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Dogecoin Is Going Mainstream
Dogecoin is going mainstream.
With more and more shops and businesses accepting Dogecoin every day, the internet’s favorite meme-money is gaining legitimacy.
The largest criticism against Dogecoin has been that it’s a “joke” currency with no real-world application.
But just this week we’ve seen that change.
Let’s take a look at why Dogecoin is going mainstream, and why it’s a big deal.
Putting the "currency" in cryptocurrency
For cryptocurrency to go mainstream, we have to be able to spend it.
Being able to buy things with Dogecoin is a major factor in it succeeding as the internet currency of the world.
With a large supply, fast transaction times, and low fees, Dogecoin makes for a great option as an everyday crypto that you can actually spend.
Doge-supporting business owners are starting to get the picture, with images popping up of shops that have began accepting the dog-themed crypto as payment.
You can now even pay for a flight with Dogecoin through airBaltic airlines.
Does that sound like fake money to you?
AirBaltic is one of the many businesses integrating Dogecoin payments with the processing platform BitPay.
Bitpay enabled Dogecoin payments earlier this month, opening the door for businesses to accept the meme-money for products and services.
For example, the luxury hotel network The Kessler Collection is now accepting Dogecoin payments through Bitpay.
Can you imagine booking a flight, reserving a hotel, renting a car, and then getting a haircut, all by paying with Dogecoin?
That's pretty mainstream for a coin that just months ago was considered a "joke" with no utility.
Business magnate Mark Cuban was one of the first to announce Dogecoin payment integration through Bitpay for his basketball team, the Dallas Mavericks.
Mark said about the decision that "Sometimes in business you have to do things that are fun".
He went on to claim that the Mavericks had done over 20,000 Dogecoin in transactions as of March 6th.
With more and more merchants accepting Dogecoin through Bitpay, Dogecoin is further legitimized as money.
And for Dogecoin to work, folks need to be able to spend it.
This is one of the reasons why Robinhood releasing wallets to their customers is such a big deal.
Without the ability to withdraw or deposit Dogecoin, Robinhood customers can't use Doge like money as it's intended.
Dogecoin is good for business, and exchanges, shop owners, and content creators are starting to see the light.
If accepting Dogecoin is continued to be viewed as a smart business move, then we will inevitably see Dogecoin go mainstream.
Coinbase could take Dogecoin mainstream
With more cryptocurrencies exchanges enabling Dogecoin trading, more folks will have access to the Shiba Inu-based crypto, helping Dogecoin to reach mainstream investors.
Coinbase may be realizing the potential, as they made Dogecoin news this week by finally breaking their silence on Doge.
Just weeks ago, I asked Elon on Twitter if he thought Dogecoin trading should be enabled on Coinbase.
He responded with an enthusiastic "Yes!"
Coinbase may have finally got the message.
In a recent Reddit AMA (ask me anything), Coinbase CEO Brian Armstrong and CFO Alesia Haas answered questions from the community ahead of their highly anticipated IPO.
While questions couldn't involve topics of potential listings, one clever individual asked an ambiguous question that seemed to bypass the ruling.
The question was simply "Doge or cat?"
After reading the question, Brian Armstrong asked Alesia, "are you a doge or cat person?" to which Alesia responded "I think I'd have to go with doge."
Armstrong agreed, saying "I'm probably a doge person too, but we'll see how it goes."
While not much, it's the closest thing we've had to assurance that Coinbase stands with the Dogecoin community and has heard our pleas to add Doge to their platform.
I posted the above tweet on Twitter, and Elon "liked" it, indicating his awareness and approval of the comments.
With Coinbase working to get Dogecoin on its platform, Doge is one step closer to actualizing its full potential as a top cryptocurrency and a leading payment method for online transactions.
With Dogecoin on Coinbase, the People's Crypto would be accessible to more people, and the listing would further legitimize the coin with Coinbase's coveted stamp of approval.
Coinbase is the most mainstream cryptocurrency exchange, and a Dogecoin listing could help Dogecoin ascend to the moon.
Adding Dogecoin would also put on pressure to other exchanges like Gemini and Square, potentially leading the way to a Dogecoin standard.
