Bitcoin Forum

After I started my Bitcoin holding journey a few months ago,
At that time, my close friend Sam! also have some capital he want to put away in cryptocurrency, and I advised him to buy Bitcoin instead of an altcoin. But instead of him to have a long-term potential mentality, he was looking for a quick profit so he filled up his portfolio with shitcoin, while I went in on a single portfolio of Bitcoin and when the unexpected of FTX hack happen the whole market in shamble and his altcoin portfolio have dropped above %800+ but my bitcoin holding still maintains some level of stability.

This gives me more confidence in Bitcoin and newbie who are looking for long-term holding should hold more bitcoin, in their private wallet to avoid exchange, but your knowledge to always have a good entry price.

Many people come into the crypto space with a quick to get rich intention and they feel these altcoins could come good ahead of bitcoin and that's why we read daily of people losing there entire live savings in them.

It wasn't the FTX saga that's affecting the market, we have in the bear market throughout this year maybe FTX or exchanges just add to it a little bit.

Another thing, bitcoin doesn't have a good entry price as you stated. Every price is a good entry price just that those that gets to buy at lower price have a double advantage of it been a store of value and also gets more profit when it pumps.

Just to point the obvious out, FTX collapses wasn't caused by the hack that later happened to the exchange and I won't be surprised if that hack was organized to hide the true scam that Sam Bankman-Fried was into which was making used of customers funds for personal gains. I see news media blaming the collapse on the hack but that's not true and the community shoudn't be misinformed. With or without the hack, FTX would had still gone down because their unethical practice was exposed and trust was been lost by their customers which triggered the massive withdrawal of funds from the exchange.

That been said, as a newbie, the best decision you can make for yourself is investing in Bitcoin and hoarding enough before the price get out of reach of affording a whole Bitcoin. Altcoins are never the best way to get introduced into the market. When you have the right information and experience then you can play with that side of the market but your main focus should always be accumulating as much Bitcoin as possible and you'll be safe.

Altcoins have always been short-term cryptocurrencies one buys and sells quickly, if you do things that way you might be lucky enough to accrue some ROI, other times you might not; but if you consider hodling them for the long-run the chances are sky high that you'd never be lucky as they have no/fake utility, quite a lot of altcoins have their utility only in the promises of the owners, which more often than not never comes to fruition. Having said that, Bitcoin has an actual utility, that is what makes the difference, and that's why you'd always expect the price to appreciate again, even if it has been down for so long, it's also the reason why Bitcoin can't basically die/go into oblivion like most altcoins do after a few years/months/weeks.

If you are honest with yourself you would state you had a drop also in your Bitcoin investment, and guess what that is not really bad because crypto-currency is volatile. Yes just like you I prefer Bitcoin over Altcoin and I am also yet to get any Altcoin but I don't down play them out rightly.

Your friend did not lose because he invested in Altcoin but rather he invested wrongly, there are still Altcoins that has there heads above waters even after the FTX saga, advice Sam your friend to stop going for Hype, FOMO or FUD but rather do his research.

It's not just for newbies, mate; it's for all inexperienced crypto traders. Because I fucked up a few times with shit coin. Every time you buy a shitcoin, you have to sell it at a loss because the price has not recovered, even if the entire market has recovered. So, if you're not a pro trader, avoid the shitcoin. Simply use Bitcoin, or enter one of the top ten altcoins. However, due to the volume of drama in the crypto market, it is still risky to invest in altcoins. Just be more cautious.

That's the usual mistake of many new comers to the market. They want to make a lot of money short time and they choose the wrong crypto and that results in them having that loss.

Good job on what you did because that's what it should be for most of the newbies of the market. It's better to stick and get bitcoin at the beginning and when you're accustomed to the market, then that's when you'll start exploring.

It is a wise decision to stay away from shitcoins as a newbie since you have little experience in cryptocurrency. Invest in bitcoins that everyone who has been here for a longer time than you are investing in. Investing in bitcoins directly is choosing to leverage on the the experience of other people. Investing in shitcoins is deciding to make the adventure and have your own experience and that can be a dangerous voyage for a newbie to take. Stay away from shitcoins and invest only in credible coins like bitcoin.

I do better leverage on the experience of other than to discover my one adventure of shitcoin as you mentioned, I made my decision on investing in only Bitcoin and avoiding all the shitcoins around because an altcoin is a refurbished Ponzi because most altcoins do not have the real volume to sustain them as a long-term asset like Bitcoin.

It is not all altcoins that is shitcoins. Definitely your friend may have bought loads of shit to fill his wallet and this is why they have pulled the value of his wallet down. Etheruem is also a good coin after bitcoin that you can hodl for long. Your friend wants the quick way to riches. I think the time of quick riches is not hear for now except he can try his luck during the bull season , quick riches don't happen during bear time.

His altcoin portfolio has dropped above %800+ you say? Don't you think you are exaggerating a little bit his loss actually? That would mean for $100 invested, he lost $800. I know that crypto market can be hard but it's not possible in reality. You can only lose 100% of your investment actually, when all your cryptos go to 0. Cryptos can't go below 0, you will never have to pay someone to get rid of it , because you will always be able to send them to a random address without asking anything to anyone.

And that is the mentality of newbies, they didn't understand the risk involved with altcoins, it's high risk as compare to Bitcoin. Of course, as we are in a bear market, the price of BTC will go down hard and maybe that is the reason why they don't like to invest on it and go for altcoins that they thought will bring them huge profits, but as I have said, the risk is high as well.

And so it is an easy choice, specially if you are hear for the long term kind of investment, bitcoin is the best asset in crypto and I think one of the best if you are going to compare it with traditional investments like stocks and golds.

So good for you to stick with bitcoin in this bear market and just continue to accumulate.

