Should Beginners always avoid Altcoins

[Sonia_123]

This na very good advice wey beginners need if only dem go hear because when most of dem  enter the forum come see altcoin them feel sey e go be like bitcoin because e dey for the forum dem nor no sey na different thing wey go just collect their money ones because of the money pressure wey dem carry enter the forum and those ones dey easily identify newbie so them go rush dem collect their money, bitcoin investment na him be the best I nor see reason why people dey invest for altcoin because the risk too much and newbie nor even understand anything nar why dem for dey avoid am till dem know am for those wey wan invest but bitcoin investment still remains the best just hold it for long-term term you go see the reward sey e beta x100 of any shitcoin wey you dey go invest for.

[Cleanshit]

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.

I would say allot of beginners don’t have the knowledge to separate good projects from scams and hype,I would say they have to start with understanding Bitcoin itself and we’re Bitcoin gives time to understand market im controlling emotions and also costly mistakes before they can now explore to other cryptocurrency

I would say allot of people who start with altcoin, late up end up seeing other cryptocurrency as scams after they have lose money, learning with Bitcoin first gives you a better understanding and perspective before than you decide on taking other risks

[Youngrebel]

Investing in altcoins takes a lot of knowledge and research, a s a beginner I would not advice you to start buying altcoins, it is better to start with Bitcoin and then the more you get acquainted with cryptocurrency you can take a step further into altcoin investment subsequently. Avoiding it forever isn't really accurate.

When investing in altcoins a lot of people fail to invest in the right coins and that's because they follow hype and fomo. From my experience in the crypto market it is best to stick with altcoins that have been able to stand the test of time and I'm talking about coins like Ethereum, Solana and so on.

Beginners should focus more on Bitcoin investment and when they are rooted enough then they can gradually invest but it's advisable to start by testing what you know first.

[Yablee0]

Op, no vex oh na just watin I observed as I read your post. Why I decide to put am for our local breaking bottle na for make whity no code am, but as a brother way you be I say may I cap you so that you no go enter one chance. This your op post be like watin them use whity machine take write, I fit dey over think or I fit dey wrong but just in case na true den stop make you no enter matter thank you.

Then in regards of the main point be say, me I no fit they tell any new investor or any new person way pick interest in crypto stuff make em invest in Altcoins when Bitcoin dey there, na bad belle be that na, when I know say Altcoins no dey reliable just as Bitcoin dey, e no make sense because my conscience no go even let me rest I swear.  No be say Altcoins they completely bad as much of us they see am oh but the chances of getting positive result from it dey very slim unlike Bitcoin. But regardless, people dey wey they lucky and still dey get something from it but the chances just dey very limited make I no lie for you. And to finalize the matter Bitcoin investment na the main investment way I fit beat hand for chest tell to any person wey dey interested because history don prove way all eyes dey see.

[Different patterns]

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.

Exactly, you say the truth. at least if someone want to invest, the person should at least have the basic understanding of what is about to invest in. And in crypto space there’s a lot of coins, and some are just way of mislead the beginners. But starting with bitcoin first gives investors more chance to understand and learn how the market works. And many beginners  nowadays they only focus on altcoins. Even if they enter crypto space with mind of investing into bitcoin, they end up invest into altcoins because of promises of quick and massive returns.

[SPIDERMAN008]

I think that whether you are new or experienced, you should always refrain from investing in altcoins. Most new investors invest in altcoins out of greed, which is a completely gambling type mentality. And investing in altcoins means leaving it to luck and where the possibility of loss is high and it is like gambling. Even then, many people invest in altcoins and many make profits because of luck. Because to make a profit in altcoins, you have to make entries and exits at the right time. Which is not possible to predict in any way. And many people waste their time researching different types of tokens, looking at charts and watching news, and making wrong decisions, which causes them huge losses. And many people think that they will gain some experience and knowledge about altcoins. Many people invest with that thought. You don't have to invest to learn or understand altcoins. If you want to explore altcoins, it is possible by giving some time. It is not mandatory to risk your own capital to understand how blockchain works, how centralized the project is and how controlled it is through a third party. Therefore, a new investor will benefit a lot if he spends the time and money he will spend on altcoins instead of bitcoin. Because when a person learns about Bitcoin properly, takes the time to understand his financial situation, follows the right investment methods, and starts investing with a long-term mindset the chances of making a profit from his investment will increase.

[Audrey Simmons]

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.

