Altcoin is a Trap

[Tungbulu]

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

Volatility is kinda like a quality or nature that all the crypto assets share in common, and it’s kinda like the best part of cryptocurrency but not altcoins, and you can’t compare Bitcoin with altcoins, it just doesn’t sit well with me because Bitcoin is way out of any altcoin’s league, including the kind of altcoins Ethereum. And yeah Altcoins are very unstable which means the tendency of losing money is pretty high, cos you can’t hold it for the long term, it’s riskier when you attempt holding it for the long term so folks try to take short term profits which is even the highest risk.

[Olatundespo]

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

Volatility is kinda like a quality or nature that all the crypto assets share in common, and it’s kinda like the best part of cryptocurrency but not altcoins, and you can’t compare Bitcoin with altcoins, it just doesn’t sit well with me because Bitcoin is way out of any altcoin’s league, including the kind of altcoins Ethereum. And yeah Altcoins are very unstable which means the tendency of losing money is pretty high, cos you can’t hold it for the long term, it’s riskier when you attempt holding it for the long term so folks try to take short term profits which is even the highest risk.

You cannot compete with the volatility of altcoins and you will face defeat at some point. Long term accumulation in Bitcoin will give the opposite result. Almost all altcoins will drop in price more than you expect and they are not hopefull coins for long. A tempting price drop will attract you but at the same time increase your volatility. Top coins like Ethereum, SOL or BNB have a huge temptation but after a certain time they will go down in price compared to their previous position which is very dangerous for an investor. Long term plans and strategies for accumulation Bitcoin will not disappoint you if you can maintain it every week. The possibility of increasing the price is high even if it is slow in the process of regular accumulating for 4 years or 8 years.

[Emjay24]

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?
What was the result? And if you kept spending money into other tokens, how much of your total money did you spend there?

Longevity is key in determining value and efficiency of a product. Although and even some shitcoins go up faster, but most of them result in a rug pull which isn't far from gambling. Most although investment are pure gambling and I'm not surprised that people choose to gamble with their funds over real investment in Bitcoin since most people are overtaken by greed.

Bitcoin has proved sustainable and a valuable asset over the years until this day. Wise people go long-term in it and have benefitted, while others are still trying luck and losing money in shitcoins. Well, it's obvious people are more inclined to their greed instead of focusing on real value.

[Agbe]

The key to getting significant results from altcoin is through research, a lot of people don't do proper analysis before they invest in altcoins and another common mistake that they make is that they apply the same system they use when investing in bitcoin. For altcoins it is better to do a short term investment than holding for a long term due to how highly volatile these coins are. These coins fall more than bitcoin, they can run your portfolio down to zero.

[cocadalcan]

The key to getting significant results from altcoin is through research, a lot of people don't do proper analysis before they invest in altcoins and another common mistake that they make is that they apply the same system they use when investing in bitcoin. For altcoins it is better to do a short term investment than holding for a long term due to how highly volatile these coins are. These coins fall more than bitcoin, they can run your portfolio down to zero.

Buying altcoins can take your portfolio to zero, which is the riskiest. Long-term Bitcoin investment involves an expectation that the price will increase in the future. This is not just speculation, but the limited supply and increasing demand have made Bitcoin valuable. Bitcoin is easy to accumulate through the nature of DCA strategies and discretionary income. One of the advantages of Bitcoin is that you can start investing without much experience, but to get the desired benefits from altcoins, you need to be experienced. Many years of research are required, yet the best results are uncertain.

[DiMarxist]

Investing in Altcoins projects is actually traping yourself because in terms of performance and growth rate of Altcoins compared to Bitcoin you will find out that, investing in Altcoins is actually not worth it as they show a slow growth rate over a specified period of time. Volatility is one thing that we should take into consideration because when it comes to crypto currency the most volatile crypto are Altcoins so investing in such projects which are not stable and can be up today and the next day be down is a trap in disguise.

