Should Beginners always avoid Altcoins

[Oyoyoma_yu]

As a bigginer, it is advisable to start with bitcoin, and you can consider other cryptocurrency when you are done with your bitcoin investment. Altcoins can very unreliable, because most of the altcoins survive by hype, and when this hype goes down, the coin crashes in price, and may not recover again. Most of the altcoins are pump, and dump. In the past they recorded very high profit, and newbies feel they will do the same if they invest in them, and that is how newbies get confused, and invest in a very bad coins.
From the onset of bitcoin, it has been performing well when ever the bull season sets in, and that trend has never changed.
As store of value Bitcoin increases in value on the long run, but making profit from altcoins is like gambling which makes profit very uncertain.

[Hyphen(-)]

As a bigginer, it is advisable to start with bitcoin, and you can consider other cryptocurrency when you are done with your bitcoin investment. Altcoins can very unreliable, because most of the altcoins survive by hype, and when this hype goes down, the coin crashes in price, and may not recover again. Most of the altcoins are pump, and dump. In the past they recorded very high profit, and newbies feel they will do the same if they invest in them, and that is how newbies get confused, and invest in a very bad coins.
From the onset of bitcoin, it has been performing well when ever the bull season sets in, and that trend has never changed.
As store of value Bitcoin increases in value on the long run, but making profit from altcoins is like gambling which makes profit very uncertain.

You can start with Bitcoin just as you said as a beginner before you learn about crypto and have your direction to decide if to invest in altcoin or not; but you will still not leave the Bitcoin investment, you should use that as a stepping stone and if you have learned a lot about crypto, you can decide to buy more Bitcoin and add to your portfolio.

Altcoin is not something bad, but as a beginner, if you come with the mentality of making money as quick as possible in the crypto industry, you will be forced to buy altcoin because it looks like you can’t wait to hold for long and you can’t rush Bitcoin investment because it is a long term investment project that will save you from so many things.

However, if you have project in mind and you trusted the project after learning and doing your research, you can invest in the project, but always know that crypto is volatile and the risk involved is high, therefore, be well prepared before starting to invest in crypto.

[Versatile_choice]

Nah!  I can't say a beginner should avoid altcoins completely, they can give it a trial if they wants that's if the beginner have the ability to figure out those top altcoins. because most of those top altcoins has been doing well for example; Ethereum, Solana and few other ones which I can't remember.

But before a beginner would think about investing in altcoins they need to ensure that they have stack enough stash of bitcoin in thier portfolio just should incase the other Investment fails they can recover from thier bitcoin Investment, because it is the surest Investment I know for now as long as crypto Investment is concerned. And I would advise every newbies to adopt bitcoin as thier first choice of Investment maybe after accumulating to a certain amount they can now diversify.

[MorganaX]

As far as I'm concern when it come to shit coins I usually run away from it because it is very dangerous, most of times it is usually the reason why some of the beginners see cryptocurrency entirely especially Bitcoin as something that they should run, all because of all these experience. The issue is that, the person that is introducing them doesn't usually tell them how it works that is why most of them fall in this trap. It is better for a beginner to go for Bitcoin even when he has no knowledge about it than going for a shit coin.

Wetin go make you dey attached to altcoins? Now the answer na to get quick returns, especially with new projects wey dey come for the market, many people dey interested in altcoins because Dem dey always feel that they can get nice opportunities wey Dem buy early because some project dey get good launch days, and some time you fit make like 10x or 15x if you buy quick, and most newbies dey go with this type of mentality to Bitcoin and we all know the answer with that kind of mindset.

[Callido]

As far as I'm concern when it come to shit coins I usually run away from it because it is very dangerous, most of times it is usually the reason why some of the beginners see cryptocurrency entirely especially Bitcoin as something that they should run, all because of all these experience. The issue is that, the person that is introducing them doesn't usually tell them how it works that is why most of them fall in this trap. It is better for a beginner to go for Bitcoin even when he have no knowledge about it than going for a shit coin.

