There are many digital currencies in the market today with different prices. New development teams are formed to produce new digital currencies, all of which aim to stay competitive with other digital currencies. New cryptocurrencies usually have better features than older cryptocurrencies or support more advanced blockchain technology. Currently, there are more than 18,000 digital currencies, and it is not so easy to know and understand what each one of them is and what they are used for. Therefore, it is better for the investor to be familiar with popular terms and cryptocurrencies. There are 3 important and common terms in this field such as Shit Coin, Mime Coin and Alt Coin. In the rest of the article, we are going to explain these 3 terms and examine the difference between Bitcoin, Altcoin and Memecoin , so stay with us.
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What is Shatcoin?
The term Bitcoin refers to those digital currencies that do not have a specific purpose or nature. Such digital currencies are usually used for fraudulent purposes in this field. Therefore, if you intend to invest in one of these coins, it is better to know the difference between Bitcoin, Altcoin, and Memecoin. Most of the people who are active in digital currency markets do not know the concept of Altcoin and Bitcoin and often use these two interchangeably. This term is mostly used in the direction of hitting or creating a negative charge for any cryptocurrency other than Bitcoin, so any other cryptocurrency other than Bitcoin can be assigned the term Bitcoin.
Generally, digital currencies that are produced and marketed without the use of any new or advanced technology, whose prices are based on speculation, are called Bitcoins. Hungry Bear, Wax, SafeMoon and DogeCoin are among the most famous Bitcoins in the market.
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What is an altcoin?
The concept and term of altcoin refers to those digital currencies that were produced after Bitcoin. Therefore, all the currencies that were produced after Bitcoin are called altcoins, all of which were produced and released to the market in order to become an alternative to Bitcoin. The reason for the production of altcoins was that the Bitcoin digital currency, as the first digital currency, had made significant progress and gained great popularity among users. The new coins that were created after Bitcoin all used new and more advanced technologies that were attractive to users. All currencies after Bitcoin were launched with the concept that after this altcoin there will be no new altcoins.
All altcoins that were produced after Bitcoin are within the framework of Bitcoin digital currency and they are all somewhat similar. One after the other, altcoins started to compete with Bitcoin by using more efficient methods and creating a way to reduce transaction costs. Ethereum, Ripple, Dash, Litecoin can be mentioned among the most famous altcoins in the digital currency markets.
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What is memecoin?
Advertisements for digital currencies usually attract the attention of investors, so that sometimes it causes sales and popularity of the cryptocurrency overnight. The term or term memecoin is used for digital currencies that are promoted by famous people on YouTube or the Internet and are simply imitations of another digital currency. For example, the Shiba Inu digital currency entered the digital currency markets in 2013 under the imitation of the Dogecoin digital currency and inspired by the Japanese Shiba Inu dog. The price of meme coins is very unstable due to the influence of famous people in the society, and its price may drop a lot at once. Maybe this is a question that has occurred to you to buy Dogecoin or you can read the article to understand this issue.
Some time ago, Elon Musk mocked this cryptocurrency and caused its price to fall by publishing a text on Twitter that Dogecoin has a dog and users while other digital currencies do not. Memecoins are often produced in a very large or unlimited number, for example, the number of Sheba Ino digital currency in the market is equal to 1 quadrillion (one with 15 zeros) or Dogecoin currency has no supply limit. Therefore, another reason why meme coins have a low price is that there is no token burning mechanism or ceiling for them.
Memecoins are not in a good condition, for example Shiba Ino digital currency or Dogecoin often suffer sudden declines and falls. Shiba digital currency has a better future than Dogecoin, so the way for Shiba to return to the top of the market is not too difficult. In the section on the difference between Shetcoin, Altcoin and Memecoin, we will take a closer look at these 3 coins.
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The difference between Bitcoin, Altcoin and Memecoin
Until this part of the article on the difference between Bitcoin, Altcoin and Memecoin, we have explained each of these common terms in digital currency markets for you. In the following, we are going to tell you the difference between Bitcoin, Altcoin and Memecoin, referring to the advantages and disadvantages of each. One important thing that Bitcoin and Memecoin have in common is that they are both used for fraudulent purposes. These 3 categories of digital currencies can be stored on all digital currency wallets and bought and sold.
|The difference between Bitcoin, Altcoin and Memecoin
Advantages of Bitcoin
- Their prices may increase dramatically.
- It is possible to store them in a large volume.
Disadvantages of Bitcoin
- Reduce its price at once.
- Use for fraudulent purposes.
- The exchange may no longer support that bitcoin.
Advantages of altcoins
- Fix common problems in Bitcoin.
- Creating digital currency competition with Bitcoin.
- Lower transaction fees.
- Using more advanced blockchain technology.
Disadvantages of altcoins
- There is a possibility of fraud, but it is not the same as Memecoin and Shatcoin.
- They do not have price stability like Bitcoin.
Advantages of MemeCoin
- If it supports an important personal position, its price increases dramatically.
- They are suitable for short-term investments.
Disadvantages of meme coin
- Its price is based on important people and celebrities.
- If a negative tweet is published from an important person like Elon Musk, its price drops drastically.
Read more: The best digital currency wallets for mobile
Take a look at some digital currencies
Some of the digital currencies available in the financial markets are placed in all 3 categories: Bitcoin, Memecoin, and Altcoin. These examples of digital assets do not have much value, and usually their value either rises or falls suddenly due to political events or criticism about their nature. For example, Baby Dog and Shiba are digital currencies that fall into these 3 categories. As you know, millions of units of these two digital assets have a value equal to one dollar. Investing in these types of digital assets does not seem wise; But since you can buy a lot of it with a small capital, you won’t lose much if the price drops; But if they increase in value, you will probably make a lot of profit. Memecoins and chatcoins have almost the same nature and purpose, and it is somewhat difficult to separate the two from each other, and usually few people make long-term investments on them. Only altcoins and Bitcoin are worth investing in for the long term.
Is bitcoin a cryptocurrency?
Bitcoin is known as the first digital currency and it is not considered to be any other cryptocurrency. This digital asset itself determines the price of most digital assets that are bought and sold in the digital currency market. Bitcoin is not an altcoin, nor a memecoin, nor an altcoin. Memecoins are digital currencies that were produced and launched after Bitcoin. Shatcoins and memecoins, which have been launched mostly for the purposes of fraud or just for fun. Currently, the best digital currency in the market for investment is Bitcoin; Because all its price fluctuations change the entire market price. If you do not earn a lot of money in the digital currency market or you do not have a special strategy for trading, we suggest you to view our trading strategy course.
Each of the categories of digital currencies that have been mentioned, the possibility of fraud is very high, but having sufficient knowledge of these categories will reduce the possibility of fraud. Reducing this issue only depends on the investor’s experience and knowledge of digital currency markets and cryptocurrencies, but investing in altcoins will be better and more rational because it does not go up and down based on the opinion of celebrities. In this article, we examined the difference between Shetcoin, Altcoin and Memecoin and explained each of these coins and we have reviewed the advantages and disadvantages of each one for you dear ones.