Are all Altcoins like Shitcoins?

In this world cryptocurrencies or Altcoins have made a very good place for themselves. They are known world wide and are the most preferred choice of mostly all the people, investors and traders out there. But among all of these Altcoins and cryptocurrencies some of the Altcoins have created a very high value for themselves while some of them have not created that much of value for themselves and it is a matter of concern for all of them. The ones which have not created a good value for themselves and which are not known widely and have not got their brand identification are usually termed as the shitcoins. Not all of the Altcoins are like this but many of them out there are shitcoins this is because of several reasons, so let's know more about whether all the Altcoins out there are shitcoins or not. In this below article we will come to know whether all the altcoins are shitcoins or is it just a myth.

Altcoins

Altcoins are often called the online or we can say the digital assets and the common name used for them is cryptocurrencies. These cryptocurrencies are widely traded and used by a large number of investors and people out there. All the cryptocurrencies which are not Bitcoins are called Altcoins.

Pros of Altcoins

Diversified portfolio: People, investors and users can have diversified portfolios or we can even say Investments in various fields which will help minimize the risk.
Knowledge gaining: With the help of making investments in altcoins it is possible for one to gain insights and the knowledge about new cryptocurrencies.
Knowing about innovation: One comes to know about the innovations or the new changes which are being made in various fields such as technological development and much more.
No control of a central authority: Most of the Altcoins out there are Decentralized meaning they are not controlled by a central authority and there is no inclusion of any third party or third person.
The money grows: When money is invested in Altcoins it increases unlike just being kept in bank ideal and doing nothing, sometimes it makes a very large amount of the money.

Cons of Altcoins investment

Making investment in Altcoins does not only come with pros, there are certain cons as well which one person needs to know about these disadvantages of Altcoins

Changing prices: The prices of Altcoins change very rapidly, they change in seconds and are highly affected by many of the market segments meaning not just one thing affects the price of Altcoins several factors affect Altcoins prices and these factors are out of investors and users control.
No regulations: In Altcoins there are no proper regulations being implied due to which there are a very high changes of frauds and scams taking place.
High level of risk: Due to highly changing price levels and also due to no regulations or I can say very less regulations in the market the level of risk is very high in Altcoins.
Changing market conditions: The market conditions are never the same they keep on changing at a very high level they never remain same, and Altcoins are very highly affected by these market conditions.

Things to remember before making investment in Altcoins

You need to educate yourself: Without providing yourself with the necessary education regarding Altcoins and what are its factors, scope and future how they work you cannot learn to make correct investments in Altcoins.
Getting a financial advisor: If you are a complete newbie to this world it is a better option to get yourself a financial advisor, who will help you to get with it.
Put less amount in initial times: At the beginning of the investment it is recommended that you start with a very small amount as it will help you reduce your loss and also gain experience about the insights of it.
Learn: There is no better way then this than to learn about the crypto market via YouTube, take online courses also there are apps which teach you about it.
Know about how to use Altcoins: If you do not know how to use the altcoins and to put them to work you cannot really make profits from it. Use charts, indicators etc to know about when to buy and when to sell. Charts and indicators will help you to understand this at a very good level.

Steps to use Altcoins

Choose your exchange: Choose the platform or exchange which you would like to trade the Altcoins on.
Create your account: After the selection of your exchange create an account for yourself on that exchange.
Add funds: After you are successfully done with creating your account now add funds to your account.
Start buying: After successfully adding funds now it's time to start the Altcoins you wish to buy.
Keep eye on your holdings: Most important step is to keep an eye and keep on checking your holdings.

Shitcoins

Shitcoins are those coins which have not gained any popularity for themselves nor they have created a good image of themselves in the market, they have not even adopted any recognition or you can say any reputation and goodwill in the market. These shitcoins are of no value nor there is a good demand for them in the market. These shitcoins are rarely used or bought by investors, users or traders.

Are all the altcoins called shitcoins?

Not all the altcoins have not gained recognition or brand value for themselves. Many of the Altcoins out there have a lot of recognition and are also loved to be traded by the investors. For example the Ethereum, Ethereum has a gained a lot of recognition in the market and are most preferred choice of the investors. There is a wide variety of the Altcoins in the market thousands of them are there in the market, each and every Altcoin have one or the other unique feature. It won't be fair to call any Altcoin a Shitcoin, because each Altcoin is unique in their own way, and have tried to grow in their industry. There are some Altcoins which are shitcoins while some are not calling every Altcoin a Shitcoin is not good.

Factors that tell us that it is wrong calling every Altcoin a Shitcoin

Each and every Altcoin is made for different purposes, some may be able to do one thing or made for some purpose while the others were not meant for that purpose.
Each Altcoin is built to be used in different ways, some for practical purposes while some for other purposes.
Some Altcoins are made for long term while some are made for a short period.
Some of the Altcoins out there are regulated by the government while some are regulated by anybody.
Some Altcoins give very high returns while some give very bad or low returns.

Conclusion

All the altcoins out there are made for their own specific purposes, calling each and every Altcoin a Shitcoin should not be done. There are thousands of Altcoins in the market they all have various varieties have a unique characteristic and each is made for fulfilling a particular requirement. Some Altcoins may be used for one thing while another for some other thing. The type and variety of Altcoins is very wide, all should not be called shitcoins because all of them are not shitcoins. Each of them is made for fulfilling different types of project every Altcoin is not made for the same purpose or same project. Also all the investors, people and users have different choices. They choose Altcoins which suits their needs. This doesn't mean that the remaining ones are the shitcoins. Some Altcoins are trying their hard to come forward and fit in this continuously changing world while some are not doing much and just surviving in this competitive world. This is a very competitive world to survive and a reputation for themselves it is necessary to keep up with all the challenges that are going on in this world.

FAQ'S

Q1: What do you mean by the term Shitcoins?

A1: Shitcoins is the term used for all the altcoins out there which have not made their value in this crypto market, nor they have tried to get a brand identification for themselves, so those Altcoins are termed as Shitcoins.

Q2: Can we call all Altcoins as Shitcoins?

A2: Calling all the altcoins as Shitcoins should not be done because each Altcoin out there is made for some purpose, some point keeping in mind. Every Altcoin cannot do or complete each and everything.

Q3: What is Altcoin?

A3: Altcoin is the Cryptocurrency or digital assets, all the altcoins which are not bitcoins are called as the Altcoins.

Q4: What is the primary difference between Altcoin and bitcoin?

A4: The primary difference between the Altcoin and bitcoin is that bitcoin was made for the main purpose to use it as a medium of exchange and it was first ever Cryptocurrency while Altcoin is made up of many various cryptocurrencies a wide range of cryptocurrencies are added to it.

Q5: Are Altcoins not risky?

A5: Altcoins are also very risky as it is also made up of various cryptocurrencies and all the cryptocurrencies are very risky.