[Sammye3]

Few people get lucky with Altcoins that is a reason why many are now in pursuit of similar lucky opportunity. You never trust what an Altcoin promises because we have most of them falsely pretend having so much potential meanwhile they end up just like the majority of them that rips their investors, strategically by hype and promotions in a short time, afterwards rug pool the project.

The choice of consuming Altcoin is optional, anyone who has the extra money to invest shouldn't mind, it might turn out to be one lucky big win for the investor, but i advice that the investor already have a strong Bitcoin asset in possession, that should be the first priority.

Exactly on point, altcoins are not trustworthy and are not for long term, because of similar scam patterns and rugpull afterwards. People who profit from altcoins are those who catch on early enough and have credible information source on when altcoins could probably pump.

Another lowkey scam is the aspect of presale which most people take as an opportunity,  because i have experienced several occasions where the launch price is below the presale value and holders then to panic sell for fear of total loss. The crypto space is entirely a pool of risk,  we just choose which risk is better and more profitable.

[Out of mind]

I think investing in altcoins is the most foolish thing, especially since I used to invest in it hoping for high profits, but most of the time I lost my money. Basically, people invest in altcoins hoping for high profits in a short time, but as a result, it turns out that the opposite process happens. There are some coins that are pumped a lot in a short time and people can earn good profits, so many new people are interested in investing, but they fall into that trap when they hire a broker. However, there are some coins that are worth investing in. If you invest in them, there is a possibility of profit, but if you invest in all other coins, there is a high possibility of loss. However, I think that investing in Bitcoin with the money you will invest in altcoins will be the best and you will not have to be at risk or fall into the trap. That is why the best medium for investment is Bitcoin. If you invest here, it is definitely possible to earn profits in the future, so we should choose Bitcoin for investment.

[Barikui1]

Investing in Altcoins projects is actually traping yourself because in terms of performance and growth rate of Altcoins compared to Bitcoin you will find out that, investing in Altcoins is actually not worth it as they show a slow growth rate over a specified period of time. Volatility is one thing that we should take into consideration because when it comes to crypto currency the most volatile crypto are Altcoins so investing in such projects which are not stable and can be up today and the next day be down is a trap in disguise.

I will blame everything on ignorance and lack of knowledge because no sane person that knows the true colours of alt and meme coin will be investing heavily on them, because they can't survive the market for long, since they are more of gambling than investment.

Additionally, the way they are wired, they falls more than they rise, and if you have a total of 100 alt and meme coin in the market, it's like only five that may pump and make a fortune for you, while the rest will bleed out and make those that invested heavily on them to lose a lot of money, so alt and meme coin are not a reliable thing to invest your money on, since the chances of losing your money is way more greater than the chances of making money from it.

[Ndabagi01]

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?
What was the result? And if you kept spending money into other tokens, how much of your total money did you spend there?

The mistake many people make is investing into altcoin for the long term. Since I started my investment in cryptocurrency, I have never been in loss of what I have invested into when calculated. I may have joined this space later, but with the idea I got to have about cryptocurrency from this forum and pals, it made me be at a very good advantage with my investment in altcoins.

I remember having some investments in altcoins, some which gave me good profits and some put me in loss. Why I still don’t feel the loss I had in some was that those that profited me covered up for the losses in incurred. I have not held to so many altcoins for more than six months, so it doesn’t get to put me in a situation where I am out there in loss for holding for the long term.

[HajiBagi]

Majority of altcoins out there are not worth investing on, yet some persons still allow themselves to be deceived with persuasive speech.
I can't agree less, because majority of altcoins are trap, but not all.  There are still few altcoins out there like Ethereum that are still doing well, and still worth investing on.

But Imo, I will say that, instead of Investing on altcoins focus on the ongoing accumulating of Bitcoin. Because Bitcoin is already known to be store of value with potential returns. So  Focus on Bitcoin with an accumulating target. And after you reach you accumulating target, hold your Bitcoin portfolio for long term five to ten years or more.

