Before defining Shitcoin, we need to segment the cryptocurrencies that are currently on the market. We have several groups of cryptocurrencies, each of which operates in a specific field.
For example, there is a group of currencies that are only active in the payment sector; Currencies such as Bitcoin and LightCoin fall into this category.
There are other currencies that are a platform and we can even launch a smart contract or a cryptocurrency in them. For example, projects such as ETH and Tron fall into this category.
We have another group of currencies that are known as stablecoins. Currencies such as Tether, USD Coins are in this category and these types of currencies always have a fixed price.
We have another group of currencies that are working on the payment issue, but with the difference that they are very respectful of privacy. Examples are currencies such as Monero or other currencies.
Another group of currencies operates in the field of DeFi or decentralized economy, which is divided into several different sections. Projects that are exchange currencies, projects that are active in the field of Oracle, projects that are active in the field of decentralized lending, and such projects.
There are a number of other anonymous currency categories.
But there is also a group of currencies known as the Shitcoin, which includes all currencies that, unlike all previous categories, have no specific purpose. In other words, there are no products to offer in them and they are just looking to raise and lowe the price of a currency at once. In this way, those who have launched those currencies will benefit.
As you has probably noticed, we are the big losers here who trusting and buying them. We may even make a profit at some point, but in the end we are the big losers. We are only allowed to invest in currencies that are popular and do not need to be defined Like Bitcoin, ETH, Cardano…. .
There are currently a very large number of cryptocurrencies on the market, only a few of which are known.