Unpopular Opinion: Invest in Alt Coins to Accumulate More Bitcoin

[titular]

If you're like many of the people I know, you have a modest amount of Bitcoin. Let's say somewhere under 1 full Bitcoin. It is many people goals to hold an entire Bitcoin. Something just has a ring to it. If you are lucky, you have accumulated Bitcoin in the double digits. However, for many this goal is not easy to accomplish. It may seem like as Bitcoin goes up as it has, you will never be able to reach that beautiful 1 Bitcoin mark.

As we are all aware, Bitcoin will always be the #1 cryptocurrency for many many reasons that I do not need to repeat. However, I do not believe there is any hurt in investing in other blockchain technologies. We as a society are only scratching the surface of how blockchain tech will improve the daily lives of all of us. If you have looked into what other projects are aiming to accomplish, you would be astounded at the progress they have made. These projects with sound principles are your key to getting that full Bitcoin. If it is not feasible for you to save enough cash to get an amount on your own, this is an incredible option.

Think of your average no-coiner that is investment savvy. They generally have a healthy amount of gold (Bitcoin) to make sure they are maintaining a steady profit as well as providing them a hedge against inflation. Many no-coiner investors buy gold every chance they get, but are they using their regular income to obtain all this gold? Not always. Many of them turn to stocks for instance, to invest in companies (ALT Coins) and make more capital so that they can buy gold (Bitcoin).

This is a VERY sound investing strategy, and some of the same principles can be applied. Ensure that you are doing an adequate amount of research into the companies (ALT Coins) that you are investing in. Make sure they align with your morals, values, and of course profits. There are always companies (ALT Coins) that are looking to make a difference and solve a very real world problem. We should not waste opportunity on something that we believe has potential.

Of course, at the end of the day, this will never be as safe as investing in Bitcoin alone. Investing in Bitcoin alone has a lot of peace-of-mind value to it, but for many of the people I know, obtaining 1 full coin with cash/income alone won't cut it. Believe me, when you believe in a project, you believe in a project. Due Diligence is Key!

There are a few projects that I love (XMR, XRP, ETH), and I will go toe-to-toe with any one of you defending their real-world use. You don't have to agree with me, but it's my way of expanding my increasingly glutenous Bitcoin stack. You can never have enough.

Don't be stupid and invest in the 1000's of trashcoins out there. Find something that aims to solve a real problem. For us crypto investors, Bitcoin is our gold. ALT coins are our stocks.

Go risk it for the biscuit.
 

[Upgrade00]

These projects with sound principles are your key to getting that full Bitcoin. If it is not feasible for you to save enough cash to get an amount on your own, this is an incredible option.

No one needs to save enough cash to get a full bitcoin, you do not need to save in fiat at all, DCA is an ideal strategy to build up your Bitcoin stash according to your income rate.

but for many of the people I know, obtaining 1 full coin with cash/income alone won't cut it.

You do not need to get one full bitcoin, it's a target people like to talk about, but when investing you work with your available capital using risk management. If Bitcoin goes up 50% every one holding Bitcoin regardless of the fractional amount gets 50% growth in their investment.

[DooMAD]

I wouldn't say it's an unpopular opinion at all.  Unwise, perhaps, but not unpopular.  It's all a question of risk and self-control.  It's certainly possible to accumulate more Bitcoin by speculating with alts.  But it's likely that a greater number of people lose more than they gain.  And the longer you play the game, the more likely the odds you'll eventually lose.  Surprisingly few people know how to quit while they're ahead. 

Due diligence on its own sadly isn't enough.  You can do all the research you want, but markets don't necessarily follow the same logic you're choosing to employ.  An altcoin could solve any number of legitimate real-world problems, but it can still tank in a heartbeat under the right (wrong?) conditions. 

Always remember:  Just because you have a strategy, doesn't mean you aren't gambling.

[dothebeats]

Back in the glory days of pumps and dumps on altcoins, this is already being done, though somewhat became unpopular today since the practice isn't as much evident today due to the countless regulations put into place to combat it. It works, though in today's situation the results would be pretty meh and it would be harder to execute. Also, it would require you to allocate more time and brain juice for analysis on different markets compared to just one single market which is bitcoin.

It's not worth it to do so, unless you are extremely lucky to buy something dirt cheap and sell on everyone during the coin's ATH.

