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Dogecoin core size5/6/2023 Bitcoin Purposeĭespite their technical similarities, these two projects entered the market with two very different purposes. Dogecoin entered the market on December 6, 2013. Consequently, Dogecoin is almost a direct replica in Bitcoin in many aspects. He explained that he went through Bitcoin’s coding and simply removed anywhere it said Bitcoin and added Dogecoin. Surprisingly, Markus has claimed that it took under 3-hours to fully program Dogecoin. Their experience helped them create Dogecoin with little effort. Markus was a software engineer at IBM and Palmer worked for Adobe as a programmer. Both of Dogecoin’s founders had computational backgrounds. 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. Dogecoin Developmentĭogecoin’s development relied heavily on the sound principles that Bitcoin introduced to the market. This discovery was revolutionary and is what allowed Bitcoin to become the world’s first true cryptocurrency. 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. Nakamoto overcame this issue through the integration of a timestamp within the hashing algorithm.ĭogecoin vs Bitcoin – Bitcoin Market Cap – CoinMarketCap Obviously, being able to send the same coins to different people would make any monetary system collapse. 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. 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. When Satoshi Nakamoto released the Bitcoin whitepaper 11 years ago, it was the first time a viable digital currency was created. Since its inception, it has helped to inspire other exciting and interesting projects in the market. The impact of this coin on the world can’t be understated. Bitcoin, as the world’s first cryptocurrency, set the pace for what is now a financial revolution. As you further your investment strategy it’s vital to better understand the differences between Bitcoin vs Dogecoin.
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