Am confused !!!!

[Coyster]

Metamask & Trustwallet - For Shitcoin aka Altcoin

Since closed-source wallets are not recommended for use, you can use unstoppable wallet as your multi-coin wallet, it is an open source wallet and i have seen some good recommendations from people that have used it, mind you that i have not used this wallet myself because i usually only buy Bitcoin (and use electrum) with hardly any altcoins, but if you want alternatives to closed-source multi-coin wallets like trust wallet, you can try it out. First read the thread below, it has quality discussions about unstoppable wallet.

https://bitcointalk.org/index.php?topic=5436273.0

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[Nwada001]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

Yes, there is a higher possibility of getting a higher profit from altcoins (we only have altcoins, which represent every other crypto aside from Bitcoin), but there is also a higher possibility of losing everything if you are in pursuit of that high profit. People, including me, will recommend Bitcoin for you as the best for you to invest in as a newbie because the risk is kind of lower, but that does not mean that profit is guaranteed in a short period of time.

There are always chances of getting profit when you hold your coin for a long time, but on altcoins, there are a lot of them out there, and you might not know the exact one to actually buy at an exact time. You might end up buying a coin or token that doesn't have the interest of their holder at hand rather than looking for the right time to rug pull the market and dump the coin. One thing about any currency is that if it has a very high possibility of giving you a good profit, that same thing can reverse to be the disadvantage of the same currency.

[Natalim]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

I would say 'YES". However, it doesn't mean that if you have to buy altcoins today you can then earn a profit by tomorrow. I tell you that we can't just buy any altcoins but have to choose coins that are really profitable. Because a lot of altcoins in the market and many of them are worthless and shitcoins, and must avoid them.

And talking about a wallet where to keep your coins, well, I would say not to use an exchange wallet. Many issues about losing their coins, so it was not advisable especially if we hold long-term.

[Smartvirus]

apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

Yes there is, there is also a higher possibility of incurring losses.

Upgrade00 ha done such a good job in crossing the word other as used there jn your sentence @OP . We have either bitcoin or altcoins (alternative cryptocurrency) which means; every other currency that isn't bitcoin falls within the alternative cryptocurrency categorisation.
Bitcoin isn't compared to the lots of coins out there and so, you can get that right.

On the choice of wallets, open source wallets are the wallets for you and these comes with a private key which ensures your the sole operator and controller of your wallet. Having your coins stored on an exchanges wallet is you actually relinquishing your power of ownership to the wallet and they could run it as they seem fit and there is very little one can do about that.

If you could make money from cryptocurrency,  of course yes. Though, you have to be realistic about the profits you hope to make and your knowledge of the system is the means to getting these profits.

[hd49728]

The difference between  Source and Closed Source is as follows;
For open source code, it means the code is publicly available to anyone who wants it, and anyone can read, copy and modify the code as desired while for closed source code, access to the code for scrutiny and modification is not given to the public.

Open source has pros and cons.

It gives community ability to verify quality, security of one product but it also helps scammers to have easy works. With open source code, they can use it for their scam projects and it is part of reasons why we have thousands of altcoin in the market.

Are altcoins quality enough? I am really doubtful about their quality and they only switch from trend to trend. Their scam developers have never stopped their activities to fork and create zero value altcoins. From Proof of Work with many PoW algorithms, to Proof of Stake then Smart Contracts, they only create new projects with a new trend, without solid usability for society.

They create altcoins to steal your bitcoins.

Like this tool: https://www.tokencreated.com/

What a damn productive scam style.

[Luffygroove]

I think bitcoin is the safest choice for now, but it won't give you that big a profit if you ask now. The answer might be different in 2024 or 2025, though. Well, altcoins will give you massive profits when you choose them right, but they will sink you to the depths of the earth when you meet the wrong one. Compared to Bitcoin, altcoins have a higher risk but, at some points, a higher result too. I think it takes a combination of experience, good knowledge and analysis, and luck to get success in altcoins. Choose wisely, mate. About the wallet, a non-custodial will always be a good choice; it's better if it's a ledger. Exchange wallets are custodial and clearly not open source; if you don't really keep the private key, you don't really own your assets. When a wallet is open-source, it means that the program's source code can be seen by anybody. I hope it helps.

[michellee]

No need to confused.

There is a huge possibility of making a profit from altcoins apart from bitcoins; many people have done this for a long time. But to make a profit trading bitcoins or altcoins, you need to have the skills to be able to analyze the market. And that also applies if you want to invest in Bitcoin or altcoins.

