Bitcoin, Ethereum, and Dogecoin; pretty big names within the crypto ecosystem right? If we visualize the crypto industry as Bollywood, Bitcoin and Ethereum will definitely be equatable to the Khans while Dogecoin can be seen as an upcoming artist who is yet to establish its significant role within the industry.
Now, coming back to the essentials; with so many crypto tokens available in the market, it is really difficult to make a choice as to which token one should try and explore investing in. For today’s dose of crypto tokens and their unique features, let us dive into Bitcoin, Ethereum, and Dogecoin. By the end of this blog, you will be able to note down the most important factors that you need to be aware of. All of the three mentioned blockchain technologies are the core of this deep dive. Here we will not only be looking into the three mentioned blockchain protocols but will also take a comparative analysis of them.
Note: DYOR is imperative for anyone before diving into crypto investing
- Bitcoin has been the stepping stone for the crypto space to get its way into the asset space.
- Ethereum has the potential to conduct 100,000 TPS once the Merge is complete; as per Vitalik’s comment.
- Dogecoin has an interesting journey ahead, since the launch of Doge Chain.
What is Bitcoin?
Bitcoin is the first of the many digital cryptos we see today. It is a decentralized digital asset that was originally described in a whitepaper in 2008 by a person or a group of people under the alias name of Satoshi Nakamoto. It was in 2009 that the Bitcoin crypto was finally launched.
Bitcoin is a peer-to-peer (P2P) online currency where transactions can take place directly between two equal and independent participants of the network without the intervention of any third party. In Nakamoto’s words, Bitcoin was created to facilitate online payments between two parties without going through a lengthy and gruesome process via a financial institution.
The price of 1 Bitcoin today is a little above $19,000 (September 8, 2022) and it is the world’s top crypto by market capitalization today.
Latest News on Bitcoin:
- Bitcoin Price below $19000 is now at the lowest point of 2022. BTC is facing severe selling pressures and it would be very tough for the king coin to mount a recovery any time soon, unless a piece of major positive news comes along.
- Bitcoin miners are in deep trouble as they continue to face heavy losses. Poolin, one of the largest Bitcoin mining pools by hash rate, froze withdrawals due to liquidity issues.
PoolinWallet plans to pause all withdrawals, flash trades, and internal transfers within Poolin systems from 10:00 PM, GMT+8, September 5. Poolin said they are expecting to provide the community with more details, and feasible solutions within a week. https://t.co/qmD3gkT2B0 https://t.co/xgW7XhxmXQ
— Wu Blockchain (@WuBlockchain) September 5, 2022
Unique Features of Bitcoin
- It is the first-ever crypto to appear in the market
- It has created a conceptual as well as technological shift leading to the development of thousands of similar projects.
- Bitcoin pioneered the idea of money being sent and received across the globe without going through intermediaries such as banks and other financial institutions.
Additional Read: How to buy Bitcoin in India?
What is Ethereum?
Ethereum, the second-largest crypto by market capitalization, is an open-source blockchain system that has its own native crypto called Ether. Ethereum (ETH) works as a crypto platform for several other cryptos and helps in the execution of Decentralised Smart Contracts.
Vitalik Buterin, the founder of Ethereum crypto described Ethereum in 2013 on a white paper along with his co-founder and secured funding for the same in a public crowd sale in 2014. The official launch date of the Ethereum blockchain was July 30, 2015. It has undergone several updates since its launch, the recent being the London Hard Fork update.
The primary goal of Ethereum is to become the global platform for decentralized applications (Ethereum Dapps) that would allow programmers and coders across the globe to run and write software that are censorship, fraud, and downtime free. It was the pioneer of the frequently used term today in the blockchain space, smart contracts. The principal innovation of Ethereum was designed to allow the execution of smart contracts via blockchain. As described by the co-founder, Gavin Wood, Ethereum was designed to become “one computer for the entire planet”.
It is now in the process of shifting from a proof-of-work to a proof-of-stake consensus mechanism. Heralded as Ethereum 2.0, it will happen through what is called as Ethereum Merge, where the PoS enabled Beacon Chain will merge with the mainnet.
The Ethereum blockchain is capable of hosting other cryptos called “tokens” through its ERC-20 standard. This in fact is the most common use for the platform. Ethereum coin price started at $3 while Ethereum price today stands around $1600 as of writing this. This rise in price has been in a span of only six years.
Additional Read: Ethereum Merge Update
Ethereum’s Merge, which is set to transition the Ethereum blockchain from a proof-of-work consensus mechanism to a proof-of-stake consensus mechanism. This move is intended to create a more energy-efficient ETH network that has greater scalability capabilities too.
According to official sources, this move is expected to be completed by 20 September 2022.
Latest News on Ethereum:
- The Bellatrix Upgrade which marks the beginning of the most-awaited Ethereum Merge, went live some moment before. The upgrade enables the validators to create blocks on the Beacon Chain. The code for the Merger will also be contained in one such block.
welcome to the world, Bellatrix pic.twitter.com/q31itowPbR
— trent.eth 🏠❤️ NHOTH (@trent_vanepps) September 6, 2022
- With the upcoming transition from PoW to PoS, many Ethereum mining pools have jumped in favor of Ethereum Classic. In a recent update, Ethereum’s 2nd-largest pool F2Pool will support ETC mining post the Merge.
Unique Features of Ethereum
- Ethereum is the pioneer of the smart contract concept.
- Ethereum blockchain is able to host various other cryptos using its ERC-20 standard.
- Ethereum’s latest update, London Hard Fork was implemented to reduce the high transaction fees and enhance its scalability.
What is Dogecoin?
Dogecoin (DOGE) is one of the first of its kind; popularly termed as Meme coin. Dogecoin, the first ‘dog coin’, started as a joke on the internet but was eventually mined into a crypto asset by the developers. The coin features a Shiba Inu on its logo, and was created by Billy Markus and Jackson Palmer while being based out of Portland and Oregon, respectively. The crypto asset was forked from Litecoin in December 2013.
Dogecoin’s creators had foreseen the asset as a fun, light-hearted crypto token that would have greater appeal beyond the core Bitcoin audience for the simple fact that it was based on a dog meme! The worldwide boom of the DOGE token took place when Tesla CEO Elon Musk posted several tweets on social media stating that Dogecoin is his favorite coin.
So much so that ‘Doge-father’ Elon Musk has reiterated his support for the token saying that it has more utility for transactional purposes than Bitcoin itself!
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
Latest Updates on Dogecoin:
The Dogefather, Elon Must, recently mentioned in their Q2 company report that they are still holding onto their DOGE repository and will soon be integrating Elon Musk’s SpaceX to make use of DOGE payments!
Musk’s recent tweet that read: “X AE A-XII loves Doges” with a video showing his son playing with Shiba Inu dogs raised the DOGE price by more than 4%! More to see on what happens with the DOGE ecosystem in the future! With the influence Elon Musk has on the first ever dog coin, it is an interesting journey of the coin that keeps the crypto community fascinated!
SpaceX accepts Dogecoin as payment to launch “DOGE-1 mission to the Moon” next year https://t.co/xd87TpqYOI
— CNBC (@CNBC) May 12, 2021
Unique Features of Dogecoin Crypto:
- Dogecoin is the first of its kind. It opened up doors for a segment in the crypto space.
- It has a loyal community who trades and uses it as a tipping currency for social media content.
- The token is based on Litecoin and uses the same PoW technology.
Also Read: Dogecoin Whitepaper Summary
Pros and Cons of Bitcoin vs Ethereum vs Dogecoin
|It has good accessibility and liquidity||It is easier to mine than Bitcoin||The first meme coin to exist and thus has cultural significance|
|Provides complete user anonymity and transparency||Ethereum has the biggest developer support||Backed by some of the wealthiest people in the world|
|Total independence from a central authority||It is smart contract capable||High token supply makes new crypto entrants think it is “cheap” at current prices|
|Has a high return potential||Ethereum has one of the biggest and most loyal community|
|It has extreme volatility||Extremely high transaction costs due to gas fees||It is mainly used as a vehicle for speculation|
|No government regulations, thus under constant risk||No limit to the number of tokens available – unlike almost every other crypto out there||Use-cases are limited compared to other cryptocurrencies|
|Irreversible – transactions are completely irreversible so hacks and illegal activities can’t be reversed||Hub centralization issues – but that might be done away with with the ETH 2.0|
|Limited use due to its high costs|
Bitcoin vs Ethereum vs Dogecoin: Comparative Analysis
|Founder||Satoshi Nakamoto||Vitalik Buterin and Gavin Wood||Billy Markus and Jackson Palmer|
|Blockchain Protocol||Bitcoin Blockchain||Ethereum Blockchain||Dogecoin|
|Circulating Supply||19,148,250.00 BTC||122,333,827.44 ETH||132.67B DOGE|
|Consensus Method||Proof of Work||Soon to be Proof of Stake||Proof of Work|
|Scalability||7-10 transactions||30 transactions as of now||10x|
|Transaction Speed||7 TPS||100,000 TPS as envisioned by the founder after its transition to PoS||30 TPS|
Also Read: Shiba Inu vs Dogecoin
Bitcoin vs Ethereum vs Dogecoin: Key Differences
A quick dive into the details of Bitcoin, Ethereum and Dogecoin have set the tonality of the tokens. Bitcoin has been the first crypto token to open the door of the crypto world for us. Soon after, Ethereum came in to bring us smart contracts and ERC tokens. Following the establishment of Bitcoin and altcoins, the first meme coin, Dogecoin made its space within the crypto space with Elon Musk as its biggest supporter. Now that we have taken a look at the three coins, in detail, there are a few fundamentals that separate the coins apart. Here are the three things that separate Bitcoin, Ethereum, and Dogecoin apart:
Purpose Of the Crypto:
Each of the three crypto tokens were created with a different purpose in mind. While Bitcoin and Ethereum were created for the sole purposes of actually including peer-to-peer transactions or to act as a store of value; Dogecoin on the other hand was created out of the doge meme featuring a charismatic Shiba Inu without any actual application for any use cases.
