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What are Altcoins? Types, Examples, Benefits

What Are Altcoins? 

Bitcoin and Dogecoin both are hot and evergreen topics in the mainstream crypto market. One is purely based on market sentiment and miners while the other one is based on social media influence.
<a href="https://themorningcrypto.com/article/what-is-bitcoin">Bitcoin</a> was the first cryptocurrency, although Dogecoin appeared to be a joke at the time. As blockchain-based digital assets, Bitcoin and Dogecoin share some commonalities but also have some significant distinctions.
Continue reading for a more in-depth comparison of Dogecoin and Bitcoin. Discover the major similarities and differences between cryptocurrencies that may influence your investment decisions.
In 2021, the price of <a href="https://themorningcrypto.com/article/What-is-dogecoin">Dogecoin (DOGE)</a> soared from a fraction of a penny to a little more than $0.70 before plummeting again, drawing analogies to similar price spikes (and declines) in Bitcoin (BTC).
<h2 dir="ltr">What is Bitcoin?</h2>
Bitcoin (BTC) is a cryptocurrency, or virtual currency, meant to function as money and a form of payment independent of any single person, group, or entity, hence eliminating the need for third-party involvement in financial transactions. It is given to blockchain miners in exchange for their efforts in verifying transactions and can be purchased on numerous platforms.
Satoshi Nakamoto, an unidentified developer or group of developers, introduced Bitcoin to the world in 2009.
It has since become the world's most well-known cryptocurrency. Its prominence has sparked the creation of numerous new cryptocurrencies. These competitors either try to replace it as a payment method or are using it in other blockchains as utility or security tokens.
<h2 dir="ltr">What is Dogecoin?</h2>
In 2013, Dogecoin (DOGE) was founded as a fun alternative to existing cryptocurrencies like Bitcoin. A meme inspired the name and Shiba Inu logo. Unlike Bitcoin, which was supposed to be limited, Dogecoin is designed to be numerous, with 10,000 new coins being mined every minute and no cap on supply.
The satirical cryptocurrency was created by software programmers Billy Markus and Jackson Palmer to mock Bitcoin and the many other cryptocurrencies boasting great aspirations to take over the world. The site quickly got popular thanks to Reddit. Dogecoin had built a dedicated blog and forum within two weeks, and its market value had hit US$8 million, vaulting it to the seventh largest electronic currency in the world. [10] Dogecoin uses the Scrypt algorithm and has a faster transaction process than Bitcoin. Dogecoin confirms in 1 minute, while BTC takes 10 minutes.
<h2 dir="ltr">Bitcoin Vs Dogecoin: Key Differences</h2>
Purpose of the Coin: The two cryptos were developed with distinct aims in mind.
Bitcoin's founders designed it to work similarly to digital gold. Although Bitcoin can only process about seven transactions per second (TPS), the overall value traded on the network vastly outnumbers any other coin. In other words, consumers prefer BTC for payments involving significant sums of money.
DOGE (Dogecoin) was created in 2014 as a literal joke currency. Based on the iconic meme of a Shiba Inu dog surrounded by grammatically wrong phrases like "so wow," "very style," or "much like," DOGE had very little value for years.
The meme-influenced Dogecoin started as a lighthearted method for people to learn about cryptocurrencies. People may send a meme coin to each other for educational purposes or as a niche interest if it is traded at a fraction of a penny.
Market Capitalisation: When comparing the two coins in terms of market cap, there is no contest.
Bitcoin's market cap was approximately $440 billion as of January 31, 2023, whereas Dogecoin's market worth was slightly more than $12 billion. Bitcoin is now the most valuable cryptocurrency in terms of market capitalization, with Dogecoin ranking ninth. Also know <a href="https://themorningcrypto.com/article/bitcoin-price-prediction">Bitcoin price prediction</a> here for 2023 - 2030.
DOGE has spent much of its history ranked between the 30th and 50th largest cryptocurrencies by market cap, if not considerably lower. However, it surpassed the $1 billion threshold in early 2021, and <a href="https://themorningcrypto.com/article/dogecoin-price-prediction">Dogecoin price</a> soon surpassed $0.01.
