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Is Amazon About to Accept Dogecoin?
The latest crypto-currency on the block, dogecoin, has been gaining popularity, and there are rumors that Amazon may integrate the virtual currency.
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Table Of Content
Content
Conclusion
FAQ
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More than 141,000 people have signed a petition on change.org asking Amazon to begin accepting Dogecoin. After four years of slow progress, the petition finally hit 100,000 signatures in February. The momentum has only increased since then.
The Dogecoin community has been building a lot of momentum recently, and now would be a great time for Amazon to join the ranks of prominent firms that accept Dogecoin as payment.
Even though it was created as a joke, Dogecoin is now the only top-10 cryptocurrency that is profitable. This toughness is encouraging news for DOGE. But does Amazon agree with this assessment?
Dogecoin Defies the Odds
Annual gains of over 8,000% are not to be taken lightly. Dogecoin's success in 2021 has shown that strong token economics and a focus on the basics are not important.
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World Weed Day is celebrated annually on April 20. To raise support for a DOGE price of $1, Dogecoin holders are seeking to "hijack" this day.
On Twitter, #DogeDay has become the second-most trending topic. Also, Reddit has been a major hub for the revolution. One user who was trying to stir up support said that getting to $1 was inevitable and that it was a modest aim.
Our Lord and Savior Doge should not be constrained by such petty objectives as reaching $1 or even the moon. The time to act is now. For crying out loud, we're capable of doing this!
There are more and more people interested in Dogecoin, so who is to say that it won't reach $1? It will, according to billionaire Mark Cuban. For added credibility, he's now selling Mavs tickets and merchandise for DOGE.
However, the seemingly endless supply of DOGE is a major issue, notwithstanding the excitement and optimism surrounding the currency. About 5 billion DOGE are added to the monetary supply per year as a result of inflation. It's not simple to square this with a token used in a nontraditional business, even if it's basically the same as fiat money.
What’s the Deal With Amazon and Crypto?
Unfortunately, neither Bitcoin nor Dogecoin are presently accepted by Amazon as a form of payment. The change.org petition may have many backers, but Amazon is under no obligation to respond to it.
Is there hope that this may alter in the near future? Whether or when Amazon really follows through with the creation of its own digital currency is unknown. The company is looking for qualified individuals to fill open positions in its Digital and Emerging Payments section, which has been advertised on its website lately.
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The job posting has already been removed, but not before astute readers realized it was intended for the Mexican market with potential international expansion.
What this endeavor may signify for the bitcoin market is unclear at this time. However, the company has a history of isolating its goods inside its own ecosystem, making them inaccessible outside of that setting.
Conclusion
Dogecoin's only real drawback is that, unlike Bitcoin's finite supply, there is no upper limit on the number of Dogecoins that may ever be created. One other perk is that it functions like a devalued version of Bitcoin. Since miners release 10,000 new Dogecoins per minute, there are now 130 billion in circulation. The price of Dogecoin is certain to skyrocket if a new product involving Elon or Dogecoin is released, thanks to the efforts of the Doge community.
FAQ
Is Amazon going to allow Dogecoin?
Is it likely that Amazon might adopt Dogecoin? Representatives from the corporation have said that won't happen anytime soon. The corporation has hinted that they would introduce an NFT market in April 2022, so maybe Dogecoin adoption isn't as farfetched as it looks.
Is Dogecoin going to be accepted?
Late last year, Tesla and SpaceX CEO Elon Musk revealed that users would be able to use the meme-based cryptocurrency Dogecoin to purchase certain Tesla items, which caused a surge in the price of Dogecoin.
Will Amazon accept cryptocurrency?
Is it possible to pay on Amazon using Bitcoin? Amazon does not yet take Bitcoin or any other cryptocurrency directly. The BitPay Card and the purchase of Amazon gift cards with cryptocurrency are the two greatest options for using bitcoin on Amazon.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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