HomeTipsWhat Is Better: BTC or DOGE?

What Is Better: BTC or DOGE?

Bitcoin and Dogecoin are two of the most popular cryptocurrencies in the industry. Bitcoin was the first cryptocurrency, whereas the latter was supposed to be a joke. Now, many parallels and contrasts are between these two currencies as blockchain-based digital assets. Likewise, you can swap BTC to DOGE at LetsExchange.io at any time. 

This article will discuss the critical differences between BTC and Dogecoin in the following paragraphs. You’ll find out the primary similarities and differences between cryptocurrencies that might affect your investment decisions.

Key Differences between Bitcoin and Dogecoin

In 2013, two software programmers were inspired by the simplicity of Bitcoin to create Dogecoin, a parody cryptocurrency. How do they differ? The following is an overview of some significant distinctions between BTC and Dogecoin.

1. Different Purposes

Dogecoin and Bitcoin are digital currencies, but they have fundamentally different purposes. The inventors of Bitcoin envisioned it as digital gold. The overall value of transactions on the Bitcoin network dwarfs any other currency, even though the network can only process seven transactions per second (TPS). 

The meme-inspired coin started as a simple method for people to learn about cryptocurrencies. However, DOGE is accepted by many online retailers, but it’s not as extensively accepted as Bitcoin.

2. Popularity

There’s no contest if we’re comparing the two cryptocurrencies’ market capitalization. Dogecoin had a slightly over $31 billion market valuation, compared to Bitcoin’s $867 billion. Dogecoin is now the ninth-largest cryptocurrency by market capitalization. It appears probable that BTC will remain the top currency in market valuation.

3. Supply

Dogecoin’s supply and demand dynamics are very different from those of Bitcoin. A deflationary monetary strategy is one of Bitcoin’s most valuable attributes. Rather than increasing, the BTC supply declines with time. A mechanism called “the halving” reduces the block reward for miners by half every four years or so. Only 21 million Bitcoins will ever be mined.

The monetary policy of Dogecoin, on the other hand, is inflationary. As long as miners keep creating DOGE, there’s no limit to the number of coins that may be released each year. There has been no halving on the DOGE blockchain for a long time. Therefore, the reward for mining stays at 10,000 DOGE for each block.

People may continue to mine DOGE and dump it into the market indefinitely. DOGE’s supply and demand dynamics suggest that rather than sending its price “to the moon,” it’ll likely crash into the Earth’s core over time.

4. Safety and Technological Advancement

A near clone of BTC, Dogecoin is still a close imitation, but the two cryptocurrencies have vastly different levels of security. The Bitcoin network is much more secure than the Dogecoin network by several orders of magnitude. DOGE has less than 416 TeraHash per second (TH/s), but BTC has a hash rate of more than 120 ExaHash per second (EX/s). A TeraHash is one trillion hashes, while an ExaHash is one quintillion.

What Is Better: BTC or DOGE?

To sum it up, based on price history, Dogecoin looks to be a more short-term investment for many, while Bitcoin appears to be long-term. You can buy, sell, or swap these two coins at an anonymous cryptocurrency exchange like LetsExchange.io. 

Bitcoin has been seen as a kind of currency and DOGE as a store of value by some users. Some have even benefitted from that belief in bot cases. The second has historically been a short-term investment, whereas Bitcoin has been a long-term one. However, depending on future news and events, the scenario for both networks might potentially change.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular