DOGE and Bitcoin Are Pretty Much the Same Under the Hood, Dogecoin Creator Claims
The creator of Dogecoin posted a meme showing that Bitcoin and DOGE are based on the same technology
Dogecoin co-founder Billy Markus posted a meme on Twitter stating that Bitcoin and the meme cryptocurrency DOGE are basically the same technology.
under the hood it’s pretty much the same technology pic.twitter.com/D3p8EWfvjD
— Shibetoshi Nakamoto (@BillyM2k) January 28, 2022
Both coins are based on the proof-of-work consensus algorithm. Dogecoin was created in 2013 as a parody of Bitcoin (derived from Litecoin), inspired by memes related to the Shiba Inu dog breed.
Unlike Bitcoin with its maximum supply of 21 million (there are now more than 18 million coins in circulation), Dogecoin has no limit in its supply. Initially, however, the limit of 100 billion coins already existed, but it was quickly reached in mid-2015. Since then, 5 billion additional coins have been added to the circulating supply every year.
There are currently 132,670,764,300 DOGE in circulation.
Currently, many newly converted Wall Street investors (including Mike Novogrtz, Anthony Scaramucci, Robert Kiyosaki, etc.) believe that Bitcoin is a digital analog of gold, a new and more reliable safe haven than the precious metal.
Many still believe that Dogecoin is nothing more than a joke. However, DOGE has Elon Musk among his fans, who in the past has often boosted his price with his tweets. Musk believes that Dogecoin is much more suitable for payments than Bitcoin, although BTC was originally created as a peer-to-peer currency independent of governments and banks.
In December, Tesla started selling some of its merchandize for Dogecoin as an experiment – to “see how it goes”. He also urged McDonald’s to accept it, but the global fast food company refused. However, his rivals – King Burger and MrBeast Burger – seem to have expressed an interest in accepting Doge.