Coinbase lists shitcoins
Picture Credits: Twitter

Coinbase’s Unpopular decision to list “Shitcoins”

Cryptocurrency and its domination in the world

Cryptocurrency emerged as the next big revolution in the finance sector, due to the the tweets of popular CEO’s across the world and crypto exchanges that chose to market the cryptocurrencies left, right and center. While cryptocurrencies such as Bitcoins, Ethereum started ruling over the crypto market, there were many other crypto currencies that were struggling to make a mark in the crypto market and were facing difficulties as investors were not interested in mining them to say the least.

Coinbase’s move to list as many cryptocurrencies as possible.

Coinbase chose an interesting pattern of marketing strategy, where they started listing any type of cryptocurrency. Being one of the most popular and highly preferred crypto exchange all over the world, coinbase definitely wanted to capture and get hold of the market and have a monopolistic control over the market. The listings of cryptocurrencies such as ‘Shitcoins’ was made to give a wider option to the investors and people dealing with cryptocurrencies. The move was strategically implemented to avoid the shift of investors from coinbase to other crypto exchanges for the want of these unpopular currencies.

 

How did this move of listing Shitcoins back fire?

Shitcoins and its listing
Picture Credits: Laptop Mag

Shitcoins from a layman’s point of view means cryptocurrencies that have very little use next to nothing. They have no identifiable purpose, no basis for existence and lack of fundamentals to back them. Once, coinbase went on with the strategy to list shitcoins, it started getting a lot of backlashes from the investors who, were dealing in coinbase. Being one of the top 3 cryptocurrency exchange, it felt as if coinbase is making desparate efforts to captivate the market further and further. But the situation seems to worsen for coinbase. As many and many investors revolted the inclusion of shitcoins, the market crash last week, added more salt to the injury. Top currencies could not withstand the atrocity of the market crash. Certainly, shitcoins couldn’t bear the atrocity of the market crash. People went on to question the listing policies and marketing strategies of coinbase.

Writer’s report

It is well known that after the emergence of cryptocurrencies in the market, investors are going crazy about owning different types of cryptocurrencies to add more value to their portfolio. To cater such interests, coinbase came up with the move of listing currencies with out analyzing their performance and significance in the market. Owning to such a step, the investors rightfully criticized coinbase for listing shitcoins with them and bombarded about the listing policies of coinbase.