Even if your friend's investment went up by 1000%, that still wouldn't mean that altcoins are better than Bitcoin. Altcoins have no future, they will have no adoption and it means there's no reason why they should have value. Their current value is purely based on the bigger fool theory and nothing else. This makes them closer to gambling than to investment, and the #1 rule of gambling is that the house always wins. So even if you manage to make profit on altcoins, you won't be able to repeat it, you will be losing more than you gain in the long run.

Of course, wherever a beginner hears about crypto it will come to mind that it is a get-rich-quick scheme. What makes them intrigued is the high volatility charts, so bitcoin is far from the investment radar early in their journey.

If advice can't change their minds, let the experience make it work.

To be fair if you look at the long term history of bitcoin and altcoins (meaning over the past 10 years for example) you can see that altcoins are always dumping without needing something like FTX hack happening. Such hacks only speed up that dump in short term. But when it comes to bitcoin the same thing only causes a drop in short term due to panic sells which will be recovered, something that won't happen for most altcoins (although some would recover before dumping again).

P.S. You can't lose more than 100%. Only gain can be higher than 100%.

This experience will open your friend's eyes in investing. it was a rewarding experience. I hope your friend doesn't decide to close the account and get out of the investment he started.
You have given good advice to your friend. and the market proves it all. your friend must regret not following you. he must learn well in asset selection and smart investment planning. and most importantly in long term investment, always keep your assets in your wallet. do not leave it on the exchange.

Not only beginners, there are still many investors who believe in shitcoin not because of FTX profit reasons but they don't realize that shitcoin will trap you in the future and especially beginners he must understand about the portfolio he has at least to avoid shitcoin.
I have warned that there are things going on around me especially for those who have invested in cryptocurrencies I just make sure to say bitcoin is a good coin the rest I don't trust other coins, and it's a fact that shitcoins have lost a lot after they trusted them , therefore we still have to be aware of how good the coin is and build hype we must be careful of these traps.

What a good determination from you OP, if as many as possible newbies we have canbset thier priority to stick on single investment with bitcoin and hold their coins in their wallet and not on exchanges, there will be less need to keep on the emphasis for the need to make the right investment with bitcoin and stay off centralized exchanges, but everyone of them want something huge in profit and very fast in result, forgetting that those things only present them unrealistic expectations of making money quick, they will end up loosing than earnings at the longrun, but for the smart ones, they follow the right path, channel and choose the best option with bitcoin for their investment.

At the same time, we should not forget that investing in new coins brings a very large profit, which cannot be compared with the profit from holding bitcoin. But such investments can only be made by an experienced investor who allocates a small part of his deposit for this. In this case, the OP's actions are correct, since he does not yet have enough knowledge to trade altcoins.

Shitcoin is for fast shooters. It is a shoot and run scheme where investors time quick profits when it clicks and run off the system. It is not for everyone and because its not for everyone Bitcoin then becomes the best recommendable coin that can suit any class of crypto enthusiast because as long has the goal is long term there will always be a time for good and quality rewards.

You need a lot of patience and courage to invest in Altcoins and succeed.  Bitcoin has significant drops too, but not so significant you see your money almost vanishing out of your wallets.  Altcoins can do this, if you have a thousand today you may have just a dollar tomorrow if negative news pop up about the coin.

Bitcoin is of course the king.  It has endured so much yet it is still up and running, alive and well.  I think you can make a lot of money with Altcoins too, but you need so much experience and there is so much risk which begs the question, is it worth it at the end of the day?  Because if becoming rich from Altcoins was a thing, why are there so many poor Altcoin holders and just a handful rich ones.  Reality is different.  Getting rich is not as easy as 1 2 3 unless you are just lucky to invest in the right Shitcoin at the right time.

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Regards,
PrivacyG

we have seen how shitcoin used to be hyped in the crypto market. get profit in a short time but also have the risk of loss which is also very fast.
we have our own choice in managing the investment assets that we have. as well as the ability of each person in making an analysis.

OP, I won't blame your friend who might be wrong in investing. the market is just not doing well, and it's taking all crypto assets a hit. even the BTC you have is also getting shaken. maybe your friend is unlucky because they don't follow your advice. or it could also be that your friend just doesn't have that luck.

Well, I will not entirely discount the possibility of earning a quick buck in altcoins but they are not that stable compared to investing into BTC. That is also the reason on why most people have tagged some altcoins as "shitcoin" due to the pump and dump scheme being employed by whales.

If you truly want to maximize your profits, then being SMART on investing in BTC is the way to go. Either you go short/long-term, as long as you profit, then better cash them out to avoid feeling the volatility of BTC!

I don't even know why people still buy shitcoin, i don't know why I will buy a coin that I won't have rest of mind, I believe people that do invest in shitcoins are not trading but they are just gambling, you have 50/50 chances, is either you lose your money or you win, and most shitcoins are going to die in this current bear market, people that do investment in shitcoins are also going to lose their money.
I don't recommend people to invest in bitcoin for short term, if you really want to make money from bitcoin, then you should invest for long term. Also you shouldn't keep your bitcoin in exchange, make sure you withdraw it to your non custodial wallet and secure your private key. I noticed most newbies always keep their coin in exchange which is very wrong.

The same quick profits will ultimately lead to quick losses, I don't trust shitcoins and I don't look for their so-called quick returns, because they're just Ponzi, and the bubble will boost as soon as possible. I am aware of the one fact that altcoins always promised to be the best profit-maximizing mechanism for now but to maintain stability, one needs to hold a less volatile assets like Bitcoin vs shitcoins.

Bitcoin can not just crash the way other altcoins do crash, and Bitcoin is always recovers anytime there is a dip in the bitcoin market.

worst thing with altcoin is its centralization, this has limited their ability to act and perform accurately without any interference from external factors which are the team.

