Am confused !!!!

[Timmzzy]

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.

Please buddy i would like you to come in again at this place i marked out in RED so we will get to understand what you are saying opr lets say its a typical error, and please the underlined sentence to is different to what you asked and try to put a QUESTION mark to indicate you are basically asking a question.

Cheers....

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[RockBell]

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.

And how sure are you that the pepe coin will bring good profit, I think there are people who make good money out of altcoins, but it is a 50/50 thing, and considering a lot of factors that may affect it and might crash the entire project, considerin-dering what happened, the current bear market not all project survived in the crypto ecosystem, that is were the problem lies but amidst everything that happens bitcoin still stands and safe to invest in, and must times is always about the hype in addition in term of security, private keys are meant to to be kept safely to avoid security compromise, it is better to invest in what your familiar with that is just the best.

[lienfaye]

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 also a possibility to profit when you invest in altcoins. However, it's quite risky compared to investing in Bitcoin since majority of them don't have real use case and only good to hold for a short period. But despite this many investors are still believing they can gain huge when they invest in alts (or in shitcoins and meme) to give them x1000 profit. The reason why if you chose to invest in not established coins, might as well be prepared to lose your money since the result is uncertain.

On the other side as many users have said already, use a non custodial wallet or a hardware wallet. Don't use an exchange to store your coins.

[landheer]

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.

invest in crypto which is not too high risk is in bitcoin, and in this world there are also many people who are looking to profit from altcoins, so of course you can benefit from altcoins as long as you have to be able to choose altcoins that have good potential, but in my opinion if your knowledge is not yet a lot about altcoins don't look for profits in altcoins yet because the risk is very high, but usually the profits from investing in altcoins are usually always large which is proportional to the risk, but the decision is yours, so you can make profits in altcoins as long as you know about altcoins and are ready with the risk.

[Bitcoin_people]

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.

If you invest with the hope of higher profits, you can definitely get higher profits from altcoin. However, even though altcoins offers higher profits than Bitcoin, and altcoins pumps more, there is a lot of risk involved. When the price of bitcoin goes higher, alert coins can be pumped more and profit from it is possible. But if you invest in alert coins then you must choose coins that have high marketcap. And you must research all these things which investment will give you profit in future, I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk. If you want to invest for long term then definitely invest in Bitcoin which will give you profit and no fear of losing money.

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.

To keep your money safe, you should definitely use secure wallets, such as Electrium and Mycelium. By using Elektrium wallet you will get many benefits and it is a trusted wallet that will provide maximum security to your money. You should never use an exchange wallet it is not safe for you at all, using exchange wallets will definitely risk losing your money. So you use strong software wallets like Electrium and Mycelium to keep your money safe.

[GeorgeJohn]

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.

You can make profit in altcoins investment but depending on the altcoins, all altcoins are not same thing because the I'm looking at it all altcoins will not give you a profit when you invest on them, that is while many people do not rush to invest on altcoins without investigating properly on altcoin, so therefore they will not be any condemnation for investing in altcoins, another thing is that, when you are looking a good wallet to use, I think majority will like to recommend Electrum because it have a very good security and that is while people do make use of it or recommend it to people.

[worle1bm]

If you can spend some money then hardware wallet like Trezor is good choice as your funds are safe but remember to keep seeds safe somewhere that you have access to your funds always.There are many good choices above but remember to choose trusted and open source wallet that give you some assurance of your funds otherwise there are many fake one's also trying to grab your funds always.

[JayJuanGee]

I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk. If you want to invest for long term then definitely invest in Bitcoin which will give you profit and no fear of losing money.

This statement is completely NOT true.  There are risks with any investment, including bitcoin based on the asset itself and then perhaps based on various ways that normies might execute whatever are their investment techniques.

Also profits are not guaranteed, and the emotions of people vary, so there are people who have lost money in bitcoin, even though bitcoin has historically been an asymmetric bet to the upside, but some people are not able to deal with BTC price volatility so they buy higher than the price that they end up selling.

[HONDACD125]

This statement is completely NOT true.  There are risks with any investment, including bitcoin based on the asset itself and then perhaps based on various ways that normies might execute whatever are their investment techniques.

