Bitcoin Forum

Hi everybody,

im quite new to bitcoins and mining.
I started mining and wondered if it is better to mine or to have a huge variety of coins in your stock?
Or should I focus on one kind? For ex.: BTC?

When I compare it to shares, it is always reasonable to spread the risk in many shares ;-)

Thanks

I think its the best option to mine different variety of coins, not just one and besides concentrating in mining bitcoin would just end you up losing money.

I like variety myself but I would suggest to do some research first and see which altcoins are more likely to stick around for a while.
Look at things like activity, price history and the technical details of the coins in question.

not true, because when bitcoin crash every other coins will follow, so it's kinda pointless to hold many different coins, try to hold very few coins, which are a very strong and with different purpose, like maidsafe and bitcoin

Even thats not true with all the coins. For example Litecoin increased on the contrary to bitcoin crashing just recently. But its a gamble to mine all different coins . I would suggest sticking with a coin which your hardware supports and bank on it.

that's because of the halving, but usually even litecoin is tied with bitcoin like all the other, i would not invest in a clone of bitcoin, if not 1 or two times when something like the halving happen

Yes, but we all know why Litecoin has increased during this summer. This was just a well organized pump and dump by one Chinese group. This is nothing if you ask me. In my eyes, Litecoin hasn't done anything this summer, just like the rest of cryptos, the bear market is still in a full swing.

The value of bitcoin and the altcoins are pretty much tied together so I don't see much value in diversifying.

Plus, most of the altcoins are very unstable so holding on to them for a while will be a gamble

Yeah but I still believe that bitcoin could be surpassed by an altcoin one day.
Who knows which coin will be most popular in the next 10 years.

About 80-90% of my coins are in Bitcoin and Litecoin (more on the Litecoin side) and the rest are made up of a few alts that I played with over the years. Some I got stuck with, others I see (or saw) real potential in so Im holding onto them and even buying a few $ worth from time to time. Feathercoin and Primecoin are two that I think are different but have fallen to the side over the last year or so.

I think its not a bad idea to hold a few coins but I wouldnt go crazy with it. I wouldnt put a large percentage of your holding into an alt and I wouldnt try to pickup a large number of alts. However, at the end of the day its all a huge gamble and no one can really tell you the best thing to do. all you can do is jump in and hope for the best. Just remember to only invest with money you are willing to lose.

good luck!

Yeah, open up a multipool and steal the funds. It's really the best ROI.

There are very few alts that can be considered a long term hold. Most pop up and then die off. Better to ride the pumps and get out because most have zero future. You're mining to make money, right? Take profit when it's staring you in the face.