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These are digital assets that piggyback off the basic design of the earlier created Bitcoin. However, truth be told, the definitions above are all pretty good. But in the end, what coins are ‘shitcoins’ is really an opinion.
Shiba Inu is an Ethereum-based altcoin that features the Shiba Inu hunting dog as its mascot and is considered an alternative to Dogecoin. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
It also has the play-to-earn feature, which allows gamers to earn passively. Instantly purchase a handful of leading cryptocurrencies with the SoFi app, which also insures your coins against potential hacks or theft. DENT is a cryptocurrency used to purchase mobile phone packages. However, many believe the application does not require blockchain technology and actually functions better without it.
Small-capped coins are often seen as opportunities due to their low price. As such, many people create unrealistic expectations and end up losing a lot more than they invest. A good example of this phenomenon was the impressive rise of value in XVG, a privacy coin that many people regarded as a shitcoin.
As of January 2021, there are over 4,000 cryptocurrencies on the market. They can't all be on the level of Bitcoin, Binance or Tether. In the stock market, there are good and bad investment opportunities, and the same can be said of cryptocurrency. Many shitcoins are created to capitalize on people who are jumping on the crypto bandwagon without doing their research first. Interest in cryptocurrencies increased substantially since bitcoins were introduced in 2009. Developers typically announce how many tokens are ultimately made available—the supply of bitcoin is capped at 21 million, while ether supplies are capped at 18 million per year.
If all of this sounds like a joke or scam or something in between, that’s because shit coins are half legitimate and half not. As a result, Doge is now worth around an astounding $50 billion, more than the value of the Ford Motor Company. Shitcoins are generally considered to be a scam or a coin that one does not like. Urban dictionary describes a shitcoin as” a great way to lose money.” Shitcoin is a slang term used to describe altcoins or cryptocurrencies that were developed and launched after Bitcoins. In general, these cryptocurrencies are considered bad investments. XRP is a global bridge payments cryptocurrency for financial institutions to transfer money and exchange value.
Other cryptocurrencies aim to build a utility for DeFi purposes. Yet, shitcoins defy all of these value pitches and implicitly, or explicitly, offer no utility whatsoever. A shitcoin is a cryptocurrency with zero or close to zero value and no utility. The term shitcoin is used in a pejorative way to refer to altcoins that try to gain benefit from the success of other cryptocurrencies without offering value on their own. So as you journey through the cryptocurrency space, be sure to apply the term shitcoins to only those coins that are scams and deserve it. Otherwise satoshi you might end up biased against alternative cryptocurrencies that might in fact become useful one day.