Dogecoin, known as DOGE is a meme coin that has gained huge popularity for its Shiba Inu logo. It was started in 2021 with a smaller price and it touched more than $0.70 within a few days. People started comparing DOGE and BTC. But BTC is the stable and biggest crypto in the market, and DOGE is a new coin available at a low price. So, BTC can be a better option while you looking for investment options, as compared to Dogecoin. You can find more at this link if you want to start investing in bitcoin.
However, Dogecoin received huge popularity between 2021-22 and it was in the 10th position in the crypto market in 2022. There are five key differences between DOGE and BTC, and here you can find such differences:
- DOGE is known as meme coin and BTC acts as digital cash.
- The market capitalization of Dogecoin is around $9.13 billion, and BTC’s market capitalization is around $413 billion.
- There is no limit to DOGE and it can be mined in an infinite number. BTC is capped within a certain limit and it is not possible to mine BTC beyond this cap.
- DOGE is less secure than BTC. But it is easy to mine DOGE compared to BTC.
- You can avail of faster transactions with Dogecoin, but BTC can take maximum time to complete a transaction.
Differences Between DOGE and Bitcoin
Capitalization and purposes:
You can find some similarities between DOGE and BTC, but these coins are created for different purposes. For example, Bitcoin is considered digital gold and it can handle up to seven transactions per second. People used to send large sums through their BTC wallets. Apart from that, BTC is the only cryptocurrency that has risen by 800% in one year, from 2020 to 2021. People following the HODL method can earn a huge return from their bitcoin investment.
Dogecoin was introduced in 2014 with a meme called Shiba Inu Dog. It was fun, and it was traded with a fraction of a penny. People used to use such coins for educational purposes. But it grabbed the market within a year, and now DOGE is accepted by major retailers and merchants. Bitcoin is also accepted by major businesses, but it does not have a large network like Dogecoin.
Market capitalization:
In 2022, the market capitalization of bitcoin was around $413 billion, and DOGE’s capitalization was around $9 only. Bitcoin is the largest crypto in the market and, naturally, the capitalization of BTC must be higher than other coins and tokens.
DOGE ranked as 10th in the crypto market in 2021, but the price of this meme coin dropped massively and now it holds between 30th to 50th position in terms of market cap. Bitcoin is known for its largest community and secure network, and it is not possible to compare this coin with any other meme coins, in terms of market cap. So, if you want to hold your coins to get the best returns then you must choose Bitcoin, and you can invest your funds in DOGE as a short-term investment option.
Supply of BTC and DOGE:
To prevent inflation, bitcoin is capped within a certain number and it is not possible to mine this coin in an infinite nature. But Dogecoin can lead to inflation because people can mine this coin without any restriction and there is no limit for DOGE miners. More than 5 billion DOGE coins have been used and they are still in circulation. Even the mining reward program has been stopped for the DOGE coin and miners cannot get any reward for mining this coin.
Security and technology:
There were no developers or community work for DOGE till the end of 2020, and a group of developers started working on this coin in 2022. The network of DOGE is similar to BTC, but Bitcoin is more secure than DOGE.
For example, the hash rate of DOGE is around 540 per second, and the hash rate of BTC is around 238 per second. So, hackers can easily hack DOGE and steal your funds, if you invest in this coin. But bitcoin is hard to be hacked, as it has major hashing power.