It is no news that among the three crypto assets, Bitcoin has been the top crypto with the highest market capitalization. However, Vivek Ramani, Ethereum Researcher mentioned in an interview with Cointelegraph that the transition of Ethereum from ‘Proof of Work’ to ‘Proof of Stake’ will potentially surpass Bitcoin in crypto ranking.
Coming to Dogecoin, it has seen a huge surge in its price since Elon Musk has been referring to the coin and investing in it. Elon often referred to as the ‘dogefather’; has been a major reason for the spike in DOGE price. It is yet to be seen how the world reacts to it in the future.
Number of Tokens Available:
While Bitcoin and Ethereum and Dogecoin have been some of the top cryptos for many investors, the only striking difference that interests many people is the limited availability of Bitcoin while Ethereum and Dogecoin have no limited supply!
Top Projects Built on Bitcoin, and Ethereum
- Some of the top projects of 2022 that are built on Bitcoin are Galoy, Breez, Alby etc.
- Some of the top projects built on Ethereum are Cryptokitty, crypto punks, OpenSea, Rarible, Nifty Gateway, and Decentraland.
BTC vs ETH vs DOGE Price Prediction 2022
Bitcoin Price Prediction 2022
Bitcoin price underwent a roller coaster ride throughout August and appears to have been extremely exhausted since the beginning of September. Therefore, after trying hard to hold the lower support at $20,000 for nearly a week, the asset broke down heavily. The BTC price is expected to remain consolidated for the next 7 to 10 days, post to which a trend reversal may be validated.
However, the coming weekly close can be considered as pivotal to determining the upcoming trend for the token. A close beyond $21,000 may invalidate the bearish narrative but any levels below this may surely drag the price towards new lows. By the end of the monthly trade, the BTC price is expected to accumulate gains and trade within a narrow range. Therefore, the Bitcoin price prediction for September is between $18,500 to $22,000.
Ethereum Price Prediction 2022
Ethereum’s price currently appears to be in hot waters, as the asset broke down from the weekly support of around $1540 last week. Maintaining lower support at $1500, the possible rebound of the coin price has reached at $1700 levels. If the trend follows, the Bearish September may squeeze out a huge chunk of gains until the end of the month.
While a notable rise was expected after the Bellatrix upgrade, the price reacted negatively. However, if the asset mirrors a similar reaction after the Ethereum Merge, the price may face a huge pullback. In such a case the ETH price may close the monthly trade around $1500 after visiting the lows below $1400. On the brighter side, the Ethereum Price Prediction for September stands around $1650 to $1700.
Dogecoin Price Prediction 2022
DOGE price has been trading within a bearish descending triangle, breaking which, the asset is expected to slide down ahead of the lower support. The current support is standing at the last point of defense above $0.06 and hence a breakdown below the level may add up to another zero in its value.
According to the chart behavior, falling below the current support level appears to be pretty unlikely as the DOGE price during the second half of September may cliche through the lower support & go on to hit $0.0411 to then ignite a rebound. With the rebound, the price may mark an upswing towards the crucial resistance at $0.07. Therefore, the Dogecoin price prediction for September is between $0.075 to $0.081.
Bitcoin, Ethereum, & Dogecoin Crypto Communities
Before getting into trading, it requires a thorough understanding and research by the investor. On of the most effective ways to stay on top of what is happening in the community of the tokens is the key to keep tabs on the tokens of choice. Below is the list of the official accounts of the Bitcoin, Ethereum, and Dogecoin communities.
How to Invest in Bitcoin, Ethereum, & Dogecoin
Investing in crypto is super simple, safe, and secure with the CoinDCX app. It doesn’t matter whether you want to invest in Bitcoin, Ethereum, or Dogecoin, we have got you covered. CoinDCX is India’s highest valued crypto investment app for your one-stop purchase of any crypto asset.
Here are the 4 simple steps to buy your first token with CoinDCX.
- Sign up on CoinDCX
- Link your bank details
- Complete your KYC
- Buy Bitcoin (BTC) or Ethereum (ETH) or Dogecoin (DOGE)