Bitcoin vs. Ethereum vs. Dogecoin: Complete Comparison in 2022

Bitcoin, ethereum and dogecoin are popular cryptocurrencies receiving a lot of recent attention. But, as they battle it out for crypto dominance, which is best?

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What Is the Difference Between Bitcoin, Ethereum and Dogecoin?

Before any investor decides which crypto may be better than others, they should explore where each crypto comes from and the value of each.

What Is Bitcoin and How Does It Work?

Bitcoin (BTC) was the pioneer of the cryptocurrency movement. It was first a published idea by the alias “Satoshi Nakamoto” and a team of developers in 2008. The proposal of Bitcoin stemmed from a new way to transfer money through a decentralized network. In short, Bitcoin allows people to send and receive money with each other but without a third party’s involvement, such as a bank. 

Fast-forward to 2022 — bitcoin has become a dominant asset in the crypto markets.

According to Coinbase, bitcoin is multifunctional and can act as:

• An investment vehicle
• A value reserve
• A new way to transfer money
• A new technology to explore

The “value reserve” concept comes from bitcoin’s capped issuance, meaning there’s only a 21 million bitcoin supply. The scarcity of bitcoin as a digital asset gives credit to the theory. Because of this, bitcoin is often labeled as “digital gold.”

What Is Ethereum and How Does It Work?

Ethereum (ETH) is a bedrock crypto for blockchain infrastructure, making this a layer-1 blockchain solution. It has the largest developed community of any crypto asset and operates a decentralized network.

There have been almost 3,000 applications built on Ethereum — for contrast, the next-highest has only just over 300 — and its rapidly growing network has seen it maintain the title of “second-largest cryptocurrency” by market cap in the last several years.

What Is Dogecoin and How Does It Work?

Dogecoin (DOGE) is labeled as a peer-to-peer digital currency, just like bitcoin. Dogecoin is valuable because it has a purpose, much like money has a purpose.

Although the token’s utility may be questionable, those who hold the cryptocurrency can actually spend it like money at several physical locations or online, such as Tesla, GameStop, AMC Theatres and Twitch.  Consumers can also use dogecoin on sites like Bitrefill to purchase gift certificates to other sites, such as Amazon or Google Play.

Is Bitcoin Better Than Ethereum?

A significant difference between bitcoin and Ethereum is that Ethereum is programmable.

While investors and consumers regard bitcoin as a payment network, Ethereum is a foundation layer on which developers can build decentralized…