Indeed he has made repeated comments about Twitter taking dogecoin for payments, and if that happens it would be a big boost for the cryptocurrency’s credibility.īut ultimately, it has to break out of his control. It is accepted at Tesla for merchandise - albeit not cars, it has the same environmental problem as bitcoin, although that may be changing soon. Musk has done more than tweet and talk up dogecoin. And Stripe, which just started crypto payments support in April, has only spooled up support for the USD Coin stablecoin. However, the first two are bitcoin maximalist, meaning they see it as the only real, viable payments token. There are notable exceptions: Block’s Cash App, Strike and Stripe do not support dogecoin. Crypto Consumer: Cryptocurrency Use In Online and In-Store Purchases
Indeed, according to PYMNTS’ June research report, “Paying With Cryptocurrency: What Consumers And Merchants Expect From Digital Currencies” dogecoin is owned by more consumers (5.6%) than any token except bitcoin (12%) or ether (6.8%). In May, BitPay CEO Stephen Pair told PYMNTS’ Karen Webster that DOGE “made the cut” of tokens it supports because it has “an intensely loyal and active following.” MMy7SIxYblĪnd Coinbase Commerce is hardly the only crypto payments processor that supports it.
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To do so, you first will need to update to the latest version of our app. theatres now accepts online payments using Doge Coin, Shiba Inu, and other crypto currencies - thanks to Bitpay.
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And in April, AMC movie theater chain began accepting dogecoin directly via its mobile app for tickets, with CEO Aam Aron saying it was because of a big Twitter campaign by supporters.Įxactly as promised, the AMC mobile app for AMC’s U.S. CNBC and Bloomberg cover it regularly (albeit not always favorably). 8 cryptocurrency by market capitalization, worth $16.4 billion. A look at its price history chart shows what happened. Then at the beginning of 2021, Elon Musk started tweeting memes about it. Then there’s dogecoin, which has spent most of its nearly 10-year lifespan as a deep crypto-insider token known for a small cadre of fans who kept it alive even when its development foundation died off. The two largest stablecoins, USDT and USDC - both top five cryptocurrencies with a combined market cap of $111 billion - went unmentioned. When the mainstream business news site CNBC wrote up the story it mentioned that Coinbase Commerce “supports 10 currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin.”īitcoin and ethereum are the two largest and best-known cryptocurrencies, and Bitcoin Cash and Litecoin are two of the oldest and best-known payments-focused altcoins. crypto exchange, which could now cite it alongside Blackrock as partners.īut it wasn’t the only winner. When Google selected Coinbase Commerce to provide the technology that would let its Google Cloud customers pay with cryptocurrencies, it was a huge marketing win for the top U.S. With its value so tied up in one person’s whims and tweets who also now controls the social media platform, it could be argued that dogecoin seems like the worst possible choice as a payment currency - especially since it was actually designed in 2013 to be unusable for payments.Īnd more to the point, can it actually become a serious payment token when its value is so closely controlled by one man, even if he is the world’s richest person? If you pay any attention at all to crypto, you know that we’re talking about dogecoin, the Shiba Inu-fronted, built-as-a-joke memecoin. When it was reported that he stopped development work on Twitter’s crypto digital wallet yesterday (Nov. When Tesla CEO Elon Musk walked into Twitter headquarters carrying a sink last week, the price of his favorite memecoin doubled.
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