Did you know that Bitcoin was invented in 2009? Since then, it has become one of the most popular and valuable types of cryptocurrency on the market. Dogecoin, on the other hand, is another popular but nowhere near as valuable crypto alternative.
When it comes to Dogecoin vs Bitcoin, you might be wondering what the differences between them are. As it turns out, these cryptocurrencies are quite different and have very different prospects in the crypto market. Keep reading to learn more about them.
What Is Bitcoin Exactly?
In 2021, a single Bitcoin was worth more than $60,000, making it the most valuable cryptocurrency in the world as well as the most popular. In fact, it is so popular that some countries and stores are even accepting it as a type of legal tender instead of traditional cash. It even has its own standard which turns out to be quite similar to the traditional gold standard.
The reason why Bitcoin is so expensive is that there is only 21 million Bitcoin in existence. Bitcoin also relies on blockchain technology which makes it decentralized, meaning it is not connected to government-controlled currencies that most countries use. The main problem with Bitcoin is that it requires a lot of time and energy to get a hold of.
The main way to acquire more Bitcoin is to mine it. This takes a lot of computer power and is quite bad for the environment. However, if you manage to invest in Bitcoin, you will find that it is a very good investment.
Even if its price fluctuates, it tends to follow a steady upward trend. This is likely because it is a respected type of currency and more and more countries are starting to accept it as a form of currency (follow us here to learn more about it).
What Is Dogecoin Exactly?
Is Bitcoin better than Dogecoin? What is Dogecoin and how does it compare to other types of cryptocurrency? The main thing you should know is that, out of all the different cryptocurrency types, Dogecoin is practically the only one that started as a joke.
It focuses on a Shiba Inu which is often featured in jokes on social media. Dogecoin started out not being worth much at all, but the popularity of this joke skyrocketed the coin’s value. Once it started trending on the internet, all sorts of celebrities and online influencers started to invest in this type of cryptocurrency, still, as part of a joke.
As more and more started buying Dogecoin, its price only continued to increase. Dogecoin is now worth around 70 cents per coin when it used to be worth only half a penny per coin. Today, Dogecoin’s price continues to fluctuate and it is a very volatile type of cryptocurrency.
Dogecoin vs Bitcoin
When it comes to Dogecoin vs Bitcoin, there is no doubting that they are quite different. Each Bitcoin is worth thousands of dollars while each Dogecoin is typically worth less than a dollar.
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