What is popular among altcoins is that they have no recovery mechanism, this is the reason why any altcoin dip will only go deeper even if the general market conditions have changed altcoins find it hard to recover.

Bitcoin is a safe coin to hold, but choosing altcoins is not a wrong decision as long as you choose top altcoins. However, it is totally a bad idea to buy shitcoins (coins with no fundamentals or weak fundamentals). I am also holding some altcoins for the long term, but they are top 25 coins. Holding new altcoins is also very risky, it is not recommended, especially for newbies. Regarding the safe wallets to keep the coins, it is ideally in private wallets. Don't put your altcoins on exchange wallets, it is always a high risk as you don't have control over your coins.

Even my past I also bought, although I know the risks. But I have an assumption I buy shitcoin then I am ready to lose my money. Several times I boughtwith small money $10-$20. I realized I was ready to lose my money. So I'm doing this analysis purely speculation that I'm doing consciously. But today I have stopped, I chose scalping trading to secure the asset in stable coins.


This is the problem today, many new people do not have the mentality of holding back for a long period. They want to quickly fold their money. So many new people are tempted to buy shitcoins because of the hype.

Altcoins ain't worth the trust many people out there throw on them , for anyone with idea of how dangerous it is to invest into altcoins will definitely not engage into it, despite the whatever short returns it seem to give back at the moment. Bitcoin is just a sure way for any long time investment place on crypto as it has proven itself severally in the past.

While staying away from the so called shitcoins is money saving on one's pocket, don't let this make you miss the chance to invest in promising altcoins which perform better than bitcoin on several occasions !
Btw to make money in the world of crypto, and anywhere else the name of the game is called "risk"! If you can't risk hen you can't not win.. Like the gamblers say "Go big or go home."

I think investing in both bitcoin and altcoin should be approached with caution, I agree that other people get rich investing but without proper knowledge about what they are doing it might backfire for some, that is why we always tell other people to first study or learn, ask other people about a certain altcoin since those companies have controls over the majority of the coins they can just dump the coin and leave the project and investors hanging, on the other hand holding bitcoin is the safer just like OP said than altcoins when it comes to value.

You've done a great job investing in bitcoins while your friend can't make a profit on shitcoins.
If your friend wants to follow your advice to invest in bitcoin, the loss he will get will not be as big as investing in shitcoin.
Hopefully, your friend can learn from his experience and not touch shitcoins that have no potential to increase and only use bitcoin as a long-term investment.
Holding bitcoins long-term will be more profitable than holding shitcoins because only bitcoins can rise high in the future.
While shitcoins won't be able to do that, even though there will be some coins that can improve, it won't be easy to find them.

Do not also forget that investing in new coin and token is like a gamble because you may not know the future of what you are investing so there's every potential you could lose all funds without having any left with you. But bitcoin holding is almost 79 percent sure because you can't lose all at a time rather only with some percentage changes. Bitcoin are for long term investors who doesn't want quick scheme of money rather than just investing and hold without being worried of making profits sooner or quicker.

Actually it all boils down to risk apetite. Yes investing on shitcoins are scary and chances of losing money here is big but if you can able to surpass those then who knows your pocket would be 100x of your money invested or the opposite youll lose it all. Its all about chance, if you wont gamble any then you wont lose any nor gain too.

Most of the beginners entering the crypto world just want to get rich quick with the assumption of buying shitcoin with faster profits and thinking if they can get 1000x profits in a short time without thinking about a bigger risk compared to bitcoin.
Such mistakes often occur in beginners who have instant thoughts. there are lots of beginners who are in crypto and start investing and have thoughts and hopes like last year some shitcoin pumps were very high but all of that didn't match their thoughts and they actually lost very big on shitcoin.


but I congratulate you it seems you are a beginner who may understand the opportunities in bitcoin for the future and have a very smart mind in the investment field do some research before starting to invest in crypto and in the end you prefer to invest in the right coin, namely bitcoin.

This is right, But maybe we should clarify first what shitcoins is really being described by OP, some people categorized all altcoins as shitcoin but some people only categorized worthless altcoins such as meme coin as shitcoin.

Ignoring completely those shitcoins aka meme coins are the best thing to do no matter what is the risk appetite of the user since it’s a complete gamble while investing on altcoins aside from Bitcoin is what we are dealing for a risk assessment. People should know how to allocate there portfolio base on the risk they are entering for that specific coin. Ignoring altcoins that has a lot of potential to grow such as blockchain token is just like fishing only small fish while the big fish is free nearby just because you are scared to venture out.

Altcoins that have great potential will not be too visible but they continue to move to develop their projects. Some of the altcoins such as Ethereum are alternative investments besides Bitcoin which is indeed the king. Ignoring an altcoin that has great potential is akin to passing up the best opportunity that doesn't come twice. But it takes research to do that.

The bearish market always exposes weak coins and the best investment in all market trends will always be Bitcoin. However, I believe the OP didn't bother about his investment in Bitcoin after the FTX issue lead to some FUD in the market because he totally understands the market price movement. I incidentally met someone on the train last week wish said something negative about BTC due to the current state of his portfolio but he later keeps his calm after I explain the disadvantage and advantages of the BTC 4 years cycle.

In choosing a type of crypto asset, especially for newbies, it is highly discouraged to choose coins that have weak fundamentals, let alone choose Altcoins for reasons that are currently popular. In choosing Cryptocurrency other than Bitcoin, there are several important points that can be considered in choosing crypto assets. Altcoin reputation should be considered first by doing research on the targeted Atletico.

Bitcoin is very suitable for newbies to serve as a short term and long term investment medium. Bitcoin which is available in limited quantities greatly affects its value, based on basic economic principles, the more limited the supply or availability of products, the higher the value will be.

