Altcoin is a Trap

[Odogwu-Blockchain]

Another big loss is missing opportunities. If you run after other coins and reduce your regular Bitcoin purchases, then after a few years you will see that your Bitcoin accumulation rate has decreased. Many people think that when the market rises, they will buy other coins, take profits and then come back to Bitcoin.

I made this mistake when I was new in the trading market especially in the altcoin section, I thought I was smarter enough to jump in and out from one altcoin to another, I never knew I was dancing and happily entering the trap this step carries, then I came to understand that it's the worst method you could ever learn.

Stick to one coin no matter what, when it falls, stay calm or buy more, if it falls again, still buy more and never sell it, if you can, then when the price rises up, sell all for profits.

When you actually gets profits, never jump to another altcoin, keep in USDT until the same coin drops again and then buy it.

[Jubilee58]

Investing in altcoins are indeed very big trap, one danger that is associated with altcoins is that , they only make profit just within a short period of time and real wealth cannot be built with short term investment plan, but with long term strategy and investment plan of which Bitcoin is the only cryptocurrency that has proven itself worthy for long term reward. Most of the altcoins in the cryptocurrency market are pump and dump and gives no hope of survival in the long run.

I have watched and analyze the historical price of bitcoin right from when Bitcoin was invented, you will discover that there is no cryptocurrency bull run that bitcoin does not record new all time high till this present time. It is only bitcoin that has displayed such unique quality and of which other altcoins lacks such quality.
No body should be deceived on the short term growth of altcoins, if really you have made up your mind to invest in cryptocurrency, Bitcoin is the only sure investment options, the reward of altcoins remains a probability, it may or may not work.

[IceLincoln]

Another big loss is missing opportunities. If you run after other coins and reduce your regular Bitcoin purchases, then after a few years you will see that your Bitcoin accumulation rate has decreased. Many people think that when the market rises, they will buy other coins, take profits and then come back to Bitcoin.

I made this mistake when I was new in the trading market especially in the altcoin section, I thought I was smarter enough to jump in and out from one altcoin to another, I never knew I was dancing and happily entering the trap this step carries, then I came to understand that it's the worst method you could ever learn.

Stick to one coin no matter what, when it falls, stay calm or buy more, if it falls again, still buy more and never sell it, if you can, then when the price rises up, sell all for profits.

When you actually gets profits, never jump to another altcoin, keep in USDT until the same coin drops again and then buy it.

I think a lot of us who came into bitcoin first dabbled in altcoins, maybe only a blessed handful of persons were able to come into bitcoin first. Altcoins are cheaper and with higher promise of returns which can also go sideways. So we just jump in and try to make our sharp little gains instead of looking at the big picture, sometimes it’s due to ignorance as was my case I didn’t know better.
When dealing with altcoins it’s good to take your profits early as to avoid stories that touch, if you keep it for long the assets value might end up vanishing .

[RockBell]

Another big loss is missing opportunities. If you run after other coins and reduce your regular Bitcoin purchases, then after a few years you will see that your Bitcoin accumulation rate has decreased. Many people think that when the market rises, they will buy other coins, take profits and then come back to Bitcoin.

I made this mistake when I was new in the trading market especially in the altcoin section, I thought I was smarter enough to jump in and out from one altcoin to another, I never knew I was dancing and happily entering the trap this step carries, then I came to understand that it's the worst method you could ever learn.

Stick to one coin no matter what, when it falls, stay calm or buy more, if it falls again, still buy more and never sell it, if you can, then when the price rises up, sell all for profits.

When you actually gets profits, never jump to another altcoin, keep in USDT until the same coin drops again and then buy it.

I think a lot of us who came into bitcoin first dabbled in altcoins, maybe only a blessed handful of persons were able to come into bitcoin first. Altcoins are cheaper and with higher promise of returns which can also go sideways. So we just jump in and try to make our sharp little gains instead of looking at the big picture, sometimes it’s due to ignorance as was my case I didn’t know better.
When dealing with altcoins it’s good to take your profits early as to avoid stories that touch, if you keep it for long the assets value might end up vanishing .

Even as much as bitcoin is a very good one to invest in there are still some good altcoins out there and there people that because of funds they decided to settle for altcoins and they have been doing very okay with there investments in altcoins since then so it's a matter of choice you can not fully conclude that everyone have to invest I. Bitcoin the only things that is going to be an issue is that if you are investing make sure you are investing in the right ones and now from the beginning of things the idealogy of trying to make quick money have to be soughted out, lot of people have this mindset so you have to control how fast you want to make money and this is why people need to be patient to wait after buying then the next thing is profit which you have to wait to make.

[icebar]

If an investor cannot invest in the right altcoin, then it can definitely be a trap. Not all altcoins are traps, there are some altcoins that have good potential, but most altcoins do not have long-term potential. So when it comes to investing, the main thing is whether you are choosing the right altcoin or not. Especially according to my opinion, I would say that if someone invests in the top altcoins, then it may not be a trap. Because so far many altcoins are surviving in the market, they are still surviving and they have the possibility of surviving in the future. No other coin will be compatible with Bitcoin, but there are some altcoins that can give good returns to investors in the long term, which is why there is no opportunity to call all altcoins traps.

