Dogecoin (DOGE) was initially created as a joke, but the cryptocurrency’s increasing acceptance is not a joke. Over the past year, the value of Dogecoin went up 18,000%. Being the most popular cryptocurrency, Bitcoin (BTC) is also doing pretty well after surging 650% over the past 12 months. Both types of cryptocurrencies are so popular that even online casino sites are now accepting them without any True Blue no deposit bonus codes. Whichever way you want to use cryptocurrency, you might want to choose Doge instead of BTC for various reasons.
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Popularity of Cryptocurrency
Dogecoin is an increasingly popular cryptocurrency that was created in 2013 by software engineers Jackson Palmer and Billy Markus as a joke. Inspired by the doge meme (Shiba Inu), Dogecoin started as a mockery of Bitcoin’s increasing popularity. On the other hand, Bitcoin was started by an anonymous person using the pseudonym Satoshi Nakamoto. Unlike Doge, BTC was created as a currency for facilitating transactions and storing value.
If you wish to use either of the two cryptocurrencies, you might be wondering which one is the best. Well, the increasing popularity can be attributed to the fact that both BTC and Doge are fast, safe, transparent, and decentralized. But many people would choose Dogecoin over Bitcoin for the following reasons.
- Dogecoin is unlimited and stable;
- Doge has more affordable transaction fees than BTC;
- Dogecoin is a more realistic digital currency than Bitcoin;
- One country dominates BTC mining.
Dogecoin is Unlimited and Stable
Both Bitcoin and Dogecoin share one important quality: they use blockchain technology. The term blockchain simply refers to a distributed ledger the keeps records of transactions on a network. This means that there is no central authority to manage cryptocurrencies, which is why they are known as decentralized currencies. Despite the freedom offered by Doge and BTC, there is a significant difference in terms of supply.
One of the reasons why Doge is better than BTC is that there is an infinite supply of Dogecoin. For many people, it is not easy to invest in something that will eventually reach an end. If you didn’t know, the maximum number of Bitcoins that can be mined is 21 million. This means that miners will no longer receive rewards when the maximum limit is reached. Why would a miner continue using Bitcoin knowing that a time will come when they will no longer get the rewards they deserve?
Many traders are attracted to Bitcoin because the limited cap on supply guarantees that the price will keep increasing. However, the unlimited issuance of Dogecoin has not stopped the value of Doge from skyrocketing. Around 15 million Dogecoins are issued every day, translating to more than 5 billion Doge per year. And this makes Doge more stable than BTC.
Dogecoin is a More Realistic Digital Currency than Bitcoin
Since the price of Bitcoin keeps going up, BTC is now turning into a commodity that can be hoarded. Because of the limited supply, even big companies tend to purchase and hoard BTC. This practice has made Bitcoin look like a product that sellers can store somewhere and sell when the price increases. Thus, many people no longer see BTC as the currency it was in the beginning.
Conversely, Dogecoin is an inflationary currency. Simply put, new Dogecoins are issued every day, meaning that the total number of coins in circulation keeps increasing. For this reason, traders, investors, and companies have no reason to hoard Dogecoins. And this means that Doge is always seen as a currency that can be used for everyday transactions. We can then conclude that Dogecoin is a more realistic currency than Bitcoin.
Dogecoin Has More Affordable Transaction Fees than Bitcoin
Cost is a major concern for both new and existing users of cryptocurrency. Specifically, new users would rather go for something that is free or available at a low cost than risk their money on expensive things. If you were to gamble online as a new player, for instance, it would be wise to start with free games or choose casino payment methods with zero or low transaction fees before you start risking huge sums of money. Likewise, many new cryptocurrency users find it easier to choose Doge over BTC because of Dogecoin’s low transaction fees.
Notably, Bitcoin’s transfer fee has been increasing over the years. Most of the time, the daily transfer fee is above $15 but can increase to more than $50 depending on how busy the hour is! This is a clear indication that Bitcoin is not only expensive but also highly unstable. In contrast, Dogecoin is quite affordable because the transfer fee is normally below $1.
One Country Dominates BTC Mining
Another notable fact that makes BTC less attractive than Doge is the fact that one country dominates the BTC mining industry. According to the findings of a 2019 study conducted by CoinShares, 65% of global Bitcoin mining took place in China. A recent study shows that this figure has since increased to 75%, and China’s large share of the global BTC mining network is attributed to access to specialized hardware and cheap electricity.
For many prospective and existing BTC users, having one country control the cryptocurrency does not feel right. Again, this is a big win for Dogecoin because mining activities are not associated with a specific country or region.
Conclusion
Bitcoin supporters may dismiss Dogecoin because it was designed just for laughs. But Dogecoin is no longer the joke it was when it was launched. Even famous people like Tesla’s CEO, Elon Musk, are tweeting about the doge meme-inspired cryptocurrency.
All in all, there are many reasons to believe that Dogecoin is better than BTC. The surging value of Doge is sufficient evidence that digital currency has won the hearts of many. Other key factors that have made Dogecoin the best choice for many people include its stability, unlimited supply, and affordability. Bitcoin lags behind Doge as far as these qualities are concerned. With that being said, Doge seems to be the perfect, everyday cryptocurrency because there are new coins every day.
About Carson Derrow
