The Dallas Mavericks have seen significant sales made in cryptocurrency after they began accepting Dogecoin in March. The billionaire owner of the mavericks, Mark Cuban stated that he views Dogecoin as the “strongest” in terms of being used as a medium of exchange:
“It’s a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange.”
Cuban told the “DeGeneres Show” that he views bitcoin, the most valuable cryptocurrency, as being more of a “digital equivalent of gold” than a currency. Because Bitcoiners generally keep their BTC for a long time and see it as an asset that will appreciate, it’s in their best interest to do so.
This is certainly true, but it doesn’t imply that the two cryptocurrencies aren’t also used as money. Following the implementation of bitcoin as legal cash in June, El Salvador became the first nation to accept bitcoin as a currency. Users in the country may now use it to pay for products and services. Supporters believe that bitcoin can be adopted globally because of its stability and relative safety, while opponents say that it is inherently dangerous and volatile to use as money.
— CNBC (@CNBC) August 13, 2021
DOGE’s Rise as a Payment Option
However, analysts caution that individuals should only invest what they can afford to lose since cryptocurrencies are inherently risky. Some experts suggest that investors should exercise extra caution when investing in dogecoin because it is less scarce and technologically developed than other cryptocurrencies, such as bitcoin.
Dogecoin has, in the past, been called by Cuban “not the best investment,” even though Cuban remains a big fan of the cryptocurrency.
Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb
— Mark Cuban (@mcuban) April 26, 2021
In contrast to other cryptocurrencies, Dogecoin’s founders never meant for it to be taken seriously, yet it nevertheless has a use case of its own. According to Cuban, individuals use dogecoin as money, but he also believes ether may be utilized as currency.
Dogecoin payments are now available for many businesses and customers. The Dallas Mavericks are early adopters of cryptocurrency, therefore they will be the first team to take Dogecoin. Mavs fans using the app ‘Mavs Fans for Life’ now have the ability to use Dogecoin to purchase Mavs gear and tickets online, allowing Mavs products to be more widely available to Mavs fans all around the world. More than two years ago, the Dallas Mavericks started taking Bitcoin as a form of payment for game tickets and merchandise.