[Josefjix]

I have watched and analyze the historical price of bitcoin right from when Bitcoin was invented, you will discover that there is no cryptocurrency bull run that bitcoin does not record new all time high till this present time. It is only bitcoin that has displayed such unique quality and of which other altcoins lacks such quality.

Other altcoin did new ATH in the previous uptrend that occurred before, Monero, BNB and Ethereum experience new ATH and it was a solid move that trigger many people's expectations and speculation on the market, that things may not go as planned and that something strange can also occur in the crypto market as well.

What actually matters to me is knowing how to pick up the altcoin suitable for long term holding, and those has to coincide with the top 10 altcoin on various coin market cap. These are the ones that can never fail you at all.

[Makus]

That's a long write up but you are making a good point here, altcoin is a trap because most of the coins or even all has high volatility and they are overhyped. The quickest way to take your portfolio down to zero is to invest in altcoins without doing any form of analysis. Altcoins doesn't really have the same results like bitcoin,  for you to invest in these coins you need to be careful about it and also you need lots of time to do your analysis and research before making your decision

[Futurexxx]

One thing most investors have not realized about alt and meme coin is that they falls more than they rise, so if you are ignorant about this fact and think that by investing heavily on them, you will be filthy rich in the future, yes their is a possibility of that happening, but the chances of it happening is like 2% to 98%, that is more of the reason why almost all those that invested heavily in alt and meme coin get burnt at the end, because it's not meant to survive the market for long, contrary to what most of this ignorant investor thinks.

[Fiasem20]

In my own opinion,not all altcoins are Ponzi scheme,but majority of these altcoins display the attributes of Ponzi schemes.There are highly volatile and over hyped with unrealistic returns.Channel whatever energy you have for accumulating altcoins into buying a potential asset,bitcoin to be precise.Majority of those altcoins in the market are pump and dump scheme and in several occasions those founders of altcoins uses the fund of newer investors to generate profits in other to pay earlier investors.Even if you want to diversify small amount of money into altcoins make research on the ones that are capable of yielding profitable returns.

[fredericktaylor]

It is true that most Altcoins are risky to invest in because their prices fluctuate very quickly. There are many new investors who invest in Altcoins only thinking about profits. They think that when the price of Altcoins decreases, they will enter the market and when the price increases, they will sell it and make a lot of money, thereby fulfilling all their desires or wishes in life. In reality, new investors invest only thinking about profits. They do not think about anything else. They only think about the profits from the investment and do not think about the losses, and most of the time, all these investors face losses.

Investing in crypto does not mean that you will get money quickly, you need to first gain proper knowledge about crypto investment. When you are aware of the risks of crypto investment, the chances of loss due to investment will be relatively low. However, from my point of view, investing in Altcoins is risky so I always prefer investments that can give me hope of profit in the long term, for this I prefer investing in Bitcoin. By consistently purchasing Bitcoin with proper knowledge and long-term planning with reasonable money and holding Bitcoin with confidence and patience, we can protect ourselves from inflation in the future and expect profit in the long term.

[TokenTikas]

The reply post is being made depending on the subject of the OP post. How altcoin becomes a trap should be explained in detail, because compared to other coins, the number of scams in altcoins is higher, but within them there are still good coins up till now. If we can analyse properly, we can also find something good from altcoins. Since the number of scams and losses in altcoins is higher, many people see altcoins as something bad. However, those who can do proper analysis and have good knowledge about altcoins will never consider altcoins as a trap. ETH and BNB have maintained their position and survived till now. Not only these few coins, there are many other coins that are doing well and will continue to do well. If someone analyses in a healthy and correct way, they will not see altcoins as a trap.

[liasbaa]

Those who say "other coins go up more" Have you ever traded in altcoins with this logic? And how did that affect your Bitcoin investment?

When I started investing, my advisor was more attracted to buying altcoins because the value of Bitcoin was much lower than those coins. The amount of funds available to me was relatively less. I bought altcoins compared to Bitcoin savings but the results were not good

At that time I was advised to buy altcoins because they were much lower than Bitcoin. But my expectations were not met. And my investment advisor gave me wrong advice.

I realized my mistake very soon and am doing DCA for Bitcoin accumulating. If I had been engaged in Bitcoin accumulation from the beginning, I would have got the expected amount of Bitcoin portfolio. I was responsible for not getting the expected amount of Bitcoin holdings by buying altcoins at the beginning of the investment and I am responsible for it because I was a new investor at that time

[AuchanX]

We forget that speed and survival are two different things.Many altcoins have increased 5-10 times in a short period of time, but in the long run, most of them have disappeared from the market or have not been able to return to their previous highs. I heard that many tokens from the bull market of 2017 and 2021 are practically dead or down 80-95%. Anyway, I don’t want to mention them anymore. We should really understand the main difference. We know that Bitcoin’s network effect and security are different from any other coin. Bitcoin’s hashrate, decentralization, fixed supply of 21 million and we know its long 15+ year history set it apart from others. Most altcoins have centralized teams, pre-mines, token unlocks or sudden regulatory risks. Which creates great uncertainty for us investors in the long run.

