If you usually follow the world of cryptocurrencies, you have probably heard the term shitcoin, but you can’t identify what it means or what it refers to. Therefore, in this post we are going to explain what a shitcoin is and how you can identify one.
Shitcoin is a term often used in a derogatory way to refer to some cryptocurrencies. Specifically, absurd cryptocurrencies that serve no purpose and that were created as a copy of another cryptocurrency and without any specific purpose.
They only serve for some users to speculate with this cryptocurrency and enrich themselves at the expense of the ignorance of others.
In fact there are currently thousands and thousands of cryptocurrencies and tokens on the market and the vast majority of these are shitcoins because they are either projects created without any purpose or copies of other existing cryptocurrencies such as Bitcoin.
However, we must not forget that there are also a large number of cryptocurrencies that had been qualified as shitcoins at first sight and that today offer great utilities that we can take advantage of.
With the creation of Bitcoin, many other cryptocurrencies emerged which did not have a clear objective. And the fact is that the birth of shitcoins goes back much further in time than you might think.
When something is successful, thousands and thousands of copies emerge imitating the original without implementing even the slightest change. Unfortunately, this is not only common in the world of cryptocurrencies.
But don’t worry because we are going to give you some tips on how to recognize shitcoins easily.
You have to be especially careful with some shitcoins, as in some cases the developers promote their project in a big way and launch it. And when they have made enough profit they abandon the project leaving it stagnant without contributing anything automatically turning it into just another shitcoin.