Musk tweets how Dogecoin can become viable payment option

Highlights

  • By lowering down its handling fees, Dogecoin can become a viable payment option, as per Elon Musk.
  • The movie theatre giant, AMC suggested accepting the meme cryptocurrency.
  • Dogecoin's fees fluctuate depending on the busyness of its network.

In the latest update, Tesla and SpaceX chief, Elon Musk, who is also a Dogecoin enthusiast and the most famous crusader of the meme crypto, has propagated that to be increasingly used for making retail purchases, Dogecoin’s fees would need to fall.

Dogecoin, cryptocurrency

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It is a well-known fact that Musk’s tweets contribute to the price volatility of Dogecoin and he wants to raise Dogecoin to the moon.

Related Read: Elon Musk boosts Dogecoin price, again

Dogecoin must reduce its fees for its wider use as a payment alternative

To become a feasible payment option, Musk pronounced that the crypto needed to drop its fees. This was tweeted when the globally acclaimed, movie chain operator, AMC hinted that it might accept Dogecoin for purchasing movie tickets.

Interesting Read: How Elon Musk’s latest tweet brought Dogecoin back in focus?

Poll conducted on social media on AMC accepting Dogecoin crypto payments

On Wednesday, AMC CEO, Adam Aron questioned his Twitter followers on whether the Company should accept Dogecoin as a payment option.

Nearly, 140,000 people, i.e., around 77% of the pollees, were in favour of the idea.

Musk tweets how Dogecoin can become viable payment option

Aron said that since it’s clear that AMC might accept Dogecoin, the Company needed to figure out how to do that.

Recent update on Dogecoin’s network might lower down its fees

It is pointed out that Dogecoin fees are charged for the efforts put in for processing the transactions on blockchain. The fees vary, subject to how busy the network is.

Recommended Read: Is Dogecoin worth mining? How does Dogecoin mining works?

Last month, Dogecoin’s development team revealed an update to its network, thereby allowing forthcoming fee reductions.

Also, if the reduced transaction fee comes into effect, the average Dogecoin transaction fee, which is currently 2.24 DOGE, would be reduced to 0.01 DOGE.

AMC to accept popular cryptos towards year-end

Recently, AMC had announced that it would accept Bitcoin along with other cryptos like Ethereum, Bitcoin Cash, and Litecoin for online ticket purchases by the end of 2021.

By accepting crypto payments, AMC hopes it could expand its market as the company would give its tech-savvy customers additional payment options.

On 24 September, at the time of writing, Dogecoin was priced at US$0.221, down by 1.7%.

Related Read: Why big firms are no more averse to crypto payments

Bottom Line

To become a feasible payment option, Dogecoin should think of reducing its handling or transaction fees, to increase its user base.

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