About 10 altcoins can be created by one person, after rug pulling from the first shitcoins, goes to the second and then continually scam users from their investments. Newbies don't have a clue what they are doing, the experience is not there, they pose a high risk of falling victim, so it makes sense if beginners are asked to avoid altcoins from the start until they gain exposure.

[sotelorene]

It is very wrong and risky for a newbie who doesn't even know anything to start looking at altcoins or shitcoins  because they will do themselves more harm than good, so they should give altcoins a very long spoon though some altcoins can make someone rich overnight but it rarely happens and it always happen when people least expect such coin to do that. Newbie should stop looking at quick profit in the Crypto space otherwise they will regret all the days of their life

[AYOBA]

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.

Most of the beginners that are new to crypto and don’t too seek more knowledge about the investment thinking that it’s something that don’t deserve much knowledge, and that’s why you can see once some have gotten a little knowledge about the market they will only go ahead with investment, that’s how some people invest in a scam project. There’s a good altcoins, but to be serious it’s very hard to classify the really project because all look like legitimate projects; until the project come to end everyone will be realize their mistakes.

[Tetu100]

Nah!  I can't say a beginner should avoid altcoins completely, they can give it a trial if they wants that's if the beginner have the ability to figure out those top altcoins. because most of those top altcoins has been doing well for example; Ethereum, Solana and few other ones which I can't remember.

But before a beginner would think about investing in altcoins they need to ensure that they have stack enough stash of bitcoin in thier portfolio just should incase the other Investment fails they can recover from thier bitcoin Investment, because it is the surest Investment I know for now as long as crypto Investment is concerned. And I would advise every newbies to adopt bitcoin as thier first choice of Investment maybe after accumulating to a certain amount they can now diversify.

I be wan canter watin you talk for your first paragraph but I say make i first cool down read everything before I know watin I go tell you but your second paragraph come make sense wey come make me calm down. That one aside, the idea of new investor to first invest in Bitcoin before looking elsewhere na the main thing wey anybody wey dey reason straight for the crypto level surposed do because Bitcoin na the main Koko wey everybody know. E no be like other coins wey still dey shake like say e fit crash tomorrow, Bitcoin no dey like that. So the confirmed truth be say e better say make you no even invest at all than you Carry all your hard earned money go put inside watin you no dey sure of then start to dey cry tomorrow, instead of unnecessary regret wey fit give you problem tomorrow just put watin you know say na your discretionary funds inside Bitcoin then go sleep because everything don set for you.

[Bright0515]

Altcoins are more volatile compared to Bitcoin which makes investing in it a lot more risky but that doesn't more risky but that does not mean that beginners should avoid them totally. Investing in altcoins requires a lot of knowledge to invest, you need to fully understand what you are putting your money into. As a beginner it is best to focus more on Bitcoin then you can gradually start learning about altcoins, this isn't something you invest in based on what others are saying, you have to be knowledgeable about it first. You can start out by looking out for the top coins and investing in them.

[PremiumcryptoHub]

Altcoins are more volatile compared to Bitcoin which makes investing in it a lot more risky but that doesn't more risky but that does not mean that beginners should avoid them totally. Investing in altcoins requires a lot of knowledge to invest, you need to fully understand what you are putting your money into. As a beginner it is best to focus more on Bitcoin then you can gradually start learning about altcoins, this isn't something you invest in based on what others are saying, you have to be knowledgeable about it first. You can start out by looking out for the top coins and investing in them.

Altcoins are more volatile than Bitcoin but that doesn’t mean that beginners should avoid them completely, but you should note that investing in altcoins requires a lot of knowledge such as deep market knowledge, strict regulations, research to choose good projects and I think everyone needs to have a certain budget management. Another thing is that most beginners in crypto don’t want to do much research on investing because their goal is to invest a small amount of naira and try to get a few thousand times the return.

There are some altcoins that this naija Local Board beginner has the potential to be profitable even if they invest in them such as Solana BNB, Ethereum but we still think it is best to focus more on Bitcoin as a beginner.

