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The world of cryptocurrencies is always brimming with new entries. If you are into cryptocurrency investment, you may have heard of Shitcoin, one of the newest forms of cryptocurrencies in the crypto brokers. Now, what makes Shitcoin so special? And what can you do with it? Let’s get started! If you’re interested in learning more about this controversial new cryptocurrency, this article will help get you started with everything you need to know about Shitcoin.
The Evolution of Cryptocurrency
Since the first virtual currencies emerged in the early 1990s, many different digital platforms have developed their form of cryptocurrency. In 2009, Bitcoin was introduced and was the first decentralized digital currency ever created. These days, Shitcoin is growing with the advancement of technological aspects, and financial investors are more drawn to investing in it.
What Is Shitcoin? A Brief Overview
A Shitcoin is a crypto asset with no inherent value. It doesn’t provide any real use cases or backing by anything. To be considered a Shitcoin, the crypto asset has to have a significant trading volume and market capitalization of over USD 2 million. That’s right, your favorite token could also be considered a shitcoin, and it can rise or fall in price at any time.
How Do I Spot A Shitcoin? Points To Note
If you don’t want to waste your time and money, how do you know if a token is a Shitcoin? Well, that’s pretty easy. Check out the following list of things that indicate that the token might be one.
- Is it a clone of an existing coin? -Is there no product or roadmap?
- Are they trying to get rich quickly by getting people excited about the coin with low supply at high prices?
- Does it have social media hype but not many other investors or users? If so, this could mean they’re just trying to sell quickly before the price drops.
- Is there no mention of who created it or any members on their team? You can check by visiting their website, scrolling down until you see ‘Team,’ then looking for any information about who is on their team.
- Do they make unrealistic claims about what this coin will achieve without proof from anyone else that these are realistic expectations?
Investing In Shitcoins- What You Need To Know About
When you invest in shitcoins, be very careful about how much money you will lose. The cryptocurrency market is largely unregulated and extremely volatile. Sometimes shitcoins will spike up in value for a few hours or days, only for the price to crash soon after. Some sources estimate that 95% of all cryptocurrencies will eventually fail.
If you don’t have a lot of money in your Shitcoin wallet and can afford to lose it all, go ahead and give trading in Shitcoins a try. However, ensure that you won’t be devastated overnight if you see a 99% decrease in value. Remember that high-risk investments are for short-term gains only, not long-term returns. If you want steady long-term growth with little volatility, stick with safe cryptocurrencies such as Bitcoin or Ethereum.
Common Mistakes When Investing In Shitcoins
So you’ve got some extra money, and you’re looking for a way to invest. You heard that Bitcoin is now worth more than gold, but investing in cryptocurrencies is out of your league. This is where the concept of Shitcoin investment comes into the picture.
In short, they’re the cheapest coins on the market right now and so are increasing in value very quickly. Some experts say that within 6 months, it could be worth 3 times what it is today. That means if you put $10 into one of these coins this minute, by December 20th you could have an additional $30!
Conclusion
Whether you’re interested in using or investing in cryptocurrency at btcrevolution, it’s important to understand what is worth your time and what isn’t. Finding one that fits your needs is difficult with so many different coins, each with its unique advantages and disadvantages. The time spent researching could save you money or time in the long run, so it’s worth taking a step back before diving into an unknown coin.
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