It is true that I learned from my own experience.
Investing in the wrong altcoins really does end badly in the end.
When investing, it is important to do research and analysis before investing in altcoins.
Even though some altcoins have the potential to be very profitable, it also carries a higher risk than investing in bitcoins.
But not all altcoins are shitcoins, it is better to invest in top altcoins or better still invest in bitcoins.

For newbies who don't have knowledge yet about crypto, choosing Bitcoin to invest in is advisable especially if your plan is to hold for long term. Because Bitcoin is more reliable compared to alts and it's less risky. You made the right choice to stick for Bitcoin. However diversifying is not a bad idea, but this is if you already gain knowledge about crypto as a whole and aware of what factors to consider when looking for alts to include in your portfolio.

There are hidden gem in altcoins which can give you huge profit but it's not easy to find it. Even experienced investors are having a hard time to look for such coin since deep digging is necessary.

When it comes to earnings in the crypto sector right now, even bitcoin cannot compete with altcoins' performance, they are quite good at producing nice ROI, but their drawbacks might make you hate the crypto market. Bitcoin, on the other hand, is quite safe, it has a high return but not as high as altcoins, but it does not crash as frequently as altcoins do, and it is less volatile since bitcoin is more decentralized than altcoins. Only with altcoin projects will you see a token/coin concentrated in the hands of teams and groups of people who may crash the price as they see fit, which does not happen with bitcoin.

For newbies of cryptocurrency market, it is vital to be educated first before investing. Your friend without a doubt was cajoled by his desire to become rich quickly. He saw that shitcoins have the likelihood of swinging up to over a hundred times. But if he was aware of the risks behind it and only invested money that he is willing to lose quick then I see no issue with it. A number of people choose to gamble into shitcoins for the same reason, obtaining wealth quickly.

Bitcoin will always be the best to invest for newbies because of its stability compared to altcoins. Just buy using DCA and hoard it long term. Risking into altcoins is all right when you already mastered the crypto market.
 

You made a very valid point with this comment, Bitcoin saves us the stress of swap and coin movement from one chain to the other which is why you don't lose with bitcoin, and most times those altcoin holders will not even notice when their token has migrated to another network and their end up losing their holding since the swap is always with a time frame.

Ops as a newbie you should learn how to properly manage your portfolio most especially if you are in as an investors because relying on Bitcoin alone may take longer to achieve your aim and desired profits and sometimes you also lose with Bitcoin too e.g those that bought Bitcoin at the all-time high price of $69,000 are at heavy lose right now.
So investment has to do with time calculation also, altcoin can give you insane profits in a short time when you pick the right coin.

Shitcoins can give lot more profit in bull markets where people buy anything and everything. In current situation where you aren't sure where exactly market is going, better to stay in BTC or Ether at most.

It takes so much self-control to not dabble into investing in shitcoins especially when one have friends who are making a few bucks off of it.

I remember one of my friends who calls himself shitcoin Lord because of his love for shitcoins. Well, I stay in my lane and have learned from his experiences of loss. It is a path I will never tread. Bitcoin today, bitcoin tomorrow, bitcoin forever.

Yes. I agree with you on this very statement of yours, because Its simply because those who bought at a lower waited till this moment, that's why are at advantage today,  and it also means if you too can buy Bitcoin today and can be patient for the next 2 to 5years, so will you also be at advantage too, and just as you earlier said. Bitcoin has no entry price, any price is a potential entry price

That is why there are still a lot of people buy shitcoins and are willing to take risks even though they know that these are shitcoins. You can't just simply think how they go to x1000, x1500 times. If you are looking for practicality, you can't really ignore this but also it will encourage you to invest as well. That is crazy but many people love it.

People are buying BTC and potential altcoins during the bear season but they are buying useless and scam coins during Bullrun.
And they got paid off...

You made the right decision to stay on Bitcoin as a newbie and for small investors, it's the safest choice, but your mindset will eventually change as time goes by, and you will be tempted to invest in altcoins when the market gets better and there are projects creating a good platform and making headlines in the industry, there's always a big temptation to invest in altcoins because some altcoins are contributing to the adoption of this technology, Bitcoin and altcoins are here to stay, you just have to pick the right altcoin to invest.
Bitcoin should have the biggest percentage of your portfolio.

From the ups and down I'm with altcoin that has affected the entire cryptocurrency market, to the Luna crash and now FTX, the year has been filled with unpleasant events and a lot of frustration in the air.
Bitcoin indeed has shown to be the most reliable coin to hold at the moment most especially now that the price is low, the most important attribute that will make a winner any time anywhere is to buy Bitcoin when the markets low and the price is down.
Deciding to hold bitcoin at this time is the best decision to survive this hard time in the entire market but the most important thing is to hold your Bitcoin in your private wallet and not in exchange.

Practically 1000x is far fetched, most give 50x-100x at max. Very rare one would go beyond that, provided one has capacity to hold until such returns are fructified.

All altcoins aren't shit coin but they're potential candidates though, I think a typical shitcoin are those projects that get launched without any intentions of been worked on. Like they have no actual development plans, or any problem they intend solving which means they just rely on hype of future gains to drive up interest in their projects. This type of project usually rely on tokens burns, airdrop or other activities that'll interest speculators to see the project pumping in future so they buy now.

Usually they disappear or exit scam immediately interest drops from the project, since there only reason for relevance was because they were hyped and could give huge return when trading. Mainly we have meme coins in their numbers in this category that's why they're associated with the shitcoin but that doesn't mean other projects that aren't meme coin can't be called shitcoin as well.

