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Pay with Dogecoin: A Beginner’s Guide on How to Use DOGE as a Payment Method

Pay with Dogecoin: A Beginner's Guide on How to Use DOGE as a Payment Method

Despite its origins as a satire of the cryptocurrency ecosystem, Dogecoin (DOGE) is widely regarded as a viable crypto investment. Dogecoin has become a widely accepted asset tradable for an expanding range of products and services, thanks to a rising market price and thriving community support. Dogecoins can now be sent and received in the same way that other cryptocurrencies can.

Dogecoin is represented by a picture of a Shiba Inu, a Japanese hunting dog breed, and was launched with a circulating supply of 100 billion coins that can be scaled indefinitely. Dogecoin’s first applications can be traced back to successful community-led fundraising campaigns for sports and public service.

Dogecoin’s position as a mainstream tradable asset in open markets has been strengthened by support from established entrepreneurs such as Elon Musk and social media influencers.

Do you want to know how to pay with Dogecoin? Can Dogecoin be used to make purchases? How can Dogecoin be spent? Where can Dogecoin be spent? Let’s take a look at some of the ways you can spend your doge holdings.

Dogecoin as a viable mode of payment

One of the reasons for Dogecoin’s growing user base is its popularity as a lucrative investment. As a result, nearly all mainstream crypto avenues, including exchanges, wallets, and free market businesses, support Dogecoin trades. 

Given the evidence of a growing market, a healthy return on short-term investment, and mainstream relevance, Dogecoin’s journey as a tradable asset has already begun. Today, a plethora of platforms accept the meme token as payment for their products and services. 

Despite having an infinite supply of Doge tokens, Dogecoin has proven to be an inflationary investment. Furthermore, this has resulted in a growing miner community that is incentivized to confirm and process Dogecoin transactions on the blockchain. The Bitcoin (BTC) ecosystem, on the other hand, is limited to 21 million coins and will require newer reforms to support miners in the long run. 

Dogecoin’s liquidity is increased by the new tokens, but the ecosystem is set up to issue fewer tokens annually. As a result, fewer new tokens will be produced annually as a proportion of the coins already in circulation. These two things work together to make Dogecoin a practical payment option.

Dogecoin is accepted here: Where can I pay with DOGE?

Making any kind of purchase with cryptocurrency was as real as a dream when Bitcoin was in its early stages. However, because Bitcoin made this dream a reality, a decade of a domino effect a series of pro-crypto events allows the global community to trust other popular tokens, such as DOGE, for purchasing and selling services.

While the Dogecoin ecosystem has yet to gain full mainstream financial recognition, innovations in the crypto space allow early investors to explore DOGE as a viable payment use case.

The four major ways to pay with Dogecoin are discussed below.

Peer-to-peer 

P2P is the most direct and private method of sending or receiving Dogecoin or any other cryptocurrency. A typical peer-to-peer transaction entails transferring funds from one blockchain address to another without the involvement of a third party. 

Online platforms and forums that connect local users willing to trade doge coins in exchange for goods and services make P2P trades widely available. DOGE holders can use such platforms to socialise and plan face-to-face meetings with potential participants for a predetermined trade. 

Scan the QR code of the recipient’s Dogecoin wallet and authenticate the transaction on their own Dogecoin-supported wallet service to send DOGE in a P2P trade. One can also type in the recipient’s wallet address, risking sending Dogecoins to the incorrect address.

As an investor, you can use P2P platforms to find people who will directly buy or sell Dogecoins in exchange for fiat currencies such as the US dollar. This method allows users to avoid paying fees on cryptocurrency exchanges or other third-party platforms. 

Numerous brick-and-mortar stores have also begun to accept cryptocurrency as payment, making it the fastest-growing mode of P2P trade. Stores typically display the QR code of their Dogecoin wallet address, which a customer can scan to pay.

Mainstream adoption

While Dogecoin has successfully led several fundraisers for sporting events, the cryptocurrency’s adoption accelerated after Elon Musk stated that Dogecoin is money and expressed support for the ecosystem’s growth. 

Following suit, many mainstream businesses have begun accepting Dogecoin payments for goods, services, and subscriptions. The legality of paying for such mainstream services with cryptocurrencies, on the other hand, is heavily dependent on the customer’s local crypto laws.

Trading platforms

When it comes to third-party platforms, cryptocurrency exchanges allow Dogecoin to be purchased, sold, or exchanged for other cryptocurrencies or fiat currencies. Such exchanges are typically used by cryptocurrency users to convert local currencies, such as the US dollar, into crypto holdings. 

Depending on the local jurisdiction and popularity of tokens (USDT), crypto exchanges list cryptocurrencies paired with fiat or prominent cryptocurrencies such as Bitcoin and Tether. Users can buy Dogecoins at the spot (or current market) price by selling an equivalent amount of dollars or bitcoin. 

In addition to the aforementioned use case, built-in wallets on crypto exchanges are used to accept and send Dogecoin, i.e., to pay with DOGE.

Keep an eye out for DOGEY signs

When investigating investment opportunities in an emerging market like Dogecoin, one must be wary of bad actors and scammers who prey on unsuspecting victims.

Taking cues from traditional banking scams, crypto scammers employ a variety of techniques, such as creating fake copies of popular platforms, impersonating influencers, and duping investors into bad trades.

Mainstream mobile application platforms, such as Google Play and the Apple App Store, are actively identifying and delisting fake apps that attempt to impersonate cryptocurrency exchanges and wallets. Scammers use such apps to gain access to the user’s private keys and then drain the assets in the user’s wallets.

Do your own research (DYOR) is still one of the best pieces of advice for investors and is strongly advised before entering the crypto ecosystem. Proactive measures must also be taken to detect potential fraud before it occurs, such as confirming the legitimacy of platforms and individuals, staying up-to-date with authentic news, and avoiding risky trades and offers. 

Crypto businesses, such as exchanges and wallet providers, will never directly contact customers and ask for private information such as keys, passwords, or one-time passwords (OTPs).

 

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