Why are cheap coins not worth investing on?

[Crakryptvest]

When we have decided to invest, what I think that should be our mind is the life span of the project we want to have as investment, cheap coins are not good to invest in because they are mainly pump and dump coins and even if we decide to invest in them, we should treat them as gambling, I have heard from different people that there are some investors that have benefited form cheap coins, I don't how true it is but even if that has to be true, how many of them, the little I have read about cheap coins which is considered to be shitcoins, they are trusted, developers use them to wreck havoc in the cryptocurrency market, they might look promising but he who understands the settings knows that there is no road there.

[Finebone]

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

Asking why these alt and meme coin no be first choice plan , is like asking why gambling and investment not the same because the common thing them get together na risk. My gee, try know say these coin them na more of gambling than investment because when you invest in them, the chances of losing your money is like 96% to 4%, so your money fit no come out, unlike investment wey the chances of your money coming out and you go also make gain from them dy very high if you can hold and be patient your investment.

Ok make we use the market condition as an example now, since the beginning of this year, Bitcoin don fall by almost 50%, while the best alt and meme coin don already fall by 60% and above because them dy fall pass when them dy rise, so na very wrong question to dey ask why alt or meme no be the number one cryptocurrency.

[Osas4real]

Alot of members here dey talk about how E dey good and profitable if persiin invest on Bitcoin and you go even get peace of mind as a beginner. When market go down, you get hope say E go rise again even if e take time as a result of the Bitcoin seasons. But Bitcoin Na asset wey no cheap at all and to even accumulate this asset no easy as per economic situation wey we dey face for d country.

I like the fact that you have already acknowledge how good and reliable Bitcoin is among all and it's not like a get rich schemes that is not that trusted and reliable. However, this your kind of mentality is literally the kind that normally end up most investors in lost and regrets. When you start running after cheap coin that will perform some magic in a short term and the end of such action is always "if to say I know, I for no go" so be careful on how you run after alt coin before you fall victim.

I'm happy you noticed I talked about how good Bitcoin investment is because I heard from others and I have little knowledge about it's price history. I even have some few SATs on Hold.
I've seen alot of tokens in the Crypto market and that's the reason I started diz topic. The replies of most users drives towards the same opinion and I appreciate your replies because it definitely will shape my view of the crypto market.

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

The question you just asked would have gotten the best answer if only by through real experience, because I think experience would have given you the best answer you required, so I will suggest you test it yourself by investing your hard earned money into any of those get rich shit then you will understand better why real investors choose to invest in Bitcoin than risking their funds in alt coin.

I won't risk that. I think am enlightened now.
I appreciate your reply.

[Fivestar4everMVP]

Alot of members here dey talk about how E dey good and profitable if persiin invest on Bitcoin and you go even get peace of mind as a beginner. When market go down, you get hope say E go rise again even if e take time as a result of the Bitcoin seasons. But Bitcoin Na asset wey no cheap at all and to even accumulate this asset no easy as per economic situation wey we dey face for d country.

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

This is because altcoin can't be completely trusted as bitcoin is trusted especially if you are buying with a long term mindset., that is, if you intend holding the coins for a long time to make maximum profits, bitcoin is your sure bet because it can't disappear the same way most altcoins disappear..

Now, I am not saying that investing in cheap altcoins is bad, I myself writing does have a good stash of altcoins I've invested in and holding for the long term, but to not make mistakes in this, you have to be very careful, you have to use experience to know the altcoins that have the potential to withstand the test of time and also turn out successful..
The reason why only bitcoin is recommended to newbie is because as a newbie, he or she lacks the experience needed to choose the right altcoin, an altcoin maybe very cheap and also very useless in the sense that if you buy such altcoin, you money will be gone in a month or two, so this is why bitcoin should be the only focus for newbies in the industry.

[Joeboy]

Alot of members here dey talk about how E dey good and profitable if persiin invest on Bitcoin and you go even get peace of mind as a beginner. When market go down, you get hope say E go rise again even if e take time as a result of the Bitcoin seasons. But Bitcoin Na asset wey no cheap at all and to even accumulate this asset no easy as per economic situation wey we dey face for d country.

