Am confused !!!!

[Distinctin]

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.

Yes, there are still inevitable chances that you will also profit from altcoins but it’s hard to tell these days which altcoins that will be profitable for long term and which are not so you have to closely study those  altcoins first before you decide to chose where to invest. And never put them in a centralized exchanges but chose a non-custodian wallet instead. That way, you will have your full access to your investment while securing an open source wallet that provides transparency on your part.

[nakamura12]

Yes, there are still inevitable chances that you will also profit from altcoins but it’s hard to tell these days which altcoins that will be profitable for long term and which are not so you have to closely study those  altcoins first before you decide to chose where to invest. And never put them in a centralized exchanges but chose a non-custodian wallet instead. That way, you will have your full access to your investment while securing an open source wallet that provides transparency on your part.

That's a good mindset where you have to study the altcoin right after completing the research. Anyway, even though you did study the altcoin but it is not guaranteed that you will gain a profit when the result of your study is positive yet the real results of the altcoin that you have studied isn't on positive situation or in profit side. Well, many people have known that investing in altcoins is not the same with Bitcoin because even Bitcoin is not 100% guaranteed profit.

[AprilioMP]

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.

Electronic currency bitcoins. Bitcoin is designed as a payment system that is made to make transactions without having to ask permission from anyone as long as the first party and the second party agree as long as both have an address. That's all I know about bitcoin.

Based on the understanding that I know from many internet sources, so far the pronunciation of bitcoin is crypto still confuses me because bitcoin is widely referred to as a cryptocurrency. This means that bitcoin is the same as thousands of existing cryptos including shitcoin and this is what makes me disagree if bitcoin is called crypto because it is different from the function of bitcoin that I mentioned above.

[JayJuanGee]

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.

Electronic currency bitcoins. Bitcoin is designed as a payment system that is made to make transactions without having to ask permission from anyone as long as the first party and the second party agree as long as both have an address. That's all I know about bitcoin.

That sounds like a pretty limited understanding of bitcoin, and sure coming up with general descriptions may be fine and dandy and even accurate, but there's a lot more going on in bitcoin than merely some superficial description.

Based on the understanding that I know from many internet sources, so far the pronunciation of bitcoin is crypto still confuses me because bitcoin is widely referred to as a cryptocurrency. This means that bitcoin is the same as thousands of existing cryptos including shitcoin and this is what makes me disagree if bitcoin is called crypto because it is different from the function of bitcoin that I mentioned above.

It seems that I already responded to those ideas in my previous post (especially from the affinity scam angle.. in that an overwhelming majority of shitcoins are affinity scams upon bitcoin in one way or another), and maybe if you study bitcoin a bit more, then you might start to understand it a bit better in order to know how it is both a leader in the space and what kinds of innovations that it brings to the space in terms of both solving the Byzantine Generals problem, but also how proof of work and the difficulty adjustment contribute towards incentives for miners to build around it and also the various other infrastructure that comes from ongoing growth of bitcoin's various network effects (perhaps building on the ideas of Trace Mayer's framing of the 7 bitcoin network effects).

If you want to get some better grasps regarding how the use of the term crypto is misleading, then you likely need to spend a few more hours studying various aspects of bitcoin and attempting to get from good sources..... which it can take a while to figure some of these matters out... but many people are capable of such, and there quite a few bitcoin focused (or bitcoin first) sources that would likely help you to figure out bitcoin first and then to have a better contextual understanding.. perhaps? perhaps?  unless you really are not trying... and you are just spouting out crypto bullshit talking points to strive to muddy the waters and to frame bitcoin as if it were just one of many competing cryptos.

Have you spent 10 hours learning about bitcoin, 100 hours, 1,000 hours or maybe more?  I doubt that you will have as much confusion if you might spend more than 100 hours learning about bitcoin.  If you don't know where to go for your good bitcoin focused sources, maybe start with going through Michael Saylor's materials (and interviews and he even has some informational websites).. and surely he is not the ONLY source (since he ONLY came to the space in 2020), but at least Saylor is very articulate about bitcoin first and his talking-points and materials tend to be bitcoin first focused, too. https://www.hope.com/  Some of that might help to provide some focus in terms of learning "why bitcoin", perhaps?, if you are really trying to learn. 

There are other sources that go into "why bitcoin?" too.. so another decently good starting point for bitcoin first focused materials is https://www.swanbitcoin.com/signal/

[AprilioMP]

~

Electronic currency bitcoins. Bitcoin is designed as a payment system that is made to make transactions without having to ask permission from anyone as long as the first party and the second party agree as long as both have an address. That's all I know about bitcoin.

