The Major reason why crypto newbies lose their funds.
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#crypto beginners can sometimes be stubborn and arrogant, lacking a track record yet quick to criticize opposing viewpoints. This behavior is reminiscent of holders of less reputable cryptocurrencies, often referred to as "shitcoins.
For instance, imagine buying a cryptocurrency with a maximum supply of 10 trillion units. If you were to purchase $10 worth of this crypto, you would receive 1,000,000,000 units, resulting in a current market price of $0. 0000001 per unit.
The hope is that one day this crypto will reach $1, allowing you to cash out with $1,000,000,000. However, it's important to consider the differences between this crypto and established ones like Bitcoin.
Bitcoin, for example, has a maximum supply of 21 million units, with less than 19 million units currently in circulation. Furthermore, Bitcoin's market cap is valued at $1 trillion plus.
Meanwhile, you're holding onto a random shitcoin with no real-world use and a price that only increases slightly due to hype. The circulating and maximum supply of this shitcoin is a staggering 10 trillion units. If this crypto were to reach $1 per unit, its market cap would surpass $10 trillion, overtaking sense your heart racing as you reconsider your investment.
We've seen this happen before with cryptocurrencies like Experience Point (XP) and Dentacoin. Today, XP no longer exists, and many of these less reputable coins will also disappear, taking your money with them.
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