Newbies would like to take their chance and risk to the new coins or altcoins because of having a big return that's normal if you are willing to have a risk capability and also it depends on how long you would like to hold once the bitcoin moves a little bit it has a huge impact with the altcoins that's why they want this kind of volatility. Well depends how you will look your holding if this is for a long-term or not investment is not only putting your assets but also analyzing the possible risk and making a plan to prevent losses.

Yeah Bitcoin remains king over all crypto currency but altcoins cannot be completely neglected. I don't Believe Bitcoin will make the exact massive move it did 2017 any time soon. It took almost 9 years to break $1k and another 4 years to get to its ATH. Bitcoin obviously has potentials but it will take a while to make good profit. Altcoin can just serve as a sharp shooter although it is not a game for everyone it is for the smart and less greedy.

Indeed, no other coin beats Bitcoin when it comes to Cryptocurrency coins, it has a very high and worthy value among other coins whereby it’s the master of all other coins. I would never invest my money in any other coins apart from bitcoin. One of the many reasons for that is because there are much more better assurance and rest of mind when you invest in bitcoin, although there are rise and fall seasons for cryptocurrencies in general, the only key factor to have in mind is patience. When you are patient enough to wait for appropriate rising seasons whereby the coins rises up and you get to make your profit without any form of losses. Investing on cryptocurrencies requires adequate patience and not investing on anyhow cryptocurrency.

First, there’s no easy way to make profits so learn to invest not for quick profits but definitely for long term goals. And with that, bitcoin will always be the most reliable and trusted coin for long term investment. Although there are altcoins who also excel in long term hodling, but they can never be profitable with short term hodling as most of them suddenly lost in the thin air without the chance to see value progress. Second, never trust centralized exchanges for your potential investments. There will surely be next events following the FTX drama.

However, I believe there are still some altcoins that have been giving significant profits in just a short period of time, but I also believe most of them do well when hold for long term. So if you aim for real and limitless profits, do not just go for potential altcoins, but maximize investing with bitcoin. Because when it comes to high utility cases, you can never go wrong with bitcoin. Investing in bitcoin for long term is more possible with its higher market demand which made it possible for a lot of potentials for higher returns.

You are wise for a newbie for realizing Bitcoin is the king and sticking with it.  I've said it before and I'll say it again, many shitcoins exist just to relive folks of their Bitcoin.

Looking at what's going on in the crypto market right now, investing in bitcoin and holding it really seems like the safest option.
It can be said that there is already a rule that when bitcoin rises, altcoins rise even faster, but when bitcoin falls, all altcoins fall, much more than bitcoin, and many altcoins never recover, unlike bitcoin, which has been around for 13 years.
I still regret my mistake when I invested part of my bitcoin earnings in 2017 in some promising altcoins, which failed in 2018 and never recovered.
During that time bitcoins have fully recovered and I have no doubt that this scenario will repeat itself for bitcoin.

When it comes to investing in a crypto market, bitcoin is a remarkable option. I don't contest that. What will happen to altcoins, though, if everyone decides to invest just in bitcoin alone? They will therefore no longer be worth anything(altcoin)

Diversifying your investments is the best course of action for your crypto investments. Have at least 70% of your investments in bitcoin and 30% in the top 20 altcoins. When the bull run begins, investing in the top 20 altcoin with a long-term objective can result in x10 profits than investing solely in bitcoin.

Altcoins have historically been short-term cryptocurrencies that are bought and sold quickly. If you do things that way, you might be fortunate enough to accrue some ROI, or you might not; but if you consider hodling them for the long-term, the chances are sky high that you'd never be lucky because they have no/fake utility. Quite a few altcoins have their utility only in the promises of the owners, which more often than not never materialize. Having said that, Bitcoin has a real utility, which is what distinguishes it, and is the reason you would always expect the price to increase again, even if it has been down for such a long time. It is also the reason why Bitcoin can't essentially die or go into oblivion like other cryptocurrencies can.

Bitcoin is definitely the king, and altcoins and shitcoins are just its clones. And most of these altcoins have nothing to be proved in the end, because they eventually lose their value in the process. But for bitcoin, the longer you hold them, the bigger chances of higher returns. And as long as you keep your bitcoin portfolio in your hardware wallet, it will always give you higher level of security too.

This is a major advantage bitcoin has over altcoins. Bitcoin would always recover. Focusing on bitcoin as a newbie is key. When there's no much experience about the market, it's best and safer to just focus on bitcoin.  Many altcoins do not recover and you might not even know which is genuine or which is scam.
Secondly, there are thousands of altcoins, so how do you even know which one to invest in when you lack the experience and insight?

First of all we should obviously hold Bitcoin because it when it pumps the whole market pumps and it's the most popular and profitable cryptocurrency. Again investing on Shitcoins is obviously a wrong decision from any trader. Hold Bitcoin and Gain profits.

Good thing you prioritize bitcoin over other non potential altcoins as you can never find as reputable as bitcoin when it comes to long term investment. Although some are also seeing huge potentials investing in cheap altcoins, even in some meme coins, but if you don’t want to see your investments being rekt in the future, just like what happened to those who trust centralized exchanges rather than decentralized ones, then stick to bitcoin and trust the process as it’s the only coin which gives you high level of security and profits.

It is good that you focus more on bitcoin to lower your risk of losing your investment with altcoins who are just Ponzi scheme acquisitions where the bubble can burst at anytime.
But then there is no crime in trying to diversify your investment because we still have some altcoins that could give you good profits in a short time.

This is a very reasonable, wise, and careful decision and consideration. SHit coins are sometimes able to make someone get very high profits and get rich easily. But we also understand that the risk of shit coins is very large. Not necessarily from the 5 shit coins that we invest can get all the profits. So this is a very difficult bet. If we are beginners or don't understand the shit coins mechanism, then it would be better to stay away from it. Bitcoin is the best crypto to hold for newbies and all of us of course.

