Bitcoin Vs Dogecoin

The popularity of cryptocurrencies has increased on each passing day. People want to know about the digital currencies and how they benefit them. The Google searches for cryptocurrency continue to break highs. Even places like India and Turkey where they are attempting to ban crypto has citizens more interested than ever.

 

Bitcoin is the biggest and most recognized digital currency in the world whose market cap is more than 1 trillion. There are only 21 million Bitcoins that can be mined in total. As of February 2021, around 18 million Bitcoins have been mined and 3 million yet to be introduced into circulation. One Bitcoin is equal to around $50K. The price of Bitcoin has fluctuated in this month. It touches $63K and comes down to $49K.

 

Dogecoin is another cryptocurrency create a payment system that is free from traditional banking fees. The market capitalization value of Dogecoin is 50 billion. Though the currency was invented in 2013 it has quickly developed its own community. The price of Dogecoin has kept on increasing since one month and stands at $.27. Dogecoin's popularity soared over the past year as Bitcoin's value climbed and Tesla CEO Elon Musk repeatedly tweeted about it. 

Is Dogecoin (DOGE) better than Bitcoin (BTC)?

Both have been hot investments over the past one year, surging 650% and 18,600% of price increase respectively in the market. The only similar point for the two is using the Blockchain network, the P2P network.

 

·        Transfer fee of Bitcoin is steadily increasing over the years whereas Dogecoin has a cheaper to transfer fee of less than a dollar.

·        Bitcoin has a block time of 10 minutes and for Dogecoin block time is 1 minute. It can handle 10 times more transactions in a given time.

·        Dogecoin mining is profitable whereas Bitcoin mining is hardly profitable.

·        Bitcoins supply has restricted and left just 3 million coins left to mine whereas 5 billion coins are in circulation every year.

·        Rewards to miners in the Bitcoin network halved every four years. In 2020, the reward halved again to 6.25 BTC. In Dogecoin, a miner receives a fixed reward of 10K Dogecoin tokens.

·        Electricity costs for mining Bitcoin are high that impact the price of Bitcoin but these costs are cheaper in Dogecoin.