[Olatundespo]

If you are new to the crypto space, do not buy altcoins at the beginning, even if someone else persuades you. You may be tempted by some people offering high profits or you may be tempted by the promotions of various currencies online. If you do not want to be at a loss, leave the greedy attitude and invest in Bitcoin for the long term.

You should stay away from altcoins for at least a 4-year cycle, not the first year. The initial period is very important for you. If you can develop a habit of accumulation Bitcoin regularly and have a long term mindset during this time your chances of success are much higher. Many investors are not patient in the beginning. If that investor can accumulate Bitcoin regularly through discretionary income, he will be able to get a decent Bitcoin holdings and will be practicing patience.

[Onyeeze]

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....

we are not the one that will give an investor the description of the investment that he go into, before someone make up his mind to go into investment the person has already make a research, it’s few people that goes into investment without consultation and research, for me you can not tell an investor to stay away on what it had in mind to invest on, before someone chooses altcoins over bitcoin it have a purpose....

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?

You are contradictory yourself, you should know that investment is by choice and what you determine to do, nobody goes into investment without being determined, anyone who chooses to invest in bitcoin amongs other cryptocurrencies, it's the interest of the person, and it's applicable if the person chooses to invest in altcoins, what i will consider assuming you said it, is that altcoins is full of risk, but altcoins is not bad for someone to choose to invest, sometimes it gives a massive profit depending on the altcoins you invest on

[Marvelockg]

It is very wrong and risky for a newbie who doesn't even know anything to start looking at altcoins or shitcoins  because they will do themselves more harm than good.

Some of the new investors that stopped investing after their first try left this niche because they got into investment though an altcoin and probably lost in the process which result to them concluding that every other thing is just like the altcoin and meme coin they probably bought. As a newbie, it is better to start with bitcoin, be patience enough t grow in it and in the long run you can decide wether or not trying out an altcoin is worth it. the technical experience that is required to try out most of these altcoins are not things that a newbie has and so, it is better that a newbie starts with what us more stable and later they can move into something else.

[Rgram]

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?

When you say you ponder if it should apply to everybody and either they shouldn’t go into crypto at all…, it in a way try to complicate things such that, it suggest a contrary opinion.

Well, I would ask that, what makes one beginner so special from the other? As far as you are a beginner, you would always be ignorant to a lot of things and would need time to learn or be exposed to the space. You might be a fast learner but it makes no difference. You ought to give yourself the time you need to be better at even what you think you know and how to use it in the best possible means to 60% correct on your decision making most of the time.

You can be in this space for more than a year and be making a lot of mistakes with altcoins.

[Big Dirams]

It is very wrong and risky for a newbie who doesn't even know anything to start looking at altcoins or shitcoins  because they will do themselves more harm than good.

Some of the new investors that stopped investing after their first try left this niche because they got into investment though an altcoin and probably lost in the process which result to them concluding that every other thing is just like the altcoin and meme coin they probably bought. As a newbie, it is better to start with bitcoin, be patience enough t grow in it and in the long run you can decide wether or not trying out an altcoin is worth it. the technical experience that is required to try out most of these altcoins are not things that a newbie has and so, it is better that a newbie starts with what us more stable and later they can move into something else.

Well they are new investors that why felt that way because when we don’t make proper research before participating in any thing at all then we should expect any outcome from investing because it’s always mentioned that profits isn’t guaranteed at all but there are chances of us making profits but not something that is certain.
 And investing in altcoins can bring positives outcomes but it need more patience before can get our returns but still it also depends on the token we choose to invest in.
Their first result made then thinks everything about investing is just trash but I wish they had more knowledge and try to explore more around the crypto space then they would have stay longer than expected.

[Jubilee58]

There is every need for bigginers to abstain from altcoins investing, and Chanel their energy towards investing in bitcoin. The fact is that bitcoin has proven to be a reputable, and legitimate asset, and has gained trust from countries, many individuals, and institutional investors, and has very high confidence, and reliability when it comes to delivering good profit on the long run.
So as a bigginer, your investment is more secured when you invest in bitcoin, and while investing in bitcoin don't forget to solidify the security of your bitcoin because is only when your bitcoin is safe that you can be sure of making profit from it, and you can enhance the security of your bitcoin by getting a secured wallet.

