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You are new and it would be better to know or learn how to research on altcoins especially before even thinking of holding or investing in any. You should also understand the risk of holding altcoins, trading on exchanges and so on. This is to make you ready as well as equipping you with the needed knowledge.
About your decision, as a newbie I would say start with top 50 in coinmarketcap or you can narrow it down to top 100. This is to help you reduce your risk of investing in scam projects, most especially new altcoins just entering the market. Also, going for top 100 will make you not to invest in hype projects; many new projects coming up have nothing other than their usual hype and when the price dumps, that's it.
So in ramifications, stick to top 100 on coinmarketcap, they will give you better chances of learning a lot about holding and about altcoins. And lastly, since crypto is volatile in nature, endeavour to invest what you can afford.
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In many cases, this aspect of attractive features has tend to mislead a lot of people into investing in bad projects. Some team are good in building attractive websites and writing attractive whitepapers as well but when it comes down to the main thing which is the use case, they are found wanting and might possibly exit scam. So in my own opinion, look beyond what you are seeing and focus on the team and their idea alone, there is partners fine and better, focus on them too. Then secondly, ask good questions relating to the usefulness of the project and monitor the response of the team as well as their answers to the question, this will help a lot. The reason of the question is, most team nowadays are good in copying other project's ideas.
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What do you think of defi projects, most of them are only good for the short term.To make a big profit, we must enter at the right moment, if we are wrong we will lose very deeply.
Exactly, most of them are only good for short term, even though it can only be very little time frame, thus bringing us to the next vital point you made, that is, entering at the right time. Also, I believe that, even though you didn't enter at the right time but was opportune to meet profit, it is better to sell with that little profit because if it should dump, there might be no hope of it going back to your buy price, so that means losses. Most of these DeFi projects grew because of hype and nothing more which is why their price dump is always bad, reason being that, the hype and attention that caused the price pump has been channelled to another new project, while the others keeps dropping. Lastly, I believe people are learning now and taking appropriate actions towards investing in new Defi projects. |
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There are two things or vital factors traders looks up for before trading any coin or coins, the first is the volume in that exchange. If an exchange lacks volume, traders won't be attracted to it while the second is liquidity of the coin they want to trade. So directly or indirectly, liquidity of various coins is what contributes significantly to the growth of an exchange. So about these 3 coins, they are the highest when it comes to liquidity, so trading them on any exchange comes with no issue whatsoever, no need battling with bots etc. Also, another reason is that, people likes trading against USDT so that they won't need to worry about volatility and/or market dump.
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When bear market starts, it affects all coins and tokens with no exception, but when the market starts growing again, some coins and tokens can grow back with it while some might find it difficult to grow, and in some cases if the prices of such coins continues dropping, there is every possiblity that panic might set in, in the minds of investors and thus they might rush to sell which will lead to further drop in price. This is what happens in most projects and it is also wrong for the team to give users a reason to dump, which might include lack of update etc. Now having this in mind, I believe that, bear markets affect DeFi tokens as well, and hence it is now time for users to know the ones which have a serious team that are ready to work, transform the DeFi space etc, and the ones which were just growing as a result of Defi hype. The ones whose team are ready to work, can't die while those that grew because of hype, will.
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In my own opinion, the simple truth is no cryptocurrency exchange is safe or rather I would say, no centralized exchange is safe while to a greater extent decentralized exchanges are more safer. Many centralized exchanges has been hacked, even top exchanges thus confirming the fact that has been said here many times which is, do not save funds on exchanges rather save them on personal wallets. On the other hand, many exchanges has also exited scam with users funds in it, while some which were hacked couldn't pay back users nor stand again and thus closing down.
So no matter how it is being looked at, no matter how good an exchange is, no matter the rank and in order to be on the safer side, no exchange is safe and thus no large funds should be left on exchanges.
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In my own opinion, i do not think it is about country or better still, I do not think the country a project is based on is a criteria for investing in or trusting that project. First thing that matters when trusting a project is the team, this is because everything and every decision falls on them, that then means that a team in any part of the world can build a project and scam people, at the same time a team from anywhere in the world can build a project and it will be outstanding, worthwhile and trusted. Another thing that matter is the idea the team is coming up with, how workable and how unique is it? You can also take their partnership into account.
By looking at all these, you can easily understand that country is not even a yardstick to trusting a project. Therefore, as for me, if the project fits my curiosity I will trust it and invest, the percentage do not really matter I think.
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This is a very good news and slowly we are getting there to be honest i.e mass adoption. Now PayPal is taking a huge step into the future through supporting crypto related services hence showing that crypto is indeed the future, and the best most platforms can do is to join up as soon as possible in order to maintain their users. People have really said a lot about crypto in the years past but look at what is happening now, top organisations adopting it, countries finding ways to support it and many others. I really like this news and I believe others will be forced to make a move before it's too late, because platforms which tends to flow with the latest trend in technology goes a long way in keeping their users hence growing more.
