Should Beginners always avoid Altcoins

[fredericktaylor]

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Yes bitcoin is most trusted cryptocurrency and it has been known to be reputable amongst others which I agree to and main reason people are advised to buy bitcoin. But saying you will always make profit in bitcoin is the part I don’t really agree to because profit in bitcoin isn’t guaranteed. That’s why so many persons have bought bitcoin, some successful made profit while some did not. Patience will help investors achieve their long term goal but only patience isn’t enough to guarantee profit.

You're right about that, even though a person is investing for Long term yet there's no guarantee if the person will make profit or not, and I also agree with you on this aspect of being patient. Surely Those who are patient with their bitcoin investment didn't regret. But I don't quite agree with you when you Said some did not make profit, are you referring to those who only invest for Short term or long term investors let me know, if it's Long term I can clearly say that they all made profit from their bitcoin investment it's only those that invest for Short term that Didn't make profit from bitcoin while some are lucky even when they invested for short term.

Sure there is no guarantee for long term investment, but from what the charts say long term investment had been a profitable investment approach as far as bitcoin is concerned. So, long term investment is always better than short term investment for bitcoiners. The idea of short term investment is usually derived from altcoins traders due to the nature of those coins, so they feel same approach can be related to bitcoin, well it's not a good idea to play risky when you can actually take a better option that's a lot more less risky.

It is true that long-term investments can reduce the amount of risk compared to short-term investments. Basically, the volatility of Bitcoin is greater in short-term investments but in the long term, the risk of losing money is reduced and the potential for profit is increased. Investing is entirely your personal decision but it is reasonable to make informed investment decisions that have low risk.
New investors invest in Altcoins hoping to make quick money, but when they gradually realize that their investment is in the wrong place, they have no choice but to accept the loss. Therefore, instead of expecting to make a lot of money quickly, buy Bitcoin consistently with a long-term plan and waiting patiently for a long time can lead to success in the future.

[Cgrexp]

It is true that long-term investments can reduce the amount of risk compared to short-term investments. Basically, the volatility of Bitcoin is greater in short-term investments but in the long term, the risk of losing money is reduced and the potential for profit is increased. Investing is entirely your personal decision but it is reasonable to make informed investment decisions that have low risk.
New investors invest in Altcoins hoping to make quick money, but when they gradually realize that their investment is in the wrong place, they have no choice but to accept the loss. Therefore, instead of expecting to make a lot of money quickly, buy Bitcoin consistently with a long-term plan and waiting patiently for a long time can lead to success in the future.

Long-term investment can help reduce risk due to time. However, in the case of Bitcoin, the possibility of long-term loss is not zero. Bitcoin is volatile, so there can be a large price drop over a long period of time. No one can guarantee the future. Long-term investment does not have to depend on short-term price fluctuations. It is difficult to predict   the price of Bitcoin what will be in a week or month. But if you buy regularly over a long period of time, you can collect Bitcoin at different prices. And the entire investment does not depend on the price of a specific period. Investing in altcoins just in the hope of quick profits can be risky for new investors. Instead of looking for guaranteed profits, plan according to your risk-taking ability. The success of an investment does not depend only on how quickly the money grows. It is more important to invest in a disciplined manner or continue the plan without damaging your financial situation.

[Georgewill82]

As a beginner, who have the optimisation desire on crypto marketing, it is better and safer to understand the market items and market tools before involving into marketing of crypto commodities. If at least half a knowledge of selling and buying is gained by products market planner(person acquisition of Bitcoin, crypto etc) it gives advantage to beginner on how buying and selling can be plan. Whereas no basic knowledge lose will always speak loud, which is never the desire or wish of any investor.

[ruykeri]

As a beginner, who have the optimisation desire on crypto marketing, it is better and safer to understand the market items and market tools before involving into marketing of crypto commodities. If at least half a knowledge of selling and buying is gained by products market planner(person acquisition of Bitcoin, crypto etc) it gives advantage to beginner on how buying and selling can be plan. Whereas no basic knowledge lose will always speak loud, which is never the desire or wish of any investor.

