HomeBusinessTesla to Appoint Dogecoin as a Payment Method for Merchandise Purchase!

Tesla to Appoint Dogecoin as a Payment Method for Merchandise Purchase!

Dogecoin has been one of the favorite cryptocurrencies of Elon Musk, the founder of Tesla and many other famous companies like space x foundation and hyperlink. Earlier, Dogecoin was appointed as a digital currency of the space x foundation, and now the founder of Tesla has announced the use of Dogecoin as a payment method. 

The official website of tesla motors comprises unique and desirable gadgets. The products present on the website of tesla motors are ranked in the category of merchandise. If you are interested in bitcoin trading, you must know these tax tips for Bitcoin traders and investors. In short, this company’s merchandise does not include only t-shirts and hoodies having their name printed on them, but also dummies of electric cars, cyber whistles, and many more. Now, the pay website of the tesla company is offering merchandise. 

Key Takeaways!

  • The spot value of Dogecoin skyrocketed by almost 40%. Subsequently, Elon musk announced its use for purchasing stuff present on the official website. Elon Musk did the same with bitcoin at the beginning of 2021 as he announced that a buyer could use BTC to purchase any automobile from Tesla motors. Similarly, the spot value of this virtual coin skyrocketed. 
  • As per reports, Elon Musk dumped BTC because of the proof of work consensus mechanism. Elon Musk preferring Dogecoin over bitcoin was very unusual as first he addressed the use and benefits of BTC over his Twitter handle. 
  • Dogecoin, the hottest meme coin alongside Shiba Inu coin, skyrocketed by 5000% in just one year. 2021 was a golden year for many NFTs and meme coins. 

Also Read: Cryptocurrency and Its need in Democratic Establishments

Is Elon Trying to Pump Dogecoin?

Pump and dump are some of the frequent tactics used by influencers to make significant profits. Earlier many digital coins faced similar challenges. For example, as per reports, Elon Musk tried to pump and dump BTC. Undeniably, he successfully pumped the most prominent virtual coin BTC by announcing the acceptance of this coin as a digital payment method.

However, alleging Elon Musk for dumping the market value of this coin is not appropriate at all as he just suspended the coin as a payment method. China’s announcement later fueled the dump. None was familiar with the existence of Dogecoin until Elon Musk tweeted about it.

Even the developer of Dogecoin developed this coin merely as a joke. The creator of Dogecoin sold all his holdings just for a few thousand dollars to buy a second-hand car. Elon Musk tweeted about Dogecoin and overnighted this coin became a star cryptocurrency. Alongside Dogecoin, the Shiba Inu coin is a very famous meme coin. 

Dogecoin has facilitated cryptocurrency transactions as people like to pay with this meme coin for fun. The market value of Dogecoin at the beginning was mere cents. Later on, it was trading at a market value of $0.70. The spot price of Dogecoin at the instance is significantly less, but the tweet of Elon Musk pushed the market value of this coin by a magnificent amount. 

Dogecoin – script algorithm!

You might think about what makes Dogecoin a bit better than bitcoin in terms of technology. The digital currency coming with cryptographic technology usually comes with a hashing algorithm. Both Dogecoin and BTC use various hashing algorithms. The hash algorithm that comes into play while Doge-coin transactions is a script and when it comes to BTC, the hashing algorithm is referred to as security hashing algorithm 256.

The technicality of Doge-coin is much more than that of BTC. Including the transaction speed, bitcoin is much slower than this coin. It might be one of the reasons why Elon musk prefers this meme coin over the legendary BTC. Doge-coin as an individual coin has a significantly lower spot price than other altcoins have a much higher value than this virtual coin. But the supply of this meme coin is also greater than other cryptocurrencies. For example, the finite supply of bitcoin is written in its code, but there is no finite supply in the context of Doge-coin. The infinite supply of Shiba Inu coin has made it exceedingly famous amongst Millenials.

IITSWEB
IITSWEBhttps://iitsweb.com
IITSWEB is the Chief Business Development Officer at IITSWEB, a Magento design and development company headquartered in Redwood City, California. He is a Member of the Magento Association and an Adobe Sales Accredited Magento Commerce professional. Jan is responsible for developing and leading the sales and digital marketing strategies of the company. He is passionate about ecommerce and Magento in particular — throughout the years his articles have been featured on Retail Dive, Hacker Noon, Chief Marketer, Mobile Marketer, TMCnet, and many others.
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