Also profits are not guaranteed, and the emotions of people vary, so there are people who have lost money in bitcoin, even though bitcoin has historically been an asymmetric bet to the upside, but some people are not able to deal with BTC price volatility so they buy higher than the price that they end up selling.

It is true that in any investment there are risks of losses. Risks of loss also exist in Bitcoin. Full return on any investment cannot be guaranteed, but in my opinion Bitcoin investment is considered the most reliable crypto currency. Investing in it has minimal risk of loss compared to other crypto currencies in the market. It is also true that there are people who have lost their money in Bitcoin. Investing in Bitcoin does not necessarily mean that you will make a profit every time you invest in Bitcoin. Only entry at right time can give us profit. An entry made in any coin at the wrong time always leads to loss. However, among all crypto currencies, Bitcoin is the best choice for long-term investment.

[Myleschetty]

I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk. If you want to invest for long term then definitely invest in Bitcoin which will give you profit and no fear of losing money.

This statement is completely NOT true.  There are risks with any investment, including bitcoin based on the asset itself and then perhaps based on various ways that normies might execute whatever are their investment techniques.

Also profits are not guaranteed, and the emotions of people vary, so there are people who have lost money in bitcoin, even though bitcoin has historically been an asymmetric bet to the upside, but some people are not able to deal with BTC price volatility so they buy higher than the price that they end up selling.

Having the belief that there is no risk in Bitcoin investment is the reason why we have some investors blaming Bitcoin for their naive mistake because Bitcoin only presents a chance of making earnings but investor decision and the market condition is what determines the end result if it will be profitable or not.
Hope the user can do some reading after reading your post.

[Sim_card]

I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk. If you want to invest for long term then definitely invest in Bitcoin which will give you profit and no fear of losing money.

This statement is completely NOT true.  There are risks with any investment, including bitcoin based on the asset itself and then perhaps based on various ways that normies might execute whatever are their investment techniques.

Also profits are not guaranteed, and the emotions of people vary, so there are people who have lost money in bitcoin, even though bitcoin has historically been an asymmetric bet to the upside, but some people are not able to deal with BTC price volatility so they buy higher than the price that they end up selling.

You are right,initially this was my thought on bitcoin too that it is impossible for a bitcoin investor to loss at the long run. Not until I came to understand that due to some circumstances and news on bitcoin it can affect the price to make the dump,and since nobody can know what the price will be next,some people due to FOMO might rush into buying at high price and might end up selling below the bought price because either they don't have the knowledge of the bitcoin or they ended up using borrowed money to buy bitcoin thinking that it is a get rich quick scheme and they will end up being disappointed.

[Kelvinid]

I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk. If you want to invest for long term then definitely invest in Bitcoin which will give you profit and no fear of losing money.

This statement is completely NOT true.  There are risks with any investment, including bitcoin based on the asset itself and then perhaps based on various ways that normies might execute whatever are their investment techniques.

Also profits are not guaranteed, and the emotions of people vary, so there are people who have lost money in bitcoin, even though bitcoin has historically been an asymmetric bet to the upside, but some people are not able to deal with BTC price volatility so they buy higher than the price that they end up selling.

And it happens to those who got here because of the influence of these social media influencers. There is misinformation that they brought into the minds of their followers and so they expect that buying Bitcoin today will earn a profit tomorrow. That is why we can see many investors had suffered losses and quit crypto as they really don't understand the situation. And much more if someone never says that investing in Bitcoin is not risky, that certainly builds their confidence and invest immediately without knowing what will happen after.

[ginsan]

And it happens to those who got here because of the influence of these social media influencers. There is misinformation that they brought into the minds of their followers and so they expect that buying Bitcoin today will earn a profit tomorrow. That is why we can see many investors had suffered losses and quit crypto as they really don't understand the situation. And much more if someone never says that investing in Bitcoin is not risky, that certainly builds their confidence and invest immediately without knowing what will happen after.

