As of early 2022, about 34 million Americans owned at least one form of cryptocurrency. That number is expected to increase exponentially over the next few years.
Would you like to get in on the crypto craze? If so, you should start trying to make crypto investments as soon as you can.
Investing in Bitcoin or buying Dogecoin is a great place to start. These are two of the kinds of crypto that are covered the most by the media. It’ll make it easy to keep track of your crypto investments.
But you should know the difference between Bitcoin and Dogecoin before doing anything else. It’ll enable you to decide which one you want to buy prior to you investing in crypto for beginners.
Want to know what the difference between Bitcoin and Dogecoin is? Continue reading to see some of the things that set them apart.
Bitcoin Has Been Around for a Lot Longer Than Dogecoin
Bitcoin was the very first type of cryptocurrency introduced to the world. It was founded way back in 2008 shortly after the Great Recession of 2008.
For a long time, Bitcoin was really the only type of cryptocurrency that people could get their hands on. But once it started to rise to prominence, other forms of cryptocurrency started to come about.
Dogecoin was one of those forms of cryptocurrency. It was founded five years after Bitcoin in 2013, and it actually used some of the original code from Bitcoin to make its mark.
This is really the biggest difference between Bitcoin and Dogecoin that exists. Bitcoin is more established than Dogecoin is, and as a result, people tend to trust it more and want to invest in it over Dogecoin because of this.
Bitcoin Controls a Bigger Share of the Crypto Market Than Dogecoin
Even though the crypto market as a whole hasn’t been around for very long, it’s worth a ton of money. Recent reports have revealed that it’s worth more than $2 trillion.
The crypto market is worth this much, in part, because of all the different forms of cryptocurrency that are out there. But obviously, some kinds of crypto maintain a bigger market share than others.
Bitcoin is the leader in the clubhouse with a market share of over $900 billion. Dogecoin, meanwhile, is worth just a fraction of that as it comes in at just under $20 billion in terms of market share.
This illustrates the power that Bitcoin has within the crypto market at the moment. It’s singlehandedly worth almost as much as the rest of the entire market, and this is another big difference between Bitcoin and Dogecoin.
Dogecoin Is More Readily Available Than Bitcoin
If you would like to buy either Bitcoin or Dogecoin, you shouldn’t have too much trouble at all doing it. You should be able to figure out how to find a Bitcoin ATM that can provide you with Bitcoin or a crypto exchange that can set you up with Dogecoin.
But generally speaking, Dogecoin is more readily available than Bitcoin is. There are over 132 Dogecoins circulating throughout the world right now, but there are only about 19 billion Bitcoins.
With this in mind, it should be easier for you to track down Dogecoin when you want to invest in it. You may have to work just a little harder to get your hands on Bitcoin when you’re in the market for it.
The Bitcoin Supply Is Limited While the Dogecoin Supply Is Not
One thing you should make sure you understand about Bitcoin is that there is a cap on how many Bitcoins are going to be available over time. As we just mentioned, there are 19 billion Bitcoins in circulation now, but there are only 21 billion Bitcoins in existence.
Because of this, there is going to come a time when there won’t be any more Bitcoins in the world for people to obtain. From there, the entire Bitcoin market will be predicated on who wants to buy and sell Bitcoin and how much they’re willing to buy and sell Bitcoins for.
This isn’t an issue that is going to affect the Dogecoin market. Reason being, there isn’t a cap on the Dogecoin supply. There are 132 billion Dogecoins circulating throughout the world now, and that number is likely going to increase in the future.
Bitcoin Is Easier to Use in Real Life Than Dogecoin
If you’re going to invest in Bitcoin or Dogecoin and hold onto it as a long-term investment, you might not care about this particular difference between Bitcoin and Dogecoin. But if you’re going to use crypto to pay for things out in the real world, it might be a different story.
A lot of retailers throughout the country have started to accept different forms of crypto as payments. You should be able to find some that would be willing to take whatever kind of crypto you choose to buy.
But overall, you’re going to have a lot more luck using Bitcoin to buy things in real life than Dogecoin or most other types of crypto. Bitcoin is accepted by many major retailers these days, including Microsoft, Starbucks, and more.
It would be worth looking into which types of crypto the retailers that you utilize the most accept. It might help you to decide which kind of crypto you’re going to invest in from the beginning.
Bitcoin’s Transaction Fees Are Higher Than Dogecoin’s Transaction Fees
Any time that you decide to use crypto to complete any kind of transaction, there is typically going to be a fee associated with it. It comes with the territory when you’re someone who uses crypto early and often.
But not all forms of crypto are created equal in terms of transaction fees. There are some kinds of crypto that will subject you to higher transaction fees than others when you’re using them.
The transaction fees that are tied to Bitcoin tend to be a little bit higher than the transaction fees that you’ll find when you utilize Dogecoin. Most Bitcoin transaction fees fall somewhere between $1 and $5, while most Dogecoin transaction fees fall somewhere between just 10 cents and around $1.75.
Many people don’t stress out too much about these transaction fees. But if you’re going to be using crypto early and often to make payments for things, they should be on your radar. You might be able to save yourself a nice chunk of change in the long run by using one form of crypto over another.
Bitcoin Seems Like a More Stable Option Than Dogecoin
The cryptocurrency market as a whole has been very up and down as of late. The value of Bitcoin, in particular, fell about 17% earlier this year, sparking some fears about the future of crypto.
Because of this, some people have started to get very nervous about using crypto. They aren’t sure how stable it’s going to be in the near future.
It’s impossible to tell exactly what the future is going to hold for Bitcoin, Dogecoin, and all the other types of crypto that are out there. But Bitcoin has grown steadily for 15 years now, which would lead us to believe that it has the strongest future of any kind of crypto.
That doesn’t mean that you should automatically invest in Bitcoin over Dogecoin without doing any research into it. You should look at both of these options in full and consider which one would be the right choice for you.
But if you’re concerned about investing in crypto due to its volatility, you should be able to sleep a little bit better at night going with something like Bitcoin over something like Dogecoin.
Bitcoin has proven time and time again that it’s not just going to up and disappear without a trace. The same cannot yet be said for Dogecoin in spite of its recent success.
Begin Investing Now That You Know the Difference Between Bitcoin and Dogecoin
At this point, you should have a much better understanding of the difference between Bitcoin and Dogecoin. You should also have a general idea of which type of crypto you would like to invest in.
Regardless of which direction you decide to go in, it’s important for you to continue to stay on top of what’s happening in the crypto world. It’s almost always changing and forcing people to stay in the know if they want to be able to make smart investments.
Browse through our other blog articles to get more great tips on investing.
