My Early Experience With Altcoins

[justinlamode]

I recently shifted some focus from Bitcoin to altcoins. In the beginning, I chased hype and it didn’t go well. The times I did better were when I slowed down, read about the project, and made my own decision instead of following noise.

It feels like patience pays more than hype-chasing in this space.

By reading about the project first before taking decision you mean you are doing much of investment into new projects? If yes, I think new projects are not too great decision for investment of your major capital due to the risk of failure that comes with them. A lot of projects look great on paper and in theory but they end up very bad due to bad management and feasibility of such ideas. This is the reason lots of new projects fail upon launch. If I want to invest in new project, I will rather keep bulk of my funds on already existing cryptocurrencies and a small fraction on new tokens to play safe.

[Balmain]

I recently shifted some focus from Bitcoin to altcoins. In the beginning, I chased hype and it didn’t go well. The times I did better were when I slowed down, read about the project, and made my own decision instead of following noise.

It feels like patience pays more than hype-chasing in this space.

Your sentiments are correct. Patience is more rewarding than chasing hype. When I was tired of chasing hype and losing money, I experienced this enlightenment just like you, and everyone does. If a product or altcoin is hyped, the profits are already made. By the time you hear about it, it's already too late. It's difficult to capture a project that's already hyped.

[GeorgeJohn]

Ethereum coin is currently in a very good position, if you want to trade or hold for a short time then it can be the best. But I would like to say that you can invest in a few coins, and divide your money into several parts. Out of that, you keep 30 to 40% of your money in Bitcoin and keep it for a long time, there is a high guarantee of success, and you can invest the remaining 60 percent of your money in coins such as Ethereum, BNP Coin, Solana Coin, etc. You will achieve success in this, but it is definitely important to have your Bitcoin investment.

Investing on ethereum coin is very good because this particular coin is a relevant coin that is doing well actually starting from it's introduction so what will I emphasizing on is some other coins or project that is newly established so those particular coins are the one that is not trustworthy to be invest on, when you invest on it there is everything tendency or probability that they might give off on the process and that is why it is good that any investors should make a proper research before going to any investment of any new project

For the aspect of Bitcoin it is obvious that Bitcoin is a coin that is stand almost every time if the price depreciate in value it will not take back too much time to increase in value so that is why when you want to diversify into different coins to make sure that you still holding a Bitcoin so that if the altcoins you are investing on could not survive or succeed then you revive with Bitcoin, so bitcoin is the best coin for us to home for long time knowing that it will surely increases in value depending how long you want to hold it

[Stable090]

I recently shifted some focus from Bitcoin to altcoins. In the beginning, I chased hype and it didn’t go well. The times I did better were when I slowed down, read about the project, and made my own decision instead of following noise.

It feels like patience pays more than hype-chasing in this space.

Why did you choose to shift your focus from bitcoin to altcoins? Is there any reason for doing that? Are you tired of making money and you want to lose money? Because I see no reason why you will leave bitcoin to trade or invest in altcoins.

Most of this altcoins are just pump and dump coins. The owners do pay people just to create awareness about the coin, and people will start hyping the coin on social media and you going to discover that the price will start increasing, when they are satisfied with the price, they going to dump it on people, and they will go away with their money, it’s the traders and the investors that will lose, but things like this can never happen when it comes to bitcoin, that’s just the reason why bitcoin is the best.

If you decide to do research about some altcoins and you didn’t follow the hype on social media, don’t be surprise that you still going to end up being scammed, because some projects do always look so real, and you won’t find any fault in them, but at the end they still going to end up as a scam.

[Nahl]

what altcoins you have?

I don’t hold too many right now. Just a bit of ETH and some smaller altcoins I’m experimenting with. I’m keeping it small because I’m still learning and don’t want to risk more than I can afford.

Good decision that mostly the newbie who want to invest on cryptocurrency looks confused with what they will do and the mistakes is they did invest at unknown altcoin using huge money but this is clearly the mistakes because possibly they will lost their money and before invest i think you should be thinking that buying altcoin for short term or long term because if you purposes hold altcoin for long term i think the safest way is stick to the popular altcoins with large of marketcap such as ETH, Solana or probably BNB

Why do i say this because investing at these coins will ensure your investment value will not be decrease rapidly because i am sure the prices of these altcoin will increases following the years but do not forget always used free money to invest because investing at cryptocurrency has high risk and we never know what happend to them in the future

[Odogwu-Blockchain]

I recently shifted some focus from Bitcoin to altcoins. In the beginning, I chased hype and it didn’t go well. The times I did better were when I slowed down, read about the project, and made my own decision instead of following noise.

It feels like patience pays more than hype-chasing in this space.

You were not doing wrongly at first for chasing hype, it just that you weren't lucky enough to meet the right one. Most of the altcoin that usually takes time to perform well are the layer 1 blockchain based coin, if you focus more on them and be patient with it, you'll definitely make massive profits enough.

Getting lucky  investing in good altcoins projects can fade also which is why we don't have to rely too much on altcoins market because it is very hard to differentiate the good projects from the bad ones due to so many scam projects in the market, ready to crash the price when they have gotten the number of buyers they want.

If you are been lucky enough chasing hype entrying early, a trader can at least make good outcome from it, if you actually relax thinking those hype coins are good for long term, that's when there is a problem with your investment. Dealing with hype coins are a quick in and out strategy.

There are numerous hype coins that did great and even deliver good return to early entry but drastically down at the moment, smart investors know this secret and act on it many times.