I recommend having a hardware wallet to store your coins, be it Bitcoin or altcoins and you can use Ledger, Trezor or Safepal. Don't keep your coins on the exchange for the long term, as we don't know how the exchange will develop. If you store your coins in a hardware wallet, you will be safe because only you will know about your coins.

And if you want to invest in crypto, I suggest you choose Bitcoin. While investing in altcoins is only for the short and medium term because the price fluctuations follow the Bitcoin price. So if you can buy Bitcoin at a low price, you don't need to worry, while if you buy any altcoin at a low price, it can go back down if Bitcoin gets a correction. So it will be safer to invest in Bitcoin for the long term.

[Alisha-k]

Bitcoin is the safest coin, altcoins could give you profits, no doubt but the risk there is way higher than in Bitcoin.
So, for a newbie that you are, I'll suggest you stick to Bitcoin for now, it's less strategical and complicated and it's widely known unlike the altcoins, it'd require alot of analysis which most times may not work out true.

[YUriy1991]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

I like people who are curious, especially about whether there is a possibility of profiting from other alcoins. My answer is that there are always more opportunities in this crypto world, but there are conditions if you say that anywhere you can invest, be the FIRST BUYER, especially if you want to surf Alcoint according to what you want. assuming TA analysis yourself, at least you are on the road and don't enter when the coin/token is flying.

Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

So, about storing your assets, you can use a trusted wallet like Ledger, Trezor, or Trust Wallet. If at your place there is an exchange that has received approval from the local government regarding its operational permit, you can use it for trading, sending and receiving coins/tokens.

[Patrol69]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

The idea that it is possible to make money by investing only in Bitcoin but not by investing in some others is completely wrong. It is possible to earn profit from all coins if proper approach to investment is adopted. But Bitcoin is always recommended for investment because it is much safer to invest in Bitcoin as compared to other coins. And since you are a new member, starting your investment in Bitcoin will be less risky for you.

Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

It is better not to trust exchange wallets because many reputable exchanges have already been scammed so you can use hardware wallets to keep your funds safe. If it is not possible for you to use hardware wallet then in that case you can use electrum wallet, mycelium wallet these wallets will provide security of your money.

[emhurley85]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

Dash and eaglecoin are good. Also ethereum and monero...

[jrrsparkles]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

Any wallet that doesn't give you the seeds are not open source because they control everything on their own on behalf of you and there are also some closed source wallet gives you non custodian wallet but still they are closed source.

Since you're talking about storing altcoin in an open sourced wallet then Electrum isn't really a choice because its only available for bitcoin and one another coin which is Litecoin. Trust wallet is good for storing altcoins but its closed source so it all narrow the choice to Mycelium which is open sourced but unfortunately kind of filled with glitches.

[drwhobox]

The idea that it is possible to make money by investing only in Bitcoin but not by investing in some others is completely wrong. It is possible to earn profit from all coins if proper approach to investment is adopted. But Bitcoin is always recommended for investment because it is much safer to invest in Bitcoin as compared to other coins. And since you are a new member, starting your investment in Bitcoin will be less risky for you.

Bitcoin trading is not only preferable for newbies but also for everyone. Most the altcoins out there are shittcoins and no one is going to maje money trading them. Except some, maybe out of luck or they know some tricks. But bitcoin investment is most profitable than altcoins in every way possible.

[Razmirraz]

Yes, if you have the chance to buy PEPE Coin before the price goes up, you will get many times the profit, even bigger than you can imagine. But it should also be noted, Altcoins can make you lose all your money if suddenly the price dumps. Regarding a safe wallet for storing your assets, other members have suggested it in the previous replay. You can choose a Non custodial wallet as suggested.
As a Newbie who is new to Cryptocurrency, you should choose assets that are guaranteed or proven to be able to survive in the market. Big profits are very tempting, but you also have to consider the risks.

[HajiBagi]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

In terms of investing, bitcoin is very straightforward and easy to understand. I don't know other people's advice, but to me, bitcoin has a good profit that you can imagine as long as you can hold your btc for a period of time when the price is high. This is my advice to you as a newbie.
Regarding the wallet, all wallets, including Electrum and Bluewallet, are very safe to store your bitcoin, but it all depends on how you secured your wallet by keeping your secret keys hidden from others. If you can't secure your wallet, even if you have a good wallet that can store your bitcoin for a long time, your bitcoin is still not secure.

