What is an example of a Shitcoin?

In fact, Shitcoin is a term that has entered the digital currency market in the last few years. Of course, the term has been used for many years and was only used sometime after Bitcoin was introduced. But it was never as common as it is today. Nor was it widely used in the digital currency world. In recent years, with the great increase in the number of digital currencies and the number of digital currencies reaching about 10,000 types and more than 20,000 different markets, the term has become popular.

This term is mostly used to denote the worthless value of a currency. Usually, in the digital currency market, currencies other than Bitcoin are called, Shitcoin. In fact, any digital currency that is valued based on speculation for no reason is called Shitcoin.

It seems that these funds have no special value. A small amount can sometimes be a large amount of money and a large amount of money. Of course, wait before you can be tempted to make huge profits from these Shitcoins!

What is Shitcoin?

The term Shitcoin refers to a low-value digital currency that has no specific purpose. Basically, this term has a negative meaning and is often used to describe altcoins or cryptocurrencies that were created after the popularity of Bitcoin;

Therefore, Shitcoin refers to any cryptocurrency other than Bitcoin. In general, a cryptocurrency that was launched with good intentions and does not have new or improved technology, and its price is based on speculation; will become invalid after publication. Some of the most famous Shitcoin s are Dogecoin, WAX, SAFEMOON, DASH, Cardano, and Hungry Bear. In the rest of the article, we will talk about Bitcoin’s features and benefits; We’ll cover the cons, how it works, and more.

The History of Shitcoins

The time of emergence of the word Shitcoin for some of the funerals in the world of crypto remains a mystery to users and fans of this field. But soon after the birth of the king of digital money, the Bitcoin cryptocurrency was started by Satoshi Nakamoto in 2009; The term shitcoin first appeared on the BitcoinTalk forum on November 2, 2010. The term was first used on Reddit in 2011, but according to Google Analytics, the use of the term was almost unheard of before 2017 marked the beginning of a wave of cryptocurrencies entering the crypto market. Its use has increased recently and is almost an integral part of the cryptocurrency world.

How do shitcoins work?

Interest in cryptocurrencies has grown exponentially since the launch of Bitcoin in 2009. Their success has spurred companies to create their altcoins using blockchain technology to turn it into a technology and market. Developers often announce the number of tokens that will eventually be released. For example, Bitcoin supply is capped at 21 million, while Ether (ETH) supply is capped at 18 million per year. Setting a supply cap creates a sense of scarcity, as investors know that no additional tokens will be produced or created, and this scarcity can ultimately increase the value of the token. According to market theory, the more tokens produced, the lower their asset value. Because the issuance of new shares may decrease the share price.

Since the supply of altcoins is fixed, its price should depend on the demand. But since most digital currencies have limited practical use Their value depends on speculation. Therefore, shitcoin is valuable only because it exists, as a result, it cannot be counted in its profit or loss, and it is not worth much on its own. Shitcoins are also easy to identify because they follow a certain pattern

What are the features of Shitcoin?

Examining the following items specifically related to the functionality of Shitcoins can lead to a more complete understanding of the potential of these cryptocurrencies:

• Since the development team of these digital currencies is anonymous, there is no information about them.
• The value of Shitcoin is not based on known factors and is based solely on speculation
• Because these coins have much higher volatility than other digital currencies, they have no sign of independent recognition.
• They are often offered at low prices in the cryptocurrency market.
• There is no specific purpose for these digital currencies and yet no one knows for what purpose these digital currencies are entering the digital currency market.
• Shitcoin projects usually come into the game with specific plans and then follow none of those standards and regulations.
• The amount of funders of this type of digital currency project is very small; So much so that sometimes that number reaches less than 400 people.
• The liquidity of Shitcoin digital currency projects is very small. It is not possible to open an account for more than 40 thousand dollars.
• There is no specific policy regarding these digital currencies; Developers involved in these projects often copy other cryptograms without coming up with original ideas.

What are the ways to know Shitcoin?

