Since the birth of Bitcoin, many new terms and expressions have appeared in the crypto ecosystem, such as S coin. A very common term used to underestimate the many encrypted options of Bitcoin or Altcoin. But what exactly is an S coin and why is it using?
You should know that there are absurd cryptocurrencies. Cryptocurrencies that were created only for the purpose of scamming people, cryptocurrencies that have no innovative application and no progress. Understanding this will help you save money and don’t lose it.
The term shitcoin refers to all the useless cryptocurrencies that exist in the market. Cryptocurrencies created for no particular purpose are offered at potential prices. Or they are simply useless because they are the cheaper version of other projects. Therefore, it is a subjective term that anyone can attribute to the cryptocurrencies they are considering.
What is an S coin?
The term S coin (Shitcoin) refers to a low-value cryptocurrency or digital currency that has no immediate or identifiable purpose. The word is a disgusting term often used to describe altcoins or cryptocurrencies that have developed after the popularity of bitcoin.
The devaluation of a shitcoin is often due to the failure of the investor. Because it was not created in good faith or its price was based on speculation. As such, these currencies are considered bad investments.
S coin is a coin that is low value or a digital currency and has no immediate and recognizable purpose. The term often uses to describe altcoins or cryptocurrencies created after the popularity of bitcoin.
It turns out that shitcoins created by raising short-term prices, followed by nosedives by investors who want to invest in their short-term profits.
How S coin work
Interest in cryptocurrencies has increased significantly since the introduction of bitcoin in 2009. They have been successful in businesses that want to use blockchain technology to create their altcoins, digital assets that take advantage of Bitcoin’s original design. Developers typically state the number of Tokens that are totally available – the bitcoin supply is 21 million, while the ether resource is 18 million per year.
Determining supply constraints creates a shortage because investors know that after a certain point, there is no additional supply. More tokens theoretically reduce the value of their assets, in the same way, that the issuance of new stock may reduce the value of a stock.
Once a coin is proven to be available, its value should depend on demand. But since most cryptocurrencies have limited practical applications – buying and selling real-world goods and services using cryptocurrencies is not yet a common occurrence – their value is based on pure speculation. So, Shitcoin is something that people say is very valuable just because it exists.
Shitcoin is easy to identify because it follows a certain pattern. Although there may be some interest in the coin when it is offered, its price is relatively low. But as investors pump, prices rise exponentially in a short period of time. This is followed by an unpleasant feeling caused by the same investors who dump their coins for short-term profits.
It is unlikely that the development and marketing of Altcoins, which is once considered a Shitcoin, will slow down significantly, while interest in cryptocurrencies remains high. Some governments, especially the governments of South Korea and China, have been keen to stop the best crypto mining operations. While others, such as Japan, have encouraged the use of cryptocurrencies in the wider market.
How to detect S coin?
While the market tends to fluctuate and all coins go through cycles, the true nature of a coin can be discovered by examining unfulfilled promises, usability, or the function and purpose that the coin intends to achieve.
Where to buy Shitcoin?
Shitcoins, the grand majority of which are simply small-cap altcoins, can purchase from several large cryptocurrency exchanges.
Of course, as mentioned, shitcoins are always subjective. So it is impossible to give specific instructions on which platform you can use to get them (if that is your goal).
A general rule of thumb is to use trading systems specifically designed for traders who like to change cryptocurrencies. Trading platforms like this include Binance, Bittrex, and other legal exchanges. Make sure to transfer the coins from your exchange To your own wallet as soon as you obtain them.
Why would you want to buy a coin?
Small-cap altcoins may be the “riskiest and highly rewarding” investments you can make. There is a very good chance that you will lose all your money. However, many times, you may find yourself in one of two situations:
The shitcoin you are holding falls victim to a pump & dump scheme. The S coin you are holding is not really an S coin and you become what is known as an “early adopter”
If you have specific goals for the moment you want to sell, both can be very profitable. In some cases, the minimum investment can bring you the most return. Just make sure your goals are clear and you emotionally not attached to the coin.
A good example of this phenomenon was the impressive increase in the value of XVG, the coin that many people considered a shitcoin. In a short period of time (1-2 months) the value of cryptocurrency increased by almost 8000% and made a small number of believers very rich.