Bitcoin has always had the highest market capitalization of any cryptocurrency. Other currencies have not competed with Bitcoin since it has the longest history, the most secure network, and the most active community of users and volunteer developers.
Transaction Time: When it comes to transaction processing times, Dogecoin outperforms Bitcoin. Dogecoin takes around one minute to add a new block of transactions to the Dogecoin blockchain, making the Dogecoin network more than nine times faster than Bitcoin.
Because the Bitcoin blockchain is more popular in general, Bitcoin is more likely than Dogecoin to encounter network congestion.
Network Fees: The cost of executing a Bitcoin transaction is substantially more than the charge for processing a Dogecoin transaction. The processing price for a Bitcoin transaction ranged from $1.25 to $5.00 in the six months leading up to February 2022, while the fee for Dogecoin transactions ranged from $0.10 to $1.75.910
Dogecoin and Bitcoin have various transaction fee structures as well. Bitcoin users can pay a greater fee to have their transaction completed quickly, or they can pay the same price regardless of the transaction's value. Dogecoin transaction costs are calculated based on the size of the transaction in kilobytes, with 0.01 DOGE charged per kilobyte.
Security and Technological Advancement: By several orders of magnitude, the Bitcoin network is far more secure than the Dogecoin network. DOGE has a hashrate of roughly 540 TeraHash per second (TH/s), whereas BTC has a hash rate of more than 238 ExaHash per second (EX/s). A TeraHash is one trillion hashes, whereas an ExaHash is one quintillion hashes.
It follows that a 51% attack on Dogecoin would be comparatively simple in comparison to a similar attempt on Bitcoin. A 51% assault occurs when one person gains control of a network by controlling the majority of hashing power.
This distinction is because the DOGE Blockchain has a different mining algorithm than Bitcoin, which helps to explain why DOGE is faster and easier to mine. Bitcoin employs the SHA-256 algorithm, whereas Dogecoin employs the scrypt algorithm.
<h2 dir="ltr">Conclusion</h2>
Bitcoin and Dogecoin use the same blockchain software, yet they differ in numerous ways. Dogecoin stands out for its fast transaction speeds and low transaction costs, although Bitcoin is the market leader with the highest value. You may choose to invest in Bitcoin, Dogecoin, or both, depending on your financial objectives and preferences.
Despite rising to be one of the top ten cryptocurrencies by market cap (depending on market fluctuations), Dogecoin remains a meme coin. Remember, it began as a joke nearly a decade ago, and little has changed since then, other than some celebrity endorsements and a brief 15-minute hype period.
Because of its faster confirmation times and lower costs, cryptocurrency traders who want to make a lot of tiny, frequent transactions may prefer Dogecoin to Bitcoin, but Bitcoin Lightning also works for this purpose.
<h2 dir="ltr">Bitcoin Vs Dogecoin FAQs</h2>
Which is better Dogecoin or Bitcoin?
In terms of transaction time and charge, Dogecoin outperforms Bitcoin. Dogecoin has a transaction per second (tps) rate of approximately 33, while Bitcoin has a rate of approximately 7 tps. However, Dogecoin is less secure than Bitcoin, which is also an essential issue.
Can Dogecoin compete with Bitcoin?
When it comes to market supremacy, Bitcoin vs Dogecoin isn't much of a battle. Bitcoin has too strong a grip to be challenged by smaller altcoins like Dogecoin.
Is Dogecoin still worth buying?
Even with recent price increases, supporters of Dogecoin feel it remains one of the most undervalued cryptos. However, from a fundamental basis, it's difficult to argue that DOGE will generate similar returns in 2021.
Also Read -
<ul>
<li dir="ltr"><a href="https://themorningcrypto.com/article/bitcoin-vs-ethereum">Bitcoin vs Ethereum</a></li>
<li dir="ltr"><a href="https://themorningcrypto.com/article/a-brief-history-of-dogecoin">History of Dogecoin</a></li>
</ul>

Dogecoin Vs Bitcoin: Key Differences

How to Invest in Cryptocurrency for Beginners?

