Bitcoin Forum

Hi everyone,

I just had a question is it relatively safe (if your not a dummy) to use different coins apart from BTN or ETH? Do you have any history or maybe articles about past history of bad activity?


Thank you, Bob

Some coins are good, some are bad. There are lots and lots of horrifyingly bad cryptocurrencies out there, and currently multiplying; but at the same time there are very good ones also. You just have to read a lot about those certain cryptocurrencies to know if a certain cryptocurrency actually safe and worth something or not and is not a scam or a cashgrab.

Right. Doing deep research/analysis is part of the "job" i guess. It would be awesome if someone could share their past history about how they got scammed or something to watch out for in more detail.

Thank you for your post tho, good luck :)

A good example would be "ErosCoin", not 100% sure of the name as I'm not 100% if I remember correctly. But what happened is they started an ICO, then they just ran away with all the BTC/ETH offerings after a few weeks/few months.

Another good example is the past ChainCoin pump. Not necessarily a "scam", but it's a good example why you should do your own research and not just listen to shillers and pumpers. It's a perfect example of a pump and dump scheme.

A few months ago a cryptocurrency YouTuber named "HighOnCoins" basically told his viewers to buy a certain cryptocurrency named "ChainCoin", claiming that it's a "Pump and Hodl" not a pump and dump. Guess what, a day after, the price skyrockets, even though the project has been long dead and no developers are even working on it. The huge increase in price also convinced alot of people to go big on that coin, thinking that it will continue to rise more. guess what happened a few days after? Chances are, the bigger buyers already cashed out and bailed after ChainCoin reached a certain pricepoint, leaving most of the people with worthless coins.

https://i.gyazo.com/5cab143e15996fcfbbafa98db057f134.png

To piggy back on this, there are over 800 coins or tokens at this point, 90% or more will not ever make it to wide scale adoption.  This does not mean it might not be worth more in the short or medium term, just that in the long run, you are better off putting your money into projects that have long term value.  To make a decision on which projects those are, you will have to do research and do diligence, however there are a bunch of resources to help you out.  A good one is https://www.smithandcrown.com/icos/ (https://www.smithandcrown.com/icos/).  I personally dont touch ICO's but everyone is different.  I would much rather get into a coin later, have less growth potential, but weed out all the long shots.  Again, this is personal preference and not everyone feels the same way. 

Safe? Maybe. Smart? No.

Not all coins are equal and each new coin is significantly more risky and less valuable to be involved with if that coin doesn't offer some new (and inspirational) benefit ir feature that Bitcoin or Ether doesn't have.

By the way, what is BTN?

And it is safe and even sometimes necessary, the price will be lower for them, but there are a lot of promising coins now the market is great, analyze and find the main thing for a long-term coin, which will be an alternative for you.

depend on.
sometime new coin have great position, but other coin down. and all coin save i think if there market place

Yes, but only for a limited amount of time. Litecoin and dogecoin are established coins and can be used freely if you want to since they also carry value. Also, it's one way of reducing your taint if you don't want other people to trace your bitcoin activities.

I've used LTC to buy some Gridseed miners back in 2015, and also used dogecoin in buying a shirt of Josh Wise in 2014 for his NASCAR race, and a hot chili from a now-defunct website.

In addition to eth there are still plenty of other coin for you to choose to trade that dbg development team is quite good, xrp coin is so popular, xmr coin dug with the hottest cpu, dash this off the table on goodness it. Many coin can easily disappear but these coin I think very hard

Mostly it's safe, but as the example with ChainCoin shows, there are also some black sheeps out there.

If you don't want to look for your coins once a day I suggest investing your hard earned money in coins with big volume.

(Look closely, whether the volume has been constant or slightly increasing for a long time)

Otherwise you can also try your luck with new coins, but if you want do do this, make yourself an overview of the developer team.

An indicator of a scam coin is, when the dev team doesn't post photos and infos about themselves.

There are hundreds of coins out there and some are probably worthless. A few will have functions that serve a good purpose and could survive long term. My advice is to only buy the major cryptocurrencies or do some research on some others to see if you think they have potential. You can also read forums to see what people are saying about various coins.

Another thing to look at is whether they are traded on exchanges and which exchanges. Also look at trading volume to see if people are buying those coins. Those are just a few things to look out for.

That depends on what ICO are you going to join. Is it good? If you are sure the ICOs have a future. Then invest. But be careful. ICOs these days are just collecting funds from inventors, release the tokens and entered an exchange. In the end, it's just another shitcoin or pump and dump coin in the market. So make sure a good investment that will compete with other coins in the market and not just pump and dump coin. Take a visit to ANN threads at the altcoin section. And find a perfrect ICO worth of your money.

I prefer IOTA, ETH and BTC. This are sure profit. I didn't invested at any ICO yet because it's hard to find a good ICO. Some of them are just hyped by those shillers and i don't trust that. But you can try tezos. But i don't think it's still on ICO phase. Also China and south KoRea just banned ICOs. I don't think ICOs will be successful because these two countries are the biggest flowing of capital. So we see a lot of ICOs will fail and strong ICO will survive.

It really depend on the popularity of the alt coin. And also you need to defend how you going to "use" the coin. In fact, once the coin has been created, you can use it anyway, only if someone willing to exchange with it.

ohh, I see, this is a very informative example of pump and dump scene, I warned by this topics and never want to happens to me, this  horrible scene pump and dump, before I want to try to invest/buy some ICO tokens in greediest ways, but after I read this posts, im getting scared and having doubts on some ICO that I want to join, but maybe I will be more careful on some ICO's ive choose to participate to avoid that pump and dump scene.

save other coin is good but you need High income + wait ( more than 5 years )

BTC and ETH were both new themselves at some point and they are still comparable to new coins for utility and cost.  Bitcoin lost alot of market share this year for that reason I think, it became noncompetitive or possibly too popular from another point of view.   Its very natural that crypto expands horizontally not just vertically in price.

To answer on safety I would just say generally you need to spread interest and investment over time.   Too many think they will get back alot in a brief spurt of growth but thats not genuinely going to occur that way for many projects.  Perhaps with alot of planning beforehand but usually the whole setup must be live tested and problems solved before genuine value occurs.

Its natural for prices to spike and speculation to occur, thats not the negative really as price does not set the coin prospects alone.  Mostly the answer to your question is that to observe patience and signs of actual work and innovation by involved parties, if its all hype and nothing new then risk is very high.   Maybe thats hard to judge as small projects often promise alot, risk can be reduced by regular interest over a year not all on just day 1

XRP / Ripple is not like the other cryptos. I know there has been some hype around XRP the last few months, but it is centrally issued, be aware of that. No mining, no proof of stake, just plain old central issuance.

Its depend on coin worth. if you want to join new coin 1st you should see his background .who is launch  coin .group worth .you can found all details on the website of coin

Depends, what normally make safe an investment is the people and project your put your money in , so better watch out were you send your money.