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Bitcoin vs Litecoin vs Dogecoin – Cryptocurrency Comparison

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Bitcoin vs Litecoin vs Dogecoin – Cryptocurrency Comparison

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Cryptocurrency was popular thanks to Bitcoin a few years ago, and with its rise in popularity, it seems like everyone wants a piece of the pie. The currency was launched in 2008 by a Japanese developer under the pseudonym Satoshi Nakamoto to stimulate the growth of the financial world, which allows people to transact without the intervention of any major government agency.

What is cryptocurrency

Since its inception, Bitcoin has become the world’s most used digital currency in history and shows no signs of aging.

In addition to BitcoinHowever, there are two more of these cryptocurrencies that few people know about. Called Litecoin and Dogecoin, these 2 alternatives to the original Bitcoin; the names come from popular internet memes.

Basically, cryptocurrency has been around since the internet went mainstream. It includes the decentralization of the currency by incorporating encrypted peer-to-peer transaction methods. This allows users on the Internet to transfer funds in exchange for goods and services. All of these transactions are protected by a firewall and thus free from any government regulations.

A public ledger called a blockchain is maintained to track transactions. Users can access this blockchain to verify that the transaction has proof of payment.

The process

When a user sends any amount of this digital currency, a private key is appended to the data that is only available to the sender. This creates a unique signature for the transaction. The sender can then pass this key on to the recipient to accept the funds.

This is followed by a unique process of mining. Mining is a relatively new term in digital currency that only became popular after the bitcoin boom. Mining is nothing more than placing algorithms for placing your private key on the blockchain in a cryptographic manner to avoid contact with any third parties. A certain reward on both sides ensures that mining keeps the cryptocurrency safe.

Bitcoin vs Litecoin vs Dogecoin

What is Bitcoin?

For those who don’t know about Bitcoin, it is by far the most used electronic currency, not tied to or dependent on the currency of any country or government. Bitcoin (BTC) is a digital currency first mentioned in a 2008 article by Satoshi Nakamoto, who called it “an anonymous peer-to-peer electronic payment system.”

What makes it unstable is that unlike printed coins and banknotes, it doesn’t have a regulatory body to support it. For example, in many countries banknotes are only printed with a certain ratio of the total amount of exchangeable metal available in that country.

As of 2016, 1 bitcoin on the open market costs about $ 375. As of March 3, 2017, it exceeded $ 1200. The total number of bitcoins in circulation exceeds 15 million.

As of June 11 2017 Nov. its price has exceeded $ 2800, and in dollar terms the market capitalization of bitcoins has exceeded 47 billion.

What is Litecoin?

For those who don’t know about Litecoin, it is another electronic currency very similar to what Bitcoin is based on. Litecoin is a cryptocurrency launched in 2011 by Charles Lee, an MIT graduate and former software developer at Google. Litecoin is based on the principles of Bitcoin peer-to-peer system, but with technical improvements.

Litecoin has significantly reduced the transfer time to 2.5 minutes from a rather long 10 minutes with BTC. Despite the technical improvements, it is safe to say that the spread of Litecoin has not yet reached the level of Bitcoin. As such, Litecoin still remains largely a beta peer-to-peer payment system, which is the most likely successor to Bitcoin if it sees its end.

As of 2016, 1 Litecoin is only worth about $ 3 on the open market, but has great growth prospects in the next few months. The total number of Litecoins in circulation exceeds 44 million. In dollar terms, Litecoin’s market cap is around $ 136.5 million.

What is Dogecoin?

The youngest of these, Dogecoin, was developed in 2013 as the development of a funny meme on the Internet, but has since grown into a serious payment system for making online transactions.

The name comes from ‘Doge’, an internet meme that combines images of a Shiba Inu dog with snippets of free English above them. This meme has been popular on top content curating websites since 2013. Ironic use aside, Dogecoin actually offers much better features than its contemporaries. Transfer times are just under a minute compared to 2.5 minutes for Litecoin and 10 minutes for BTC. In addition, there are no restrictions on Dogecoin production and this is entirely dependent on the proposal created by the developers.

As of 2016, 4,400 Dogecoins are worth $ 1 on the open market and have huge growth prospects as Bitcoin’s disappearance seems inevitable to some observers. The total number of Dogecoins in circulation exceeds 102 billion. In dollar terms, Dogecoin’s market cap is around $ 27 million.

The hurdles

Right now, some organizations are accepting cryptocurrency as their valid currency to trade their goods. The bad news is that, according to some reports, most of these organizations are gambling establishments and organizations involved in the illegal drug trade. Some well-known institutions like Wikileaks also accept bitcoins so that members can remain anonymous. No agency can trace the sender unless the sender leaves traces with similar-sounding sender addresses.

There are several bitcoin exchanges that convert bitcoins to real currency, and recent law has made such bitcoin exchanges accountable for registration and taxation.

These three are not the only blockchain-based cryptocurrencies. You also have Ethereum, BlackCoin, Coinye, Dash, Decred, DigitalNote, Gridcoin, Mastercoin, MazaCoin, Monero, Namecoin, Nxt, Peercoin, PotCoin, Ripple, Titcoin, Zerocoin, etc. The number of available cryptocurrencies ranges from 700 to 800 .!

CONCLUSION

Cryptocurrency is a fairly new method of transactions, and the start was not very good as payments were usually made for illegal activity on the Dark Net. Regardless, application and use seems like a great idea as there is no regulator to manage and control these payments. With simple and effective management, BTC and other of these currencies can replace all types of physical accounts for most countries in the world.

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