When it comes to cryptocurrency, Bitcoin is king. However, there are a few new rising stars on the market, and one of them is DogeCoin. What used to be a joke of a currency is now one of the hottest cryptos to buy since it recently shot up in value. But wait, why are we talking about cryptocurrency and DogeCoin all of a sudden? Well, that's because one dealership in the US is now accepting DogeCoin as a mode of payment.
We're not joking. Daytona Nissan in Florida, USA, announced on their website and Facebook page that they now accept DogeCoin. The dealership recommends converting DogeCoin to USD due to its high volatility. But, DogeCoin itself is as good as cash.
Unfortunately, you can't use Dogecoin entirely to buy a vehicle. Instead, you can use it for a down payment of up to an equivalent of USD 5,000 or roughly PHP 240,175 at the current exchange rate. There's also a 25% convenience fee for DogeCoin users. Also, you only have until February 12, 2021, to buy using the said currency.
Today, it's quite common to see or hear about Bitcoin used in similar transactions. However, this is probably the first time an up and coming cryptocurrency has been accepted as vehicle payment. Before February, the value of the cryptocurrency was less than USD 0.01 or roughly PHP 0.50. It wasn't until this month did the value skyrocket.
So if you're sitting on a ton of DogeCoin, why not buy yourself a brand new Nissan? It won't cover all of the expenses, but at least you can save around PHP 240,000 in cash. Or, you can sit on it even more and hope it “goes to the moon”.