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Binance give you so many options for your BNB and I really don't know which is the best one to use right now so thought it would be best to ask you all.
I currently have mine in a savings account and it was nice to earn some passive income through WING, BEL and SXP but is there a better option out there?
You have yours in savings account, you mean holding? Just hearing this for the first time I must confess, I hardly hold the coin nowadays. Well one of the things you can do with BNB is using it for trading fees, it can also be used for gas fees when sending any token based on the Binance chain. Also, one of the prominent things people do with BNB is for IEO, holding a certain number of BNB affords holders the opportunity to participate in Binance IEOs. In addition, considering the efforts made so far by the Binance team to ensure their coin gets the best of attention and growth, I would say you made a great choice in holding it. Also, about the incentives you get from holding BNB, I think I will research more on that as well. |
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Hi!
I'm thinking of making a series of super short videos about every altcoin, and they will feature a checklist of 5 items.
What is your favorite altcoin and what are the 5 things you want everyone to know about it?
I actually find it hard having new altcoins as favourite coins because they can disappoint at anytime, that is, the team can play a quick one on investors. Nevertheless, my favourite altcoin is Ethereum and the reasons are these, first, for making it possible for new projects to launch on its blockchain is a good idea, this is because the blockchain will always be active while leading to more growth of the platform. Also, the smart contract of the network is one of its kind and it also supports several Decentralized applications. In addition, the team are very active; this is one of the things a platform which aims to grow must have and a typical example is the upgrade of the blockchain which is underway. Lastly, it is the top or best altcoin occupying the second position in coinmarketcap. |
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Well for some people, the DeFi ride was worth it and for some, it was regrettable and also it looks like the hype ended faster than it started. Nevertheless, the year is coming to an end and people are already looking towards the next hype or trend but it is also good to learn from all these hypes that any project based or built on hype do not last and only the early investors seems to enjoy such projects.
Also, I will not fail to say there were Defi projects which tried their best to ensure decentralized finance was achieved such as Compound, at the same time, there are others which dumped on their investors and exited scam.
Lastly, another lesson which can be gotten from this DeFi trend is, always make your research and don't be carried away by hype that you don't know when to stop. Furthermore, investing in genuine projects is always a good idea.
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I believe newbies keep joining crypto space every day and I will like to share a warning about coinmarketcap and what most newbies are still doing wrong on this platform, if you visit https://coinmarketcap.com/new you will get the list of new projects listed on coinmarketcap everyday, a newbie told me that he choose new projects through the link I provide up there, the truth is coinmarketcap don't care, they list many new projects without caring about if they are legit or fake, tons of useless tokens are getting listed on coinmarketcap and you need to stop this madness before it's too late, majority of these coins and tokens have no volumes, stop investing on these coins and tokens, it will only end up breaking you The newbie is only making a big mistake and I wonder who taught him that approach to investing in new tokens. Just like you told him the truth, coinmarketcap do not care about any token what matters to them is to list the token and that's all, any other thing such as investing now depends on the investor and the result of his study about the token (if any). I just wish newbies will always take time to ask questions before taking certain steps because in this crypto space, Information is very important as it will guide a newbie into doing the right thing hence differentiating between hype/scam projects and potential projects. |
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It is true the pandemic affected a lot of things both in the crypto space and outside but what can we do than to continue working hard. Before the pandemic my portfolio was okay, at least in my own sense but after the pandemic I had to sell some tokens to Bitcoin and Ethereum in order to limit my losses. Also, coupled with Defi hype where many attentions were channelled to them, a lot of tokens also suffered a little degree of lack of attention; however some DeFi projects I invested into also helped me to regain some of my losses. Currently I hold more of Bitcoin and Ethereum, still studying the market to know my next move on some altcoins; so, i lost some and later gained some where the losses is slightly higher.
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You invested in a ICO or IEO project at 1$ per token or coin and the price surge up to 3$ but because you see potential in the project you decide to hold and after few months the price goes down to 0.45$ and after four years and the token surge back to 3$, my question is why the wait? You hold a coin for years just to go back to it's ATH (All Time High) ? And most times majority of coins don't go back to their ATH ever again, what could you learn from this? Never ever hesitate to take profits, even if the project is the best ever, take profits, invest again when price is down because believe me, the price will surely go down
if humans are programmed to see the future won't we all be rich?
I really like your last statement but however no one can predict the future. Nevertheless, about the hesitation in selling at a good price; I believe this has affected a lot of people badly and where most projects can go back to their ATH or even close to it, a good number of projects do not, in fact they dies as a result of price dump or the team exiting scam. So having known all these, it is quite better to always sell at a profitable price and exit the market, do not be tempted to buy again until the price goes down. Now, once this takes place, you need to study the team to know their level of expertise and seriousness before buying again, in order to avoid buying and the price keeps dumping which might lead to the death of the project. |
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