That sounds like a pretty limited understanding of bitcoin, and sure coming up with general descriptions may be fine and dandy and even accurate, but there's a lot more going on in bitcoin than merely some superficial description.

That's what I admit. It's still very shallow and I'm still very hungry for mastery of the material so that I don't make mistakes when informing others. Therefore by following and listening to every discussion of members who are experienced in the forum can make me discover new things, especially knowledge about bitcoin articulation.

I will keep the 3 links you left in this reply as reading material. Thank You.
Regarding the discussion of bitcoin, I admit that you are a great writer who is able to provide a direct understanding, especially about bitcoin and crypto, through the long posts that you always present.
It seems you are not happy if bitcoin is called crypto. I also object to this mention.

[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. 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.

Your first question is good and I'll try to explain one by one. sometimes altcoins are an option besides Bitcoin because projects are able to present something different and interesting and the second reason Bitcoin may be considered a crypto asset whose price is already too high is of course not all of the same assumptions.

Well, what altcoins say is all crypto assets other than Bitcoin. what should you do Know the Weaknesses and Strengths of Altcoins Before Choosing It, Want to find something that is just growing and being born, you can just refer to CMC link: https://coinmarketcap.com/id/ If there are doubts about colleps and there will be many incidents, just choose one that is in the top 10 category.

For wallet selection Currently, various payment transaction tools have developed and Choosing between open source wallets from close source wallets depends on how much investors prioritize security over convenience and the explanation is very clear as conveyed by @Upgrade00. So, don't be confused anymore.

[Mayor of ogba]

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 possibility of making a profit from other altcoins? Also which wallet do you advise a newbie like me to use to store my coins? Are exchanges wallets open source wallets? How can I differentiate an open-source wallet from a closed-source wallet?

Yes, there are a lot of altcoins that give people huge profits. What you need is just information to buy those altcoins at a low price.  For instance, people who invested in "Pepe" when the price was low made a great profit. Someone shared his wallet on X where Pepe turned his $200 into 1 million dollars

[yudi09]

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

Maybe ethereum is one of the altcoins that allows you to expect to benefit when bitcoin reaches the highest price as it has in 2021. Bitcoin reaches the highest price, ethereum also follows.

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

To store coins, use a hardware wallet that allows you to feel comfortable. You can open and see which hardware wallets are suitable for you LIST: Open Source Hardware Wallets.
Using a hardware wallet to store coins, you have to buy. You can get a wallet to store coins by downloading a type of software wallet such as Electrum and Bitcoin Core.
Wallets that support more coins are also available which you can use like unstoppable wallets.

Are exchanges wallet an open source wallet.

The exchange is not a wallet although on the exchange you can get various coin addresses. but you are not given a private key or seed phrase.
Do not store coins there because you are not in control of your assets.

Hope you are helped with this.

[Outhue]

Here are the few facts I know about other coins that are not Bitcoin.

1. Almost all old altcoins won't make a new all time high ever again.

2. Newer altcoins with good fundamentals and utility will bring more x ROI than old altcoins.

3. Bitcoin is more reliable than the entire lists of altcoins.

You need to understand that new narratives have the highest potential in the next bull market, we are seeing AI and Ordinals now and I am sure that new one is coming, be on watch out for this, also gaming ain't dead yet, in fact it's just the beginning.

My final advice is, spread your money among few numbers of projects, and make sure that Bitcoin takes the half space of your portfolio, keep doing good research too, I wish you the best.

[reagansimms]

Bitcoin is a great choice for beginners, after going through several processes of increasing knowledge in Cryptocurrency investments, you can try glancing at Altcoins that have potential after doing personal research. I only suggest Bitcoin and Electrum as wallets that are safe to use, for Altcoins I can't give a choice. Always avoid Exchange wallets to store your assets because it is very risky to the safety of your assets.

[odunybiz]

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.

It isn't easy investing in altcoin. It involves you to do alot of research to make it with altcoin. Bitcoin is the surest for a beginner like you. After much knowledge about crypto, you can now add altcoin in little percentage.

[adultcrypto]

Bitcoin is a great choice for beginners, after going through several processes of increasing knowledge in Cryptocurrency investments, you can try glancing at Altcoins that have potential after doing personal research. I only suggest Bitcoin and Electrum as wallets that are safe to use, for Altcoins I can't give a choice. Always avoid Exchange wallets to store your assets because it is very risky to the safety of your assets.

