Should Beginners always avoid Altcoins

[casey15]

One advice that is always quick to be given to people that eventually want to get into crypto currency is that they should stay away from altcoun and focus on Bitcoin at least for the first year of their investing....
I think I quite understand why this advice us usually given but one thing I tend to ponder about is the fact that if this is applicable to everyone. Like does it mean that everyone going I to crypto sglhouldnt consider any altcoun at all?

I know that most people likely get into crypto because they heard that one token did 50x or even 100x. The excitement or the hype tend to push a lot of people to consider investing too even when they don't under the basics if market cycle, liquidity or even the tokenomic of the said token. A lot of them are usually just profit focused that they don't even realise the risk involved in what they want to do. And most times they learn the hard way when they are been rugged pulled or when they encounter a pump and dump.
This is different for Bitcoin because it has stood the test of time in all market cycle and trends. And it is the major reason why people advice to stick to just Bitcoin, because it has earned its reputation.

I don't think theistake people make is in buying or investing in altcoun, I just feel that a lot of them go in blindly. And the same is true for Bitcoin . If you go in blindly without understanding core concepts then you will lose money regardless. Not just crypto but everything in general.

But then do we think that this is enough for beginners to avoid altcoins altogether?? Or is there any value they stand to gain when they explore them alongside Bitcoin.

[Nwada001]

The advice is for people to take precautions, and for me, it’s best to first come into the crypto world through Bitcoin, stay a bit in the community, and learn how to study the altcoin market so that you don’t buy trends instead of investing in something with real value.

Not all altcoins are completely bad, but the majority of them are just cash cows; the developers are the ones using them as a means to enrich their pockets, and their major targets are those who are too eager to make fast profit. They give them exactly what they need in the form of projects and marketing.

[Son Of Blockchain (SOB)]

The advice is for people to take precautions, and for me, it’s best to first come into the crypto world through Bitcoin, stay a bit in the community, and learn how to study the altcoin market so that you don’t buy trends instead of investing in something with real value.

Not all altcoins are completely bad, but the majority of them are just cash cows; the developers are the ones using them as a means to enrich their pockets, and their major targets are those who are too eager to make fast profit. They give them exactly what they need in the form of projects and marketing.

Best advice anyone can give to a newbie, Bitcoin is a better digital currency than other, proven in terms of option for investment, self custody and inflation hedge, among others so it's best to start with it, understand how the market works before considering whether to risk into altcoins or not.
 Since the majority of them are not reliable, a newbie wouldn't know the right one to buy and probably lose their money but when they start with buying Bitcoin, as time goes they'll understand the market and which alt has potential.

[Dr.Bitcoin_Strange]

The advice about not investing in altcoins is subjective. Not every crypto expert would advise you or a beginner to avoid investing in altcoins. The purpose of such advice from some experts is to let the beginner be aware of the risks associated with altcoin investments.

After that, beginners have their own choices to make. It's not as if the advice will forcefully stop them from buying any token or coin of their choice. However, they should do proper research before investing, which can help them avoid many shitcoins while also understanding that they should only risk an amount they can afford to lose.

Beginners must make their own decisions about whether to invest in altcoins or not. Personally, I would advise them to take investing in Bitcoin more seriously than investing in altcoins.

[Cryptomultiplier]

Well, it's good advice for beginners to invest in Bitcoin first because it has built a reputation in the crypto currency market so far more than most altcoins could ever.
A beginner in crypto currencies market may encounter much loss of capital if they start investing in hyped coins and blame every crypto currency for such malady, but when they start with Bitcoin investment, probably holding and accumulation, they could along the way learn and understand what market cycles mean, what size position is and be able to see clearly the difference between a hyped coin and fundamental utility.

Along the way, if they get interested in altcoins for trading, they must have built a better comprehensive knowledge of how to navigate the market and make reasonable profits while still having Bitcoin investment.

[Joy- maker]

But then do we think that this is enough for beginners to avoid altcoins altogether?? Or is there any value they stand to gain when they explore them alongside Bitcoin.

