Why Newbies Must Know the Difference Between Bitcoin and Altcoins

[Kelward]

Bitcoin na di main coin and di king for inside the whole cryptocurrency, e mean say every other coins be im subjects dat na why dem be altcoins (alternative coins) so any coin wey no be Bitcoin na alternative to Bitcoin. Dat na di simplest definition for di comparison of Bitcoin and altcoins so Bitcoin de for im own class alone and na so e supposed to be because di margin between Bitcoin and di biggest altcoin wey be Ethereum de over wide.

I believe say one of di major reasons wey many newbies de lose money for memecoins be say dem de think say all of di cryptocurrency wey de for market be like Bitcoin based on say dem de call dem cryptocurrency. E de necessary make newbies de know di difference between Bitcoin, top altcoins wey be oga for altcoins based on say dem de try and memecoins wey majority of dem na shitcoins. If you be newbie and you de confused about di cryptocurrency to hold based on say you don de hear about many scams make you buy and hold Bitcoin for none custodial wallet.

[AmaGold70]

Bitcoin is the first cryptocurrency ever created, and any other cryptocurrency apart from bitcoin is being considered as altcoins. Since the existence of bitcoin till this present time, no altcoins has toppled it in term of growth, and reliability, bitcoin has stood in the cryptocurrency market, moving from strength to strength.
As a newbie, it is important you know the difference between Bitcoin, and altcoins, and your knowledge will enable you to make informed decision. Most of the altcoins are pump, and dump cryptocurrencies, and their growth is dependent on the support of influencers, and anytime these influencers withdraws their support they are likely to crash.
Bitcoin remains the best cryptocurrency to invest in today, some persons say it is too expensive, but it is still rewarding in the long run, and investing in Bitcoin today is far better than chasing after worthless altcoins, they can even crash to zero, and all your investment can disappear so quickly.

[Jostern]

Yes both of them are risky, but Altcoins have more risk than Bitcoin

Bitcoin is not risky.

If you are losing, do not sell but buy more bitcoin instead. If you continuing buying it like DCA, you will later finally conclude that our mind is only deceiving us, and accept that bitcoin is not risky.

Also you will conclude that fiat that looks stable is what that is risky.

You’re absolutely right, bitcoin isn’t risky when you do the right thing when investing in bitcoin, if you’re buying bitcoin on a regular basis and buying through the DCA techniques and holding for a very longest time, the fact that bitcoin is volatile in nature means there is a bit of risk involved but you can manage the risk involved.

But there are people who follows the wrong way by investing in a short term, and likely trading bitcoin that is when investing in bitcoin is more risky, I can’t take away bitcoin as not risky, but we can be able to manage the risk involved while investing in bitcoin.

There are individuals who doesn’t understand what bitcoin is all about, which is why they make the wrong choices when investing in bitcoin.

[gracreavix]

trusted and backed by big institutions, ‎

Bitcoin isn't backed by big institutions because without them, it would still be functioning very well because of it's decentralized nature. Bitcoin however is backed by energy, computational power, math and code, these are the backbone of bitcoin of which bitcoin cannot function without them.

It is good to know the difference between bitcoin and altcoin/Shitcoins, not all of them die off immediately, but they are very much of lower value with respect to bitcoin and none of them fits in as a store of value and a proven investment prospect like bitcoin.

True, Bitcoin really does not need big institutions to function, that’s actually one of the strongest things about it. The whole system runs on code, math and so on, just as you’ve said. so it’s not like something you can just shut down or control easily.
And on the point of altcoins too, I agree. Not all of them disappear immediately, some of them even survive for a while, but when you compare them with Bitcoin, the difference is clear. Bitcoin has already shown that it can always be used as a store of value.

[Stormisover]

Bitcoin na di main coin and di king for inside the whole cryptocurrency, e mean say every other coins be im subjects dat na why dem be altcoins (alternative coins) so any coin wey no be Bitcoin na alternative to Bitcoin. Dat na di simplest definition for di comparison of Bitcoin and altcoins so Bitcoin de for im own class alone and na so e supposed to be because di margin between Bitcoin and di biggest altcoin wey be Ethereum de over wide.

I believe say one of di major reasons wey many newbies de lose money for memecoins be say dem de think say all of di cryptocurrency wey de for market be like Bitcoin based on say dem de call dem cryptocurrency. E de necessary make newbies de know di difference between Bitcoin, top altcoins wey be oga for altcoins based on say dem de try and memecoins wey majority of dem na shitcoins. If you be newbie and you de confused about di cryptocurrency to hold based on say you don de hear about many scams make you buy and hold Bitcoin for none custodial wallet.

It is good for newbies to know the difference as part of their basic knowledge as they get in to  the cryptocurrency world, it will enable them to make good and informed decision in whatever they are doing just as you said that in most cases they get involved in to meme coins thinking everything in the cryptocurrency world is the same whereas it is not, knowing the difference influence how we treat them, it is wrong when treating other coins like Bitcoin and alot of people realized this after when they have made the mistake, Bitcoin is different from other coins this should be written very bold in the mind of every newbies coming in to the world of cryptocurrency.

[Hyphen(-)]

True, Bitcoin really does not need big institutions to function, that’s actually one of the strongest things about it. The whole system runs on code, math and so on, just as you’ve said. so it’s not like something you can just shut down or control easily.
And on the point of altcoins too, I agree. Not all of them disappear immediately, some of them even survive for a while, but when you compare them with Bitcoin, the difference is clear. Bitcoin has already shown that it can always be used as a store of value.

The differences clear, everyone that tends to learn about cryptocurrency will know the difference, but just as the OP explained, some beginners that jump into crypto without learning are thinking that both Bitcoin and altcoins are the same, and that’s not true because of the reasons most of us have given above, newbies actually needs to understand that altcoin is centralized and are driven by community and hype, while Bitcoin is completely decentralized and no one can control it.