What Is Shitcoin?

Today, for every ‘first’, there is ‘another’ and a fake for every original. In a way, almost all of the big brands today have at one time or another had their designs or products copied and reproduced. some are even being currently copied. The same is experienced in the world of cryptocurrency. Coins are being copied and this birthed the term SHITCOIN. So what is shitcoin?.

SHIT COIN: ‘ A CRYPTOCURRENCY WITH LITTLE TO NO VALUE OR A DIGITAL CURRENCY THAT HAS NO IMMEDIATE DISCERNIBLE PURPOSE”

They can also be called ‘alt-coins’ meaning ‘alternative coins. These coins were developed after the emergence of bitcoin in 2009. They are very limited in their use and do not serve any defining purpose but have made an impression on the market. Shit coins can be bought and used like bitcoins and others. When we say shit coins have no purpose, value, or utility, that simply means it doesn’t solve any world problem. It exists only to grow in value.

Shit coins are known for short-term increases, usually followed soon after by a rapid fall back to the initial price. In some cases, it even goes down way below that. They also tend to have a low market cap and a high circulating supply.

What-Is-Shitcoin

Developers, investors, or businesses take advantage of blockchain technology to create their shit coin. To create scarcity, they announce how many shit coins were made in total . This sets a supply limit as more tokens would negatively affect the value of the current coins newly introduced.

How Does It Work?

In the real world, most cryptocurrencies cannot yet be used as a purchasing power or medium of exchange for buying and selling. Altcoins and their fixed values have no basis in fact but in speculation and are valuable only for as long as they exist. However, there have been testimonies from average earners who invested by buying shit coins early. They sold during the uptrend and became very rich, very quickly. This makes it a promising endeavour as the average person can now imagine himself in the same situation.

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There is a lot of room for abuse in the crypto world as investors do not fully grasp the technology used to manage blockchains. This makes it even more difficult to determine if a coin will turn up a profit or if it was made solely to extort unsuspecting investors.

Below are steps to carefully consider before buying shit coins and steps to manage them after purchase.

What To Do Before Buying Shit Coins

  • RESEARCH: Conduct a thorough analysis of any shit coin that is unknown but available in the market, find out if it has any potential, long or short term, and only buy after you are sure it will increase in price and make you a profit.
  • OBSERVE: Now, you have done all the necessary market research, you are certain the coin will be profitable, it is advisable to watch the market for a little while to ascertain if your initial hypothesis was correct.
  • APPROACH: Different approaches are used while evaluating the reason a shit coin is valued at a particular price and to determine the price of securities or traditional currencies.
  • CONTROL YOUR EMOTIONS: Do not decide to buy a coin, shit coin, or otherwise based on trends or other people’s decisions without making the appropriate research needed. What others see as an opportunity might create unrealistic expectations and could easily lead to a huge loss.

What To Do After Buying Shit Coins

  • Keep your coin in a secure crypto wallet. There are different wallets available today, choose the one that best suits your needs. They include but are not limited to Coinbase wallet, Meta mask, Trust wallet, Electrum, and so on.

You have bought the coin and there is a price increase, this leaves you with a decision to sell and make a profit immediately or hodl, ride the wave and wait for an even higher surge. It is best to sell at a high and to avoid disappointment, I advise that you sell a part, to cover your initial capital at least, then with the rest, ride the uptrend. This way, no matter what happens, you won’t end up at a complete loss.

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Advantages Of Buying Shit Coins

  • HIGH-RISK, HIGH-REWARD INVESTMENT: The shit coin you hold may suddenly surge in price and if you sell it off when it is at a high, you can make up to 90% of your capital in some cases; depending on how high it surges.
  • NOT A SHIT COIN: Your shit coin could become real and you become an early adopter. A clear example is the XVG coin, a privacy coin that many regarded as a shit coin. It had an unprecedented 8000% increase in value which in turn made early adopters very rich before its plunge back to its original value as it served no purpose.

Disadvantages Of Buying Shit Coins

  • DIMINISHING VALUE: The fact that shit coins were not made in good faith and without purpose, their price and value are mostly up for speculation which in turn leads to failed investor interest.
  • INFORMATION: With shit coins, all information available is gotten online, there is simply no way to determine if the information received online is true or simply created to make a buzz. This means that these pieces of information can be distorted to pose each shit coin as a legit or promising investment.  Some even go as far as using celebrities to endorse their coins.

Top Shit Coins Of 2022

Some shit coins have been found to offer investors a reward and also offer utility. Others have made an impression in the crypto market and are listed below:

  • Dogecoin(DOGE): Globally recognized meme coin.
  • Tamadoge(TAMA): Overall best shit coin with a $19million completed presale.
  • Dogelon Mars (ELON): Meme coin platform supporting mars colonization.
  • Safemoon Inu (SMI): Metaverse gaming platform distributing rewards.
  • Floki Inu (FLOKI): SHUB-community-inspired meme coin
  • Shiba Inu (SHIB): Popular meme coin aspiring to be a dogecoin alternative.
  • Battle Infinity (IBAT): Metaverse P2E gaming platform
  • Lucky Block (L BLOCK): Transformative NFT competitions platform
  • ApeCoin (APE): Top NFT supporting the gaming evolution
  • Balancer (BAL): Ethereum-based software incentivizing pool funding.

Blockchain Technology

This is a shared database or ledger. This is used in the crypto world, to transact, send or receive coins. It’s like sending and receiving money without the need to go to the bank. Blockchain makes cryptocurrencies, shit coin inclusive work, the same way the internet makes browsing possible. Just like the internet, it cannot be owned.

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Blockchain records transactions and stores data. Its data cannot be changed or corrupted. You can always trust it to be accurate. It can be used by anyone to own their public or private blockchain. Each transaction is stored in a ‘block’, the data contained in each block depends on the data in a previous block. This creates a chain of transactions over time.

Types Of Blockchains

  • Public Blockchains: An open and decentralized blockchain available and easily accessible by anyone. E.G Bitcoin
  • Private Blockchains: They are not open and have restricted access. E.G Hyperledger
  • Sidechains: Allows users to move data between two different blockchains. E.G Liquid Network.
  • Hybrid Blockchains: They contain centralized and decentralized features as they are a combination of both Public and Private Blockchains. E.G Dragonchain.

Frequently Asked Questions About What Is Shitcoin

What is shitcoin?

Shitcoins are cryptocurrencies that do not have much value or utility, their value stems from just existing.

Where do we keep shitcoins?

Shitcoins should be stored in a secure crypto wallet.

What is Blockchain technology?

These are shared databases used to send or receive coins. They also record transactions and store data.

Conclusion

This article sheds light on what shit coins are, the best ones available right now, and tips to consider before and after buying shit cons. Ultimately, the decision to buy, sell or hold rests solely in the hands of the investor. As an investor, check if your goals align with whatever a particular shit coin is offering. If it does, then your investment in that coin might provide some value.

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References

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