Beginner, Shitcoin and and How to Read a Potential #BCHAcademy

A friend took me to a discussion about a new coin, they went by the name of the crypto with shitcoin. These new coins are a new opportunity to profit from the crypto market.

I'm not familiar with shitcoins and I thought that it wouldn't hurt to learn about them. My friend started from the information my friend received from another friend.

Friends of my friends say they can buy cars from european manufacturers from shitcoin trading. I saw how the friend showed proof of the purchase of the two cars. One car has a license plate with 'B 25 ETH' which means that this person paid 20 ETH to buy the BMW car.

Another car has a license plate with 'B 35 ETH' which means that this person paid 35 ETH to get the car. Or, the crypto trader paid 55 ETH to buy the 2 cars. This cool.

The Choice: There is an Opportunity There is a Risk

Friends of my friends say that playing on shitcoin is very risky even you can see how your money is lost without any profit. However, the chance of risk is very high, the risk is higher than a stable coin.

The question is can I learn in the market by trying my luck on the shitcoin? I don't know this yet, nor do I know how to choose a shitcoin that has the opportunity to give a big profit.

In general, the method used to choose a shitcoin starts with doing research about the project being developed, who the people who developed the coin are, how strong and how big the community is that support and like the coin, what is the roadmap and whitepaper of the coin, and how safe is the new coin. Apart from these analytical techniques, there are other ways to read these shitcoins, they provide the following hints

Where did the coins come from

Major coins have their own blockchain system that can be developed to create new coins or shitcoins. They say that ethereum and binance are the most popular origins for creating shitcoins or new cryptos or new tokens.

You can read the origin of the new coin on coinmarketcap. That means, the first way to read new crypto is by downloading the coin market cap from the playstore.

The coin market cap informs new existing cryptocurrencies with data that provides information about the origin of the crypto and how you copied the existing contract to another wallet to buy the coin.

They say that new buyers with no experience in the crypto market should be careful about copying contract information. Same reason before you send BSC or ETH from exchange wallet to another wallet.

Be careful before choosing

Apart from the origin of crypto, does the crypto come from BCH, ETH, BNB technology and others. You should know that shitcoin doesn't mean all cryptocurrencies with the cheapest price are the best shitcoins.

How come? You've heard of coins disappearing like coins inspired by the movie squid game. In-depth research is needed before choosing a coin.

However, my friend said that we can start a simple research by seeing how big the volume of the crypto is. Then, novice traders should read the volume comparison of new cryptocurrencies with a fully diluted market cap.

After that, we have to read the purchases of that new crypto in the market, how traders are buying and how many traders are buying coins over the last few days.

Always Learning and Reading News

After you see the coin market cap, you have to do some research about the information needed to get to know the coin, of course you have to read the news about the crypto.

Since crypto has become a business opportunity other than stocks, there are always people writing news or articles about new coins. You can read articles or news by carefully comparing each piece of information.

Strong Fundamentals Are Key

Shitcoin, new crypto, or any other name used is a cryptocurrency that has an explanation for why it was created. Crypto is not only intended to replace the position of paper money, crypto has a purpose that can be read through the whitepaper and roadmap of the cryptocurrency.

For example, a cryptocurrency was created to be part of an NFT project or game. So, there are other factors apart from the transaction. Another way to find out all the information about cryptocurrencies is to read the news and compare the information with the official website of the crypto.

Who Supports That Crypto

People who support a cryptocurrency naturally form a community. This community is a group of people who have a reason to support a certain crypto. To read a good community, you can see how supporters of BCH.

It's a simple way to see a healthy community. Whether the people in the community are human is not a fake account. Check the info on the social media profiles of the supporters.

A strong community is a testament to good crypto fundamentals. If we read Bitcoin Cash, we can see how the community of bitcoin cash comes from real and confirmed people, like #Club1BCH and You can see if the community of the new crypto or shitcoin can be confirmed from their social media.

Don't FOMO

I was a member of FOMO when I bought Dogecoin and Shibba Inu, hahahaha, I'm one of those people who don't understand how Elon Musk's role can't strengthen Dofecoin or Shibba Army can't make Shibba take a position for $1/coin.

On the other hand, my friend said that the benefits that the first person buys will get are different from those of us who will buy the same type of crypto.

Even though we use the method of copy trading, it does not mean that our profits will be the same as the profits of others. Because that person bought shitcoin at a very low price and we buy the coin at a price that is said to be high. So, copy trading is not a solution to mutually benefit from new coins.

Disclaimer:

I wrote this article to share information. This article is part of the tools we use for discussion and learning. So far, I haven't bought any new shitcoins or cryptocurrencies. My reason is that I don't have any extra money to buy this new type of crypto.

I am one of those people who are waiting for the price of the Shiba Inu to fly to the moon. Other cryptocurrencies I bought were Tokocoin (TKO) and Cardano (ADA) as well as BCH which I received from read.cash. If I already have ETH or BSC to buy those new coins, I will share my story here.