Top Crypto Coins
Remember the era before the internet? Even the first “Stone Age”, when the connection to the World Wide Web was a little Golgotha? Three decades later, connectivity has revolutionized the way we communicate, interact, work, have fun, trade, as well as the way we live. In this context, cryptocurrencies and blockchain technology effects are expected to drastically change the global economy.
It is also indicative that although the universal integration of blockchain is still a long way off, the Big Four of the global economy predict that it will be just as innovative as the adoption of the internet. Similarly, that is, the internet has opened new avenues in the way we share information, blockchain has all the guarantees to revolutionize the way value is exchanged, the property is transferred and transactions are verified.
What Is Bitcoin (BTC)?
Although almost 12 years have passed since the first Bitcoin was released on the Internet, there are still many questions not only about the technical aspects of its operation but also about its origin. Who inspired the first cryptocurrency and what did he want to achieve with its creation? It is said that the creator of BTC is the mysterious Japanese Satoshi Nakamoto.
Although probably a pseudonym, Nakamoto created the domain and website “bitcoin.org” in 2008 and later published a guide entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”, which was also the book of the first cryptocurrency. At the beginning of 2009, the first Bitcoin network was a fact with the “extraction” by Nakamoto of the primary –Genesis– block. Nakamoto’s disappearance was as a genius and mysterious as the technology he -most likely- created.
In 2011, Nakamoto withdrew from cryptocurrencies with an email stating “From now on I will deal with other things”. Some as a billionaire, some without touching the one million Bitcoins stored in digital wallets once controlled by him. The fact remains that Nakamoto – or whoever is hiding behind this nickname is a genius, who is not interested in getting credit for creating the popular cryptocurrency. It is also certain that he managed to shield his privacy. But how did it manage to secure the security of Bitcoin transactions?
What Is Dogecoin (DOGE)?
Dogecoin started in 2013 for fun, by choosing as a symbol a meme with the photo of a dog that had then gone viral. Its creators talked about an “online currency” that will allow users to transfer money easily and online. The currency was based on the open-source Litecoin, another cryptocurrency. Unlike Bitcoin, Dogecoin has no limit on the number of coins that can be generated in the system.
Cryptocurrency with dog Simba Inoue for mascot soon became popular on Twitter and Reddit platforms with users “fighting” to increase its price, many of them buying cryptocurrencies, while most just kept posting about it. The doge meme, which has gained popularity since 2013, could be used to express anything from jokes to drowsy people, battles with diets, and even space exploration. As a result, Doge attracted a large portion of small investors who supported it with its price
However, it never grew spectacularly for the common eye. In December 2013, its price per cryptocurrency was $ 0.000187, while a feature of the direct connection of its popularity with its value was the “ups and downs” of its price, which in June 2014 climbed to 0.013 dollars to land at a permanent basis between $ 0.001 and $ 0.002 until 2018. Then, again thanks to the forums and social media, it rose to 0.0122 dollars to “walk” by the end of 2020 somewhere around 0.002 dollars.
Dogecoin is now above $ 0.08 with internet users aiming to exceed 10 cents to make way for $ 1. If its price continues to rise, we can expect with enough confidence from its supporters the promotion of stories that offer a very different philosophy to drown the eternal faithful HODL (Hold On For Dear Life) of Bitcoin. However, Elon Musk himself, despite his motivations for launching Dogecoin, has in his public appearance stressed that investing in cryptocurrencies needs attention, noting that it is not a smart move to invest from your savings.
Bitcoin vs Dogecoin
This is one of the fundamental differences between DOGE and BTC. The first offers unlimited access to currencies, as it is not bound by anything. This contrasts with Bitcoin which due to its mining peculiarities has a limited offer.
Unlike DOGE, BTC relies on the secure environment of blockchain technology, which records and secures transactions.
Each addition of a new BTC presupposes the solution of complex mathematical problems by the miners. The whole process is done electronically and requires a network of powerful and reliable computers, which of course consume electricity in turn. This is undoubtedly a costly and energy-intensive mining process that characterizes Bitcoin.
BTC trades are more time-consuming compared to their DOGE counterparts.
Bitcoin outperforms Dogecoin in terms of reliability. This is a cryptocurrency that has been on the market for many years and is more widely accepted than all other cryptocurrencies. It is no coincidence that many professionals prefer BTCs as their official payment method. At the same time, BTC is recorded as reliable in the consciousness of people due to the possibility of converting it into cash and vice versa.
Let’s not forget, BTC is a more stable cryptocurrency compared to DOGE. This is facilitated by the clearly defined procedures, starting from its extraction till the final replacement of the classic type of cash transaction.
Last but not least difference between the two cryptocurrencies is the environmental burden they cause. Given the global climate problem, the extremely environmental impact of BTC mining should be a concern for would-be traders. Carbon dioxide emissions are very high, as well as energy consumption. Recently, an extraction effort is being made with the use of renewable energy sources.
_Trading should never be considered an easy task, especially when it comes to cryptocurrencies. Before taking such a decision it would be good to study the special features of each cryptocurrency in which you want to invest, as well as how its prices are formed in conditions of crisis and prosperity. Cryptocurrencies are psychology coins, but your moves should not be psychopathic._