First let’s take a brief look at the characteristics of the standard Digital Money.
What are the most important characteristics of Digital Money?
- Digital Money only exists in electronic form so it is only accessible by mobile phones or computers
- Usually it doesn’t need intermediaries.
- It can make transaction costs very cheap.
- Digital Money enable seamless transfer of value as well as seamless transactions across borders. For instance someone located in the India can make payment in Digital Money to his/her peer residing at North Korea.
- Digital and physical money have similar utilities. Both can be used to purchase goods and pay for services.
- They can use as a tool for transferring value. The good example is gaming tokens that can provide players with superpowers.
- Digital Money is extremely fast in terms of transaction speed.
What are the common types of Digital Money?
- Cryptocurrencies
They use cryptography for securing and verifying transactions in a
network. Cryptocurrencies also created by cryptography. - Virtual Currencies
They are controlled by developers or founding organizations. The best example for virtual currency is a gaming network token that controlled by developer or algorithms. - Central Banks Digital Currencies(CBDCs)
They are issued by the central bank of a country and also they are regulated. Unlike fiat currency CBDCs only exists in a digital form.
Conclusion
Shitcoin can be considered as a Digital Money. Here are the reasons:
- Shitcoin is extremely fast because it is created on BSC Blockchain.
- You didn’t need intermediaries like banks to transfer it.
- SHIT transaction costs are very low(almost zero).
- You can easily purchase goods and also pay for services with SHIT.
- You can use Shit as a payment tool across the borders.
In terms of Digital Money types Shitcoin is categorized as a cryptocurrency because not only it is created by cryptography but also it uses cryptography for securing and verifying transactions on its network.