The main feature of this category of digital currencies is the lack of a clear vision. Many Shitcoins take advantage of the space created in the digital currency market and sell their worthless tokens to others at many times higher prices and make a profit. In the end, users who invested in these coins unknowingly will suffer huge losses. Just answer a few questions about the project to determine if the project is Shitcoin. In this section, we look at these questions and how to interpret their answers.

Note that at higher levels, people’s interpretations of Shitcoin differ from each other. For example, bitcoin maximalists call every digital currency except Shitcoin. Or some Ethereum fans call all their competing projects, such as Solana, Polkadot, and Cardano Shitcoin, for various reasons, including centralized.

Types of Shitcoins

There are many types of Shitcoin. In fact, to quote Ben Davenport, one Shitcoin is added to the market every day! With that, Shitcoins are increasing day by day. When we understand what Shitcoin is, it is necessary to know its types. Very common species in the market. Some of these types have made great gains in recent months. With this strategy, they were able to attract more investment. Shiba Ino is one of the Shitcoins that has made a lot of noise in recent months and has been able to generate good profits. In a short span of time, this Shitcoin has brought huge profits to its investors.

Kisho is another lesser-known Shitcoin, Fag, and Ekita are lesser-known variants of Bitcoin. It is likely that these Shitcoin s will be very profitable in the market in the future. Therefore, after identifying and answering the question, of what is Shitcoin, it is necessary to choose the desired Shitcoin.

Some examples of Shitcoins

Terms such as promising Shitcoin or explosive Shitcoin are also among the terms that have become popular in the market due to the marketing activities of these projects.  A summary of what we have mentioned in this article makes the point that it is impossible to imagine a clear future for Shitcoins.

Despite this, the desire to obtain a large profit in a short period of time causes comments like Futuristic Shitcoin to be presented. Some of the popular Shitcoins included in this list are:

• Shiba Inu
• DogeCoin
• Baby DogeCoin
• Feg
• Apecoin
• Love Hate Inu
• Tamadoge
• Metropoly
• SWDTKN
• Battle Infinity
• Lucky Block
• Balancer
• Dogelon Mars

What is the purpose of the Shitcoin project?

The first common feature of the Shitcoin project is that the specified goals are either very simple and easy or very imaginative and cannot be achieved by the power of the Shitcoin project. Most Shitcoin projects aim to create a low-cost, high-speed international payment system. While this target may seem attractive and important to new market entrants, for older investors, it is a clear sign that the project is Shitcoin, as this target corresponds to Bitcoin and the current 20,000 digital currencies.

In the second example, to test the goals of the Shitcoin project, we choose the ideal goals. For example, a digital currency project aims to prevent the melting of the Antarctic ice sheet. At first glance, this idea seems good for everyone, but the design solution is very important for this work. In the white paper, the project says it wants to buy more refrigerators with the proceeds from the sale of the project’s tokens and use those refrigerators to prevent the melting of the Antarctic ice sheet. This decision clearly shows that the purpose of the project is completely fake, and we are dealing with shitcoin, which is most likely a scam.

The price of Shitcoin

Although markets and investors are interested in a coin when it is issued, the price is relatively the same. Another point regarding the cost of shitcoins is the chart of price rises and falls. The price of a cryptocurrency can rise exponentially within a short period as investors consider it essential. Some governments, especially in South Korea and China, have a strong interest in stopping cryptocurrency mining. While others, such as Japan, have encouraged the use of digital currencies in the broader market.

In general, investing in shitcoins is scary because of their high risk. At the same time, most shitcoins involve sudden dump or pump movements that only people close to the project know about; So, during these jumps, people close to the project begin to evacuate and the rest of the investors are left with several worthless digital coins. It is undeniable that small capital altcoins can have high returns. But you have to be very lucky to sell at the right time. Otherwise, there is a possibility of losing the initial capital.

The last word

Shitcoins are generally not suitable for long-term investment and are only used for daily buying and selling on exchanges. This topic is attractive to many traders. Because they buy s at a low price and sell them at a higher price after the price rises, making a profit. This process is always repeated. Many Shitcoins trade at very low prices but can increase in value (pump) in a short period of time. Although Shitcoins may never live up to their advertised promise, their huge price fluctuations still make people very interested in the game; will attract.

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