Bitcoin has undoubtedly been the frontrunner in the cryptocurrency industry since its inception. While there have been several other contenders to the asset over the years, nothing struck a chord with investors worldwide the way bitcoin did. For the same reason, it has stayed at the helm of the blockchain sector in terms of community size, market cap or utilization.
However, the internet was divided into two as the first ever memecoin made its way to the top in an unimaginable manner. It was the first ever project that got global recognition as Bitcoin’s first ever mainstream competitor. It was a payment method too, just like Bitcoin, and was highly backed by its community which claimed that Dogecoin was a better alternative to Bitcoin.
While these claims were nullified as the market came crashing a couple of months ago, debates around which of the two assets may be better have resurfaced. As the bear market continues and investors look to park their money into better investments, many have been confused about one thing- Bitcoin or Dogecoin
What is Bitcoin?
Bitcoin is the original cryptocurrency that made the concept of blockchain tech known to the world. Created by an unidentified person or group named Satoshi Nakomoto, Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network.
This means that there is no authoritative figure interfering with the transactions. However, every transaction is publicly recorded on the blockchain ledger, which assures transparency. Launched way back in 2009, the cryptocurrency was quick to be embraced and adopted by various investing communities all over the world.
Created as an alternative to fiat currency itself, bitcoin is yet to be realized as legit by several institutions. This hasn’t, however, stopped the network from growing. It was recently recognized as legal tender by El Salvador, meaning it could be used as a mode of payment within the country.
Currently, BTC is trading at around $24,000 down from its all-time high of more than $69,000 back in 2021. It has a market cap of $465 billion and is currently the number one currency in the industry in terms of market cap.
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What is Dogecoin?
Developed by two software engineers Billy Markus and Jackson Palmer, Dogecoin was launched in 2013. Created as a joke, the project was meant to be a payments system similar to Bitcoin. As expected, it stayed dormant in terms of price for several following years.
However, this wasn’t the case for much longer. The DOGE token had already gained popularity to an extent where crypto enthusiasts were giving out DOGE as rewards or simply in giveaways or as gifts. At some point, this caught the attention of tech billionaire Elon Musk.
Elon tweeted his opinions around Dogecoin and how it was a better, fairer payments system as compared to the other others that were highly manipulated. He termed the Dogecoin the people’s currency.
Dogecoin made its way to the top with its friendly concept and support from the richest man in the world. The community also grew exponentially, and the token rose more than 30,000% within a few months. Dogecoin is currently trading at a corrected price of around $0.08 from its all-time high of $0.68.
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Who wins?
While dogecoin did rise in popularity considerably, bitcoin has clearly been the face of the entire cryptocurrency industry for the past years and is still the standard by which the entire blockchain industry is accounted for.
While dogecoin does have a good chance of eventually being more recognized and trusted as a payments system, it goes without saying that currently, bitcoin leads that domain.
The memecoin status of dogecoin surely helped it shoot up in price and recognition for a while. But sustaining the same may be difficult for Dogecoin since it doesn’t provide any sort of real utility.
For those looking to invest in a memecoin that provides the fun status to investors while featuring real utility, Tamadoge may be a good fit. As the newest entrant to the doge ecosystem, Tamadoge has managed to earn a huge community and trust within a short period.
It is an innovative P2E platform which is set to launch sometime in Q4 of this year and is currently in the presale phase. With various NFT, Metaverse, and Defi-related concepts integrated into the core of the project, Tamadoge is being said to potentially be one of the top coins in the blockchain space like bitcoin and Dogecoin.
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Source: https://insidebitcoins.com/news/dogecoin-vs-bitcoin-debates-ensue-in-the-industry