The reason why I always say that newbies should avoid shitcoins is because, majority of them are pump and dump coins. When I newly joined the crypto space I bought my first Bitcoin, instead of focusing on the ongoing accusations of Bitcoin and hold for long term i started following online influencers who were hyping some shitcoins back then.

I invested heavily on one those coins they were hyping back then without knowing that the coin was a pump and dump coin. Although, I'm still holding the coin on my bybit exchange account and the coin is presently sitting at 0.03 USDT and there is no hope that it will recover one day.

Newbies should focus on accumulating Bitcoin and then hold it for long term, already bitcoin has proven to a store of value with potential for significant returns when you buy and hold it for long term.

[Stable090]

One advice that is always quick to be given to people that eventually want to get into crypto currency is that they should stay away from altcoun and focus on Bitcoin at least for the first year of their investing....

Bitcoin is just the best investment, and it’s kind of less risky compare to other altcoins, but we know most people won’t want to invest in only bitcoin, they will want to try out other altcoins, so whenever I see anyone that wants to invest in altcoins, all what I do tell them is to invest in strong altcoins, they should invest in top altcoins, at least it’s better than invest in all this shitcoins entering the market right now.

When newbies choose to invest in altcoins, most of them are always going for all this shitcoins in market, because they believe those are the coins that will make them rich within a short period of time, and they are always ignore the risk in it.

I know that most people likely get into crypto because they heard that one token did 50x or even 100x.

That’s why lots of people are always interested in altcoins. They just want a coin that will do 50x or 100x, and any coin that will do that within a short period of time is just a shitcoin, they are coins that are pumped and dumped.

[Humblevirus]

The reason why some experienced crypto investors always advise beginners to stay away from altcoins is because of their limited knowledge of the crypto market. Due to this lack of proper knowledge, beginners may make the wrong decisions when investing in scam projects. It is not that there are no good altcoins; the fact is that they are few, and they are very hard to identify for people who have little or no knowledge of the cryptocurrency industry. That is why experienced investors often give this advice, because they understand what has happened and continues to happen in the crypto industry.

[CryptoHeadlineNews]

I don't think theistake people make is in buying or investing in altcoun, I just feel that a lot of them go in blindly. And the same is true for Bitcoin . If you go in blindly without understanding core concepts then you will lose money regardless. Not just crypto but everything in general.

I will say that I totally disagree with you on the very point you just raise above, which says that if people invest in Bitcoin blindly, they will also lose their money. Because I will say that the case of Bitcoin is totally different from those who invest in altcoin, because just as an altcoin can be rug-pull or pump and dump. When it comes to Bitcoin, nothing of such can every happen, because Bitcoin have been tested and trusted to be a coin with great long term investment potential.

But then do we think that this is enough for beginners to avoid altcoins altogether?? Or is there any value they stand to gain when they explore them alongside Bitcoin.

Altcoin is very volatile, and that's the primary reason why we always advise newbies to stay away from it, but that doesn't mean if you understand the very altcoin you want to invest or trade with, that you shouldn't go about it. But just be rest assured that the chances of you losing your capital is always high as compared if you had invested that same amount in Bitcoin. And right now, it's no doubt that people are making 10x to 100x by investing in the right altcoin at the right time, and likewise meme crypto traders who sometimes make huge profits or loses due to how volatile the market is.

[Hypnotizer]

One advice that is always quick to be given to people that eventually want to get into crypto currency is that they should stay away from altcoun altcoins and focus on Bitcoin at least for the first year of their investing....

I think that’s because it’s very risky.. the probability of losing money to Altcoins investments is very high and as someone advising a beginners you’d like to push them to the less risky side of crypto.

Altcoins in this case meaning the new ones that people might call “coins with potentials” that would probably be dead after one cycle, but for the other ones like ETH, Solana and the rest, the case might be different because it would now have to do with investor whether he wants to take the risks and diversify.

I think I quite understand why this advice us usually given but one thing I tend to ponder about is the fact that if this is applicable to everyone. Like does it mean that everyone going I to crypto sglhouldnt consider any altcoun at all?

