The dogecoin vs Bitcoin debate is on – especially for every new crypto investor on the block. In a surprising turn of events, Dogecoin has become the fourth most invested Cryptocurrency in the world.
Although the total market for Dogecoin is $75 billion (about $230 per person in the US), this shows that people have started to understand its importance.
The concept of Dogecoin came with a funny way to showcase the advantages of Bitcoin.
But the meme coin has shown its true potential and stands where it is now. Being the firstborn, Bitcoin has always held advantages over other Cryptocurrencies. However, over the last couple of years, Dogecoin has improved its technological implementation.
This has led many to compare it with Bitcoin, the oldest and the most reliable cryptocurrency. People are searching for dogecoin vs bitcoin out of curiosity.
In this article, we will compare Bitcoin and Dogecoin and try to find the differences. At the same time, we will see what similarities they hold.
What Is Bitcoin?
Bitcoin is a digital currency and the product of blockchain technology. Satoshi Nakamoto created it (A con man) in 2009.
Since the launch of Bitcoin in the market, financial experts found its advantages and started using it for making business payments.
Bitcoin does not have any physical form. You must mine it with the help of solving complex calculations.
The miners usually do it. Whenever you mine a block of information, you create a certain amount of Bitcoin and release it in the market.
The reward is given to the miners. The miners then keep or sell the Bitcoin.
What Is Dogecoin?
Dogecoin is nothing more than a meme coin that Bily Marcus and Jackson Palmer developed.
Their intention in creating this coin was to mock all the other coins in the market.
However, to their surprise, these coins became famous and the fourth biggest coin in terms of market caps.
The Dogecoin owner explained to Reddit the trust he launched the coin on the market for fun and only took 3 hours to put the whole project together. And he didn’t have an idea that it would see true success.
Dogecoin Vs Bitcoin: Differences-
Despite being a meme coin, Dogecoin certainly was surprised with its performance.
Over the last few years, Dogecoin’s price evaluation has been over 12,000%. Despite sharing a few similarities, they do share some major differences.
1. Built-In-Scarcity:
If we are talking about the differences, the first difference that you will come across will be its supply in the market. As we know that Bitcoin is scarce in the market and has a limited number in total.
Due to the Bitcoin halving, there will be a time when Bitcoin will saturate the market. But the same thing stands false for Dogecoin. Dogecoin is created in thousands every day.
2. Created For Sillies:
Perhaps this might be the funniest of differences you have ever come across. Satoshi Nakamoto created and launched it back in the year 2009.
After the launch of bitcoin, it became the standard of Cryptocurrencies by which all new currencies are compared.
However, Dogecoin is the result of a meme coin created by Marcus & Plame, which is for all cryptocurrencies.
The funny part is that the developer accepted the fact that they only invested three hours in putting the whole project together.
2. Dogecoin Vs. Bitcoin: Ecosystem
As we know, Dogecoin is created by copying the exact copy of the Bitcoin.
On the other hand, Bitcoin has a well-funded ecosystem where developers are seriously trying to make Bitcoin the best Cryptocurrency out there in the market.
Bitcoin enjoys a good environment where there are several investors willing to invest in Bitcoin. However, Dogecoin remains one of the dodgy questions.
3. Dogecoin Vs. Bitcoin: Advantages
Both dogecoin and Bitcoin have their advantages. Quite naturally, some of them have their own commonality, but there are some points that won’t intersect.
However, you will find it one of the most insightful points on the duel dogecoin VS. Bitcoin. Hence, let us start the discussion to have a better understanding, starting with Dogecoin first.
Inflationary Model
Dogecoin, unlike Bitcoin, operates on the inflationary model. It denotes there are unlimited amounts of dogecoin on the market.
4. Dogecoin Vs. Bitcoin: Transactional Charges
One of the benefits of dogecoins is that they have lower transactional charges. Because of their lower fees in transactions, they are becoming more popular with Cryptocurrency enthusiasts. Moreover, the usability factor also makes the coin a viable trading option.
Now that you have read about one idea of the coin in the discussion, dogecoin vs bitcoin, it’s time to unlock the benefits.
4. Dogecoin Vs. Bitcoin: Ease Of Transactions
One of the advantages that you reap with Bitcoin is the ease of transactions.
Bitcoin, unlike Visa, PayPal, and others have quite a good transactional value. Moreover, Bitcoin transactions are free.
Yes, you could use Bitcoin in everyday transactions devoid of double spending. It puts Bitcoin in an advantageous position.
5. Dogecoin Vs. Bitcoin: Value Appreciation
You may have heard that the supply of Bitcoin is limited. Hence, unlike fiat money, the Bitcoin value fluctuates with every transaction. But the Bitcoin value gets an appreciation.
Security: Definite point in Dogecoin vs Bitcoin Duel
Fiat currency is prone to cyberattacks and fraud. Bitcoin can remain aloof from it.
Every Bitcoin transaction runs with the help of Blockchain. Here, the transactions are safeguarded in a distributed ledger.
Hence, they are clearly visible across many computers. Besides being visible, they are also non-reversible. As a result, the fraudulent elements won’t be able to steal or duplicate Bitcoins.
Apart from trading, Bitcoin is tax-free, and zero-cost transactions are also among the characteristics of Bitcoin, which makes it a preferred investment platform.
Dogecoin Vs Bitcoin: Who Wins?
There you have it now; you know what the differences are between Bitcoin and Dogecoin.
We have tried to keep the articles as simple as possible. We have added concise information to ensure that you get all the information from this article.
After going through the articles, you will find that there is a thin line between the two, and only a few aspects show that devotion. That said, let us know how helpful this article was and if you could find the answers you were looking for.
Additional Reading:
