The growth of popularity of cryptocurrencies in the world of investment needs no description. A whole world of investors has something or other things to say about cryptocurrencies. Bitcoin is the oldest and largest Cryptocurrency Backups in the world. Today there are more than 9,500 cryptocurrencies in the world, but not a single one of them has been able to reach the market capitalization mark by Bitcoins.
Initially, the world of cryptocurrencies was about Bitcoins, but now you can find many cryptocurrencies in the market like Ethereum, Altcoins, etc.
Altcoins are considered to be the blanket term for all the cryptocurrencies created after Bitcoins. All these shitcoins, doge coins, and meme coins come into the category of Altcoins. Over 9,500 cryptocurrencies exist today, but you need to choose the best one to invest in. This article will be a mini guide of introduction to shitcoins. Make sure to read it till the end to understand the relevance of the name of shitcoins.
A simple definition of Shitcoins
As the name suggests, shitcoins is the term defining cryptocurrency with a little price value or negligible price value. Shitcoins are digital assets that have no discernible purpose and immediate benefits. Shitcoins is the term for failing or already failed digital cryptocurrencies. Shitcoins is basically known as altcoins. You can get a good return from Shitcoins. For example, you can invest in Shiba Inu, which is a famous Shitcoin to get a high return. People who invested in this coin at its early stage have received more than 20800000 percent returns.
When we associate Shitcoins to come into the category of Altcoins, it doesn’t mean all the altcoins don’t have an identifiable purpose. Shitcoins are considered to be bad investments, as these were not created with good faith and the price of Shitcoins is specifically based upon speculation. Investors don’t seem to have much interest in shitcoins. Be sure to check out Allin1Bitcoins to avail more information about this topic.
Shitcoins just simply exists
Shitcoins are often associated with short-term price spikes and then the same increase is followed by nosedives. So how do these shitcoins exist in this huge world of crypto? As we all know the demand and supply of a specific currency are responsible for the fluctuation of the price value of a currency, and people who want to gain a profit in a short period of time can invest their funds in Shitcoins.
The world’s largest cryptocurrency was introduced to the world in 2009, to be used as an alternative currency. The supply of bitcoin is limited to 21 million, and Bitcoins cannot be mined at an infinite level.
It is said that Shitcoins gain their value by simply existing. The price value of Shitcoins is firmly based upon speculation. When the speculation made upon the launch of shitcoins leads to a surge of investors.
This spike of investors leads to the mass purchasing of coins and the price of these coins is extremely high for a brief period. The price rise is often followed by Nodesives. When all the gains are absorbed, the price value of shitcoins doesn’t show fluctuation.
Ways to identify shitcoins
Red flags are always present be it a relationship or any shitcoin. You just need to look out for the same red flags and spare yourself from the misery of being cheated upon. Here is the list of a few red flags which will help you to identify shitcoins!
Would you consider buying the product without a good brand reputation? The answer surely is NO. For doing a meaningful purchase it is mandatory to have a good reputation for a brand. In terms of shitcoins, the developers of such cryptocurrencies are shady. If you are unable to figure out the identity of the developer of a crypto asset, then those cryptocurrencies come under the umbrella of shitcoins.
The purpose of Bitcoin is to be used as an alternative currency for the purchase of products or to be used for peer-to-peer transactions, and on the other part Ethereum is meant for purchases and at the same time is meant for the improvement of DeFi and Dapps. So, you can choose such cryptos to keep your funds safe.