Dogecoin surprised everyone with the latest rebound that brought it over 100% of gains in the course of a week, prolonging its progressive pace of growth to mid-September after the live demonstration of Dogethereum bridge.
However, from the point to where DOGE reached the list of top 20 currencies, to the point where it declined four spots down was only several weeks apart, which means that DOGE is now seen in what may appear to be severe decline.
Moreover, Bitcoin and Litecoin are dropping likewise due to the bearish market trend; however, what we are interested in exploring is the matter of how Dogecoin might be better than Bitcoin (BTC), the original crypto, and one of its fastest and most famous hard forks, Litecoin (LTC).
To try and determine whether Dogecoin is better than Bitcoin and Litecoin, we are comparing DOGE with LTC and BTC in the terms of transaction speed, trading in the market, gains, and losses, and the future potential.
Dogecoin vs. Bitcoin vs. Litecoin: Which One Takes the Crown in the Category of Transaction Speed?
Bitcoin losses at the mere beginning when it comes to determining the value of a currency based on its transaction speed.
This is the case because Bitcoin is not as fast as it used to be which is an obvious downfall of not being able to change the current protocols of BTC for better in order to assure the network is more scalable and thus has the ability to process more transactions under a shorter period of time.
That is how Bitcoin also makes up for an inadequate mean of sending micropayments.
However, Litecoin is a different story here, as LTC is able to make near-instant confirmations through Lightning network, which is originally extracted from Bitcoin’s original roadmap. It is said that LTC takes around 2 minutes or less to confirm your transaction.
Dogecoin is following up with the competition as DOGE is able to provide also near-instant experience when sending transactions, taking from 30 seconds to 2 minutes, so DOGE and LTC can call it a tie here.
However, it is nice to see that DOGE can compete with “big boys.”
Dogecoin vs. Bitcoin vs. Litecoin: Trading in the Market and Gains and Losses
Although Dogecoin is seen dropping by over -4% at the very end of October, Litecoin and Bitcoin are following with -5% and over -1% down against the fiat.
Moreover, all three cryptos are seen in the red zone on weekly, biweekly, and monthly charts.
But, unlike Bitcoin that had gained only 3.3% in its YTD chart and with Litecoin losing over -13% on the year to date level, Dogecoin collected over 200% of gains in the same period.
Additionally, DOGE is taking almost 50% of gains during the course of the last two months, making it more successful than LTC and BTC in the sense of having room for a potential rebound based on its momentum in the market.
Dogecoin vs. Bitcoin vs. Litecoin: Developments and Future Potential
As Litecoin has seen low activity on new updates since April of the current year of 2018, and Bitcoin doesn’t actually have an active dev team that could improve the network and at let’s solve the scalability problem, which results further in numerous forks, Dogecoin has some big dreams for the future.
Dogecoin is planning on creating a fully functional version of Dogethereum bridge which should enable cross-border exchanges between Ethereum network and Dogecoin chain.
Dogecoin is also a part of the Ethereum network, and according to one of the core devs of DOGE, the team is looking forward to becoming an integral part of the platform that Ethereum represents.
Judging by the price boost that took over during the expectation of live demo of Dogethereum bridge, releasing the final product for commercial use might cause even more positive momentum for DOGE in the near future.
In the end, the thing that might make Dogecoin stand out from its peers such as Litecoin and Bitcoin is the fact that this “meme coin” has some of the most faithful communities in the blockchain space, which could further ensure a stable progress for Dogecoin.