With time after getting familiar with the market, a beginner can choose to consider other altcoins at his own risk tho but for a fresh beginner or newbie then they should definitely not consider it at all.

But then do we think that this is enough for beginners to avoid altcoins altogether?? Or is there any value they stand to gain when they explore them alongside Bitcoin.

As a beginner you should learn the system and market first before you start to think of exploring Altcoins because they need to get off that mentality of getting 50x or 100x from some quick altcoin pump which is a very rare occurrence, so that they wouldn’t lose their money.

[Pi-network314159]

But then do we think that this is enough for beginners to avoid altcoins altogether?? Or is there any value they stand to gain when they explore them alongside Bitcoin.

avoiding altcoin is just the best and easy way to scale through. Regardless of how attractive is might appear, there is no room for mistake. Bitcoin is the altimate, many coin may pump and dump but Bitcoin is entirely different. I will advice anyone around me to go for Bitcoin because no matter how slow it may be compared altcoin, it will still do better. They should learn to exercise patient because Bitcoin investment deal with longe term patient.

[Silikiem]

But then do we think that this is enough for beginners to avoid altcoins altogether?? Or is there any value they stand to gain when they explore them alongside Bitcoin.

avoiding altcoin is just the best and easy way to scale through. Regardless of how attractive is might appear, there is no room for mistake. Bitcoin is the altimate, many coin may pump and dump but Bitcoin is entirely different. I will advice anyone around me to go for Bitcoin because no matter how slow it may be compared altcoin, it will still do better. They should learn to exercise patient because Bitcoin investment deal with longe term patient.

Newbies are still inexperienced in cryptocurrency and they don’t need to start their journey with altcoins because they certainly can’t handle its extreme volatility. Most altcoins have high scam rate and beginners stand high chance of losing their money and they will struggle real hard to be able to manage such a sudden loss. They need to stay around bitcoin that have proven over the years to be the most valuable crypto asset. Based on my experience, I won’t advise newbies to start their cryptocurrency journey with altcoins because the money i spent while investing in altcoins as a newbie in the crypto world, if I had spent such money investing in bitcoin I would have been 100x more wealthy than my present financial position.

[I_Anime]

We are not saying altcoins are bad , altcoins are not bad . But some  can endup being a complete waste of time and resources, the problem with investing in altcoins is that is not easy to find a good ones . Unlike bitcoin you have already know that is the only of its kind the others are altcoins, so you can’t see like two bitcoin . Thinking on which to invest on , but now you know is only one bitcoin so best thing to do is to invest in it .

[Amphenomenon]

The reason why some experienced crypto investors always advise beginners to stay away from altcoins is because of their limited knowledge of the crypto market. Due to this lack of proper knowledge, beginners may make the wrong decisions when investing in scam projects. It is not that there are no good altcoins; the fact is that they are few, and they are very hard to identify for people who have little or no knowledge of the cryptocurrency industry. That is why experienced investors often give this advice, because they understand what has happened and continues to happen in the crypto industry.

This is it, beginners are advised to avoid altcoins because they lack the knowledge to do it rightly or even identify the worthy ones, it is better to watch and learn while being active in this space than just coming in even with a little bit of knowledge which can handle bitcoin investment with lower risks.

We have become knowledgeable with time and listing or identifying a good altcoins becomes easier with time and this is the benefit of the experience or learning.

[Jegileman]

We are not saying altcoins are bad , altcoins are not bad . But some  can endup being a complete waste of time and resources, the problem with investing in altcoins is that is not easy to find a good ones . Unlike bitcoin you have already know that is the only of its kind the others are altcoins, so you can’t see like two bitcoin . Thinking on which to invest on , but now you know is only one bitcoin so best thing to do is to invest in it .

Altcoins are not a bad investment when you invest into the right ones, but many people tend to make that mistake of investing into the wrong one and then end up regretting their actions later. There are a lot of altcoins out there that have been in the market for a very long time, most of them have this trust and credibility that when you invest in them, you’ll not have a problem with regretting such investment in the future.

