Dogecoin and Filecoin are among the fastest-growing crypto since Bitcoin was created. If you have to pick among these two when diversifying your portfolio then you need to look at both closely.
DOGE has enjoyed massive hype from influencers like Tesla CEO, Elon Musk. Filecoin has also had its fair share of success as a digital asset.
This article compares and contrasts Dogecoin and Filecoin, discussing which to buy before 2023. Let’s get right into it.
What is Dogecoin?
Dogecoin is a cryptocurrency created as a ‘joke’, to make fun of the wild speculations of crypto at the time it was created. Billy Markus and Jackson Palmer are the two engineers that created dogecoin.
Also called the meme coin, Dogecoin promotes the currency as the “fun and friendly Internet currency”. Dogecoin was initially designed to be “as ridiculous as possible,” in keeping with its parody theme and to prevent people from actually using it over the long term.
Fortunately, dogecoin has grown popular over time, most especially after it found the interest of Elon Musk.
Today, DOGE is one of the most popular cryptocurrencies and has been used as a form of payment by some merchants in the world.
What is Filecoin?
Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” Filecoin was launched in 2017 where $205 million was raised in its initial coin offering (ICO). It trades by the symbol FIL.
Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants. Transactions are made using FIL, the blockchain’s native currency.
Major Differences Between Dogecoin (DOGE) & Filecoin (FIL)
Just like their model BTC, Dogecoin and Filecoin have the word ‘coin’ in their names. Both also have an unlimited supply. Despite this, they are different in what they offer to investors and buyers.
DOGE like BTC uses the proof-of-work consensus mechanism. FIL on the other hand is secured by proof-of-replication and proof-of-spacetime.
DOGE is an open-source cryptocurrency that was forked from Bitcoin’s self-acclaimed silver, Litecoin. Meanwhile, FIL is created as a decentralized storage system.
DOGE as a meme of Bitcoin has enjoyed some success like its model. It can be mined while it has served as a means of payment for transactions. Filecoin leverages its decentralized nature to protect the integrity of a data’s location. This makes it easy to retrievable and hard to censor.
Which To Buy Between Dogecoin (DOGE) & Filecoin (FIL)?
Dogecoin and Filecoin are both exciting projects as seen above. Investors need to know what suits them better before investing in them.
However, for the sake of this article, if you are purchasing any of these coins for your crypto trading today, DOGE is up there. Despite it being a meme coin, it has rivaled Bitcoin’s success.
DOGE was launched in 2013 which makes it the older among the two in the crypto market. The fact that it has yet to fade away like other coins makes it a choice for investors/traders. It is therefore the more popular of the two cryptocurrencies.
Another reason you may want to consider buying Dogecoin ahead of Filecoin is acceptance. DOGE is widely accepted as a form of payment like Bitcoin. Merchants like Tesla, NBA’s Mavericks, and many other companies accept DOGE.
Dogecoin can also be an option for you if you are looking at its values as of the time of writing. DOGE is currently ranked 10th while FIL is ranked number 39 in the crypto market listing.
Where To Buy Dogecoin & Filecoin
Dogecoin and Filecoin are listed on CoinMarketCap as well as CoinGecko. Both coins can be purchased on some of the world’s leading crypto exchanges.
Some of the top exchanges to purchase both crypto assets are Binance, OKX, Kraken, Coinbase, OKX, Huobi, etc.
Closing Thoughts
Investment in a crypto asset needs a lot of studies. Dogecoin and Filecoin are among the industry’s fastest-growing altcoins you can invest in.
Both assets have unique features that could influence an investor/trader in making a choice when investing. However, if you want to invest in the one trending today, DOGE is the choice of a good number of investors.