Crypto commodities basically refers to all types of tokens. But there are many differences between bitcoin and altcoin. So an investor should first decide where he will invest and having basic knowledge means that this matter is also clear to him. There are many new investors who think crypto and bitcoin are the same. This is a misconception. Understand your financial situation, get enough understanding about Bitcoin so that you know what you are buying, if a newcomer just opens an exchange and sees BTC, ETH, SOL and 100 other tokens on the same screen, then they may think they are all the same. But bitcoin's fixed policy decentralized network, and digital currency without third parties will not match any other altcoin. And no other altcoin will ever be able to overpass bitcoin . So from the beginning, an investor should invest in bitcoin with a long time mindset.

[ejikeme24]

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 but from what the charts say long term investment had been a profitable investment approach as far as bitcoin is concerned. So, long term investment is always better than short term investment for bitcoiners. The idea of short term investment is usually derived from altcoins traders due to the nature of those coins, so they feel same approach can be related to bitcoin, well it's not a good idea to play risky when you can actually take a better option that's a lot more less risky.

For sure, long term investment is the best approach for Bitcoin investment which I'm not disputing on that, just like you said about the chart. if you look at Bitcoin chart then you will see reasons why it's good to HODL our Bitcoin for Long term. Because there has been an increase in the value over the years. And you're right when you Said the idea of Short term investment is derived from Altcoins traders but I still want to let you know that many traders still use Bitcoin for their trading and not just Altcoins. but I'm still wondering how trading Bitcoin would work because Bitcoin doesn't get hyped like those Altcoins.

[Jasmyne]

Wetin beginners need to focus on na Bitcoin nor be altcoin if not dem go miss road, because them dey deceive people well well, dem be like sey dem better pass bitcoin and fit give quick money pass but na lie.
Bitcoin nar the sure coins wey nor go fit disappoint us nar for us to dey patient with am we go see as him go proof himself, people like fast money dem nor know sey that kind of money dey purge person, those altcoin dem go just dey for sometime before you know dem nor go exist again.

Dem Dey very greedy for money na why and dem no get that patience to invest in bitcoin na why dem Dey always enter wrong direction with altcoins. Funniest part be say most of them actually know the very high risk wey they involved for most of this altcoins, dem even know of the exist scam wey some of them Dey run, but them go still wan chuck head because of lack of patience for quick money and at the end then go still end up regretting.

[Inior]

While you are new the crypto currency I would not say it is right to avoid altcoins but my advise would be to not invest in any of them just yet but if you talk about avoiding them completely it means that you don't want to show interest in studying them which means you have no interest in diversification and this is a must for every mature investor at some point. Start with Bitcoin and after learning what you need to know about it and start making your investment also study altcoins for a certain period of time, the problem with a lot of investors is that they don't study these coins before investing in any of them and at the end of the day they end up buying shitcoins.

[Umulala-alala]

It takes some one with much experience to invest in Altcoin, shitcoin and all of it because folks easily loss money in investing in those pump and dump coin, as a beginner invest in bitcoin if you your discretionary income and make sure as you are buying you are also holding your investment for a long time, bitcoin is reliable and trustworthy to invest on though i know that no investment is risk free but investing in bitcoin for a long time doesn't come with much risk compare to some one who is putting his money on Altcoins.

is even better than investing in shitcoins because there are good altcoins available. In my opinion, it is best to invest in Bitcoin and then a few other altcoins rather than altcoins and shitcoins. When it comes to investing, I believe it is best for beginners to choose more reputable coins because when it comes to all of this, you go for what you can invest and then you will make your money back in the future, so investors should do their own research before investing.  Because beginners need to learn how to reduce risk, everything will depend on them because if you don't do the right thing to there will be less issues so it is best invest in coins that you are familiar with so that they can survive what ever Market conditions.

I agree with you, altcoins are still better than shitcoins but BTC is the best among them all so for a beginner who is looking for a coin to invest on, i will recommend bitcoin for them but if they choose to add other coin altcoins will be more preferably than shitcoins, shitcoins can pump up today and dump tomorrow. Still anyone who chooses to invest in altcoins should just use small percentage of there income to do so because it's still possible that they might loss everything, bitcoin can survive any market condition provided an investor is able to hold for a long time and also make sure they invest with there discretionary income.