 Another important thing is our opportunity cost. If we keep depositing Bitcoin through DCA regularly, then time will work in our favor despite the market volatility. But if we change our portfolio repeatedly with the mindset of having to make quick profits this time, we lose not only our capital, but also our valuable time. Most traders cannot time the market. That is why I think that consistent holding in the long run has yielded better results than most active trading strategies.

[PremiumcryptoHub]

In my own opinion,not all altcoins are Ponzi scheme,but majority of these altcoins display the attributes of Ponzi schemes.There are highly volatile and over hyped with unrealistic returns.Channel whatever energy you have for accumulating altcoins into buying a potential asset,bitcoin to be precise.Majority of those altcoins in the market are pump and dump scheme and in several occasions those founders of altcoins uses the fund of newer investors to generate profits in other to pay earlier investors.Even if you want to diversify small amount of money into altcoins make research on the ones that are capable of yielding profitable returns.

As far as I know, not all altcoins are outright Ponzi schemes but many of them are high risk and have a high risk of becoming scams. We can see that there are some investors who invest heavily in altcoins thinking that they will make a lot of money very quickly, yes it is possible but the probability of it not happening is about 90%. Moreover, the inexperienced of our local board should accept the fact that even established altcoins are not showing signs of upward momentum, so they are a trap. Even these coins do not yield results like Bitcoin, and in my opinion every Nigerian should do a lot of research and analysis before deciding to invest in them.

[ruykeri]

I never invest or trade in shitcoin. I am not interested in spending any money on shitcoin. I don't even watch any shitcoin related news. I ignore it completely. Because Bitcoin and shitcoin are two different things. Even though there are many shitcoins, are worth much, I will not spend any money on such a scam. And I think everyone should not spend money on any crypto other than Bitcoin. If you spend money on Bitcoin invest, create a mindset and financial situation to hold it for a long time, you will have a chance of something good happening to you in the future. Thinking about anything else outside of this will be harmful to you.

[rachael9385]

Not all altcoin is a trap, there are few that hve been able to stand the test of time. coins like solana and etherum are good options to trade or invest in. Even though they are stl highly volatile they are still better than the rest. Before investing in atcoins you must make sure that you do proper research and analysis otherwise you might end up losing big time. Lastly, altocins are only good with short-term investments.

[Judith87403]

You just described a pattern a lot of people has seen in the early cycles of altcoin around Bitcoin.

True, few altcoins outperform for a season. In the runs such like 2017 or 2021, coins like Ethereum or Solana surged faster even more than Bitcoin. Yet many others didn't recover after crashes of like 70 to 90 percent. Survivorship bias covers the failures.

On my personal view, those traders who chases after quicker gains mostly ends up having smaller position in Bitcoin in the long term. To rotate back sounds simple, yet timing both the pump and the exit is difficult.

An approach that is balanced a lot of people use is to keep the majority in Bitcoin then limiting altcoins to only a small, predefined percentage that can be afforded to lose. Discipline mostly matters more than chasing speed.

[Btcdeybodi]

Whoever that is investing in altcoins should just know that they can lose their money in a blink because same way they pump is the same way they dump so heavily. Someone close to me was persuaded to invest in a coin that was trending in January and the person that introduced that coin was already on a profit of x10 which gave this guy confidence to invest since the coin was still pumping, did you know that after he invested he still went ahead to put more money but all of a sudden the price starded dumping and reduced the amount he invested in the coin to nothing. Altcoins are indeed a trap especially those ones that suddenly start pumping, the project owners have a plan to liquidate it but they might be waiting for more people to fall for their trap.

[ejikeme24]

Not all altcoin is a trap, there are few that hve been able to stand the test of time. coins like solana and etherum are good options to trade or invest in. Even though they are stl highly volatile they are still better than the rest. Before investing in atcoins you must make sure that you do proper research and analysis otherwise you might end up losing big time. Lastly, altocins are only good with short-term investments.

I agree with you when you Said that not all altcoins is a trap, just like you Said Solana and Ethereum has been doing absolutely well over the years and that is because they are very close to bitcoin. whenever the price of Bitcoin decrease it also affect Ethereum and Solana infact almost all the whole crypto currency, while some shitcoin will keep increasing regardless of the dip in the value of Bitcoin. However anyone who want to invest in altcoins should invest into any of this above mentioned coins because they seems to have good potential than every other altcoins.

But as for me I have never thought about investing into altcoins, as a matter of fact I have not finish up with my Bitcoin investment so I feel that looking into investing in altcoins is not worth it for now, I would rather diversify into real estate or business instead diversifying into altcoins.

[I_Anime]

One mistake folks make is saying Bitcoin is slow (when come to price movements). Don’t forget that , that nigga is moving with thousands. What attracts most folks to altcoins is the idea that they can get rich fast through it , just by buying a coin that boom!! (Surges ) and most time such projects are usually shit project . Which we all refers to as pump and dumps project, that usually rugpull folks.