The Evolution of Cryptocurrencies: Analysis of Bitcoin, Ethereum, Bit connect and Dogecoin in Comparison

Abstract

Cryptocurrency is a novel form of digital or virtual currency that employs cryptographic techniques to guarantee secure financial transactions, control the creation of new units, and verify the transfer of assets. Cryptocurrency signifies a fundamental change in the understanding of currency and financial transactions. The fundamental tenets of decentralisation, cryptographic security, and limited supply seek to revolutionise the conventional financial environment, providing fresh opportunities for financial inclusion, transparency, and innovation. Nevertheless, the path of cryptocurrencies is being influenced by ongoing challenges, such as regulatory uncertainties and market volatility, as they progressively establish themselves as a vital component of the global economy. It can be deduced that Dogecoin lacks the ability to supplant Bitcoin. Ethereum and Bitcoin exhibit a notably higher level of security compared to Dogecoin and Bit connect. That is the rationale behind their ability to withstand the decline in 2018 and also endure the current decrease in price. The depreciation of dogecoin is inevitable. Dogecoin is a valid and authentic form of digital currency. Nonetheless, the cultural structure of dogecoin ultimately undermines its own triumph.