[B-BossMan]

While you are new the crypto currency I would not say it is right to avoid altcoins but my advise would be to not invest in any of them just yet but if you talk about avoiding them completely it means that you don't want to show interest in studying them which means you have no interest in diversification and this is a must for every mature investor at some point. Start with Bitcoin and after learning what you need to know about it and start making your investment also study altcoins for a certain period of time, the problem with a lot of investors is that they don't study these coins before investing in any of them and at the end of the day they end up buying shitcoins.

Yes you maybe right though, but the most relevant ideas is, how can newbies behave when there's market turns up or how can newbies controls thier own emotions towards the market movements, because there's no why market will not brings panicking, and some newbies comes with over confidence, and when they cannot be able to manage thier emotions, they may leads to a wrong investment settings and that may leads them to make a bad financial decision. Having a simple strategies by purchasing bitcoin gradually and holding it for longer term, then making the cashflow available for any unexpected expenses, that approach males the bitcoin invest much more easier. Than chasing the Altcoin, because when they decide to know it, they maybe tempted to a invest into it. So the best is to avoid the Altcoins.

[Sunshine1525]

While you are new the crypto currency I would not say it is right to avoid altcoins but my advise would be to not invest in any of them just yet but if you talk about avoiding them completely it means that you don't want to show interest in studying them which means you have no interest in diversification and this is a must for every mature investor at some point. Start with Bitcoin and after learning what you need to know about it and start making your investment also study altcoins for a certain period of time, the problem with a lot of investors is that they don't study these coins before investing in any of them and at the end of the day they end up buying shitcoins.

As the most trustworthy digital currency, newbies should focus on Bitcoin until they finally understand the market before the can choose to try other cryptocurrencies by then they’ll understand which is a pump and dump and which has little potential to profit them for long-term. Buying other coins without good knowledge of the market is very risky.

It's just like driving a car to an unknown destination, you mignt either miss your way or end up kidnapped so as someone who invest blindly might either get scammed or suffer heavy lose that would've been avoided if there was understanding of what the person is putting his or her money into.

[Johnlomape]

Some decisions are personal when it has to do with investing in bitcoin, but personally as a beginner i wouldn’t advice anyone to get entangled with altcoins, talking about the sincerity of investing in bitcoin, here is a bitcoin domain, and the discussion should be about investing in bitcoin.

Even if you tell some newbies to be wise and understand Bitcoin first before moving to invest in altcoins, they will not listen to you until they do what is in their mind and make the mistake before they will understand that they have been messing up due to the impression that they are going to be profitable if they invest more on altcoins.

There are people who are interested in altcoin, and you can’t change their interest in altcoins and they would obviously want to buy some altcoins, altcoins investment can be very very risky, if i want to invest in altcoins it should be a short term investment, I can’t invest in altcoins for the long term purpose, there are people who are investing in altcoins for the purpose of diversification.

Yes I know that we may not change their mindset but it is important to let these people to understand the risky part of putting their money in a project and the project suddenly go rug pull. There are too many ways to lose money when you invest in the altcoins space which has made it more risky than investing in Bitcoin. The only way you can lose money investing in Bitcoin is when you sell too early in loses due to fear of losing big.

[Fiasem20]

Wetin beginners need to focus on na Bitcoin nor be altcoin if not dem go miss road, because them dey deceive people well well, dem be like sey dem better pass bitcoin and fit give quick money pass but na lie.
Bitcoin nar the sure coins wey nor go fit disappoint us nar for us to dey patient with am we go see as him go proof himself, people like fast money dem nor know sey that kind of money dey purge person, those altcoin dem go just dey for sometime before you know dem nor go exist again.

Dem Dey very greedy for money na why and dem no get that patience to invest in bitcoin na why dem Dey always enter wrong direction with altcoins. Funniest part be say most of them actually know the very high risk wey they involved for most of this altcoins, dem even know of the exist scam wey some of them Dey run, but them go still wan chuck head because of lack of patience for quick money and at the end then go still end up regretting.

Even bitcoin wey dem no get patience for eventually if dem try buy some bitcoin lack of knowledge fit make sell at a loss.Lack of knowledge in the sense that dem dey always fear when bitcoin price drop and dem go sell because dem dey fear if whether the price decline go continue(weak investors).Even as bitcoin price dey drop for the market e still better pass some shitcoins for the market because most shitcoins dem be pump and dump scheme,when dem drop dem go from there leave the market.So the best thing be say as a shitcoin lover when the price don appreciate during bull market no allow greed stop you to sell because when the market drop na you go later regret.

