The luxury car manufacturer Ferrari has started to accept Dogecoin as payment in the US, marking another significant milestone for the cryptocurrency industry. Customers wishing to purchase a Ferrari using cryptocurrency in America now have the option to do so with the memecoin in addition to Bitcoin, Ethereum, and USDC.
After stating in October 2023 that it will begin dealing with digital assets, Ferrari further cemented its embrace of cryptocurrencies with its acceptance of Dogecoin. It is anticipated that Bitpay will also serve as a settlement agent for DOGE payments.
More Dogecoin Use Cases
Dogecoin began as a memecoin with a dog motif and has gradually improved to a significant usability level. Just after Tesla, Ferrari is now the second automaker to accept Dogecoin payments.
The electric vehicle manufacturer Tesla declared in December 2021 that it would take DOGE as payment for its goods and that it also intended to accept it at its charging stations. Given the romantic relationship between Dogecoin and Tesla’s owner, Elon Musk, the cryptocurrency community was mostly expecting the move.
As their name suggests, memecoins are mostly used in the cryptocurrency space for sarcasm, and the support of the community drives all of their price movements. A memecoin without a purpose eventually loses its appeal as its users search cryptocurrency for fresher memes that grab their attention.
Broad Use of Cryptocurrency Payments
The initial doubts over cryptocurrencies’ security and volatility have gradually given way to their widespread use. Due to constant advancements, the cryptocurrency market is now on par with, if not superior to, established financial systems in certain areas.
Americans are angling for traditional payment agents to improve their services due to the affordable, quick, and round-the-clock nature of cryptocurrency payment choices. According to a survey released earlier this month, if Americans had opted for blockchain solutions instead of traditional transactional services, they may have avoided paying $74 billion in credit card fees.
Companies like Microsoft, Dell, and Shopify all accept cryptocurrency payments, while payment giants like Visa, Mastercard, and Paypal have all included Bitcoin into their payment options.
