How to identify shitcoins?
How to identify shitcoins?
As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.
Shitcoin isn’t only limited to a coin than turn to be scam and the price went to $0, there are so many shitcoins in top 10 coins since they’re centralized and will turn to be scam when the time comes.
To make sure a coin isn’t shitcoin, you must make the coin is decentralized, has a real use case, high security, verifiable, and open source. Avoid a new project that mention cheap fee, fast transaction etc as the use case, it’s just because they’re either centralized or has no volume.
Shitcoins are generally regarded any token created without a long term roadmap to scale the project. Nearly all of the newer tokens in dexs like Dex screener and others should be regarded as shitcoins which they rightly are. I would also suggest that you avoid any altcoin calls by influencers on CT. A solid project don’t need to be shoved down the throat of users like these influencers do because they’d get a share of the supply.
Stick to projects with proven track records and you’d be fine.
Bitcoin is not a shit coin which is the only coin that I can say it is not a shit coin. But as you want altcoins that are not shit coin, I will suggest you to look for coin lists on Coinmarketcap or Coingecko. The top listed coins are not shit coins. The more you go down checking the coin, the higher a coin can be a shit coin. Marketcap is important to know how valuable a coin is.