Dogecoin, the parody cum meme which turned into a legitimate
Dogecoin, the parody cum meme which turned into a legitimate digital asset had grabbed everyone’s attention in 2018 with its phenomenal rise. Dogecoin, as the name suggests, was a famous sizbo doggy meme, and the creators behind the project thought why not bank on the blockchain like everyone else, to see where it leads up to. And, they were quite surprised to learn that two popular phenomena, the meme trend combined with blockchain can result in a genuine crypto token.
Talking from a technical point of view, the Dogecoin is a hard-fork of the famous litecoin network and when the value of Dogecoin reached new heights, the developers left the network to make it truly decentralized.
Dogecoin in its earlier days was used to tip content developers on the internet, and when the phenomena became universal it entered the list of top 20 cryptocurrencies. The coin started out with a 100 billion supply and every year thereafter a total of 5.256 billion are added to the existing supply.
With an unlimited supply cap, the dogecoin rise in value has prompted many to ask when would the dogecoin will be accepted as a mode of payment on Amazon. We will try to answer the question by analyzing every aspect of the e-commerce website, the reach, and rise of dogecoin and whether we can see Dogecoin as a trusted payment mode on the Amazon.
Amazon and Crypto Payment
Amazon is the largest e-commerce platform with a valuation running in 100s of billions of dollars. The rise of Amazon from a small online bookseller to the largest online marketplace is quite phenomenal. Now that cryptocurrency is gaining wider acceptance, people are looking up to the E-commerce giants to start accepting crypto payments.
It’s not evident as of now, whether Amazon is looking into accepting Dogecoin payments or crypto payments in general, but Amazon is definitely looking to venture into the Blockchain service for sure. Amazon was cautious about venturing into the blockchain business at first, but recently it has bought three new domains related to cryptocurrencies, so it’s definitely a sign of good times to come.
Many e-commerce websites apart from Amazon do accept crypto payment in some form, so if you are looking to buy an online product using your dogecoin, the best option is to convert your dogecoin into some other more popular bitcoin which has a much wider acceptance and then use it online to buy products of your choice.
What Issues Might Arise For Dogecoin Acceptance as a Mode of Payment
Before the rise of bitcoin in 2017, there were only a few other altcoins on the market, but since the phenomenal rise, a new crypto token gets listed on the crypto trade market, making it hard to keep a track on all of them. Thus, any company or brand which does accept crypto payments does it for the top 5 or top 10 altcoins.
Dogecoin is currently ranked at 25th position in the crypto trade market ranking, and thus it’s not one of the most preferred choices of payment by any major e-commerce platform. Dogecoin has no upper cap or limit on its supply, which can be a cause of concern for its usage since the valuation might go down during high inflation rates.
Dogecoin success was more dependent on it being a parody rather than a digital asset, although its valuation has increased many folds in a short period of time, the vision of the community plays a very important role in the acceptance. Bitcoin’s vision has always been to create a new decentralized system of finances and this vision has propelled its acceptance even after a decade.
Dogecoin started out as a meme and turned into a tipping service rather than an asset focusing on a much wider use. So, unless the community behind it is able to project dogecoin as a real-world entity of exchange, the chances of it climbing the payment acceptance level are quite low.
Final Thoughts
Dogecoin community has taken many initiatives to part itself from its meme tag especially after climbing the trade market charts. The original creators left the network to make sure it is truly decentralized and handled by the peers on the network. It has come a long way from its parody days, however, the meme-tag seems to have stuck with it for long.
In order to become the main form of online payment, it needs to reconsider its plan and develop something unique, as there are hundreds of tokens in the market. In order to be a preferred mode of exchange, it needs to prove itself better and more unique than others.
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