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Business News/ Brand Stories / Bitcoin vs Altcoins like DogeCoin, Shiba Inu and Toon Finance
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Bitcoin vs Altcoins like DogeCoin, Shiba Inu and Toon Finance

What is Bitcoin, exactly? And why is it so much more popular and valuable than other crypto coins? Let's take a closer look

Toon Finance is a decentralized platform for trading and includes a SHA256 Battle Ground P2E game that is going to be lit. This is the future.Premium
Toon Finance is a decentralized platform for trading and includes a SHA256 Battle Ground P2E game that is going to be lit. This is the future.

When it comes to cryptocurrencies, there's Bitcoin and then there's everyone else. While there are more than 2,000 different types of cryptocurrencies in existence, Bitcoin is far and away the most popular and dominant coin on the market. But what is Bitcoin, exactly? And why is it so much more popular and valuable than other crypto coins? Let's take a closer look.

Bitcoin was created in 2009 by an anonymous inventor (or group of inventors) under the pseudonym Satoshi Nakamoto. It was built on the blockchain technology that had been developed earlier that year. The blockchain is a distributed ledger system that allows for secure, transparent, and tamper-proof record-keeping. Bitcoin was the first application of blockchain technology, and it remains the most widely used and well-known today.

Bitcoin is often referred to as digital gold because it shares many characteristics with gold. For example, both Bitcoin and gold are scarce resources with a limited supply. There will only ever be 21 million Bitcoin mined, and less than 2% of the world's population owns any Bitcoin at all. Gold is also difficult to mine and transport, which makes it costly and time-consuming to produce. Like gold, Bitcoin is durable and resistant to counterfeiting. And just as gold holds its value over time, so does Bitcoin. In fact, since its inception, Bitcoin has been one of the best-performing assets in the world. 

So what about all those other coins like Dogecoin, Shiba INU and Toon Finance?

Toon Finance

Toon Finance is a decentralized platform for trading and includes a SHA256 Battle Ground P2E game that is going to be lit. This is the future. Check out their presale and toon in for more about Toon Finance and check them out on CoinMarketCap and for more information  Toon Finance Here. Toon Finance is already listed on multiple platforms and they have already raised over 1.2 million dollars in presale so far. 

Dogecoin , created as a meme has no real use case but has nevertheless managed to attain a $1B+ valuation . It seems crypto really is here to stay . Elon Musk’s Tesla company accepts Dogecoin as a form of payment. They also sell little whistles for their so-called whistleblowers out there and they accept Dogecoin for the whistles as well. Doge, Doge, Doge, I feel like that is all we hear about lol. So what else is out there in the altcoin world? 

Shiba Inu is a decentralized cryptocurrency that was created as a fork of Dogecoin. It was launched in August 2020 and has a total supply of 1 quadrillion coins. Unlike other cryptocurrencies, there is no pre-mine or founders' reward. The coin is mined through a proof-of-work algorithm.

Shiba Inu has gained popularity due to its association with the popular "Doge" meme. The coin's logo is a picture of the Shiba Inu dog from the Doge meme. The coin's name is also a play on the "Doge" meme, as "Shiba Inu" is Japanese for "dog."

The creator of Shiba Inu is anonymous and goes by the name "Ryoshi." Ryoshi has stated that he created the coin as a way to spread awareness about cryptocurrency and to "show the world that crypto can be fun." He has also said that he plans to use some of the funds raised through the sale of Shiba Inu to donate to charities, such as those supporting animal welfare.

How to Buy Shiba Inu

Shiba Inu can be bought on several cryptocurrency exchanges, including Binance, Huobi Global, OKEx, and Gate.io. The coin is currently trading at around $0.000001 per coin. 

Shiba Inu is not yet available on Coinbase, but it is possible that it will be added in the future. Keep an eye out for announcements from Coinbase regarding new additions to their platform. 

Investing in Shiba Inu

As with any investment, there are risks involved with investing in Shiba Inu. The value of cryptocurrencies can fluctuate wildly, and investors could lose all of their investment.Cryptocurrencies are also subject to hacking and theft; exchanges have been hacked in the past, and individual wallets have also been stolen.

That being said, there is also the potential for large rewards when investing in cryptocurrency. Many investors made a fortune when Bitcoin surged in value from $1,000 per coin to over $19,000 per coin in 2017. While it's impossible to predict what will happen with Shiba Inu or any other cryptocurrency, there is potential for investors to make a lot of money if the coin increases in value. 

In the world of cryptocurrencies, there's Bitcoin and then there's everyone else. While there are over 2,000 different types of cryptocurrencies in existence today, none come close to matching Bitcoin in terms of popularity except for a few.. So what exactly is Bitcoin? And why is it so much more popular and valuable than other crypto coins? 

Bitcoin was created in 2009 by an anonymous inventor (or group of inventors) under the pseudonym Satoshi Nakamoto. It was built on top of blockchain technology that had been developed earlier that year. The blockchain is a distributed ledger system that allows for secure, transparent record-keeping without the need for a third party such as a bank or government institution. 

Bitcoin shares many characteristics with gold which has led some to call it digital gold. For example, both Bitcoin and gold are scarce resources with a limited supply. There will only ever be 21 million Bitcoins mined just as there is only a certain amount of gold that can be mined from the earth. Gold is also difficult to mine and transport which makes it costly and time-consuming to produce—the same can be said for Bitcoins given their finicky mining process. 

Like gold too, Bitcoins are durable and resistant to counterfeiting thanks to their decentralized nature which makes them incredibly difficult to forge or hack successfully. Furthermore, just as gold holds its value over time despite market fluctuations, so does Bitcoin thanks in part to its fixed supply cap plus growing global demand from investors seeking alternatives to fiat currency like Euros or Dollars during economic downturns like we've seen during 2020 with Covid-19 pandemic graphs . 

Even Ripple investors should take note too as XRP also has a similar set up set up minus being mined .

 They should also keep Ethereum in mind which focuses on smart contracts . These are mostly used by businesses . Overall these are all very good choices of coins to invest in. BTC was the OG, however these meme tokens are starting to take over the industry. Well, that is all we have for today, go out and get some coin! 

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.

The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

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Published: 13 Oct 2022, 07:39 PM IST
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