I have come to understand that Bitcoin is enough for anyone that want to invest and reap from this digital space. The energy and resources you will spend in other coins can be better used in building a good Bitcoin portfolio. I have fallen victim of scam before from holding a large bag of shitcoins. If I only relied on bitcoin, that will not happen. So obviously, the chances of being scammed from looking for coins to make quick profit is high.

@1miau made this wonderful thread that should make everyone come to this conclusion that bitcoin is better.

Bitcoin is having a big advantage over Shitcoins: you know it’s a quality coin. Bitcoin doesn’t need excessive marketing (Bitcoin doesn’t even has a pre-mined stash to fund marketing from because Bitcoin doesn’t need it), Bitcoin is a quality coin itself.
Bitcoin doesn’t require research if it’s a coin or a token.

These are some of the advantages of bitcoin and the reason I feel building a bitcoin portfolio is better than looking for other coins that you are not sure of their future. Now is even a good time to start building a bitcoin portfolio, the price is still low and considering what is ahead for bitcoin, accumulating now is a wise decision.

[YUriy1991]

These are some of the advantages of bitcoin and the reason I feel building a bitcoin portfolio is better than looking for other coins that you are not sure of their future. Now is even a good time to start building a bitcoin portfolio, the price is still low and considering what is ahead for bitcoin, accumulating now is a wise decision.

I think it's a good decision and you should cash in and one more thing Bitcoin is one of the largest cryptocurrencies by market cap beating the ROI (return on investment) of most stocks available in any market, as well as gold and other commodities and this makes a high sense of optimism if you really see the development of the crypto industry not just in passing.

Yes. building a portfolio in addition to being a means of growing wealth and also BTC serves as a hedge and historically many investors have consistently generated enormous returns by implementing/creating crypto portfolios over the long term.

[JayJuanGee]

These are some of the advantages of bitcoin and the reason I feel building a bitcoin portfolio is better than looking for other coins that you are not sure of their future. Now is even a good time to start building a bitcoin portfolio, the price is still low and considering what is ahead for bitcoin, accumulating now is a wise decision.

I think it's a good decision and you should cash in and one more thing Bitcoin is one of the largest cryptocurrencies by market cap beating the ROI (return on investment) of most stocks available in any market, as well as gold and other commodities and this makes a high sense of optimism if you really see the development of the crypto industry not just in passing.

Yes. building a portfolio in addition to being a means of growing wealth and also BTC serves as a hedge and historically many investors have consistently generated enormous returns by implementing/creating crypto portfolios over the long term.

Personally, I find your statement to be in tension because you first tout bitcoin as the best investment and the thing that you should be investing in within the cryptocurrency segment, and then you talk about having some hedges by having and/or building a crypto portfolio.. which seems really dumb, and sure there might be low income people who are investing into bitcoin who feel that they are not able to diversify in traditional ways, such as with property, equities (stocks), commodities, and bonds.. of course there is also cash and cash equivalents, but most people are able to at least hold their own local cash and maybe even some foreign currencies such as the dollar.

So then the question still becomes how important might it be for those people who might feel that they are not able to diversify into other traditional investments regarding how much they might consider that it helps them to put any value into building a crypto portfolio... besides bitcoin and cash.  Careful with suggesting too much, such as beyond 10%. why even fuck around with those non-bitcoin shits that may well end up rug pulling you at any particular time, and sure maybe anyone gets up to an amount of bitcoin that they are actually wealthy enough to start to be able to diversify into traditional asset classes, then maybe they might not even need to diversify very much until they get to such a point.. and that might be having more than $10k to $20k in their investment portfolio.. which might start out with just bitcoin and cash (and maybe no more than 10% in various shitcoins.. which you refer to as crypto).. It surely is difficult to figure out the number in which diversification beyond bitcoin and cash would be justified based on quite a bit of variance in what investments might be available to people once they get up to a certain amount of value..

maybe we might consider folks who are in places in which annual incomes are lower than $10k to likely not have much of any investment options besides bitcoin, until they get up to a certain size, but that still should not justify getting into shitcoins, and there do seem to be several ways in which some kinds of equities exposure is coming more available to more and more people, but sure maybe if you live in some of the places that have a lot of unbanked people, then there are a lot fewer options regarding how to diversify outside of bitcoin and cash.

[Bd officer]

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.

