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.
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.
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
What To Do After Buying Shit Coins
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.
Advantages Of Buying Shit Coins
Disadvantages Of Buying Shit 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:
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.
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
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.