SHOCKING! Elon Musk’s Dogecoin DOGE A JOKE! | Comparing to Bitcoin BTC

which is the hottest cryptocurrency at this moment well you already have an answer and that must be the reason why you clicked on this video right hey bitcoiners welcome to bitcoin planet the place where you can get all your bitcoin information make sure to hit the like button and subscribe for us to provide you with more valuable content also watch till the end to get all the information we researched for you guys let's get to it well well well it's dogecoin versus bitcoin time doge the coin that started as a joke is now climbing up in value popularity and trust factor who would have thought huh for all those who are not familiar with doge here's a small introduction doge is a digital currency that can be bought and sold like an investment and spend like money however there is an interesting story behind the origin of doge the cryptocurrency dogecoin was a product that people started using as soon as it was released much to the two engineers surprise over a million unique visitors went to dogecoin.com within the website's first month the doge meme that gained popularity in 2013 featured an image of a shiba inu dog with comic sans thought bubbles spouting out of it with near mono salamic ideas the meme could be used to express anything from jokes about naps early mornings diets even space exploration in early 2013 palmer and billy marcus made the meme into a cryptocurrency and after all these years doge is coming into the limelight and the recognition it deserves because let us admit it is a very unique idea although it started as a joke we can be sure about the fact that the currency has immense potential considering the current market situation the reason for the boom of dogecoin is as you all know elon musk on april 2nd 2019 elon musk mentioned dogecoin for the first time tweeting dogecoin might be my fave cryptocurrency it's pretty cool following elon many celebrities including snoop dogg and kevin jonas tweeted about doge which helped increase the value of the coin it's the fifth largest cryptocurrency in the world with a market value just south of 70 billion dollars according to coinbase musk talked about those recently on snl mei musk elon musk's mum appeared at the end of her tesla ceo son's snl monologue to ask what he got her for mother's day i'm excited for my mother's day gift mei musk set i just hope it's not dogecoin it is elon musk said it sure is musk later played a character on snl's weekend update segment who struggled to explain what dogecoin was ultimately admitting it's just a hustle after the loudest supporter of dogecoin and his mother talked about the coin on television the price of the coin was boosted dogecoin hit a fresh record of over 63 000 last month searches like is dogecoin the next bitcoin are even trending on google cryptocurrencies are notoriously volatile and dogecoin has been on an absolute tear this year it's up more than 12 000 since january and has gained 800 this month alone since the numbers are quite promising the big question arises is doge the next bitcoin let us take a look into the similarities and differences of the two coins and come to an understanding of the question a brief history on bitcoin for all those who are living under the wrong before getting into the differences in detail bitcoin sure is the big name in the crypto world we absolutely adore the mastermind of satoshi nagamoto but the crypto world has come a long way from the btc that was launched 12 years ago bitcoin rose into popularity over the last eight years the fun fact is that it still has the top position in the cryptocurrency platform bitcoin and various other crypto assets or cryptocurrencies work under the same principles as people generally know about money can literally be defined as an exchanging value with a fair and straightforward set of rules but in cryptocurrency there is a difference all the rules and regulations are made by the payee and the payer that means they will be determining the transaction terms and conditions this attracted a huge population and now here we are now let us come to the main part of the video is doge a joke the next bitcoin to understand that we have to first look at the differences and similarities between the two coins according to but the two cryptocurrencies have major differences here are three important distinctions between dogecoin and bitcoin according to experts according to maltem demerol coinshare's chief strategy officer there are many differences between dogecoin and bitcoin and one of the most important differences lies in the supply of each coin that is bitcoin has built in scarcity on the contrary dogecoin is inflationary in nature that means more doge is printed every minute of every day giving doj a potentially infinite supply for example every minute of every day 10 000 more dose coins are issued that equates to nearly 15 million dogs per day or over 5 billion dose per year however it is said that an unlimited cap on supply can negatively impact value over time bitcoin on the other hand has a finite supply of 21 million which creates a built in scarcity akin to the way that gold or diamonds are valuable because they're scarce because of this difference there are more chances people trading dogecoin on a short-term basis with investors hoping to make a quick profit and choosing to hold bitcoin over a longer duration james ledbetter the editor of fintech newsletter fin and cnbc contributor says that this scarcity is central to why bitcoin balls argue for holding the cryptocurrency long term because it is limited as demand increases the price of bitcoin should as well another major difference is in the origin and premise of these two coins the crypto world sets the dogecoin was created for sillies as we already know bitcoin launched in 2009 with an extremely detailed white paper written by satoshi nakamoto these shouldn't be used by bitcoin's creator or creators nakamoto's intention was for bitcoin to become a prominent decentralized digital currency bitcoin supporters see the cryptocurrency as digital gold and the hedge against inflation trust in bitcoin has grown with institutional and retail investors during a 12-year run which led to the cryptocurrencies selling four record high prices this year and as we all know in comparison to bitcoin dogecoin was created as a joke in 2013 by software engineers billy marcus and jackson palmer based on the doj me which portrays a shiba unu dog marcus and palmer didn't intend for dogecoin to be taken seriously it was created for sillies marcus wrote in a recent reddit post i threw it together without any expectation or plan it took about three hours to make as a result dogecoin lacks technical development and isn't as secure as bitcoin over the years marcus was surprised to see how quickly the dogecoin community grew as it bonded over a common love for the shiba inu dogme and recently the cryptocurrency exploded after social media buzz from the likes of musk and mark cuban dogecoin currently exists as a kind of inside joke but for many people investing is becoming a form of entertainment for dogecoin this meme is the message another difference is that bitcoin has a well-funded ecosystem though for many years dogecoin was developed by engineers who copied the exact code from bitcoin software bitcoin has an extensive and well-funded ecosystem that does not exist with dogecoin mike novogratz a crypto book and ceo of galaxy digital told cnbc's squawk box on april 20 that the bitcoin is a well thought out well distributed store of value that's lasted for 12 years and is growing in adoption whereas dogecoin literally has two guys that own 30 of the entire supply he also added i worry that once the enthusiasm rolls out there are no developers on it there are no institutions coming in but it's got this moniker of the people's coin right now it's a little bit of a middle finger to the system i think it's dangerous because once that enthusiasm dies if it dies you could have a long way down but i don't want to discredit so the major difference between the coins is their origin funding ecosystem and mining limit nonetheless both dogecoin and bitcoin have been called risky investments as cryptocurrencies are highly volatile in fact experts warn that investors proceed with caution before buying dogecoin deeming its rally to be highly speculative in turn experts warn the people should only invest what they can afford to lose from what we've discussed so far we could come to the conclusion that it is not in our hands to predict if any of these coins will outsmart one another in the future one thing is sure doge might have started as a joke but it ain't one anymore both have potential in different ways but we hope the analysis we provided helped you gain a better understanding of the topic and with that you can invest wisely let us know in the comments below what your thoughts are on dogecoin being compared to bitcoin 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