Difference between Dogecoin & Bitcoin

The year 2020 was a nightmare for everyone, and no one can deny this fact. 2021 has come with new expectations, and digital coin prices are higher than ever, and dealers are buying and marketing like never before. There are more than 1,448 cryptocurrencies around the globe, by some counts.

Some of these coins earn better characters because of their effectiveness, the people who made them, or the technology itself. Some are not all taken into consideration seriously by investors, researchers and users.

The creators behind these cryptocurrencies are also vital as they assure other people to accept them and write new encryption code for the technology to grow. This new tech entices new users into the structure.

Dogecoin, also referred to as DOGE, was invented in 2013 as a meme to the world's first cryptocurrency, Bitcoin. This currency gained colossal recognition, and in a span of 24 hours, it hit a market capitalization of $7 billion. At this estimate, this crypto asset is now the 10th most valuable cryptocurrency in the marketplace after Bitcoin Cash.

DOGE has propelled its value among the 10 top cryptocurrencies in the world in a short period. Today, here in this blog, we will look at the similarities of Dogecoin to Bitcoin before we look at the profound differences. This write-up gives you a clear idea about these leading currencies, so without any further debate, let us get started!

 

Matches between Dogecoin and Bitcoin

1.         Both Dogecoin and Bitcoin are longtime cryptocurrencies.

2.         They both follow simple payment systems.

3.         Neither of them is strong on smart contracts.

Differences between Dogecoin and Bitcoin

1.         Being developed by software engineers Billy Markus and Jackson Palmer, Dogecoin cryptocurrency revolves around the coin being a meme. While a vast community uses Bitcoin, and it has gained global acceptance.

2.         Dogecoin is a GPU mining coin instead of an ASIIC mining process coin and uses scrypt language. Bitcoin miners need different computers to mine Dogecoin.

3.         Every minute, a new block is produced using Dogecoin and has minimal transaction fees. It makes Dogecoin fast and inexpensive for tipping. Transactions linked with Bitcoin happen to take time (10 minutes) and have high prices.

4.         In 60 seconds about 10, 000 Dogecoin's are mined, while Bitcoin has a limit of 21 million coins by 2140.

5.         Dogecoin is unlimited, and Bitcoin is a highly limited currency powered by Blockchain technology.

6.         No updates and developments are going on for Dogecoin. Bitcoin has several ongoing updates and products.

Dogecoin vs. Bitcoin

 

 

 

    Head to head Comparison

 

Dogecoin

 

Bitcoin

 

  1. Invention

 

2013

 

2009

  1. Purpose

Meme-based coin

Decentralized digital currency

  1. Market Cap

$1 Billion

Over $500 Billion

  1. All-time low value

$0.000087 (May 2015)

$0.06 (July 2010)

  1. Founder

Jackson Palmer

Satoshi Nakamoto (alias)

  1. Consensus method

Proof of work

Proof of work

 

Conclusion

Overall, we can say that even though these two coins are from a similar generation, they have wildly diverse use cases and groups. When something achieves the accomplishment, it is essential to check the competition entering the marketplace, hoping to grab a share. This blog explains the outburst in cryptocurrencies. By looking at the modern trend, we will see more crypto coins will release soon and encompasses a broad range of different technologies, communities, and uses. It's all of these elements that clarify whether users, developers, and investors take a coin seriously.  

 

 

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