payment. The questionable scalability and overall instability of the crypto market make the whole process a bit slower. However, the wheels are turning steadily. It's now apparent that online businesses are ready to accept DOGE but only time will reveal the success of this "joke" currency.
The post Are Online Businesses Ready to Start Accepting Dogecoin? appeared first on Due.
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