The last couple of years has witnessed a boom in the uptake of different types of cryptocurrencies. The cryptocurrency market has been growing at an incredible pace, but many people are still confused about which type of crypto to invest in. This debate is most prominent when differentiating between Bitcoin vs. Dogecoin and understanding which one is better.
If you also want to clear your confusion about Bitcoin and Dogecoin, read on to understand the similarities and differences between these two kinds of cryptocurrency.
What is Dogecoin?
Funnily, Dogecoin actually began as a joke, created in 2013 by Billy Markus and Jackson Palmer. It was designed to mock the many alternate types of crypto coins that sprung up after the inception of Bitcoin. Dogecoin features a Japanese dog breed, Shiba Inu, which is quite popular on social media memes.
Going viral on social media platforms legitimized it as a cryptocurrency. By the end of 2020, Dogecoin began trading for half of a penny per coin. Tesla founder Elon Musk is the biggest supporter of Dogecoin, which further catapulted the value of Dogecoin to 70 cents per coin.
What is Bitcoin?
Bitcoin is the most popular type of crypto in the world. It has the biggest cryptocurrency market capitalization in the world. As of April 2021, it was valued at a record high of $65,000 per coin. It was developed in 2009, and since then, has enjoyed maximum credibility in crypto markets.
How do they differ?
The key difference between Bitcoin and Dogecoin is the supply of these two cryptocurrencies. Dogecoin is known for having an unlimited supply of coins. In contrast, Bitcoin has a finite or limited supply of just 21 million coins, with a very specific process in place for mining each Bitcoin. With no market cap on Dogecoin, the coin is able to inflate infinitely.
Bitcoin is also a more universally acceptable form of legitimate digital currency than Dogecoin. When it comes to the infrastructure behind these cryptocurrencies, Bitcoin again features a well-defined process that is focused on ultimately replacing the traditional forms of currency.
What are the similarities between Bitcoin and Dogecoin?
The only similarities between the two types of cryptocurrencies is that they both operate on the blockchain technology.
With so many complex differences between the various kinds of cryptocurrencies, it is only expected that people will get confused. If you want to learn the differences between the various types of crypto in the market today, opting to take an online cryptocurrency course is a great idea. This online cryptocurrency course from Unluclass is the best way to clear all your doubts.
Learn about Cryptocurrencies Online
There are many ways to educate yourself about cryptocurrency, and more specifically about cryptocurrency in India. If you are looking for an online cryptocurrency course to learn about cryptocurrency, you must check out Unluclass’ upcoming online course that tells you all about this fascinating topic.
The course will also help you keep yourself updated about the changes that are happening in the cryptocurrency market. Therefore, you will learn about Bitcoin price prediction, free bitcoin mining, Bitcoin ban in India, security aspects of cryptocurrency, etc. Stay tuned!