I wouldn't entirely condemn investing in altcoins, but have it in your mind that making profit from altcoins is uncertain even when you invest for long term, but if you are lucky enough to stumble on any of them that pumps after your investment better for you, and if it doesn't go as expected you also bear the loss.

However, if you must put your fund in altcoins, let it be very little amount of fund because of the growth uncertainty facing the altcoins market, and is more suitable for those with very high risk tolerance otherwise you can get confused if your coin crashes, and return back to zero.

[abaeze]

Beginners should always give Bitcoin a higher priority than any other coin, but this does not mean that they should always avoid Altcoins. If they can manage a long-term investment in Bitcoin regularly with their disposable income, then this experience will help keep the Altcoin investment safe or in other words, protect the money invested in Altcoins from losses. One thing that beginners should remember is that - Hold is a strategy through which the Bitcoin investor gives the opportunity and comfort to make the right plan and decision at any time after the investment, but most Altcoins can become empty in long-term holding. So, in a new situation, trading in Altcoins can be done without making a long-term investment plan, but of course with at least 1-2 years of experience.

[fredericktaylor]

Investing in Altcoins is very risky for a new investor at the beginning. Choosing Altcoins with the hope of making a lot of money quickly is completely foolish. But there are people who can temptation you to invest in Altcoins in various ways. Investing in Altcoins just by believing their words or being greedy means losing all your valuable money.

I always like to invest in Bitcoin because by consistently purchasing Bitcoin with a long-term plan and holding it for the long term, the risk of losing money is low and the investor can protect valuable money from inflation in the future and by holding Bitcoin for the long term, there is a possibility of making big money if the price increases in the future, so it is very important for new investors to start investing with Bitcoin. If the investor is initially deceived by investing in Altcoins out of greed, the investor may get confused and face more financial losses.

[CryptopreneurBrainboss]

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.

If you hang around four fools always be prepared to become the fifth fool. That's how it's with the crypto market, if you keep distracting yourself with altcoins then you'll lose focus with accumulating Bitcoins and begin to full your portfolio with the so called next bitcoin, that'll only bring down your portfolio instead of adding value to it.

Trust me as it's experience that's talking here, you might make profits from the first few that you invested into but as you go deep into the altcoins and begin to get into presales or look for opportunities that are excluded to only early investors then you'll begin to lose and by then you won't even bother investing in Bitcoin but instead, you'll be chasing after the next shinning crypto which will bring you down more.

Majority of investors lost their way because of altcoins so the best thing to do is to ignore it first then later when you have achieved your purpose you can play around the market and have fun with the new trends being introduced.

[Promocodeudo]

As a bigginer, it is advisable to start with bitcoin, and you can consider other cryptocurrency when you are done with your bitcoin investment. Altcoins can very unreliable, because most of the altcoins survive by hype, and when this hype goes down, the coin crashes in price, and may not recover again. Most of the altcoins are pump, and dump. In the past they recorded very high profit, and newbies feel they will do the same if they invest in them, and that is how newbies get confused, and invest in a very bad coins.
From the onset of bitcoin, it has been performing well when ever the bull season sets in, and that trend has never changed.
As store of value Bitcoin increases in value on the long run, but making profit from altcoins is like gambling which makes profit very uncertain.

Wanted to say something but as you started you sentence with as a beginner I withhold my statement.
It is a nice decision for a beginner to concentrate on Bitcoin investment alone, I done even think there will be any need to diversify to other cryptos later, I have heard of the saying, don't put all your eggs in one basket countess times, but what if the basket which in this scenario is Bitcoin, is far more trusted, reliable and valuable than those ones you want to try later, Bitcoin has been around for More thank 14 years and still counting, we have seen the value and how trusted of an investment it is, so it won't be a bad idea if a beginner decides to invest only in Bitcoin, don't want to say anything about shitcoins, memecoins because  many persons have had experience about them, and I they aren't worth our energy.