Updated: Sep 22, 2022
Whether you’re sending Dogecoin payments for products or services. Or perhaps you’re accepting Dogecoin payment options. Regardless, nowadays businesses and individuals are able to collect payments faster than ever before.
Popular cryptocurrencies are evolving. When it comes to comparing everyday payment methods like Visa with a cryptocurrency payment. Cryptocurrency is rapidly becoming a quicker and more efficient form of payment.
A business or individual that is accepting cryptocurrencies will get their payments almost instantaneously.
Through Twitter, Dogecoin Foundation’s product lead Timothy Stebbing declared Dogecoin is “far ahead” of Visa Inc V’s payment speeds. While Visa takes 24 hours to reconcile transactions, Dogecoin (DOGE) payments reconcile within just one minute. That’s 1439 times faster - a whole day! Stebbing tweeted, “So if you're talking about payment speed, Dogecoin is so far ahead of Visa that it's laughable.”
Be aware that reconciliation of payment speed does not reflect the speed of the entire transaction, however. When talking about transaction approval speed, there are no certainties that DOGE performs faster.
Stebbing does offer a solution for the transaction approval speed, though. He explains in his tweet chain that Visa and DOGE are using two completely different kinds of solutions for this.
DOGE will be able to make use of future services likely to come on the market soon. While VISA requires a lightning network, he plans instead to build a GigaWallet API. Whereby the retailer can configure the risk themselves.
Stebbing calls this approval-of-payment mechanism a “layer 2 solution” for the Dogecoin blockchain. In the meantime, Stebbing reminds his followers that DOGE’s layer 1 is “already damn fast.” Dogecoin is confident it will continue providing new innovations to stay on the top of the cryptocurrency market.