What Is Shitcoin And How Can We Benefit From It: If At All It's Possible #002

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Last time on this we discussed or explained what shitcoin is, which gave us an insight which is generally could be said to be a cryptocurrency asset with no use case or little utility.

We talked about the shitcoin we refer to coins with little or no value at all infact they are the shit of cryptocurrency to denote how much value it lacks.

We talked about why venturing into it could also be risky for investors and crypto enthusiast.

Today we will deliberate on what it is we have to do or consider or look into per say before we invest or when investing in any crypto project.

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Factors To Consider Before Investing

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Research: Before making any investment we should always carry out research on the crypto project we are planning on Investing as it is wrong to invest based off on people's opinions, it's wise thoroughly research on an asset before we choose to invest.

Diversification:When we are Investing it's wise not to put all our eggs on one basket, we should always diversify our portfolio so that any loss experience because of one asset would permanently bring us down so we should spread our money across strong asset with good or strong utility.

Long-Term Strategy: After research and being convinced we are Investing in a good project it's wise for us to have a long term approach so we will benefit maximally as good project may take longer times to appreciate and we ought to stick around look to get the expected returns.

Risk Management: This is a very crucial aspect in investing, no matter how good a project is we should never invest all our money, we should always invest only what if any case we are wrong with our thorough analysis and lose it won't impact us much, invest only what you can afford to lose, that's the guiding principle in every investment strategy.

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Can We Benefit From Shitcoins?

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Truth be told Shitcoins yes they have no value or little utility as the case maybe but the truth remains that investing in a crypto project even the ones that have no value there is always a chance of benefiting.

We know the crypto market is very volatile and especially shitcoins are even more so volatile and they are often able to move rapidly especially when bitcoin is appreciating all other coins tend to follow afterwards even shitcoins.

Infact shitcoin investment has made some people millionaires and billionaires as under a very short while they could appreciate rapidly generating crazy returns and that's why people jump into it but overall it's not really worth the risk.

Yes this coins there is a chance we would benefit from it but there is even a great danger of losing everything if we not careful as it is not a safe stable investment.

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Conclusion

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Ofcourse am in no way encouraging anyone to invest or not to invest as everyone has a reserved right to choose what they want to invest in I am merely giving personal opnions and in no way encouraging anyone to do anything just that everyone should do their due diligence before investing in any asset.