With thousands of crypto on the market, many have found specific uses for themselves. Bitcoin, the king of crypto, is used as a payment vehicle by many brands. Ethereum, the slightly more advanced network, creates smart contracts and decentralized applications. These are both very useful and have a clear-cut use case for the average person. However, thousands of other coins don’t serve many purposes at all. For more information Read about Bitcoin Pro
These coins are typically not worth much and often have vague, obscure creators with documentation that’s even vague. Below, we’re going to be looking at these coins.
More accurately, you will explore what they’re also known as Shitcoins.
What Are Shitcoins?
As the name suggests, shitcoins are a particular form of cryptocurrency which does not have any value. But the matter of fact is that, shitcoins came to the market in 2013 when memes and jokes were in great hype all over the internet. Thus, some developer introduced shitcoins like those of Shiba Inu and Dogecoin right after the arrival of memes in the market.
Initially, people did not pay much heed to these shitcoins and the developer himself got out of the sphere. That is exactly when the joke of the year turned out to be a useful object in the market. Great CEO of Tesla, Elon Musk declared the acceptance of Dogecoin or DOGE for purchasing Tesla. One single news of declaration put the shitcoin market in high demand and thus, increased the market rate as well.
So far, more than 4,000 different cryptocurrencies are listed on trustworthy exchanges like. Still, most of them don’t have any real-world applications and are only traded for speculative purposes.
How Can You Spot a Shitcoin?
The Price of the Coin
There are many ways to identify a shitcoin, but the most obvious is the price. The price of a shitcoin is set by supply and demand, so if there’s no demand, there will be no price.
The price of a coin can also be affected by how it is traded on exchanges. For example, suppose an exchange only deals with one kind of shitcoin. That shitcoin will have a high price because there isn’t much competition for its supply.
The Team Behind the Coin
Sometimes the first thing to look at is the team. A shitcoin team is usually made up of people who are either in their early 20s or older. They have no experience in cryptocurrency, but they’re all trying to make their mark on the industry. These people will be desperate for attention and do anything to get it.
If you see a bunch of young people on the team, it’s probably not a good sign. It means that these people are more concerned about being seen as “cool” than actually building something useful or creative.
Buzzwords and Trends
They’ll also be talking about things like “buzzwords” and “trends,” which are terms that don’t mean anything (except when applied incorrectly). If a coin has been around for a while but still hasn’t found its niche, it may have had some success initially because of buzzwords like “blockchain” and “cryptocurrency,” but this doesn’t mean much in the long run.
So Why Do People Invest in Shitcoins?
The reason why people invest in shitcoins at all is that they think it will be profitable.
To succeed as an investment, you need to have a high price and a high volume of transactions. The first thing anybody will notice when looking at shitcoins is how they can generate high volumes of transactions with low prices.
This happens because people who want to buy the coin can’t afford it at the current price, but they believe its value will increase in the future. So they make an investment by buying it now and selling it later for a higher price, which gives them a profit even if there is no real value behind the coin or service provided by it.
The Takeaway
So you could say that people are investing in shitcoins because they’re betting on the future success of the platform they’re building.
But it’s not likely that these platforms will be successful. Some will become big, but most will fail and disappear into obscurity. They’re not software engineers, they don’t have experience building a business, and they often need help understanding the technology behind their project.
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