[pooya87]

"Invest" is the wrong word to use here, more like trade because invest suggest longer term and altcoins have no long term potentials however they can get pumped quite nicely in short term which makes trading them (short term) is a good option to make more bitcoin. But also at the same time this pump and dump scheme comes at a great risk to the bitcoins you already have and want to use to trade altcoins to make profit, so you have to have that in mind.

I also disagree with your comparison between "altcoins" and "companies" which you are so cheeky at. To start a company is so much harder and requires a lot more determination than to start an altcoin, specially nowadays that you can literary create a useless token with virtually no cost or effort.

And finally the 3 altcoins you named contain 2 centralized shitcoins: XRP and ETH! And despite what you claimed they have no real world usages.

[titular]

"Invest" is the wrong word to use here, more like trade because invest suggest longer term and altcoins have no long term potentials however they can get pumped quite nicely in short term which makes trading them (short term) is a good option to make more bitcoin. But also at the same time this pump and dump scheme comes at a great risk to the bitcoins you already have and want to use to trade altcoins to make profit, so you have to have that in mind.

I also disagree with your comparison between "altcoins" and "companies" which you are so cheeky at. To start a company is so much harder and requires a lot more determination than to start an altcoin, specially nowadays that you can literary create a useless token with virtually no cost or effort.

And finally the 3 altcoins you named contain 2 centralized shitcoins: XRP and ETH! And despite what you claimed they have no real world usages.

It's a shame you missed the entire point of my post, all just to be ignorant & arrogant.

[ipanks]

Investing in bitcoin is a must that the bitcoiners should do. Having many bitcoins is a must too. We have many ways to have many bitcoins and one of that way is investing in altcoin because we have so many altcoins that can help us have many bitcoins. But to invest in altcoin will not as easy as we can imagine because we need to analyze one by one of the altcoin to find the altcoin and patient to wait for the price increase.

I feel it is hard to earn from satoshi by satoshi, so I decide to select altcoins such as ethereum, bnb, litecoin, and the other altcoins to help me to earn more bitcoin. So far, that works well for me, and I still want to continue because I can have many bitcoins someday.

[pooya87]

It's a shame you missed the entire point of my post, all just to be ignorant & arrogant.

Well it sounds to me like you are trying to tell use the altcoins you have bought are "good" projects and have "real-world use" when they clearly don't.
Despite what you think this "point" and your title are both popular opinions. That is why we always had higher BTC/ALT volume compared to BTC/FIAT and is exactly why altcoins get dumped when bitcoin is rising or falling and only get pumped when it is stable (people try to increase their bitcoin by pumping altcoins while bitcoin is stable).

[Kakmakr]

The problem with this strategy is this, if you choose a bunch of Alt coins and you do not buy on the dip... your money might be stuck in that Alt coin for months. People jump in and buy Alt coins on a ATH and then with some of these Alt coins, they have to sell at a loss, because the Alt coin price does not increase to a new ATH soon. 

It is usually the case when someone watch these "hype" videos on Youtube and TikTok and they are late for the party. Do your research and buy low (watch the trading graphs to determine what the high and lows was for that Alt coin) and then trade in and out to increase your Bitcoin holdings. 

                                                                        Locked Money = Dead Money

[OcTradism]

Altcoins are followers of Bitcoin and when Bitcoin completes its bull run, altcoins can have very last upward movements after that they will have long falls and jump into their bear market.

Altcoins are for serious speculations and you can not consider them as investments. It is true for young altcoins because they can not see them as investment assets if they are newborn, young and have never been tested by bear market.

Developers, good or bad, only prove their dedication to their projects in bear market. In bull market they create their projects and if they gave up in bear market, their projects will die.

[mk4]

Investing/trading in altcoins has always been one of the ways of accumulating more bitcoin; it's just that delving into altcoins is mostly heavily unrecommended simply because a lot of people ended up being in far worse situations after delving into altcoins. Pretty much the same as trading in general, whereas a huge majority simply aren't built for it.

I get why some people are attracted to certain altcoins though. But as for XRP, ehh.. 😬

[DapanasFruit]

In the past and yes even today, there are many people into cryptocurrency that are using this same strategy. They get into a low-cap altcoin that they think has the potential to moon and by the time that happens they sell the coin and then buy Bitcoin. Dealing with cryptocurrency does not really mean that we are to deal with Bitcoin exclusively -- as they are saying the more, the merrier -  though it can also be riskier. I for one is into Bitcoin, Ethereum, ADA, XRP and relatively known coins and tokens which I am hoping can get me into the financial standing I am dreaming.