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

Awoof dey run belle... Coz something is cheap dosen't mean that it is valuable/or that it will get valuable in the future, and that's why it is really not advisable to invest in all this cheap shitcoins that keep popping up in the market... Shitcoins are actually very useless coz they don't have an actual use case, that why Bitcoin will always be a better alternative to all this shitcoins in the market.. And when you say Bitcoin no dey cheap, then you are actually neglecting the fact that Bitcoin is divisible into 100 million, which is exactly what makes it easier for Bitcoin to be bought in small units even by the average/or poor folks...

[Mayor of ogba]

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

The reason why newbies are advised not to invest in altcoins or memecoins in their early days of their crypto journeys is because altcoins or memecoins are pump and dump coins, they have low chance or no chance of rising back when there's a crash in the market, and if you don't invest in them pretty early other investors will use you as an exist liquidity, and when they happens you will lose your money to the market. So for you not to have bad experience that could make you not to invest in bitcoin or see bitcoin as the same thing as altcoins or memecoins it is better for you to kick start your investment in bitcoin but as you are gradually growing in knowledge you can invest in altcoins or memecoins if you want but don't invest more 10% of your discretionary income in altcoins or memecoins.

[Orpichukwu]

I’ll quote from the most popular quote of Altcoin…

“Altcoin investment is like Gambling”

Not all altcoins actually fall into that category, and for this generalisation they also want to categorise crypto trading to be the same as gambling, while there is a huge difference. If there is something or some crypto which fits very well in that gambling category, it should be memecoins; they are priced based on hype. You can invest in them today and lose all the net minutes. Those fast-profit-promising memecoin trades are an activity which I also see as gambling.

[Solodoski]

The reason why newbies are advised not to invest in altcoins or memecoins in their early days of their crypto journeys is because altcoins or memecoins are pump and dump coins, they have low chance or no chance of rising back when there's a crash in the market, and if you don't invest in them pretty early other investors will use you as an exist liquidity, and when they happens you will lose your money to the market. So for you not to have bad experience that could make you not to invest in bitcoin or see bitcoin as the same thing as altcoins or memecoins it is better for you to kick start your investment in bitcoin but as you are gradually growing in knowledge you can invest in altcoins or memecoins if you want but don't invest more 10% of your discretionary income in altcoins or memecoins.

Also a newbie dont have a proper portfolio yet. Successful investors have major coin like Bitcoin and ETH in their portfolio before thinking of holding a little of memecoins for other purpose. The main purpose of buying altcoins is for diversification. Buying altcoin as a major asset for investment is not a great idea. And as a newbie the regret will be much because that can hinder your zeal in continuing any other investment in crypto.

[Dareo]

-snip-

The reason why newbies are advised not to invest in altcoins or memecoins in their early days of their crypto journeys is because altcoins or memecoins are pump and dump coins, they have low chance or no chance of rising back when there's a crash in the market, and if you don't invest in them pretty early other investors will use you as an exist liquidity, and when they happens you will lose your money to the market. So for you not to have bad experience that could make you not to invest in bitcoin or see bitcoin as the same thing as altcoins or memecoins it is better for you to kick start your investment in bitcoin but as you are gradually growing in knowledge you can invest in altcoins or memecoins if you want but don't invest more 10% of your discretionary income in altcoins or memecoins.

I think it's a little one sided to look at it like that, Altcoins are bad. It's not the coin, it's us. Newbies come to the market with a desire to make a quick buck and that's why they go into risky ventures where others have already mapped. Bitcoin is a learning experience. This is where you learn about the market, when to fear and when to be patient, If you then invest in altcoins, you won't make as many mistakes. So for me it's more about how you invest, than where you invest.

[coinlary]

It's not about being cheap, you're  stilll buying the amount you can afford and you can simply do that with bitcoin too. Unless you're  looking for a coin which will blow up over night with also a possibility  of losing your money when it goes the opposite  direction and this is not kdifferent  to  gambling .