With Elon's help, Dogecoin is going mainstream.
Elon is bringing crypto mainstream
It's no secret that Elon Musk loves Dogecoin, but he's a pretty big fan of Bitcoin as well.
Elon shocked the cryptocurrency world this week with the announcement that Tesla would be accepting Bitcoin for Tesla purchases.
The news came on the heels of an SEC filing last month, where Tesla indicated that they "we expect to begin accepting bitcoin as a form of payment for our products in the near future."
Elon also announced that Tesla was intending to HODL the Bitcoin that they earn instead of converting it to fiat.
This is an astounding show of support for the future of Bitcoin, as Elon and Tesla executives make it clear that they expect Bitcoin to be worth more in the future.
Folks quickly began to inquire about the future of Dogecoin, with expectations that Elon may one day accept his "fav crypto" Dogecoin as payment for Tesla vehicles.
Images and memes quickly popped up of what this might look like.
If Elon ever allows Dogecoin to be used as payments, we could see Dogecoin go mainstream, soaring to all-time highs.
Even allowing Dogecoin as payment on the Tesla merch shop, or for folks to purchase Starlink in the future, would be an enormous milestone for everyone's favorite much wow cryptocurrency.
Crypto influencer and Bitcoin Cash proponent Kim Dotcom barked back against Bitcoin's utility, deriding Bitcoin as being impractical as a payment method because of expensive fees.
His criticism specifically focused on the use of Bitcoin for small purchases, like for a can of soda.
He argued that Bitcoin Cash, a forked cryptocurrency of Bitcoin, is a better use of small purchases under $10.
Elon responded to Kim, saying that he made a "fair point."
I then responded to Elon and asked him if Dogecoin would solve this problem.
I said "This is why we need something like Dogecoin, right Elon? With fast speeds and low fees, DOGE makes for an actual spendable cryptocurrency."
Elon answered immediately, simply posting the eyes emoji "👀" as his response.
The eyes emoji is often used to bring attention to something, or to highlight what someone said in a show of anticipation or agreement.
Elon is indiscreetly bringing attention to what Dogecoin advocates have been parading all along: Dogecoin is a practical alternative to Bitcoin's inadequacies.
Bitcoin works best as a store of value, while Dogecoin works best as a currency.
In the Bitcoin whitepaper, Satoshi Nakamoto described Bitcoin as a "peer-to-peer electronic cash system."
As Bitcoin evolved, it began to look a lot less like a "cash system" and a lot more like "gold system."
Dogecoin, on the other hand, puts the "currency" in cryptocurrency.
Dogecoin has fast transaction times, low fees, and durable security.
The high amount of coins in circulation keep coins affordable, and the issued inflation rate discourages hoarding, accounts for lost coins, and keeps the network secure.
Elon is bringing attention to what most folks in the cryptocurrency space miss: Dogecoin is a diamond-in-the-rough decentralized cryptocurrency that is actually designed to be spent.
Even just posting the eyes emoji is a strong show of support to the more practical arguments for Dogecoin's utility.
Elon hasn't given up on Dogecoin, and he may be helping it go mainstream.
Celebs are helping Doge go mainstream
With celebrities hopping on the Doge-train, we could see Dogecoin continue to gain public adoption.
Legendary rapper Snoop Dogg just recently teased the launch of a "Dogge" NFT.
Snoop had previously joked with Elon about being Snoop Doge, posting this funny meme and advocating for the dog-themed currency.
With celebrity endorsement from mega-influencers like Snoop, Dogecoin is prepared to go mainstream.
With growing acceptance, community passion, and a potential Coinbase listing in the works, Dogecoin is looking good.
The Doge memes are only growing, and the Dogecoin community is united as ever.
Dogecoin is showing massive potential as more and more folks recognize its utility as a legitimate cryptocurrency.
With broadening acceptance, support from Elon, and celebrity endorsements, Dogecoin is growing stronger and more legitimate by the day.
It's getting hard to deny: Dogecoin is going mainstream.
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Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
Disclosure: I currently own some Dogecoin, Bitcoin, and Ethereum (for NFTs). At the time of posting, Dogecoin is around $0.054 per coin.