[davis196]

Believe me, when you believe in a project, you believe in a project.

I thought that finance and trading is all about making proper analysis of the market,or at least conducting research and analyzing all the information you gathered about a project,before investing in that project.
Believes,gut feeling and all that irrational stuff have nothing to do with finance and crypto trading.
I assume that by "altcoins" you mean utility tokens.Well,so far I have never seen a utility token project to generate big profits.The big altcoins are just an addition to Bitcoin,so I don't think that your idea is going to work.

[isaac_clarke22]

~

I day traded some alts only to convert them all to Bitcoin. I guess it was sort of accidental but beneficial for me because I incurred a lot of losses when I started building up my capital in my day trading.
Was rough experience back then.

[hatshepsut93]

I do not believe there is any hurt in investing in other blockchain technologies.

There is one big hurt with investing in altcoins, it's called losing your money. If you look at their prices in BTC, many of them have peaked years ago and never recovered ever since. ETH used to cost something like 0.14 BTC at one point, in this cycle it peaked at 0.075. If you're buying alts with BTC and hold them long term, you most likely losing your bitcoins. Alts can make fantastic returns in short term, but they can just as easily ruin you in short term, and there's no objective method to predict which coin will get hyped next. No one could predict that Elon will pump Doge and that his tweets will have such strong influence, so buying Doge half a year ago was objectively stupid investment, those who did this just got lucky.

[tabas]

I like XMR and ETH but not the other that was mentioned. There are use cases for these projects and that's being done in so many uses.
You forget about BNB that also has a common use case these days. Some are taking it seriously about diversification in alts and getting as much as they can but that's a wrong strategy IMHO.

[stompix]

This is a VERY sound investing strategy, and some of the same principles can be applied. Ensure that you are doing an adequate amount of research into the companies (ALT Coins) that you are investing in. Make sure they align with your morals, values, and of course profits.

Sound investing strategy?
No, there is nothing about morals, values, it's just hype!
Look at the market cap and see who's on the spot nr 6 and the best revenue for this year, does it have anything to do with all that revolutionary crap every shitcoin claims, anything about groundbreaking technology, values, morals, anything?
Altcoins are all about hype, waves, nem, eos, dash, iota, stellar and those are not the worse of the worse.

The rest is not about doing your research, is about gambling, managing to get cheap coins that pump and dump it while you can.

There are always companies (ALT Coins) that are looking to make a difference and solve a very real world problem.

Too bad none has solved anything! Not a single one! Can you give an example?

There are a few projects that I love (XMR, XRP, ETH), and I will go toe-to-toe with any one of you defending their real-world use

Really? XRP? Why not TSCO or NKE, they both have as much in common with BTC as XRP does.

But bottom line..
Alice invests 1000s in SHT, in order for Alice to make a profit and invest 1$ more in BTC than he had John has to come along and buy 1001$ of SHT..
At the end of the day, no matter how you spin it some guys will end up with useless shitcoins when they could have bought bitcoin, and usually the profits that get reinvested in BTC are dwarfed by the losses in alts.

[yhiaali3]

This is a very realistic analysis, most people dream of owning at least 1 bitcoin, but this dream has become difficult to achieve due to the increasing rise in the price of bitcoin, so this option will be a very good opportunity for those who want to achieve this dream.
Investing in some altcoins and storing a good amount of them can help a lot, especially with some altcoins rising more than 300% sometimes.

[Dewi Aries]

Agree although it has been said in a few threads before. Don't make investment only in 1 place. But choosing altcoin is something that is not really easy to do. Maybe if want to be safer we can pick big coins in coinmarketcap, or maybe spare very small amount of capital maybe 3-5% to choose small coins but promised because usually if they pumped, it can give us high gain.

[titular]

The problem with this strategy is this, if you choose a bunch of Alt coins and you do not buy on the dip... your money might be stuck in that Alt coin for months. People jump in and buy Alt coins on a ATH and then with some of these Alt coins, they have to sell at a loss, because the Alt coin price does not increase to a new ATH soon. 

It is usually the case when someone watch these "hype" videos on Youtube and TikTok and they are late for the party. Do your research and buy low (watch the trading graphs to determine what the high and lows was for that Alt coin) and then trade in and out to increase your Bitcoin holdings. 

                                                                        Locked Money = Dead Money

This is exactly what I was talking about. Thank you.