Dogecoin – Real-Life Currency, or Meme Coin Only?

In a recent article analyzing its price, we talked about Dogecoin’s recent resurgence amid a favorable market trend for altcoins. The signs are promising for the coin’s progress, and investors are keen: currently, Dogecoin is one of the world’s ten most traded cryptocurrencies.

However, there is still a general perception that DOGE is little more than a niche investment to be bought, held, and sold at the right moment. Unlike other more established cryptocurrencies, whose practical applications are now undeniable, Dogecoin is still an asset (one that is fun to own, talk and speculate about), not a currency, in the eyes of investors and the general public.

But that might be about to change. The coin is moving fast towards having practical applications and becoming a feasible currency.

Wider Acceptance of Dogecoin as a Payment Method

As we reported earlier, luxury brand Phillip Plein now accepts cryptocurrency payments, including Doge. The news was undoubtedly a landmark for the coin’s legitimacy, but this isn’t the first time we see businesses supporting Dogecoin payments.

In fairness, despite its unusual origin and somewhat silly reputation, DOGE is, today, one of the most viable coins if you’re planning to use it as a form of tender.

As a matter of fact, DOGE has had a few real-life applications since it started. It’s long been used to fund charitable projects and other non-profit activities. For instance, in 2014, Dogecoin famously helped fund Jamaica’s bobsled team at the Sochi Winter Olympics. It also has found a faithful audience at cryptocurrency casinos accepting Dogecoin, where it’s a more newcomer-friendly alternative to Bitcoin.

But perhaps Dogecoin’s most widespread commercial application is its usage as a tipping system online: users reward each other with DOGE when they believe someone has shared interesting or relevant content.

Software Update Brings Lower Fees to Doge Transactions

A recent update to Dogecoin’s core software, aiming to improve security and lower transaction fees, is thought to have a tangible impact on the coin’s feasibility as a currency.

The update, tweeted by Dogecoin’s official account, was promptly shared by coin-proponent Elon Musk, who deemed it as “important.” The tech mogul’s retweet immediately raised awareness of the update and likely brought legitimacy to the change.

Although it’s too early to assess its relevance, it’s surely a quality-of-life change for those seeking to use Dogecoin as a payment method and generally carrying transactions on the network.