As you further your investment strategy it’s vital to better understand the differences between Bitcoin vs Dogecoin. Bitcoin, as the world’s first cryptocurrency, set the pace for what is now a financial revolution. The impact of this coin on the world can’t be understated. Since its inception, it has helped to inspire other exciting and interesting projects in the market. One such project is Dogecoin.
Bitcoin vs Dogecoin Development
When Satoshi Nakamoto released the Bitcoin whitepaper 11 years ago, it was the first time a viable digital currency was created. Unlike its predecessors, Bitcoin’s anonymous creator was able to overcome the double-spend issue that had plagued earlier attempts at creating a digital currency. Double spend is a term that refers to a hacking strategy in which an individual will make a payment, and before the payment is processed, resend the same coins to another party. Obviously, being able to send the same coins to different people would make any monetary system collapse. Nakamoto overcame this issue through the integration of a timestamp within the hashing algorithm.
He realized that if the time stamp became part of the hashing algorithm it would make it impossible for the same coins to be spent twice because they would have to be sent at the exact same time. This discovery was revolutionary and is what allowed Bitcoin to become the world’s first true cryptocurrency.
Dogecoin’s development relied heavily on the sound principles that Bitcoin introduced to the market. The coin’s founders Billy Markus and Jackson Palmer were both very familiar with Bitcoin and how it leveraged blockchain technology to accomplish its tasks. Both of Dogecoin’s founders had computational backgrounds. Markus was a software engineer at IBM and Palmer worked for Adobe as a programmer.
Their experience helped them create Dogecoin with little effort. Surprisingly, Markus has claimed that it took under 3-hours to fully program Dogecoin. He explained that he went through Bitcoin’s coding and simply removed anywhere it said Bitcoin and added Dogecoin. Consequently, Dogecoin is almost a direct replica in Bitcoin in many aspects. Dogecoin entered the market on December 6, 2013.
Despite their technical similarities, these two projects entered the market with two very different purposes. Bitcoin was created to provide the world with a viable alternative to the current financial system. The coin’s coding and whitepaper are filled with indicators of this purpose. For example, the first block on Bitcoin’s blockchain, also called the Genesis Block, has the words “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” embedded.
This secret message is telling of the true intention of this coin. The message was a reference to the Times headline at the time. Nakamoto realized that the world was beholden to a…