The term “shitcoin” carries various meanings within the cryptocurrency community due to its colloquial nature.
Initially, the term referred to any coin other than Bitcoin. This was partly justified because, as Bitcoin gained popularity, the cryptocurrency market became flooded with alternative coins claiming to surpass Bitcoin in various ways.
Many of these coins failed to live up to their promises, leading to the widespread adoption of the term “shitcoin” to describe them. In more polite terms, these coins were often referred to as “altcoins,” short for alternative coins, by the cryptocurrency press, encompassing all coins besides Bitcoin.
However, as the cryptocurrency industry evolved, several alternative cryptocurrencies did deliver on their promises. Notable examples include Litecoin, which offers faster transaction speeds than Bitcoin, and Ethereum, a platform enabling smart contracts on its blockchain.
These cryptocurrencies, along with others, should not be labeled as “shitcoins” since they demonstrate genuine utility and distinct use cases that set them apart from Bitcoin.
Nonetheless, some Bitcoin maximalists, who advocate for Bitcoin as the sole surviving cryptocurrency, continue to use the term “shitcoins” to refer to all coins other than Bitcoin.
As you navigate the cryptocurrency space, it is important to reserve the term “shitcoin” for scams and fraudulent projects deserving of such a label. Otherwise, you risk developing bias against alternative cryptocurrencies that may indeed prove useful in the future.