You can't compare Bitcoin to Altcoins &  memecoins,  you can invesg on it if you want bht make sure you're  doing yhis in small unit, asked those that invested since 2021 and still currently waiting for Altseason which may never arrives

I understand what you're saying it's like a reminder that patience and discipline is more better than going after quick profit, it's not all coin that is being known today that will be relevant tomorrow, if someone wants to invest money on crypto is better to focus on the long term and the risk that such person can carry at the end of everything rather than having hopes on gaining profits overnight that will eventually make you end up in regrets

I never mentioned crypto though.
Crypto is full of scams so it is better to just point out the right one which is Bitcoin instead taking all of it as a whole under  crypto.

Long term or not don't  invest  too much on altcoins, I have so much of  friends in serious  loss for years just  because they went all in on altcoins. I'm  not even talking about the memecoins, those ones are pure gambling especially now that  it's been  made easy to create them in just one click. Most are not worthy to be used as investment.

[Bright0515]

Alot of members here dey talk about how E dey good and profitable if persiin invest on Bitcoin and you go even get peace of mind as a beginner. When market go down, you get hope say E go rise again even if e take time as a result of the Bitcoin seasons. But Bitcoin Na asset wey no cheap at all and to even accumulate this asset no easy as per economic situation wey we dey face for d country.

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

Generally every crypto coin is unstable but there is a big difference between Bitcoin and altcoins, altcoins are more unstable due to how volatile they are but Bitcoin has less volatility which makes it safer to invest in. Altcoins are known to crash suddenly and it's even worse when you invest in coins you don't make any research about. Cheap coins sometimes are coins that ends up increasing in value for a short period of time,  if you have invested in memecoins before you should know what I'm talking about. The cheap ones are mostly the most risky ones to invest in.

[Churchillvv]

No worry you go learn the hard way. According to some social media shenanigans, altcoins wey people Dey warn everybody every day to fear you say because e Dey cheap na there you want put head, those cheap things for real life them Dey ever better pass the expensive things? E no possible so no try because of the price go enter them, invest weytin you fit get back no be for where your head no fit come out oh. Some na total rug pull or scam, in our local pidgin na wayo things be that.

[Curious T]

But the question be say why these cheap ones no be 1st choice investment plan?

That na becasue most of those coins no dey grow to become anything. Point no dey to buy cheap coin when the coin no go become anything for the future. Although some shitcoins dey grow to become something, but the ratio na very small. So if you no know which one go become something, na why e dey best to avoid am. E dey like gambling. If you get enough money to gamble, then you fit and do it responsibly. Also, no put mind say na there you go use make am. Just make proper research and choose the most promising to you.
But if you no get money or if you no fit find shitcoin wey get potential, the best na to just stick to bitcoin and try to dey accumlate am small small.

[Fiasem20]

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

Do you want to buy the full bitcoin?that would be too expensive for a beginner.Probably those newbies don’t know bitcoin is divisible,you can start little by buying the small fraction of bitcoin,you mustn’t start big as a beginner because your amount do cause impact but not as consistency.So I consider those individuals that prefer altcoins over bitcoin as a result of the price as those that lack knowledge about the divisibility of bitcoin.Most altcoins are worth not investing because of it’s value in the future,but you can make altcoin your 1st choice investment if you wish to but I wouldn’t recommend it.

[SmartCharpa]

Alot of members here dey talk about how E dey good and profitable if persiin invest on Bitcoin and you go even get peace of mind as a beginner. When market go down, you get hope say E go rise again even if e take time as a result of the Bitcoin seasons. But Bitcoin Na asset wey no cheap at all and to even accumulate this asset no easy as per economic situation wey we dey face for d country.

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

Unless that beginner no get long term goal when they invest, if not why dem go panic only because the market go down, you don’t have to worry about the market if e fall, because I believe say everybody that invest in Bitcoin already know that its about up and down, the price no dey stay one place, and the market no dey ever go the way we dey reason am, sometimes the price fit dey around one place for several months, but that one no mean say e no go move up one day.

The reason why this cheap altcoins no be first choice be say, dem prices for go down now make e no rise again, and just because price cheap no mean say dem will do better, unlike bitcon. Most of these coins dey rise when people dey hype them and after people buy finish, e go begin dey crash, meme coins na something wey dey fit rush today and forget say e dey exist tomorrow.