Despite all of this, not investing into bitcoin the first time into the market is very important, learn how they work and also how to identify the good and bad ones to invest into. Bitcoin is the best and most advisable crypto to invest into when you come into the market new. Others can come later but don’t make the mistake of not having bitcoin as part of your portfolio in crypto investment.

[ColdLava40]

But then do we think that this is enough for beginners to avoid altcoins altogether?? Or is there any value they stand to gain when they explore them alongside Bitcoin.

No, altcoins are not completely bad, it is how people invest with the expectations to make high returns.

A token at launch normally does more than 20-50X for a start, we see it happen all the time but after dragging enough investors in, it's dumped on them.

Buying altcoins is absolutely not the problem. It's the hypes and the fomo which many encounters that causes the loss. You can't escape loss, but can avoid them in a way of you understand how to get in and get out.

I think that's another point. Greed. To some extent people wants more. Your investment already did 5x but you want to get rich over night. That's the problem.

[Dzwaafu11]

Well, it's good advice for beginners to invest in Bitcoin first because it has built a reputation in the crypto currency market so far more than most altcoins could ever.
A beginner in crypto currencies market may encounter much loss of capital if they start investing in hyped coins and blame every crypto currency for such malady, but when they start with Bitcoin investment, probably holding and accumulation, they could along the way learn and understand what market cycles mean, what size position is and be able to see clearly the difference between a hyped coin and fundamental utility.

Along the way, if they get interested in altcoins for trading, they must have built a better comprehensive knowledge of how to navigate the market and make reasonable profits while still having Bitcoin investment.

Knowledge is the main thing, once there is knowledge even if you are new to the space as long as you have the knowldge of what you are about to put your money into, there is no problem in my own opinion. Even the professional investors that are advising the beginners to stay away from altcoins is because they don't have enough knowldge and legit altcoins are just few in number.

So instead of a beginner to go and waste their resources in altcoin they should just directly invest it in bitcoin, because the risk is not as big as when they invest in altcoin. When they actually discover a legit altcoin, there is no point in stopping them.

[Grace333]

If you tell them not to, that would be the more reason they would want to know why because you can't tell the human brain what not to do. However I strongly agree to what Nwada001 said, even if their curiosity wouldn't let them stay comfortable they should at least stick with bitcoin first for a period of time before they check out altcoins so they can tell the significance difference between them.

Most people after having their first taste of crypto with altcoins they just conclude that crypto is bad, but if you check well there is a high probability that you might discover that they didn't learn about crypto before they started because if they did then they would have heard about bitcoin before anyother coin.

[Ashawowo(OS)]

Not all altcoins are completely bad, but the majority of them are just cash cows; the developers are the ones using them as a means to enrich their pockets, and their major targets are those who are too eager to make fast profit. They give them exactly what they need in the form of projects and marketing.

Altcoins are not bad, the worst are shitcoins and meme coins of which over 95% of them are fraudulent schemes. Meme coins are a serious gamble and anyone going into it should do so with very little amount and treat it the same way they treat depositing on the casino. I've watched shitcoins rise and die in less than an hour. A lot of scams are going on in these tokens, especially in Solana Blockchain.

Bitcoin is different, it's a safe haven asset, although it doesn't offer any guarantees, but it's not in the same class with any Altcoins, not to mention shitcoins and it's a good option for a beginner in crypto.

[Franklyn-wood]

We are not saying altcoins are bad , altcoins are not bad . But some  can endup being a complete waste of time and resources, the problem with investing in altcoins is that is not easy to find a good ones . Unlike bitcoin you have already know that is the only of its kind the others are altcoins, so you can’t see like two bitcoin . Thinking on which to invest on , but now you know is only one bitcoin so best thing to do is to invest in it .

To be sincere, no one can tell what might happen anytime to the shit coin, because it is unstable and the value maybe less to what is expected lesser than what the market is speculation everry. Bitcoin supersede them all as is it bloclk chain which makes it more secured and friend for any one who is interested to cease the  opportunity from it many other people. Will be happy to, confident then you have the convincend others to join them in investing, also generally accepted.