Like I will tell newbies, if it is not Bitcoin, it can never be. I am not surprised with the number of dead coins. Although, the number seems well inflated, I'm still not shocked. These coins ride with hype and there are quite a good number of people who only want get rich quick opportunities. Despite all the warning signs and similar cases being experienced in the past, people will still risk their money. When the hype dies, the coin dies a natural death. Many people became victims, except for the smart ones who entered the market earlier and exited the market when the hype was still high. You know the funny thing? If a memecoin is launched today, people will still invest.
Certain investors believe they can get quick rich using altcoins than Bitcoin, their instincts may be the truth even though it barely happens, but the question is how aware they will be fortunate trying so many altcoins, in a period where majority of the newly altcoins are shitcoins, from this angle of viewing cryptocurrency, it is like gambling after buying cryptocurrencies that are not Bitcoin, high possibility that the altcoins might turn dead coins.
I support your advice to newbies, better to start with Bitcoin and make sure to hold enough before diversifying into altcoins if they want to, Bitcoin has to be the number one focus when deciding which coin to buy.
Investing in some random altcoins today feels like gambling. Back in the days, most altcoins were really good projects. But today, all we see are loads of copy and paste tokens and coins that react briefly to hypes. Bitcoin has proven itself over the years, this should make it the most reliable for everyone, especially newbies who are yet to know their way around crypto.