These things tend to happen to those who are completely unfamiliar with Bitcoin. Because as they direct the main point is fast profit in Bitcoin investment they do but it will not happen so fast and it takes time to get profit. Yes, influencers do provide an overview of the benefits they get, but behind the scenes they try to cover up their failures.

But if someone has the patience level in investing in Bitcoin they certainly won't lose out if they buy now and hold onto it until next year. It's just that volatility is a distraction for those who are impatient in the investments they are making. So things like this are not the Influencer's fault because they tell the truth but someone who hears it is still newbie to Bitcoin investment.

[Yamifoud]

And it happens to those who got here because of the influence of these social media influencers. There is misinformation that they brought into the minds of their followers and so they expect that buying Bitcoin today will earn a profit tomorrow. That is why we can see many investors had suffered losses and quit crypto as they really don't understand the situation. And much more if someone never says that investing in Bitcoin is not risky, that certainly builds their confidence and invest immediately without knowing what will happen after.

These things tend to happen to those who are completely unfamiliar with Bitcoin. Because as they direct the main point is fast profit in Bitcoin investment they do but it will not happen so fast and it takes time to get profit. Yes, influencers do provide an overview of the benefits they get, but behind the scenes they try to cover up their failures.

But if someone has the patience level in investing in Bitcoin they certainly won't lose out if they buy now and hold onto it until next year. It's just that volatility is a distraction for those who are impatient in the investments they are making. So things like this are not the Influencer's fault because they tell the truth but someone who hears it is still newbie to Bitcoin investment.

That is the problem because these influencers never tell their losses but rather just show all the positive results. This is why people don't think that investing in Bitcoin is risky but rather think it was easy and there is sure profit. Yet, they only just find out after and when they suffer losses.
We can't fully blame these influencers because it was our choice to invest but something to note is that because of their influence, many people got fooled and make decisions wrongly.

[superman184]

These things tend to happen to those who are completely unfamiliar with Bitcoin. Because as they direct the main point is fast profit in Bitcoin investment they do but it will not happen so fast and it takes time to get profit. Yes, influencers do provide an overview of the benefits they get, but behind the scenes they try to cover up their failures.

Influencers who cover up their failures behind the scenes can actually have a good impact on new Bitcoin fans, because those who are just getting to know Bitcoin can immediately think about owning Bitcoin even though they still don't understand the risks and what Bitcoin really is all about. And those who want to make quick profits I think only of their own will that they still can't practice patience within themselves.

But if someone has the patience level in investing in Bitcoin they certainly won't lose out if they buy now and hold onto it until next year. It's just that volatility is a distraction for those who are impatient in the investments they are making. So things like this are not the Influencer's fault because they tell the truth but someone who hears it is still newbie to Bitcoin investment.

I also prefer the points expressed by influencers, even though they only explain how they are profitable and then also provide a little understanding of the risks so you don't choose the wrong path. And usually the annoyance experienced by those who just own Bitcoin is when they start to listen more to the opinions of other people they don't know so they don't start to make their own stand on this. In addition, falling prices in the market can also be the main reference for them to be afraid, making it easier for them to release Bitcoin rather than be patient and buy back when the downward moment occurs.

[LogitechMouse]

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's a possibility, but is it high? It depends on which altcoin will you buy.
If you will buy the top altcoin right now which is Ethereum, you have a high chance that you can make profit from it. Now the lower the market cap of the coin that you will buy, the lower the chances of you getting profit. Those at the top 10 in terms of market cap can give you profit still, but the chances are lower compare to if you just invest into Ethereum, and so on, and so forth.

Also which wallet do you advise a newbie like me to use to store my coins.

If Bitcoin, it's always a hardware wallet that's being recommended, but if you don't have one, I guess Electrum might do as well since I'm using it for years already, and I didn't encounter any problem with it until now.
As for altcoins, I believe that there are some altcoins out there who has their own wallet like in Cardano that has Daedalus, ATOM that has Keplr, and so on. I guess that's the best choice.

How can I differentiate an open source wallet from a close source wallet.

To simplify it, it's the availability of source codes that is the difference.

I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk.

