Bitcoin vs. Dogecoin - How to pick the best one?

Cryptocurrencies are on the verge of becoming a mainstream monetary system and a sustaining entity in the financial segment. Bitcoin's adoption has boosted the overall growth of the cryptocurrency market, including Dogecoin. In addition, the adoption of Dogecoin skyrocketed when Tesla made it a primary payment method to purchase the merchandise of tesla motors.  

Currently, both cryptocurrencies are clawing to secure their position and become a preferred mode of payment. The question is which one is better. Below are a few elements that help you determine which cryptocurrency is more apt for daily transactions. Aside from them, you can also trade Digital Yuan at Yuan Pay Group.

Bitcoin uses blockchain technology as its payment protocol, but this is not the case with Dogecoin. Instead, Bitcoin uses a Lightning Network layer that helps faster and more secure transactions. This protocol helps the users to store their coins on the blockchain without having to bear the burden of implementing numerous wallets across different channels or third parties like exchanges.  

The main drawback with Dogecoin is that the fees are considerably high compared to the transaction speed. Although there isn't a definite conclusion on which of the two is preferable for daily payments, it is safe to say that bitcoin offers a better protocol for faster and more secure transactions.

The market cap of bitcoin has constituted an enormous sum of $800 billion when compared against the doge coin’s market cap of $$8,364,013,875. The adoption of bitcoin has been exceptionally higher than Dogecoin, and this possible comparison would give a clear-cut winner in this category. However, this comparison doesn't consider the future growth of both cryptocurrencies.

 The higher market cap of bitcoin is due to its early adoption compared to Dogecoin. Therefore, opting for the lesser cryptocurrency is better if you want to make instant payments and have little money. On the other hand, if you are looking forward to investing and building a long-term portfolio, then bitcoin seems to be a better choice for now.

Transparency is a highly valued feature, and it has also become quite a critical criterion for people when choosing their favorite cryptocurrency for investment. Some investors even opt for different coins according to their transparency. 

Bitcoin blockchain incurs the most transparency as compared to any other digital currency. The transactions made in Dogecoin are also recorded, but it doesn't offer the transparency that bitcoin offers. This aspect can be a deciding factor for investors considering both bitcoin and Dogecoin for investment.

There are many differences between the technology of bitcoin and Dogecoin. The main difference is that the blockchain technology used for Dogecoin has been designed in a much simpler way to make it simpler to make transactions. Whereas bitcoin uses a more complex algorithm based on blockchain technology.

Bitcoin's circulating supply as against doge coin’s reserve is much higher. It indicates that bitcoin is more efficient than Dogecoin in terms of its economic system. Dogecoin holds 132.49 billion coins against bitcoin's 18.90 million coins, which points out this fact.

Bitcoin is paving the path for other cryptocurrencies. However, it does not mean that other cryptocurrencies have no potential to grow in value or have the potential to become a mainstream monetary system. For example, Dogecoin can become a bitcoin competitor if it decides to skip lite coin altogether and focus on mass adoption. 

However, other altcoins would likely follow in its footsteps and attempt to make it a success. The reality is that both cryptocurrencies are here to stay and will continue to increase in value due to their continuous growth. Dogecoin has many use cases and could evolve into something valuable. At the same time, it can have a use case just like bitcoin if you want a coin with low fees that offers better privacy measures than bitcoin.

Bitcoin seems to have the upper hand compared to all the features, including adoption rate and transparency. However, Dogecoin has tremendous potential for mass adoption and higher growth by following the path of the lite coin or switching over to the bitcoin blockchain altogether. 

As such, Dogecoin is an excellent alternative to bitcoin. However, the question that remains is which one is better. If you look at it from an investment point of view, bitcoin seems to be a better option as the price keeps growing and offers more transparency than Dogecoin. Whereas if you are looking for quick services for payments and industries requiring privacy, Dogecoin will do well in the face of competition.