Why To Stay Away From Shitcoins
Author: Elle Miller
Bitcoin. Ethereum. Dogecoin. Shib.
If I ask now, what would be the difference between these different cryptocurrencies or coins?
DOGE, SHIB, ELON, and all other memecoins or shitcoins are popular for a reason. They offer an opportunity to be part of the future of money. Backed by nothing but hype and a few tweets from Elon Musk, these tokens rise and fall in a matter of minutes. It’s easy to get sucked into the stories of overnight millionaires and completely ignore looking into the tokenomics of each project.
But that would cost you! That would cost you a lot.
There are currently over 18,000 cryptocurrencies and tokens existing and just going up year on year. It seems like there’s a new project every day!
There’s nothing wrong with that. What’s important for any new or seasoned investor alike is to learn how to look into the true use cases of each of your investments.
By all means, if you wanted to invest in DOGE but know fully that it doesn’t have any real-world use and could go to 0 in a matter of days, that’s no problem.
The important part is to be informed, critical of your investments, and allot your investment wisely.
If you really want to get into crypto, we often believe in starting with the most popular crypto, Bitcoin.
Bitcoin is the original cryptocurrency that started it all. It was created in 2009 by an unknown person or group under the name Satoshi Nakamoto. The idea behind bitcoin is that it’s decentralised, meaning that no single entity controls it. Anyone can use it as a form of payment anywhere in the world without needing permission from anyone else. It’s increasingly getting adopted into the mainstream with countries using it as legal tender, luxury brands allowing you to use it for payment, and so much more.
Another option is Ethereum.
Ethereum was created in 2015 by Vitalik Buterin with the aim of creating a more flexible platform for decentralised applications to be built on top of an existing blockchain network. That’s why NFTs largely use ETH.
There are a lot more promising projects other than Bitcoin or Ethereum if you don’t want to spend thousands of dollars just to get one.
Generally, what we like to look at are the developers, the use cases, and the technology behind it. These are only some of the factors that we use to research new projects before trying them ourselves and suggesting them to our community.
Here at Breakout Solutions, we have a team of researchers that scour the cryptoverse for the diamonds in the rough. Not only that, we have an intense grading system that allows us to weed out anything that seems dicey.
If you want to discover new coins that can 100x, you can do so by spending hundreds of hours researching or hundreds of dollars on trial and error. If you want to take away all of that unnecessary pain and learn from experts that have done this for years, follow our accounts and check out some of our upcoming events.