Let forget about accumulating bitcoin, instead of investing in altcoins i will use the money for a business, did you know that Alcoins is very dangerous than a business, you can start a business by buying some important materials or products that you know you will sell them and make a profit from them but in altcoins you don’t know what is going to happen, in fact you should only be praying that you should not regret buying it at the end because almost every altcoins don’t end well.

Some people will never listen because they have succeeded in one or two of Altcoins before or they have seen someone do it and succeed before, we should always go for what we will not regret at the end, although everything is all about risk and without taking risks you can not be a good investor but never tried to take risk with altcoins because you will regret it at the end.

[Crytohillss]

Majority of altcoins out there are not worth investing on, yet some persons still allow themselves to be deceived with persuasive speech.
I can't agree less, because majority of altcoins are trap, but not all.  There are still few altcoins out there like Ethereum that are still doing well, and still worth investing on.

But Imo, I will say that, instead of Investing on altcoins focus on the ongoing accumulating of Bitcoin. Because Bitcoin is already known to be store of value with potential returns. So  Focus on Bitcoin with an accumulating target. And after you reach you accumulating target, hold your Bitcoin portfolio for long term five to ten years or more.

Let forget about accumulating bitcoin, instead of investing in altcoins i will use the money for a business, did you know that Alcoins is very dangerous than a business, you can start a business by buying some important materials or products that you know you will sell them and make a profit from them but in altcoins you don’t know what is going to happen, in fact you should only be praying that you should not regret buying it at the end because almost every altcoins don’t end well.

Some people will never listen because they have succeeded in one or two of Altcoins before or they have seen someone do it and succeed before, we should always go for what we will not regret at the end, although everything is all about risk and without taking risks you can not be a good investor but never tried to take risk with altcoins because you will regret it at the end.

A good business gives one something really tangible products customer's cash flow not just charts and hype , with most altcoin people are basically betting and hoping and observing at least with a business even if it is little people are building something one can control and grow knowing your risk tolerance and not by putting cash into something to you don't fully understand for some folks altcoin worked out for them for many others it didn't .

[AmaGold70]

While there are very few trusted and legitimate cryptocurrency in the market, many of the altcoins have failed investors countless times. There are many altcoins in the crypto market without solid background, and clear use case and some are pump and dump altcoins, when they are newly introduced in the market, they pump rapidly, deceiving many investors and after a short while, you see thesame altcoin that experienced rapid growth collapsing, making investors loose huge amount of money.
Bitcoin is a digital currency with solid background and use cases, and Bitcoin  has kept long term track record, so investing in bitcoin will give you peace of mind considering it's long term track record and will reward investors accordingly in the long run.
There are many scam coins in the cryptocurrency market, no matter how they good they may appear, they are trap, when you invest in them, there is every likelihood that you will loose your money.

[Alonso_]

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?
What was the result? And if you kept spending money into other tokens, how much of your total money did you spend there?

Let's keep the records straight. People have made money from altcoins. Some altcoins have given people more profit than Bitcoin. But the problem is the risk that is involved when you're dealing with altcoins. You might be unlucky to lose most of your investment. It's like gambling, where you can be unlucky to lose or lucky to win big. Howvevr newbies should focus on Bitcoin investment since it is easier to understand and safer to hold for a long time.

I have not been active in buying altcoins because my focus is on Bitcoin. But I was lucky to make a handsome gain from an airdropped token.  

I don’t really know anyone who have made money from altcoins, but unfortunately for me I have been a victim of scam in recent times to altcoins, so I wouldn’t believe that I feel comfortable with loosing money in altcoins which is why I can’t afford to buy altcoins or any other shitcoins, ever since I started buying and investing in bitcoin, I have never been scammed of my money, because Bitcoin is absolutely worthy of the trust that I have with investing in bitcoin.

I don’t think I can ever have that mindset of buying any altcoins, because buying Bitcoin is more important when you’re investing for a long time, because I would prefer a long term investment in bitcoin, and I can’t trust any altcoins with my money to buy any altcoins would obviously be a disaster to me, and would be a terrible decision with my investment.