AMC CEO Adam Aron announced AMC would accept Dogecoin payments in the first quarter of 2022 saying, “I believe we will be able to accept Dogecoin in Q1”.
American customers will be able to use the top meme cryptocurrency to pay for tickets and concession stand items with the meme coin trading around $0.25 on the FTX exchange at the time of writing this report.
Dogecoin supporters – notoriously committed to adoption initiatives – tweeted in droves to support the token’s inclusion as a payment option for the cinema. Since then, users have been able to buy up to $200 worth of digital gift cards per day. These cards can then be redeemed by theatre goers in cinemas across the world’s largest economy.
By the end of 2021, AMC Entertainment plans on accepting four other crypto assets: Bitcoin, Ether, Litecoin and Bitcoin Cash.
According to October 2020 data, there are 620 AMC Entertainment cinemas within the United States, and 358 cinemas Europe.
Crypto assets like dogecoin are gaining mainstream recognition as liberating alternatives to traditional fiat currencies, and public venues are adapting their technological infrastructure to meet consumer demand.
Dogecoin was created in 2013 as a joke to mock the cryptocurrency mania of the time, by Billy Markus and Jackson Palmer. The token quickly faded into obscurity, with a value close to zero.
After a long period of obscurity in which its value was close to zero, Dogecoin shot back to fame in January 2021, immediately following the Gamestop saga. Several celebrities, including the world’s richest man, Elon Musk and Mark Cuban, have tweeted about it since then.
Dogecoin is a type of digital coin that facilitates peer-to-peer transactions and is decentralized. It is easy to send money online through Dogecoin. It is sometimes called the “internet currency.”
A key difference between it and Bitcoin’s proof-of-work protocol is the use of Scrypt technology. Dogecoin’s block period is one minute, and its supply is unlimited, meaning that it is mined indefinitely.