What is Dogecoin?
Dogecoin is an alternative coin — more commonly known as an Altcoin — that was established by co-founders Jackson Palmer and Billy Markus in 2013. It was initially created as a joke — based on the well-known “Doge” meme.
Each coin has its own blockchain infrastructure and operating system. Dogecoin runs on the same blockchain infrastructure and uses similar proof-of-work operating systems — a mathematical security system used to verify transactions and approve task execution — as Litecoin and Ethereum, with small modifications.
How is Dogecoin different from Bitcoin?
Bitcoin and dogecoin are extremely different cryptocurrencies.
Bitcoin is a widely-used, reputable coin that acts as legal tender in many countries across the world, as well as in transnational markets and industries. Dogecoin lacks the legitimacy and global infrastructure to reach the heights of Bitcoin.
They also differ drastically in market share. With Bitcoin, there’s a finite number of coins available, creating a limited supply. Dogecoin has an endless supply of tokens, meaning supply can never outpace demand, leaving it in a permanently deflationary state.
Both Dogecoin and Bitcoin also run on different blockchain networks — and different advancements in blockchain technologies are one of the determining factors of market fluctuations.
Bitcoin runs on its own blockchain network, whereas Dogecoin piggybacks off the Ethereum blockchain, but with its own slight changes to transaction tracking and payment recording.
Is Dogecoin better than Bitcoin?
Deciding which cryptocurrency is better will ultimately come down to what a user is looking for from their coin.
If users are looking for transaction speeds and lower fees, Dogecoin is superior due to the Ethereum-based blockchain, being designed specifically for rapid, seamless transactions.
However, if it’s accessibility, usability and value that users are looking for, Bitcoin outperforms Dogecoin because it’s more widely-used and available — meaning users have more options when it comes to making and receiving payments.
From an investment standpoint, Bitcoin stands head and shoulders above Dogecoin. While Dogecoin is struggling to reach 1 cent in value, Bitcoin fluctuates on average between 27-30 thousand dollars per coin.
While Bitcoin’s value is based on quantifiable aspects — like its widespread usage, user popularity and limited circulation — Dogecoin doesn’t have too much room for…
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