Every investment has risk. I don't think that there's any investment out there that has no risk because you're investing into an asset, and one feature of an asset is it's volatile, so the risk of losing is still there. If you know an investment that has no risk at all, kindly share it here.

[Jones Praise]

[quote/)https://bitcointalk.org/index.php?action=post;quote=62246516;topic=5452782.0;num_replies=56;sesc=f5d4a9a8a6ee64eb7f19a63d16509e9
Welcome to the forum 🙌. Of course there's a possibility of making profit in other currencies like altcions . The problem is that it's not as high and valuable as Bitcoin. Bitcoin is one of the best platform for long term investment although it has it risks but it also generates high sales.


Over time most people prefer to invest in Bitcoin than other crypto currencies because of its vali. That's one of the major things to consider before investing in a cryptocurrency. So how valuable these currencies plays a key factor on how high your profit will be . About the wallet, I think it's better you store your coins in a closed wallet . It's more secure and easy 👍.
[\quote]

[Victorik]

A very warm welcome to you. I do hope you get all the help you need here.

Besides BTC, there are arrays of altcoins you can make profit from, but also know that you can as well suffer huge losses from these altcoins also. So, nothing is guaranteed.
As a newbie, I will advice that you study more about BTC, and get knowledge before delving into this world of endless possibilities.

[Franctoshi]

I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk. If you want to invest for long term then definitely invest in Bitcoin which will give you profit and no fear of losing money.

This is wrong and I totally disagree with you that investment in Bitcoin has no risk involved in it, so far as cryptocurrencies are concerned which Bitcoin is part of them, they all involve risk due to the volatility nature of cryptos, however, considering the less risk crypto to invest in, then you can talk about Bitcoin mainly because of its transparency which Altcoins are not.

[JayJuanGee]

I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk. If you want to invest for long term then definitely invest in Bitcoin which will give you profit and no fear of losing money.

This is wrong and I totally disagree with you that investment in Bitcoin has no risk involved in it, so far as cryptocurrencies are concerned which Bitcoin is part of them,

That is a bullshit way of framing the topic, Franctoshi.

You are playing into describing some kind of a nonsensical category of crypto, and BTC just happens to be just one of the possible cryptos.

Think about the level of wrong thinking that must be in your head to frame the whole space in that kind of way.

Perhaps if you try to think about bitcoin first, and try to understand what bitcoin is and how bitcoin developed, and then perhaps if you thereafter want to start to include various shitcoins into your understanding of the dynamics of the space and the dynamics of what is happening with bitcoin, then maybe that might be a bit of a better way of framing the matter rather than starting out with some kind of an amorphous concept of crypto and various crypto and bitcoin happens to be one of the cryptos.

Your thinking and framework is wrong which likely means you don't really understand bitcoin and likely means that you are giving bad and misleading information and advice based on your lack of abilities to frame the matter in a more accurate way.

they all involve risk due to the volatility nature of cryptos, however, considering the less risk crypto to invest in, then you can talk about Bitcoin mainly because of its transparency which Altcoins are not.

The conclusion of bitcoin being the best is not wrong...and even bitcoin being the most transparent is potentially directionally correct.. since there likely is some value in the open source nature of bitcoin, at least at the 1st layer.. but there can be various kinds of ways that bitcoin is not completely transparent. .including various systems built upon it, so maybe on a scale, we might consider bitcoin to be more transparent than a lot of shitcoins. and sure the crux of issues with various shitcoins does likely have to do with their attempting to appear as something that they are not.. which just gets us back to many of them. and perhaps even an overwhelming majority of them engaged in some kind of an affinity scam in regards to bitcoin, which also would be further justification why it is misleading to suggest that bitcoin falls just within a category of many cryptos when in fact it is the unambiguous leader in the space upon which many try to emulate or appear to be improvements upon or even sometimes appear to be attempting to build on bitcoin when they are likely not building upon bitcoin as much as they are claiming to be doing...otherwise, why would they need a token (except to be able to print money and to cause the appearance that they token is going to go up in value in order to lure people to invest while the founders get rich.. but they may well say that they are not doing that.. each of them say that they are a legit shitcoin.. not one of those scam ones).