INdeed, this is also one of my reasons why focusing on investment in Bitcoin. For, we always believe that Bitcoin will face Halving and then commonly the cycle will be bullish era. During the bullish era, the price of Bitcoin will be rising up, the pump is true and profitable enough for everyone who is investing in Bitcoins during the time. 

Cryptocurrency is very risky and we should be aware on what it will take us to hold a coin whether Bitcoin or altcoins. The market can move to any direction making our portfolio to drop or increase depending on the type or coin we are holding or  the worth of that portfolio we are holding. There are so many risks in the crypto world which every persons need to know whether you are crypto inclined or not. The market cam turn our $1000 investment to $10 if we are not careful on the kind of gambling we do in the market. Bitcoin is still the best for any holding whether long or short.

This is part of truth alot of bitcoin investors hide from people. Thank you for pointing it out. His friend failed because he invested in wrong altcoins and not because he invested in altcoins because there are some altcoins that are still giving investors profit till date. Even him would have lost something from his bitcoin investment since he bought because he must have bought high then. Bitcoin also suffers loss.

If you invest in altcoins then you are not making investments, you are gambling the chances of you will and losing is 50/50, is either you win or either you lose, I don't know but I don't think there can be any reason that will make me invest in altcoins, even if all my friends are investing in it. I think what have been happening to some strong altcoins recently in crypto space, everyone should have learn their lesson, no matter how strong the altcoin is, no altcoin investment is safe, is better I invest in bitcoin and have rest of mind.
He might be making money now and he will be happy, but whenever he start losing money, he will regret why he is into shitcoins, I think you should even ask the person maybe he is still making money from shit coins, am sure some of the shit coins he is holding will have being dead by now.

Avoiding shitcoins and altcoins is just too risky to take, so before investing, think carefully about where you are investing. What happened with FTX should serve as a lesson to many of us, but most people have not learned from the warnings that have been made over the years about avoiding shitcoins. Most people feel convinced while seeing the hype in some projects that after hype stories start going around about the team being nowhere to be found.

Greed makes some beginners fall in crypto investment, just because they want quick money and thinks that Bitcoin can not go more two times its value, and they believe that Altcoins will go more than 10 times its price if Bitcoin price pump again not knowing that Bitcoin is the king and will always remain the king. Investing in bitcoin have no risk as far as I am concerned because of the trust I have for Bitcoin, and I am taking this bear market as the right time to place my investment, because its a perfect time for me.

A good time to start collecting bitcoins is when the market is as long as it is currently bearish. We just need to wait for the market to be bullish, and it's important to hold on and not panic when the price goes down. Those who only rely on altcoins to get profits that can be up to 10x to 100x certainly have a big risk. Remember that the altcoin hype will not last long. Maybe altcoins can go up to 100x, but altcoins can also go down to -200x. In contrast to Bitcoin which has more potential than altcoins even though it looks sluggish, the crypto market depends on bitcoin movements. Bitcoin is good investment advice for the long term. there will be a right time when bitcoin can reach its highest price again.

As a newbie you stayed off shitcoins because I'm sure you had the proper guidance or knowledge. One of the mistakes that a lot of newbies make these days those who are enthusiastic about getting into crypto is that they start off with airdrops. They waste so much time on doing that, and when they finally realise that bitcoin is King, they would have already in my words exhausted they are crypto energy or motivation. They become too lazy to do the research needed to acquire the right knowledge and understand Bitcoin so they just go on the internet and say a lot of bad stuff about Bitcoin. So I'm really happy for you OP.

I know those who held their assets in a private wallet are the only investors who did not lose their money during this time, the ftx case is a big one that affected almost all the market, but lucky are those whose asset is in the wallet and never use the exchange to trade shitcoin.

The attempt to trade shitcoins is what always leads people to exchange and when the exit happens the investors, are those who will be at the receiving end not the exchange

Thats good my friend. Your experience is teaching us about choosing the right investment. Now I'm also confident about bitcoin. shit is always a shit but bittcoin is the real king.

But that will not be entirely true, those who keep assets in private wallets will only lose the value of their assets due to the decline of the crypto market. Storing assets in a personal wallet will also be vulnerable to loss due to several factors such as wallet break-ins and forgetting the wallet seed used.
and for trading shitcoin, you must be prepared with all the risks. Who gets in early and gets out quicker during the shitcoin price hype they will survive. but when it's late shitcoin will only be trash.

It's true that many new trader come to know that they will rich soon by investing altcoin like Luna, FTX and more are on the way rather than Bitcoin, but at the end they lose Thier entire money who earned them by doing hardwork, it's trap of scammers like do Kwon and Sam to launch a project raised it for a time in order to build trust of people on them, they do partnership with some big companies and when they got positive response from trader in shape of fund investment then they do scam like they did and Stole billions of dollars.
So it will be better option for you to choose Bitcoin rather than any altcoins to avoid scam.

It all depends on the price at which you bought Bitcoin. And if you bought bitcoin for 69 thousand dollars, then you would not say that investing in BTC is not risky, since your deposit in dollar terms would decrease by more than 4 times. So all investments in cryptocurrency involve risk, including bitcoin.

Maybe he considers himself a long-term investor and even buying $69k is still okay for he believes that the price of Bitcoin will soon rise and be bullish again. Such a kind of mindset is really encouraging but for us as casual investors who are thinking about making a profit every day, risk will certainly come into our mind, and even be worried about the situation.
Anyways, rich people don't mind if it was risky as they just want to invest and make a way to earn a profit.

This is a volatility risk, of course nothing can prevent it. Bitcoin price fluctuations are of course one of the risks that need to be considered so that people understand what's the point of having a good mentality to face each cycle. Unsurprisingly some long term holders are able to generate large returns even though they have bought at ATH, this is also supported by an investment strategy whereby they have a backup plan in case an asset loses a large percentage of its value.

