Shitcoin can also be called garbage coin, which is a kind of cryptocurrency as a joke on many useless cryptotokens. Shitcoin must be committed to its theme, such as the white paper is called toilet paper, and the social media nickname of token is "Shitcoin69". Almost all the cryptocurrencies with silly names you can think of now have a literal name: Shitcoin? " />

The term shitcoin refers to cryptocurrency with little value or digital currency with no direct identifiable purpose. This word is a derogatory term, which is usually used to describe the counterfeit currency or cryptocurrency developed after the popularity of Bitcoin. The depreciation of a junk coin is usually due to investors' lack of interest, because it is not created in good faith, or because its price is based on speculation. Therefore, these currencies are considered as bad investments

In July 2021, Jacob Martin, a 26-year-old unemployed youth, began to work on Shitcoin. As an investor, he got the idea because he encountered many cryptocurrency scams that drove up the shipment and lost money.

Therefore, Shitcoin was released on December 20, 2021 and pre-sale on PinkSale (CRYPTO: PINKSALE), which is a cryptographic distribution protocol. After the pre-sale was sold out, Shitcoin was launched shortly after the pre-sale of PancakeSwap, a decentralized encryption exchange.

The 1% used for development was sent to the wallet of Jacob Martin, founder of Shitcoin, who assumed the pseudonym of Shit-toshi online. This nickname refers to the pseudonym chosen by Ben Cong, the anonymous creator of Bitcoin. Automatic liquidity funds are sent to Shitcoin's liquidity pool on PancakeSwap, including Shitcoin and BNB (. Increasing market liquidity helps ensure that people can trade with Shitcoin.

According to the Shitcoin white paper, it has two purposes:

1. An alternative medium of exchange for assets.

2. The artistic way of casting and selling NFT.

Shitcoin is an encryption token built on the BNB chain, which is a smart contract blockchain created by the currency security exchange. Like Bitcoin (password: BTC), its maximum supply is 21 million tokens. Each wallet can have a maximum of 882000 STC, which is 4.20% of the total supply of Shitcoin. There is no charge for shitcoin transfer, but there is a charge for transaction. In addition, the last part of the fee is the baby garbage coin reward, which is distributed to everyone who holds the BBYSTC token in his wallet.

Although there are quite a few projects providing the same thing, Shitcoin has its own token economics. The Shitcoin ecosystem also includes another encryption token, Baby Shitcoin (CRYPTO: BBYSTC). A fee of 6% will be charged for the purchase of Shitcoin and 9% will be charged for the sale. This fee was split up to fund development, increase liquidity for the market and reward the holders of baby garbage coins. Baby Shitcoin has its own 6% transaction fee, which is shared by both parties to increase liquidity and reward holders.

Since the launch of Bitcoin in 2009, people's interest in cryptocurrency has increased significantly. Their success has attracted some enterprises who hope to use blockchain technology to create their own counterfeit currency, which is a digital asset based on the basic design of Bitcoin. Developers usually announce how many tokens are finally available - the maximum supply of Bitcoin is 21 million, while the maximum supply of Ethercoin is 18 million per year.

Setting supply limits will cause scarcity, because investors understand that beyond a certain point, they will not create additional tokens. In theory, more tokens will dilute the value of their shares, just as the issuance of new shares may reduce the value of shares.

When the supply of counterfeit currency is fixed, its value should depend on demand. However, due to the limited practical use of most cryptocurrencies, it is not common to use cryptocurrencies to buy and sell real goods and services. Their value is based on pure speculation. Therefore, junk money is something that people say is valuable, just because of its existence.

conclusion

The practical use of cryptocurrency is limited, and its value is purely speculative. Junk coins are easy to recognize because they follow a specific pattern. When a coin is issued, some people may be interested in it, and its price is still relatively stable. But as more and more investors begin to join, the price will increase exponentially in a short time. Subsequently, investors will sell currencies to gain short-term returns, leading to a sharp drop in the stock market. Most of the information about counterfeit coins is found on the Internet. It is difficult to determine whether the information is real or just made to make a sensation.