Presently, cryptocurrency is one of the hottest topics of discussion almost everywhere including on social media.
You must be coming across some of the latest news about the investors that are hitting appreciably on cryptocurrencies.
Today, there are over thousands of investors that hold maximum shares.
Bitcoin and Dogecoin are the two most popular cryptocurrencies.
Want to know the differences?
Here they are…..
Bitcoin Vs Dogecoin
In the modern world of cryptocurrency, Bitcoin and Dogecoin are dominating the cryptocurrency headlines.
Not only Bitcoin has become successful in surging to astronomical levels, but Dogecoin is also on its way to making waves.
Still, both have some uniqueness associated with them.
Bitcoin emerged into the market in 2009 and has been recognized to be a pioneer in the world of cryptocurrency.
Launched by Satoshi Namamoto, it was the first introduced cryptocurrency known for its decentralization.
During the first phase, it came across lots of challenges in terms of being recognized by the investors.
Presently, there are more than thousands of Bitcoin investors on this platform.
Now, Dogecoin originated in 2013 by Billy Markus and Jackson Palmer.
It has been recognized to be a simple and friendly cryptocurrency.
It utilizes the Scrypt hash standard that has been popularized by Litecoin.
Being a volatile cryptocurrency, investors must be ready for coming across both upward and downward swings.
The coin came across a big boost after being tweeted by Elon Musk.
What are Some Exclusive Differences between Bitcoin and Dogecoin?
After coming across the similarities associated between Bitcoin and Dogecoin, it is high time to come across some of the vital differences:
Purpose of the coin
Bitcoin will be able to handle almost seven transactions at a time interval of every second.
It helps carry out transactions that are inclusive of a large amount of money.
The rise of Bitcoin has been about 800% as it generates an incredible amount of return.
On the other hand, Dogecoin has opened the gateway for people to learn about the concept of cryptocurrency in a play way manner.
This particular meme coin is traded against a price that is a tiny fraction of a penny.
In terms of market cap, Bitcoin has been recognized to be among the largest cryptocurrency.
Whereas, Dogecoin ranks ninth in the market!
As it has gained the popularity of being among highly secured networks, it has been considered to be among robust communities among users and volunteer developers.
Big investors looking forward to investing an appreciable amount of money tend to opt for Bitcoin.
For a small amount, Dogecoin will be the right choice.
Supply and demand
There exists a high difference between Dogecoin and Bitcoin in terms of supply as well as demand.
The deflationary monetary policy helps in making Bitcoin highly valuable.
With time, the supply fluctuates. Still, there is immense popularity in terms of Bitcoin.
Whereas, Dogecoin is inclusive of highly inflationary monetary policies.
There is hardly any limit in terms of the amount of money to create for miners.
There is an annual cap of five billion coins issued in this case.
As it has stopped halving long age, the mining rewards associated remain static.
People will be able to mine Dogecoin and dump the same in the market.
Security level associated
Security is a vital factor that creates a high difference between the various types of cryptocurrencies.
If researched properly, Bitcoin has been considered to be highly secured in terms of various magnitudes.
The hash rate of Bitcoin is much higher than other types of cryptocurrencies including Dogecoin.
It implies that the attack rate of Bitcoin is much lower than compared of Dogecoin.
It is hard to take control of the network of Bitcoin.
Still, in terms of security; the concept of Dogecoin remains a little bit vague.
The mining algorithm used by both cryptocurrencies differs a lot. DOGE is easier and faster in terms of mining than Bitcoin.
Speed of transaction
Speed of transaction is another vital factor that helps in easy differentiating between Bitcoin and Dogecoin.
The transaction speed associated with Dogecoin is quicker and cheaper than Bitcoin.
The processing speed of the block in the case of both Bitcoin and Dogecoin also differs.
DOGE processes a new block of transactions at an interval every minute.
Whereas, Bitcoin processes a block at an interval of every ten minutes.
As DOGE miners receive ten times the block rewards in comparison to Bitcoin miners, Dogecoins entering the market tend to drive down their overall prices.
From the above, it can be easily inferred that if you want to make a long-term investment; then Bitcoin will be the right choice.
For short-term investment, Dogecoin will be the right choice.
Still, the situation associated with both networks is expected to flip based on future developments of cryptocurrency.