I mean they can increase their investment portfolio quickly where they have enough reserve funds to buy any dips. Even if their previous investments lose a lot of value in dollar terms, when they understand a good strategy and have a lot of reserve funds, they will be successful in the end. The example I'm talking about is El Salvador or some famous investors like Saylor. They will buy more on the dip so any gains can offset losses. In the end, the rich will get richer and the poor will remain poor because they are not supported by good capital strength.

There can be no other coins in the market that will definitely replace the position of bitcoin as bitcoin will always be the king and the rest are just its followers. So if you want to maximize your profits and avoid losses by all means, focus on bitcoin but make sure that you are also keeping your coins safety by saving them in your self  custodial wallet.

It's for all inexperienced crypto traders, dude; it's not just for beginners. because I occasionally used junk coin and screwed up. Even if the market as a whole has recovered, every time you acquire a shitcoin you have to sell it at a loss because the price has not. So stay away from the shitcoin if you're not a seasoned trader. Use Bitcoin alone, or one of the top 10 alternative currencies. Altcoin investing is still risky, though, because of all the drama in the cryptocurrency market. Just exercise extra caution.

Perhaps, it was very important to know the consequences of choosing shitcoins for investments when instead there are several potential coins in the market like Bitcoin. That is why I encourage newbies to keep on learning and never be afraid to ask questions if this is the only way to help them know what is the best coin to invest with. Because the more we keep on silent, the more we got prone to get scammed and screwed up by scammers.
If we are new in the market, better to focus on investing in Bitcoin alone - that was the safest way, I think than risking to altcoins.

Hype or news that is exaggerated by the media has encouraged beginners to bet on shitcoin in the hope of multiplying profits. Newbies should not be easily manipulated by circumstances, asking is better than speculating on their own. Directions from seniors can help them in making investment choices. Risk can be minimized if you choose a coin that has strong fundamentals, Bitcoin is the best choice among the many other coins that are still in circulation.

It is very appropriate to stay away from shit coins and prefer to focus on Bitcoin even though there are many altcoins that always promise many things and high profits. However, it's all a scam and shit. This is a smart and wise decision. Not everyone is aware of this.

Newbies are always the most gullible potential victims. Many newbies have lost money investing in scam coins so far due to their ignorance and their unwillingness to learn to understand what they are investing in first. This happened because of the hype, super sweet promises, and desire to get rich quick. This should be avoided.

This goes not just for newbies alone but even for those veterans, bitcoin will always be the perfect choice for long term hodling. Although I would not say shitcoins are completely not profitable because a lot of us here have made huge profits from it surprisingly, but they can never sustain their value when hold for long term especially that they can be easily triggered when the market suddenly crash or dump. However, with bitcoin, it’s always designed for long term hodling, profiting might be slowly, but at least we can guarantee that it won’t turned a scam eventually.

This has a point. Even bitcoin does not guarantee profits all the time that’s why I still don’t see it as a secured and guaranteed investment. When you start buying bitcoin even at a low price, then you opted to hold it for long term, then you lost your focus since the value keeps dropping, so you get panic and start selling it at a lower value. That alone is still a loss, not just for money but also a waste of time and effort.

Volatility is one of the major constraints of cryptocurrency investment and this goes for all coins even bitcoin, investments require long-term patience and continuity which is not something to easily go with as the market can easily drain out the motivation in the investors to wait for that long.

I don't think this is true , Bitcoin and cryptocurrency generally are risk asset until it is officially adopted and maybe got regulated.
You can say base on historical performance of Bitcoin in the past, that investing into Bitcoin is Best decision to make when looking into invest in digital asset such as Bitcoin. But saying it has no risk I don't really agree with you base on that.

Investing in bitcoin is safer even in a bear market, although it also involves losses. But it is desirable to invest in altcoin only in a bull market, since when investing in a bearish trend, value losses can reach 99%, and in some cases, a complete loss of value.

It is good for your well-being to stay away from hypes that can breed depression from their ugly outcomes in some cases, oos you are right in your decision, and I will encourage you to continue at such since altcoin has been nothing but Ponzi whose CEO has always cashout on their investor just like what Sam did with FTX and Solana or Luna crash.

Altcoins are full of sad stories in a bear market and they are the best in a bull market it terms of ROI, I think its more safer to invest in Bitcoin right now and when the next halving in near you can start buying altcoins again, we still don't know what will happen this year so altcoins have higher chances of going even deeper.

I don't mind seeing my portfolio losing value because I am in this till 2025 so I am already buying bit by bit and I will keep doing so till next year 2024, it is easier to keep waiting and missing out in the end, it happened in last bear market, everyone expected more pain and things changed when they least expected.

New traders want to make quick profits. That’s why they invest in altcoins. And not all altcoins are worth it. They can be highly volatile, which can make them risky to hold for the long term. Moreover, There may be less information available about altcoins compared to more established cryptocurrencies, which can make it difficult to make informed investment decisions.

The primary objective is to make money, which makes sense, but many people are motivated by greed and ignorance. Once it reaches its previous high, the return on investment for Bitcoin will be 400 percent. For them, 400 percent is insufficient. They want to make a fortune bigger than the potential of Bitcoin. Because only a few altcoins will make it, the majority of these people lost their investments. Additionally, the majority of those altcoins that succeed would not endure for very long. Long-term holding of altcoins is extremely risky.

The reason why it’s much better to focus on bitcoin in the first place because even though the progress is slow, but you can assure yourself that you are going to be highly profitable as soon as the market is positive and bullish trend will start taking place in the market. Unlike altcoins, or those shitcoins, they are just profitable at first but eventually drops their value when the market suddenly crash or dump.

