Elon Musk made an announcement in December 2021 that Tesla would soon be accepting DOGE as a payment method. Not to forget that the company is also a major BTC investor.
Tesla Testing the Dogecoin Payment Method
Tesla, an electric vehicle manufacturer, is experimenting with using Dogecoin as a payment method. Based on a survey released by The Block, owing to its hidden feature, the majority of the non-technical individuals are currently unable to view the DOGE form of payments.
Elon Musk revealed last month that the business plans to take Dogecoin as a form of payment. Following the latest experiments, the Dogecoin team expects Musk to release a statement in the days ahead officially. Tesla dedicated a part on their website just to Dogecoin, which explains how to purchase its items with Dogecoin.
The firm also observed that you’d be needing a Dogecoin wallet to make purchases on a Tesla Store with Dogecoin. Dogecoin wallets are technologies, networks, applications, or programs that allow users to send and receive DOGE. While paying with DOGE, the payments screen would provide the Tesla Dogecoin wallet address in alphanumerics and QR code format, which you may use in linking Dogecoin wallets and transferring Dogecoin.
Cryptocurrencies, Cryptocurrency Mining, and the Ecosystem
Tesla’s resolve to stop accepting BTC came before China’s move to outlaw cryptocurrency mining during the summertime in 2021. Cryptocurrency mining has been a big issue ever since, with the United States overtaking China as the world’s largest BTC mining country in terms of hash rates.
Last August, the United States accounted for 35.4 percent of the entire BTC hash rate, based on the University of Cambridge. Before China’s prohibition, the United States was accountable for below 20 percent of the global market.
China’s prohibition was prompted by worry about the effects of cryptocurrencies and mining on the ecosystem. The increased mining activity in the United States has also drawn the attention of the US government. Earlier in 2021, word broke that a US Congress division was planning a session on cryptocurrencies, cryptocurrency mining, and their environmental effect.
The Price of Dogecoin
Dogecoin’s price jumped approximately 12 percent in 2 hours after the testing allegations surfaced. The cryptocurrency asset has increased by about 25 percent in the previous seven days. Dogecoin has been on a decline after attaining an ATH of almost $0.70 in May last year. Shiba Inu threatened the most precious meme coin (SHIB). Dogecoin is now ranked 11th among the most valued cryptocurrencies, with a market capitalization of about $25B.