[Ishicryptic]

Alot of members here dey talk about how E dey good and profitable if persiin invest on Bitcoin and you go even get peace of mind as a beginner. When market go down, you get hope say E go rise again even if e take time as a result of the Bitcoin seasons. But Bitcoin Na asset wey no cheap at all and to even accumulate this asset no easy as per economic situation wey we dey face for d country.

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

The reason why you shouldn't invest your money on cheap coins is not because they are not worthy to invest in because of the price, the reality is that most of them are scams. Remember that Bitcoin was very cheap in it's early days and most people including me didn't give it any attention because we thought that it was a Ponzi scheme. Fast-forward to present day Bitcoin has gained a huge reputation that people who knows it's value now calls it digital gold because it is a store of value.

If any of those new cheap projects can withstand the test of time like Bitcoin they will also be regarded as a store of value but clearly almost all of them are scams and they will be dead along the way. They are not scams because they are cheap they eventually become worthless because they are centralized and their devs. have already planned how to exit with investors funds before their launch.

[PremiumcryptoHub]

At first glance, altcoins are cheap and affordable but you should note that people are most likely to fall prey to scams by investing in these coins. Instead, if we Nigerians could abandon the idea of getting rich quick and value BTC above all other coins, then that would be the right decision, because this BTC can be purchased with a little of your local currency, which is a cost-effective method. However, don't be fooled by comparing Bitcoin with altcoins and memecoins because it should be noted that many have been waiting for the alt season for several years but  it has not happened, so my guess use your local currency savings wisely in cryptocurrencies.

[Crypto_Timothy]

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

those cheap altcoins and memecoins dey always look attractive because of the price, especially when money tight but price no really mean value because most of those coins cheap dem no get strong foundation and no real use case some of dem never build enough trust for the market but as we know Bitcoin on the other hand get all these boxes checked.
and you see Bitcoin, fund dey hard but the mentality need dey about stability and long-term value to actually get soemthing from am. You fit still accumulate am small small based on wetin you fit afford but obviouslydem no suppose tell you your pocket for all these matters and those cheaper coins fit give quick gains sometimes o but the risk high gan, so no be say dem bad but dem no be first choice because consistency and security no really dey guaranteed like Bitcoin own.

[Jubilee58]

Bitcoin is undeniably the most trusted digital currency. It hasn't failed investors, more especially those who opt in for long term investment.
Cheap coins are associated with lots of danger, no certainty for future growth, they are pump and dump in most cases and there is high possibility of becoming scam investment.

I have tried investing in cheap coins, and honestly, my experience is not a good one.
Bitcoin has been tested and trusted, we can see the adoption and acceptance growing day by day. If you mean to maintain good financial future, Bitcoin investing is the sure way to go.

[Zigabel]

Alot of members here dey talk about how E dey good and profitable if persiin invest on Bitcoin and you go even get peace of mind as a beginner. When market go down, you get hope say E go rise again even if e take time as a result of the Bitcoin seasons. But Bitcoin Na asset wey no cheap at all and to even accumulate this asset no easy as per economic situation wey we dey face for d country.

Now, I know of Altcoins, I know of memecoins them dey very cheap and affordable, although no be all but from diz department, e get tokens wey I fit buy with small money. But the question be say why these cheap ones no be 1st choice investment plan?

Everybody know wetin dem want from every and any kain investment wey dem dey do, for example na, som pipo want make dem just run am sharp sharp, double up den cash out and e get pipo wey be say dem dey run investment based in the future and na so dis coins too dem be, all of dem get d wan wey go fit d kain purpose wey u want from ur investment, but dem dey always advise say na Bitcoin sure pass and make u no dey do things based on say u wan do sharp sharp collect money because no b everytime e fit favour u.

If u dey do all those Altcoins dem, dia disadvantage be say dem fit cast at anytime, and for dem, e no matter weda u don make your money or not, because some of dem sef wan make money, so once dem make dat money, dem don cash out comot body. But Bitcoin no dey like dat, Bitcoin na d only coin wey me I know wey get cycle, e get season, so u fit monitor am make u know wetin u dey expect at a time, but Altcoins dem no dey like dat, dem dey move as dem like, and sometimes dem dey try wan dey like Bitcoin, dey follow up with Bitcoin movement, but dat one still no go make dem stable.