PayPal, one of the most popular digital wallet providers, recently permitted its US clients to buy and trade Bitcoin using their PayPal account. Many cryptocurrency enthusiasts have been waiting for this for a long time.
Technically, it was conceivable, but the process was extremely convoluted and confusing. Fortunately, recent modifications by PayPal have made buying Bitcoin and other tokens rather simple. The entire procedure takes only a few seconds.
It is now easier than ever to buy Bitcoin with PayPal; simply bring out your phone and launch an app.
PayPal is one of a few major mobile and online payment platforms that now allow US consumers to purchase, sell, and retain cryptocurrencies for as little as $1.
Even the most popular and time-tested coins, <a href="https://themorningcrypto.com/article/what-is-bitcoin">Bitcoin</a> and Ethereum, remain extremely volatile. That's why experts advise investing no more than 5% of your portfolio in cryptocurrency and never letting it interfere with things like emergency savings or debt repayment.
<h2 dir="ltr">Buy Bitcoin with Paypal Instantly</h2>
If you're wondering how to buy Bitcoin using PayPal, there are only a few online trading platforms that accept this popular e-wallet as payment.
<h3 dir="ltr">Quick Steps for Purchasing Bitcoin Using PayPal</h3>
Here's how to finish the process in a matter of minutes:
Step 1: Choose Bitcoin from the assets page, then select the Buy with PayPal button. You can also click "Direct Crypto Purchase" on the Deposit page.
Step 2: Enter the fiat amount you intend to spend, then click on "Buy with PayPal".
You'll be taken to the PayPal login page, where you can connect your PayPal account to Bitstamp.
Step 3: Check that the name connected with your PayPal account matches the name you used to register your Bitstamp account.
Step 4: Complete the transaction. Your accounts will be successfully linked, and the transaction will be completed.
<h2 dir="ltr">Buy Bitcoin with PayPal through Bitstamp</h2>
To buy cryptocurrencies with PayPal on Bitstamp, first, choose your cryptocurrency, then choose Buy with PayPal or Direct Crypto Purchase on the Deposit page. After entering the amount in fiat currency, click on Buy with PayPal. You will not need to log in to PayPal again if you previously linked your PayPal account to your Bitstamp account.
Step 1: Sign up for a free account at Bitstamp.net.
Step 2: Make a deposit into your Bitstamp account.
Step 3: Choose your favourite trading pair and the amount you want to invest before placing an order.
Step 4: Confirm your order by clicking the "Buy" button.
Alternatively, you can buy cryptocurrency with a credit card.
<h2 dir="ltr">Buy Bitcoin with PayPal through CEX.io</h2>
Purchasing cryptocurrency with PayPal was too difficult and confusing. Fortunately, recent modifications have made purchasing Bitcoin and other tokens rather simple. The entire procedure takes only a few seconds.
Check that you're using the same email address for your PayPal and CEX.IO accounts before proceeding. Otherwise, you may be unable to deposit or withdraw money.
Cex.io is a well-known exchange that has been in operation since 2013. It is well-known for being highly trustworthy and well-regulated, but it is also well-known for charging relatively expensive fees.
On the plus side, CEX.io accepts PayPal for Bitcoin purchases at competitive rates. This can be accomplished through CEX.io's "Buy" option within the wallet app, or through the exchange's "Instant Buy" tool.
Step 1: Enter your CEX.IO account and select Instant buy. This is without a doubt the quickest way to purchase Bitcoin.
Step 2: Choose the number of tokens you want to buy.
Step 3: If PayPal is not already selected as a payment option, click on the field and pick it.