Many people who want to get rich quick in the cryptocurrency space and make a lot of money in a short period of time will be tempted to invest in altcoins. But over time many altcoins become scams or disappear, or even lose all funds there. Investing in Bitcoin is a good choice when you are in the cryptocurrency market, it is more reliable and less risky. The longer you hold Bitcoin, the better your chances of reaping rewards.

Too good to be true is a signal to avoid scam, why people rush into altcoins is the belief that altcoins will make them rich over night, but year in and year out hundreds of altcoins keep pumping up but yet investors, keep getting poor and huge money are getting stolen away from the cryptocurrency market cap.
If you check the record of loses in the the last couple of years you will be amazed how much investors have lost on altcoins.
So ops are right to stay away from altcoin.

Everything has inherent risks.
Any investment without risk is a shaddy one. Aside the volatility risks, there are those who seek to steal your coins. They are called Scammers.
And they are on the rise. So, take care when you see websites offering 10x bitcoins when you invest or even those that may ask you for personal information so as to access your rewards after performing some mundane tasks.
This is one of the risks and you can lose you bitcoin forever.

Cryptocoins have historically been short-term cryptocurrencies that are bought and sold quickly. If you do things that way, you might be lucky enough to accrue some ROI, or you might not; but if you consider hodling them for the long-term, the chances are sky high that you'd never be lucky as they have no/fake utility. Quite a few altcoins have their utility only in the promises of the owners, which frequently never materialize. Having said that, Bitcoin actually serves a purpose, which distinguishes it from other cryptocurrencies. Because of this, you can always anticipate a price increase, even after a prolonged period of decline. It also prevents Bitcoin from effectively dying or disappearing, unlike other cryptocurrencies.

It is never in my plan to invest those type of websites or exchanges offering 10x or so, all I am concern is safety and how to minimise risk. Although I know there is risk in investing on Bitcoin too, but that of Shitcoins and some Altcoins are of the higher level because you can lose all at once.

Some alts may give you much bigger ROI than bitcoin these says but there are so many alts, literally so many. Lots of them are scam pump & dumps, we have seen so many rugpulls. You have your head screwed on right OP. Bitcoin is King, without bitcoin pretty much all alts would fail.

Slow & steady wins the race & that’s why bitcoin is King. Over 10-20 years bitcoin will make your life, I don’t think any altcoin could hold as much guarantee to do the same.

altcoin is gambling, just the same as buying a lottery ticket or predicting football results because an altcoin is best for a short-term investment, not long term.

But if one want to take long-term investment then Bitcoin is a better choice since Bitcoin is less volatile.

Investing in Bitcoin and staying away from shitcoins is a wise decision.
Altcoins are short-term cryptocurrencies, which are more suitable for short-term trading and may be lucky to get their investment back.
Bitcoin is the king of the crypto market and it is the best choice for long-term investment in cryptocurrencies. No matter what price you buy, you can make more profits when it rises.

Bitcoin is a good investment for first-time cryptocurrency investors, especially if you want to hold the asset for a long time. because Bitcoin is safer and more dependable than alternative currencies. You made the right decision by remaining loyal to Bitcoin. Diversifying your portfolio is not a terrible idea, but only if you are knowledgeable about the cryptocurrency industry as a whole and aware of the things to look for in potential altcoin investments.
Altcoins can also yield enormous profits, but finding the legit ones can be challenging. Even skilled investors struggle to find such coins since extensive digging is required.

Yes, established altcoins are capable of giving us bigger ROI than what bitcoin can give, but the problem is how long these altcoins will stay profitable. Especially with the last FTX scandal, altcoins are even more risky to invest than bitcoin as most of the big centralized cryptocurrency exchanges are now prone to scams. That’s why chosing bitcoin over altcoins is a great choice, as you will never be frustrated with bitcoin as long as you are patient enough to wait for its perfect price to sell.

Bitcoin is the king, but honestly, an average investor can't turn 100$ into thousands of dollars with Bitcoin, this is possible with altcoins, many called altcoins a gamble, yes they are right,  but the best way to come out with flying colors when investing in altcoins is, choosing various type of useful altcoins, from  Defi, metaverse to play to earn e.t.c, you only lose if you invested all your money on one altcoin. The more you have the higher your chance if making some money.

It is all about the risk you take. 100$ may not become thousands of dollars with bitcoin but I am sure that bitcoin will not give you a -100% PNL. Gambling altcoins is not a bad idea though since I do it myself. I tried some altcoins and somehow got some profits.

As a newbie you should stay focused with bitcoin if you are jsut starting to avoid unnecessary losses. Gambling altcoins only advisable for those who has experience enough to take the risk and who can accept their losses.

That's actually the best decisions you've made in your HODLing career, cus you can't afford to lose too much since you' just got started; if that happens, it'll alter the trust you have for the whole, BTC'S systematic measures, and you can't dare to trust the process even when you've been convinced otherwise.
Investing in Bitcoin isn't a wrong choice -- for the fact that I keep attesting everyday to that doesn't mean I made them myself to be too sure about them, but the resilience over the years have taught alot (myself included) how to trust this digital processes,(since it hasn't failed TOTALLY right from inception). You wouldn't Wanna fall a victim of the FTX bankruptcy right?? Rhetorical anyways...

Sandra 🧑‍🦰

You'll never go wrong investing in the king and that is Bitcoin, it's been proven that investing as an early bird in altcoins is profitable but the risk is just too high and its like gambling, the only you cannot lose in altcoins is you find a good one or you are quick to dump to avoid losses.
There's too much hype and many shills of altcoins that will mislead you, investing in altcoins are for seasoned investors who know what and how to look, not for newbies, a newbie should concentrate on Bitcoin and on the top 10 until they gain confidence and knowledge.