Altcoins are higher risk investments than Bitcoin. Beginners are completely new to managing certain risks, have no experience in choosing which particular Altcoin to invest in, or how to control risk by investing with an amount they won't feel sophisticated losing.

Altcoins are a broader market than Bitcoin, even experienced investors can still lose money while investing in Altcoins. The good part is them being experienced in so many ways, which a beginner isn't, the risks become easily controlled and bearable for the ones they can't avoid.

Beginners should avoid Altcoins, until they are fairly acquainted with the crypto market.

[Sally9256]

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.

Altcoins are very risky assets and they are just too risky for beginners to handle. Altcoins requires more knowledge and understanding to handle them and understanding them while still new to the system can be challenging since the work load will be too much for them to handle. With altcoins their emotions will be difficult to control and will easily result to making bad decisions and loss of money. Their is also the risk of scam and it's very common in altcoins and it's difficult for beginners to spot scam attempts easily.

I think it's best to avoid altcoins altogether at the beginning and when they get more acquired more knowledge they can invest in altcoins as well. Exploring them alongside Bitcoin will be too much work for them and also too many risk all at once for someone who is just starting so it's better to start out with Bitcoin.

[Cossyblack]

Crytocurrency investment is risky whether altcoins or bitcoin. The advice I can give to someone who wants to invest in altcoins is for them to make thorough research about the coin they want to invest as this will help them to know whether the coin is safe to invest or not.

 I think that not all altcoins in market are scam. They is still some altcoins that are reliable to invest but just that majority of them are scam. So as a beginner, before you invest in any coins that is not bitcoin always ensure that you have carried out dilegent research about that very coin so avoid falling prey to scammers.

[Promocodeudo]

Crytocurrency investment is risky whether altcoins or bitcoin. The advice I can give to someone who wants to invest in altcoins is for them to make thorough research about the coin they want to invest as this will help them to know whether the coin is safe to invest or not.

 I think that not all altcoins in market are scam. They is still some altcoins that are reliable to invest but just that majority of them are scam. So as a beginner, before you invest in any coins that is not bitcoin always ensure that you have carried out dilegent research about that very coin so avoid falling prey to scammers.

Which of them is more risky? The time it will a beginner ro start making research to know the less risky Altcoin, won't if be better for such person to invest in Bitcoin? I better not not complicate things for a beginner, what I can say here is that, a beginner should not have anything to do with Altcoin since he may not know his way around, it is better for him to invest only in Bitcoin in the time being then later he can make his choice of Altcoin if he wants and that becomes a personal burden later, we know that not all Altcoin are scam as you hunted but can we compare them to Bitcoin? Nate a beginner should start with Bitcoin my opinion though.

[Derekfunds]

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 .

Perhaps, it will be very good if one avoid or stay away from altcoins because the possibility of them doing well is very minimal I mean we have seen many altcoins that initially rose high giving people the conviction to invest in it and later the price/value dropped to nothing. Those who want to become rich overnight and those who believe in unrealistic luck should go ahead but I won't advise it and I won't try it either. Bitcoin is safer than all not because the future is guarantee but because we have seen evidence and prove.

[EstherBtc]

I clearly understand your stand point.

Nevertheless, everybody has their reasons for getting into crypto some are investors while some are traders. And also not all altcoins are shitty, we must get that out of the way. I started my crypto journey in 2020 before the Covid and i started with bnb and xrp. I made profits then i was an undergrad. The profit i made helped me to pay my school fees. The reason some newbies are quite reluctant to invest in btc is because they feel they can't meet up because to them they don't have the enough money to purchase it but they feel that with may $100 i can buy one altcoin and if the price goes up i will make $200 profit.

That's why it is important that newbies understand that btc is a long term investment plan and you don't need to have all the money in the world to invest in btc, you can accumulate.

[Fiasem20]

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.

Most persons are meant to learn from their mistakes.Actually,most experts came into the crypto space with active participation in altcoins,it’s not like there are no legit altcoins out there,there are legit altcoins but it’s involves deep research and most importantly as an altcoin lover I would encourage if you avoid newly altcoins,when going for altcoins always look out for their longevity,in essence how long have the project been in the crypto space for instance most bitcoin enthusiasts possess little of their investment in Ethereum because it has been for years now unlike some altcoins that don’t even get to two years and they are no longer heard in the crypto space.Anyways,I’m not promoting altcoins I’m only giving some wise tips on how to participate in their ecosystem.