[Moreno233]

Yes, there is a higher possibility of getting a higher profit from altcoins (we only have altcoins, which represent every other crypto aside from Bitcoin), but there is also a higher possibility of losing everything if you are in pursuit of that high profit. People, including me, will recommend Bitcoin for you as the best for you to invest in as a newbie because the risk is kind of lower, but that does not mean that profit is guaranteed in a short period of time.

There are always chances of getting profit when you hold your coin for a long time, but on altcoins, there are a lot of them out there, and you might not know the exact one to actually buy at an exact time. You might end up buying a coin or token that doesn't have the interest of their holder at hand rather than looking for the right time to rug pull the market and dump the coin. One thing about any currency is that if it has a very high possibility of giving you a good profit, that same thing can reverse to be the disadvantage of the same currency.

This is a balanced argument... you can make good profit or lose everything; this is the reality with altcoins and look like gambling to me. But why gamble with your capital when there is Bitcoin that have been there for years and have maintained steady growth?

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

In terms of investing, bitcoin is very straightforward and easy to understand. I don't know other people's advice, but to me, bitcoin has a good profit that you can imagine as long as you can hold your btc for a period of time when the price is high. This is my advice to you as a newbie.

Many beginners regret because they want to make big profit overnight; they are usually caught in the hype of pump of coins with low market cap and believe they can easily flip their investment. This is why you see many pump and dump Telegram groups that promises x10 and x100. To avoid falling victim of these scams, one should simply buy and hold Bitcoin and see the investment grow with time. The pain of losing one's entire saving is depressing and surely Bitcoin is a good choice to start for anyone who do not want to cry over loss of investment.

[nakamura12]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

There's a probability that you will earn profit with altcoins because it's not just Bitcoin that let you earn profit but also altcoins. if I am not wrong trustwallet is open source wallet provider and you can create a multi wallet there to store altcoins snd Bitcoin and import it to other wallet provider if you don't want to use trustwallet. There's also electrum wallet for Bitcoin onlynif you want to know.

[rachael9385]

Yes OP, their are alot of altcoins out there that you can invest on but you have to be careful the coins you put money in, because some of this coin have not been in the market for more than two years so let it not be as if the time you invest your money on any of these altcoins that's when it close.
You are asking which althcoin you invest on, why not try Bitcoin? Bitcoin has been on the run from January 2009 and is been texted and trusted from then till now, More than half of the crypto world are investing on Bitcoin because of its progress, but if you don't want to invest in Bitcoin then try Etherum out, these are the coins I invested on.

[Adbitco]

It all depends on how much desperate you are with your investment or how much profits you wants to make within a specific period you gave yourself on, lets say, if you wants to go for long term investment I will advise you to kindly go for bitcoin investment maybe this could take you about 1 years and above to start seeing some significant changes probably could be 2 year to 5 years in as much you endured to be able experience the halving period then I am sure you might make some profits.

While for short term investment, well altcoin can be better but you must be active to take every given opportunities that goes with any increase in that particular project and coin you invested, you must not be greed driven otherwise you could lose all things at point of wanting to make more profits from any particular project you invested. That's why you have to active in reading news concerning that particular altcoin you want to invest or possibly be active in their community and channels across for you not be left empty token or alternatively you may investment in those reputable altcoin such as ETH, BNB, LTC  and BCH.

Then about the wallet to use, I can see there are lots of good response concerning the best wallet to used, so just follow the instructions given to you and use the wallet instructed accordingly.

[Mr.suevie]

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

In terms of investing, bitcoin is very straightforward and easy to understand. I don't know other people's advice, but to me, bitcoin has a good profit that you can imagine as long as you can hold your btc for a period of time when the price is high. This is my advice to you as a newbie.
Regarding the wallet, all wallets, including Electrum and Bluewallet, are very safe to store your bitcoin, but it all depends on how you secured your wallet by keeping your secret keys hidden from others. If you can't secure your wallet, even if you have a good wallet that can store your bitcoin for a long time, your bitcoin is still not secure.

Most newbie can find Bitcoin investment frustrating because it's actually have to do patient and most of these new investment actually lack that but if you really want to be successful then making proper research on the investment you want to go in by yourself will be the best way to go about. If you are the quick money type then Bitcoin investment isn't the best choice because a Bitcoin investor number 1 abilities is having the capacity to hold your coins for long despite any challenges faced.