Know which is more worthy, Bitcoin or Dogecoin?
Cryptocurrencies are all the rage nowadays. Several people invest in some form of crypto currency to increase their profits. It is a decentralized currency that records transactions and issues currency instead of a centralized regulatory system. It is a currency that doesn’t depend on banks to verify transactions.Moreover, it is a peer-to-peer system that enables you to transact crypto from anyone at anytime. Whereas you can transport and exchange physical currency in the real world, cryptocurrency transactions teks place entirely digitally. These transaction records are stored in an online database that describes the specific transaction. So, when you send or receive Bitcoins, the records of the transactions getsrecorded in a block which thereafter acts as a public ledger. Click here to know more about this.
The name cryptocurrency came from the usage of encryption to verify transactions. By encryption, it helps you keep your transactions anonymous and no one will be able to track your purchases..Encryption helps you by providing security and safety to all your transactions.
Since the introduction of cryptocurrency in 2009, there are many altcoins emerging in the market. Moreover, the value of each crypto is high and unique to one another. It takes quite a toll for the miners to mine cryptocurrency; the technology used to mine these coins is blockchain, which requires more advanced hardware and electricity supply. That makes the whole mining process unbelievably expensive. Due to this very reason, people are starting to invest in cryptocurrency. Many platforms enable investors to make investments in crypto. You can consider trading crypto by using bitcoin era which provides much safety to all your transactions.
Coming back to the topic, many types of cryptocurrency are available around us, such as Bitcoin, Ethereum, Dogecoin, etc. As mentioned earlier, each of these cryptos has its market value. Being said that, constant debates are occurring among the people as to what crypto is the best? One such worthy debate is Bitcoin vs. Dogecoin. In this article, there are a few critical differences between these two cryptos, which make them unique on their own.
Bitcoin V Dogecoin
Origin of Bitcoin and Dogecoin
Bitcoin was first introduced in 2009 by Satoshi Nakamoto and got quite a few followers within a few days from its launch. After the emergence of bitcoin and its immense gaining popularity, numerous people thought that bitcoin would replace the world’s mainstream financial system. Bitcoin is so big a deal that it has driven the world’s legislators to a corner while struggling to regulate it.
Inspired by Bitcoin’s simplicity, the idea of Dogecoin was first established in 2013 by two prominent software engineers, Jackson Palmer and Billy Markus. Dogecoin started as a joke at the rise of alternative cryptos arising with the rise in Bitcoin’s demand. However, people buying Dogecoin in a mass amount created a whirlpool that took the price of Dogecoin up to the sky; furthermore, the support it got from Elon musk through his tweet saying that he would send the technology to the moon raised quite an uproar resulting in increasing awareness of Dogecoin. That drove many investors to invest in doge.
However, according to many people, when the comparison between these two cryptos, doge still looks like a meme.
Similarities between Bitcoin and Dogecoin
Even though doge was initially started as a joke, it uses the source codes of Bitcoin. Both of these coins’ consensus methods are proof-of-work that involves the miners. In a proof-of-work blockchain, the miner must validate the blocks where transaction data has been stored. Later, Palmer and Markus implemented many changes to make Dogecoin different from bitcoin.
Supply capitalization of Bitcoin and Dogecoin
Bitcoin has a complex supply capitalization of around 21 million, making it highly valuable for its limited availability. Wherein the capitalization of Dogecoin is unlimited; after Palmer and Markus removed the complex supply capitalization that was around 100 coins in the initial phase, due to the high availability of the Dogecoin, it is likely to lose its value in the future.
Which one is best for you
Despite bitcoin being the first crypto and Dogecoin being introduced as a silly joke, these cryptos can yield high profits for the investors. However, due to the high availability of Dogecoin, it will lose its value over time, whereas being scarce crypto, bitcoin will get more valuable in the future. Nonetheless, the price history of Dogecoin indicates that it is more of a short time investment, wherein bitcoin is a long time investment. However, the table can always turn sideways, depending on the news and trends in the future.
