The Difference In Dogecoin And Bitcoin

The Difference In Dogecoin Vs. Bitcoin

Cryptocurrency first made it on the tech scene in 2009 with Bitcoin.

According to Investopedia, “Bitcoin has become the best-known, most widely circulated digital money in history. Bitcoin, with its technological design, has also inspired the development of many hundreds of other virtual currencies.

In February 2016, more than 500 virtual currencies are traded in digital markets around the world every day. Few, however, come close to Bitcoin in influence, supply, trading volume or market capitalization.”

The success of other cryptocurrencies, like Dogecoin, is due to the success of Bitcoin.

The value of one Bitcoin as of June 2019 is over 11,000 US dollars — it takes over several thousand Dogecoins to create the value of 1 US dollar. Why such a stark difference?

According to BlockGeeks, “Bitcoin has no central monetary authority. Instead, it is underpinned by a peer-to-peer computer network made up of its users’ machines, akin to the networks that underpin BitTorrent, a file-sharing system, and Skype, audio, video and chat service.

Bitcoins are mathematically generated as the computers in this network execute difficult number-crunching tasks, a procedure is known as Bitcoin “mining”.

The mathematics of the Bitcoin system was set up so that it becomes progressively more difficult to “mine” Bitcoins over time, and the total number that can ever be mined is limited to around 21 million.

There is, therefore, no way for a central bank to issue a flood of new Bitcoins and devalue those already in circulation.”

This exclusivity and the time-consuming nature of mining Bitcoin means that inherently has a higher monetary value than other cryptocurrencies, including Dogecoin.

While the peer-to-peer transactional nature of the cryptocurrencies is the same, there are some differences in how it’s created that affect its value.

Dogecoin is a form of cryptocurrency that was launched in 2013 as a joke but has since become a full-fledged and legitimate form of cryptocurrency.

Named after the “Doge” internet meme, this Bitcoin alternative currency has several features that users prefer to Bitcoin:

Dogecoin miners require only about 1 minute to confirm a transaction, substantially less time than both its competitors The Dogecoin system has no cap on the number of Dogecoins that users can mine. As long as miners continue operating, the Dogecoin supply continues to expand.

In 2016, 3,817 Dogecoins were worth $1 While Dogecoin is not widely accepted in retail environments, it’s a popular currency to use for tips for online content creators, forum participants, and other web services

When to comes to the differences in Dogecoin vs. Bitcoin, there isn’t a lot of overlap in users or miners, but there is a lot to be said for how the development of one led to the creation of another.

While Bitcoin was the original blockchain proof of concept, Dogecoin was the proof of concept that the internet is more than receptive to the idea of peer-to-peer currency networks.

One of the Dogecoin founders noted in an interview with CNET, “If anything, it exists as an educational tool. It’s a reminder that we can’t take this stuff seriously.”

Cryptocurrencies and blockchain technology have slowly and steadily been changing the way that people pay for things, exchange currency, and even create secure digital documentation of financial records.

Even if your business has no interest in cryptocurrency or the discussion in Dogecoin vs. Bitcoin, it’s important to pay attention the way that cryptocurrency can change people’s access to and relationship with money as well as how blockchain is being used to facilitate more transparent and more secure transactions across industries all over the world.

— — — — — — — — — — — — — — — — —

Free Dogecoin Cloud Mining : Click here

— — — — — — — — — — — — — — — — —

READ MORE

Recommended Topics:

Beware! Scammers Are Out For Crypto Amid The Coronavirus Pandemic

Bill Gates’s YouTube ‘Bitcoin Giveaway’ Is A Big Fat Scam

Beware Of These Top 5 Bitcoin Scams

Scam Review: This Alleged Bitcoin Scam Looked A Lot Like A Pyramid Scheme

Scam : Twitter Bitcoin Scammers Pose As Customer Service Got Arrested

Bitcoin Scammers Taunt Victims On WhatsApp After A Successful Con Of $30K

Bitcoin Phone Scammers Defraud Victims Of $2 Million In New York

South Africa Investigates $80 Million Bitcoin Scam

Australian Victims Count Cost Of Online Finance Scam

Canadian Scammers Caught For Over 23 BTC Fraud

Scam: The Rise Of SIM Swapping: How And Why Bitcoiners Need To Protect Themselves

Bitcoin Scam Victims To Receive $13.8M; Bermuda Gov’t Boosts Blockchain Adoption

New Bitcoin (BTC) Extortion Scam Targets Website Owners

Scammers Use Fake Jeremy Clarkson Ad In Bitcoin Scam

Scam Review: Australia Warns Of Fake ‘Tax Collectors’ Demanding Bitcoin

Scam Review: European Authorities Seek Arrests In Bitcoin Scam Investigation

Beware! Scammers Are Out For Crypto Amid The Coronavirus Pandemic

Bill Gates’s YouTube ‘Bitcoin Giveaway’ Is A Big Fat Scam

Beware Of These Top 5 Bitcoin Scams

Scam Review: This Alleged Bitcoin Scam Looked A Lot Like A Pyramid Scheme

Scam : Twitter Bitcoin Scammers Pose As Customer Service Got Arrested

Bitcoin Scammers Taunt Victims On WhatsApp After A Successful Con Of $30K

Bitcoin Phone Scammers Defraud Victims Of $2 Million In New York

South Africa Investigates $80 Million Bitcoin Scam

Australian Victims Count Cost Of Online Finance Scam

Canadian Scammers Caught For Over 23 BTC Fraud

Scam: The Rise Of SIM Swapping: How And Why Bitcoiners Need To Protect Themselves

Bitcoin Scam Victims To Receive $13.8M; Bermuda Gov’t Boosts Blockchain Adoption

New Bitcoin (BTC) Extortion Scam Targets Website Owners

Scammers Use Fake Jeremy Clarkson Ad In Bitcoin Scam

Scam Review: Australia Warns Of Fake ‘Tax Collectors’ Demanding Bitcoin

Scam Review: European Authorities Seek Arrests In Bitcoin Scam Investigation

--

--

--

Voskcoin Cloud Mining tips

Recommended from Medium

Introducing the BSC DeFi Index Perpetual Contract

VeChain Cryptocurrency Research

A Quick Break-down to Hydra Park — Dragon Exhibition

How should I store my bitcoin?

FintruX voting — Bringing the community together

IOST Community Opinion: How to Design A Token Economy Model

SUN Output Cut by 30% the Second Time Following Official Mining

Baby Woolf Expresses Excitement for Bifinity Launched by Binance

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Voskcoin Cloud Mining

Voskcoin Cloud Mining

Voskcoin Cloud Mining tips

More from Medium

How To Sell Dogecoin: A Beginner’s Guide

Cryptocurrency coins with the highest market cap, but prices under $1

Crypto-Currency Zilliqa Millionaire?!