Dogecoin, a crypto asset performing well on markets, launched as a Joke coin on Reddit. As the first meme coin, Doge has seen its fair share of benefits and drawbacks throughout its history.
In early 2021 Doge received huge boosts from top KOL driving its prices up by over 12800%, hitting an all-time high of $0.073. Among the KOL that drove the coin’s prices high are Snoop dog and Elon Musk’s social media influence.
The question that most investors often ask is, what is Dogecoin used for?
Dogecoin Use Case: Online Tipping
Perhaps one of the most initial use cases of Doge was as an online tipping coin. Using the coin, social media users could tip others for their content.
One example of Doge in online tipping was the Dogetipbot. This system allowed people to tip others on Reddit and Twitch using Doge until 2017 when the host of the bot emptied the hot wallet storing user funds without permission and declared bankruptcy.
Earlier in 2021, Twitter announced plans to monetize cotent and Twitter users can now tip each other with Dogecoin.
Dogecoin Use Case: A Currency or Form of Payment
Doge’s most primary use case is as a payment currency. The coin helps pay for goods and services in different stalls. So, where can you pay with Doge? Here are but a few;
As a digital currency, Doge can be very useful when paying for services in online stores. Here are several online stores that allow Doge Payments;
- Newegg E retailer. Newegg began accepting Doge payments in early 2021. The network sells computer parts to different countries globally and allows buyers to pay using Doge. The main reason is fostering simplicity.
- Wag is another network allowing customers to pay using Doge for dog care services. Wag links with a 3rd party app Bitpay to make it easy to pay using Doge.
- AMC entertainment. A famous American movie store also recently announced plans to use Dogecoin for payments.
- Dallas Mavericks, earlier this year, began accepting Doge for ticket payments. A pair of seats cost 100Doge, which was just about $50 at the time. Late October, Mark Cuban noted that people prefer Doge when buying the Dallas Maverick merchandise.
- Kessler Collection group of hotels allows people to pay using Doge for services.
Due to the coins’ worldwide presence, Doge is used on numerous platforms to pay for international shipping. Earlier, there were claims that Amazon accepts Doge payments, but those are fake news.
Doge enthusiasts tried to convince Elon to accept Doge for Tesla purchases. But, every crypto enthusiast recalls that earlier in 2021, Tesla accepted Bitcoin payments but later dropped for environmental concerns.
BTC prices dropped drastically, leaving crypto experts with claims of a pump and dump scheme from Elon. If Elon does accept Doge as a payment currency, will it be for the long term, or a pump and dump scheme? While accepting the coin would be good, investors should consider the motive.
Peer to Peer Payments
Dogecoin also can be used in peer-to-peer payments of services. The availability in P2P markets makes it possible for investors to trust Dogecoin.
Some Brick and mortar merchant stores accept Doge payment in P2P. The systems have been streamlined to make it easy for customers to pay using Doge. For instance, you can scan a QR code in a recipient’s address, set the amount, and send it to the merchant’s wallet.
According to some sources, over 1 thousand stores accept Doge payments. While some of those are online stores, others are brick-and-mortar stores.
Dogecoin Use Case: Sports Betting
Another payment use case connected to Doge is sports betting. Of course, this involves payment to make predictions about particular games.
Among the Dogecoin betting platforms include JooSports Review, 22 Bet, N1bet, Melbet, and Stake.com. Stake.com went as far as sponsoring a premier league football team Watford. The Doge use case in betting seems quite beneficial, and anyone can link in.
Dogecoin Use Case: Charity and Fundraising
Since its inception, Doge has been famously used for philanthropic and humanitarian services. The coin helped raise funds for one of the Jamaican teams to participate in the Sochi Winter Olympics.
Later on March 25th, 2014, the coin helped raise funds to sponsor Josh Wise, a NASCAR sprint cup series driver. Earlier in 2021, Doge helped raise funds for building a well in the Tana river basin. Philanthropic use cases are also a vital part of Doge.
Doge was launched merely as a joke. But, through the years, it’s been able to garner real-world use cases. Its first use case was for online tipping and later philanthropic activities. Some electronic and brick-and-mortar stores have been adopting Doge as payment options. Furthermore, the coin is gaining adoption in sports betting platforms like Stake.com.