Bitcoin vs. Dogecoin: Which One is Really Worth More?

Bitcoin vs. Dogecoin: Which One is Really Worth More?

Very news: Much trade.

Dogecoin, "an open source peer-to-peer cryptocurrency, favored by Shiba Inus worldwide" now accounts for more transaction volume than every other cryptocurrency combined, including Bitcoin, Litecoin and Quarkcoin.

In other words, I'ma let you finish but dogecoin is the most-transferred cryptocurrency of all time (sorry Coinye).

Here's what that looks like in practice:


That's 98,719 dogecoin transactions in the past 24 hours.

And Market Watch went ahead and chartified that for you:


So money. Much wowe.

Here's why that makes sense: These statistics only cover how many dogecoins are being transferred, not how much they're worth.

One bitcoin is worth around $825 as of Jan. 14. One dogecoin is worth $0.00031, or basically nothing. The total market capitalization of all bitcoins is over $10 billion, while the total worth of all dogecoins is over $9 million.

While there's 12.25 million or so bitcoins, there's ... um ... 27 billion dogecoins. The average bitcoin transfer is worth $9,339, while dogecoin hovers in around $105.80.

In other words, bitcoin is being used for big boy purchases and large-scale transfers, while dogecoin is primarily being used to transfer small amounts of money around the world. The dogecoin subreddit even has a bot that randomly hands out 100 dogecoins to users or instantly transfers them between users at their discretion.

So what's it useful for? Mostly fun! According to Spelunk.in's Pinguino, "dogecoin is very very silly, and very fun. Currently, people are mostly buying Steam games and the like with it."

The creators hope that it will be remembered as "the fun cryptocurrency" and that it can be used for small purchases like video games or toys and spread via "tipping" on message board and as prizes.

Eventually, dogecoin might be widespread or accepted enough to shop at regular outlets with — but don't expect many people to get rich with it, seeing as the low value and huge number of dogecoins make hoarding much more difficult. But in the meantime, long live doge. Such success.


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Tom McKay

Tom is a staff writer at Mic, covering national politics, media, policing and the war on drugs. He is based in New York and can be reached at tmckay@mic.com.

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