As a newbie I stay off shitcoin and it paid off, Bitcoin is the king.

[PrivacyG]

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.

-
Regards,
PrivacyG

[Awaklara]

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.

[qwertyup23]

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.

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!

[Issa56]

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.

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.

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.

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.

[Ojima-ojo]

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 as the goal is long term there will always be a time for good and quality rewards.

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.

[Piesel]

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.

[nurilham]

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.

[Luzin]

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.

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.

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.

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.

[Lida93]

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.

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.

[Woodie]

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."

[tech30338]

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.

[traderethereum]

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.

[Adbitco]

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.

[cryptoaddictchie]

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."

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.

[len01]

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.

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.

[AbuBhakar]

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."

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.

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.

[kamvreto]

~snip~ 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.

[suzanne5223]

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.

[Razmirraz]

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.

[akuntester1]

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.

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.