Step 4: After you've decided on a payment option, click Buy Now to complete the transaction.
If you want to buy another cryptocurrency, the process is the same: simply select the coins you want from the drop-down option and follow the steps outlined above.
Alternatively, you can go to the Trade menu, select Market, and then select BTC as the currency to trade. The CEX.IO exchange will walk you through the trade completion process.
<h2 dir="ltr">Buy Bitcoin with PayPal through eToro</h2>
eToro allows US traders to buy Bitcoin using PayPal without incurring any deposit fees. All other currency deposits are subject to a 0.5% fee.
Here's how to finish the process in a matter of minutes:
Step 1: Create an Account: In order to buy Bitcoin with PayPal, you must first create an eToro account. Enter your information and click the confirm button.
Step 2: Make a PayPal deposit: Select PayPal as your preferred payment option and input a minimum deposit of $10.
Step 3: Search for BTC: In the search bar, type 'BTC' and click on 'Trade'.
Step 4: Purchase Bitcoin: You can now input the amount of money you want to invest in Bitcoin. To confirm, click the 'Open Trade' button.
<h3 dir="ltr">Paypal Crypto Fees and Charges</h3>
Buying cryptocurrency with PayPal has no prerequisites or fees. The minimum deposit amount per day ranges from $20 to $1,000. The withdrawal amount ranges from $20 to $10,000.
PayPal transactions may incur service costs that vary based on your location. Withdrawal fees are limited to 2%, or &pound;10/&euro;12/$16, depending on the currency you choose.
<h2 dir="ltr">Buying Crypto with PayPal: Advantages and Disadvantages</h2>
Advantages
Despite the obstacles connected with acquiring bitcoin through PayPal, many users choose to do so because of their familiarity with the site. Because payments can be done promptly, PayPal is a choice for anyone who needs cryptocurrency quickly. Despite the fees and low restrictions, PayPal may be the quickest option to buy cryptocurrencies depending on where you are in the world.
Disadvantages
There are several drawbacks to utilizing PayPal to purchase cryptocurrencies, and it is usually best avoided if you are not in a hurry. Using PayPal to purchase Bitcoin and other cryptocurrencies may incur greater fees than using a credit card and significantly more than using your bank account for a bank transfer. Furthermore, there are extremely low restrictions on the few platforms that allow PayPal as a payment option.
The most significant downside of using PayPal for cryptocurrency is that it is extremely difficult to do so. At the moment, most large cryptocurrency exchanges do not allow PayPal payments.
Also Read -
<ul>
<li dir="ltr"><a href="https://themorningcrypto.com/article/bitcoin-price-prediction">Bitcoin Price Prediction</a></li>
<li dir="ltr"><a href="https://themorningcrypto.com/article/how-to-mine-bitcoin-at-home">How to Mine Bitcoin?</a></li>
</ul>
<h2 dir="ltr">FAQs&nbsp;</h2>
<h3 dir="ltr">Can I use my PayPal to purchase Bitcoin?</h3>
You can purchase Bitcoin via PayPal's website or smartphone app. Begin by selecting Crypto from the navigation bar after you've logged in or created an account. After selecting Bitcoin from the list of cryptocurrencies, you'll be asked to complete an identity check, which will need you to share some personal information.
<h3 dir="ltr">How much Bitcoin can I buy from PayPal a day?</h3>
PayPal users can now buy $100,000 in bitcoin and other digital assets per week, up from $20,000 previously. PayPal is also removing its $50,000 annual purchase restriction.
<h3 dir="ltr">How much does PayPal charge for BTC?</h3>
While there are no costs for simply keeping cryptocurrency in your account, you will need at least $1 to get started.

How to Buy Bitcoin and Other Crypto with PayPal

How to Buy Bitcoin with PayPal?