The key difference between Dogecoin and Bitcoin
If you’ve decided to renew your cryptocurrency portfolio and convert Dogecoin to Bitcoin or vice versa BTC to Doge, you should keep in mind the following facts. Bitcoin is the first and the most popular cryptocurrency that was invented in 2008 and has gained huge popularity only over the last couple of years. All other projects that have been launched after that are either Bitcoin’s clones or alternatives trying to resolve the technical issues.
The idea behind creating Dogecoin was just a joke basing on the popular internet meme Doge. It’s based on this same technology this stands behind Litecoin which was designed to improve bitcoin’s transaction speed. In fact, all three cryptocurrencies are based on the same principles and differ only in details.
If you want to exchange Bitcoin to Dogecoin you can do it on our website at the best rate.
What is Dogecoin mining algorithm?
Based on the proof-of-work mining algorithm, Dogecoin is pretty similar to Bitcoin. The differences are in digital indicators. For Dogecoin, the mining difficulty alters every 240 blocks and the average time to approve a transaction equals to 2.5 minutes. These differences are not important if you’ve decided to convert Doge to BTC or vice versa.
What is Bitcoin mining algorithm?
Bitcoins are created as a result of the Proof-of-Work algorithm that is executed on special mining equipment called ASICs. These machines consume electricity in order to solve computational tasks which leads to discovering new blocks in the network. The blocks are linked between each other and in order to find the new one you must have access at least to one block that has been created before. The founder of the new block is rewarded with bitcoins.
However, as too many miners have joined the Bitcoin mining pools over the last couple of years, bitcoin mining has become unprofitable, so someone may decide to buy dogecoin with bitcoin and keep this coin instead.
The circulating supply of Dogecoin equals to 119,656,493,789, while its maximum supply equals to emission infinite.
For Bitcoin, the circulating supply equals to 17,722,225, while its maximum supply equals to 21,000,000.
If you want to buy Bitcoin with Dogecoin, the market capitalization is a very important index that you should pay attention to.
For Dogecoin, the current market capitalization equals to $357,396,338.00. Bitcoin’s capitalization equals to $142,560,045,907.00.
Volume of transactions
During the last 24 hours, Dogecoin’s volume of transaction equals to $58,025,320.91. For Bitcoin, this index equals to $22,020,237,292.12.
Average transaction speed
Initially, Satoshi Nakamoto never planned to create a currency that will be used by mass audience worldwide, so Bitcoin cannot handle too many transactions. In fact, the maximum TPS on bitcoin equals to only 7. If too many people try to make a transaction on bitcoin at once, the network gets overloaded and the waiting time increases significantly. Usually takes between 5 and 30 minutes, but in the worst cases, you might have to wait for several hours.
Dogecoin provides a better transaction speed and you can expect to receive your funds in only 2.5 minutes.
Dogecoin has very much in common with Litecoin which is faster than Bitcoin by design. F you change LTC to Doge, the average time to process a transaction equals to 2.5 minutes.