How to Distinguish Between Trusted Crypto and Shitcoins

How to Distinguish Between Trusted Crypto and Shitcoins

Are you thinking about investing in crypto? You need to know there are fake crypto named as shitcoins. Keep reading this article and find out more details. Read on!

Are you thinking about investing in crypto? You need to know there are fake crypto named as shitcoins. Keep reading this article and find out more details. Read on!

The first group refers to currencies that are not Bitcoin, but have a certain history and level of trust, such as Ethereum or Binance Coin, among others.

The first group refers to currencies that are not Bitcoin, but have a certain history and level of trust, such as Ethereum or Binance Coin, among others.

On the other hand, the second, which can be elegantly translated as "crap coins", enclose those digital assets that - at least at first glance - may be useless. Or make your forks rich.

It is common to hear cases of people who bought a cryptocurrency that nobody knew at a very low price and, after a short period of time, its price multiplied reaching incredible figures.

The most resonant case is that of DogeCoin, a currency created as a joke and apparently without utility, but thanks to Elon Musk's harangue in April, it rose almost 100% in one day, after three consecutive days of the rise: from 59 %, 29% and 32% respectively.

The most resonant case is that of DogeCoin

Thus, the strategy to take advantage of such returns does not go hand in hand with "holding them", that is, keeping them in the long term waiting for their value to increase, as is the case with Bitcoin or Ethereum.

On the contrary, it has to do with acquiring them as soon as they go on the market and then selling them in the very short term when they experience exorbitant rises. 

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