What are the advantages and disadvantages of Dogecoin?

Unchallenged
Jul 29, 21

Dogecoin is much less valuable than prominent cryptocurrencies.

Despite its soaring popularity and impressive growth streak, Dogecoin falls far behind mainstream cryptocurrencies in terms of price. On 18 May 2021, Dogecoin was priced at less than $0.5, whereas Bitcoin stood at $42,877.42.

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Most Validated
Jul 29, 21

Dogecoin is more susceptible to hacking attempts.

The number of nodes in the Dogecoin network is significantly smaller than in other blockchain currencies making it an easier target for attackers. Dogecoin has only 1090 nodes, while Bitcoin has 10,000 of them distributed across 97 nations.

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Less Validated
Jul 29, 21

Dogecoin can now be mined with Litecoin, leading to a more secure network.

Dogecoin’s developers merged mining with another long-established currency, Litecoin. A case study by Binance Research reveals that the goal of this merger was to improve network security by leveraging Litecoin’s mining workforce.

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Unchallenged
Jul 29, 21

Continuous growth has sped up Dogecoin’s tech development.

Dogecoin’s development activities went on the backburner for a while and its co-founder, Jackson Palmer, took an extended leave of absence in 2015. However, the current meteoric rise of Dogecoin has stirred up development activity.

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Unchallenged
Jul 29, 21

Dogecoin operates faster than Bitcoin.

Both Dogecoin and Bitcoin have a block size of 1MB. However, Bitcoin’s blockchain takes 10 minutes to confirm, whereas Dogecoin does so in just 1 minute. Hence, Dogecoin is ten times faster than Bitcoin.

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Unchallenged
Jul 29, 21
Unchallenged
Jul 29, 21

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Unchallenged
Jul 29, 21
Unchallenged
Jul 29, 21
Unchallenged
Jul 29, 21