Of course, because the coin had no products and was overused, its price quickly returned to its original value.
The best ways to buy Shitcoins
Do some in-depth research to better understand its short-term and long-term potential before taking action and buying cryptocurrencies that are relatively unknown or hated by the public. Then, once you are sure that a particular coin can raise the price, start by investing a small amount of money.
Observe the market for a while and determine if your initial speculation was correct. Otherwise, you will have to make a difficult choice: either sell your coins and make a small loss or keep them and wait for a potential price increase.
If the price starts to rise, it is better to take your profit or at least withdraw the initial amount and continue the upward trend. Conversely, if you are fully aware of the risks, you can invest more when the signal clearly indicates a buying opportunity.
Finally, as mentioned above, always remember to control your emotions. Small-capped coins often known as opportunities because of their low price. Likewise, many people create unrealistic expectations and ultimately lose more than they invest.
How to identify an S coin?
Many people think that any cryptocurrency outside of bitcoin is an S coin. is it correct? As we said, it is somewhat subjective.
In the world of cryptocurrency, when a new project will create and launch, certain features or attributes will attach that give the project a degree of reliability and security. But when that project promises big and revolutionary changes in the crypto industry. But lacks clear expectations and goals, defines features or developers are somewhat mysterious, the probability is 99.99% that this is a shitcoin. Yes, it sounds hard to say, but the fact is, most projects fall under that definition.
Today, with the constant advancement of technology, it is very common to receive advertising or almost daily notifications about launching new projects that promise infinite benefits. However, in order not to surprise by the thousands of wondered offered by these digital assets, you need to keep certain elements in mind when evaluating them. To have a clear and accurate idea of whether they are reliable or not.
Some elements you should consider to identify shitcoins
Almost always, new cryptocurrencies, thanks to an ICO, are born from initial coin offerings. These offers are always looking to promote and position the cryptocurrency or altcoin they launch, and to attract investors interested in injecting resources into their projects by earning coins. But ICOs are not always safe and secure. In fact, the boom of the ICO in 2017 brought severe scam problems to the crypto community. So, here are some tips to help you identify a valuable crypto project from an S coin:
If the whitepaper is a practical copy of another well-known project, it is almost impossible to understand it fails or not, if the project does not even have a whitepaper, do not hesitate, this is an S coin.
The developer team made up of a small group of strangers, who hide behind emojis and fake names. Nothing creates more distrust than a group of anonymous people who want money to carry out a project made of smoke.
The website provided by the project has no originality or design or uses free domains. This has thousands of benefits in general but does not specify in particular how to achieve these results.
It does not have a work plan with clear and definite goals that will ensure the development of the project in the future. Or they simply change some things to create a fork of some cryptocurrency (usually bitcoin) and by making the change in some things. In short, there is no innovation at all.
In all of these cases, the developers create the project, launch it, and promote it in the marketplace. Also, they abandon its development after they have made a profit at the expense of the investors. They do not go back to their work or efforts to continue developing code, that does not contribute anything to the system.
What cryptocurrencies considered S coin?
There are hundreds of thousands or millions of cryptocurrencies and Tokens out there. How many of them considered shitcoins? Well, the truth is that the vast majority of them. Along with the growth, development, and popularity of Bitcoin, new cryptocurrency projects and startups emerged.
Some were looking to replicate the bitcoin system and fix the problems it presented, or to innovate in a completely new and advanced project like the Ethereum case. But those projects also began to emerge that brought no progress, advancement, or value to the blockchain technology that Bitcoin had implemented. Projects that were almost identical or simply copies of its white paper and did not offer specific goals or objectives. This was the birth of Shitcoins.
Special considerations about shitcoins
Because of the complicatedness of the crypto market and the vast number of coins that existed, many investors may confuse about the true and real investment opportunities. It can be difficult to tell if a cryptocurrency is right for you or if it is for bilk investors.
Assessing why an altcoin is valuable at a given price requires a different approach to pricing securities or traditional currencies. Altcoins don’t have the government’s back, meaning that investors cannot look at GDP growth, debt levels, or inflation to determine if Altcoins undervalue or overvalue.
Adding to the confusion as to whether Altcoin is actually valuable is that most of the information about Altcoin can find on the Internet, where it can determine whether the information is correct or simply generated to create buzz.