First of all welcome, I will suggest you to buy bitcoin and hold for long time, hopefully you will get a lot of profit. Investing in bitcoins is risky, investing in altcoins is even more risky. You can choose Bitcoin to invest.

You will not hold bitcoins on any exchange. You can use Electrum or hardware wallets to hold bitcoins for a long time.

[Victorik]

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 no need to be confused. Maybe If you take time to acquire some knowledge about how the market works it will help you make inform decisions.
Besides Bitcoin, there are hundreds of token/coin you can make profit from.

[JayJuanGee]

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 no need to be confused. Maybe If you take time to acquire some knowledge about how the market works it will help you make inform decisions.
Besides Bitcoin, there are hundreds of token/coin you can make profit from.

Pretty dumb, lame and lacking in focus advice Victorik.

[Coyster]

Besides Bitcoin, there are hundreds of token/coin you can make profit from.

Pump and dump coins you mean, or coins/tokens that have no actual utility but survive on just hype, i'm pretty sure you yourself don't believe in what you just said. Making ROI through crypto isn't as straightforward as that, even with a coin like Bitcoin that has an actual utility, now if it is with Altcoins, it becomes a whole lot more difficult and somewhat like Gambling or looking for a needle in a haystack, because out of even a hundred of them, you might struggle to find one good coin/token.

[YUriy1991]

Personally, I find your statement to be in tension because you first tout bitcoin as the best investment and the thing that you should be investing in within the cryptocurrency segment, and then you talk about having some hedges by having and/or building a crypto portfolio.. which seems really dumb, and sure there might be low income people who are investing into bitcoin who feel that they are not able to diversify in traditional ways, such as with property, equities (stocks), commodities, and bonds.. of course there is also cash and cash equivalents, but most people are able to at least hold their own local cash and maybe even some foreign currencies such as the dollar.

Previously, thank you for providing a very good response and explanation. Yes. In many areas, traditional investment channels such as property, equities and bonds may be difficult to access due to various socioeconomic factors. Well, In that case, it's my view in general that Cryptocurrencies can provide a more accessible entry point for more individuals.

So then the question still becomes how important might it be for those people who might feel that they are not able to diversify into other traditional investments regarding how much they might consider that it helps them to put any value into building a crypto portfolio... besides bitcoin and cash.  Careful with suggesting too much, such as beyond 10%. why even fuck around with those non-bitcoin shits that may well end up rug pulling you at any particular time, and sure maybe anyone gets up to an amount of bitcoin that they are actually wealthy enough to start to be able to diversify into traditional asset classes, then maybe they might not even need to diversify very much until they get to such a point.. and that might be having more than $10k to $20k in their investment portfolio.. which might start out with just bitcoin and cash (and maybe no more than 10% in various shitcoins.. which you refer to as crypto).. It surely is difficult to figure out the number in which diversification beyond bitcoin and cash would be justified based on quite a bit of variance in what investments might be available to people once they get up to a certain amount of value..

So, the question of how much diversification is right is still fluid and depends on individual circumstances. Yes, there is no one-size-fits-all recommendation as factors such as risk appetite, investment objectives and available capital differ from person to person but , what is of common concern is that caution should be exercised in adopting percentage thresholds.

Investing in the world money market, especially outside of Bitcoin, does carry additional risks due to the proliferation of less established projects and scams and conservative guidelines such as not exceeding 10% are reasonable, given the speculative nature of many cryptocurrencies. individuals with limited income, the priority should be to maintain their capital but at this point.

maybe we might consider folks who are in places in which annual incomes are lower than $10k to likely not have much of any investment options besides bitcoin, until they get up to a certain size, but that still should not justify getting into shitcoins, and there do seem to be several ways in which some kinds of equities exposure is coming more available to more and more people, but sure maybe if you live in some of the places that have a lot of unbanked people, then there are a lot fewer options regarding how to diversify outside of bitcoin and cash.

Another point of view is that as cryptocurrency adoption continues to grow and develop as it is today, investment opportunities may arise thereby indirectly providing another exposure in the money market but not necessarily the investment direction to shitcoins, because that is so bad.

[Dr.Bitcoin_Strange]

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.

It's good you noted you're a newbie, which is why you have to be very consistent in just accumulating Bitcoin instead of involving yourself with any altcoins. There is a possibility of making a profit with some other altcoins out there, but they pose a greater risk of quickly losing your money sooner or later than you expect. There are thousands of shitcoins out there, and even more shitcoins keep being developed almost every month, so if you decide to invest in altcoins, you wouldn't know which shitcoin you are putting your asset into.