[MainIbem]

Even bitcoin wey dem no get patience for eventually if dem try buy some bitcoin lack of knowledge fit make sell at a loss.Lack of knowledge in the sense that dem dey always fear when bitcoin price drop and dem go sell because dem dey fear if whether the price decline go continue(weak investors).Even as bitcoin price dey drop for the market e still better pass some shitcoins for the market because most shitcoins dem be pump and dump scheme,when dem drop dem go from there leave the market.So the best thing be say as a shitcoin lover when the price don appreciate during bull market no allow greed stop you to sell because when the market drop na you go later regret.

Wetin you talk na true, many beginners no really understand how to use Bitcoin as store of value, for their mind if dem buy am the coin go rise give dem money, I no blame dem sha cause I know say if some understand say dem suppose hold am well well chances of to get better moni go high. But some too greedy, even when dem understand say holding na em better pass if dey wan get better profit, dey go still withdraw their money quick quick after the market rise small. The worst part na say some dey withdraw profits quick from Bitcoin go buy shitcoins.

[Saltysugar99]

While you are new the crypto currency I would not say it is right to avoid altcoins but my advise would be to not invest in any of them just yet but if you talk about avoiding them completely it means that you don't want to show interest in studying them which means you have no interest in diversification and this is a must for every mature investor at some point. Start with Bitcoin and after learning what you need to know about it and start making your investment also study altcoins for a certain period of time, the problem with a lot of investors is that they don't study these coins before investing in any of them and at the end of the day they end up buying shitcoins.

I will strongly disagree here. It is not mandatory for a mature investor to study altcoins or eventually diversify into altcoins. Diversification can be useful, but diversification does not mean adding Ethereum, Solana or a few other tokens alongside Bitcoin. And for diversification, you need to study assets that have a convincing reason to invest in. Diversification should not be seen as just dividing money into a few other assets. It is much more effective to keep capital in gold, or your own business or other types of independent assets alongside Bitcoin. And my other question is where does the need to study altcoins alongside Bitcoin come from? If a newcomer starts analyzing the marketing claims of altcoins before understanding Bitcoin's self-custody, cashflow management, security and long-term accumulation well, then his focus may shift away from Bitcoin. If the purpose of diversification is to reduce risk, then it is more logical to keep businesses, stocks or cash savings alongside Bitcoin.

[Cityhunter34]

As a beginner it is important for you to understand that investing in altcoins can be very risky for you because this requires a whole lot of knowledge and based on the fact that you are still trying to understand the crypto market it is not really a good idea to start with focusing on altcoins. Start your investment in Bitcoin and subsequently you can start investing in altcoins but you must still be very careful. When investing in altcoins you must understand that they are very volatile and the risks are very high.

It is very important for a new beginner to start their investment journey with Bitcoin. Even though they it all involves risk, there's no way a new beginner would regret it when they have a long-term goal and stick to discipline, because it will definitely favor you at the end of the day. There's no two ways about it, because Bitcoin investment is not a new thing anymore. So it's better to go with something that is more reliable than going for what you are not sure about. That's the simple truth about it.

[Nuel0717]

To under cryptocurrency in general, beginners would need to start with Bitcoin since it is the best digital currency we have currently, so while trying to understand Bitcoin, involving in alt and others would be a distraction especially if the beginners choose to invest with Bitcoin which is expected of them.

Moreover since the beginner haven't fully understand the cryptocurrency space the beginner might end up losing a lot of money investing in shitty coins.

[laijsica]

To under cryptocurrency in general, beginners would need to start with Bitcoin since it is the best digital currency we have currently, so while trying to understand Bitcoin, involving in alt and others would be a distraction especially if the beginners choose to invest with Bitcoin which is expected of them.

Moreover since the beginner haven't fully understand the cryptocurrency space the beginner might end up losing a lot of money investing in shitty coins.

It would be ideal for beginners to start investing in Bitcoin. Some newcomers tend to go for altcoins to make quick profits, but in the end, almost all of them end up losing money. Most of them end up losing money because their motives are so tempting. From the ruins of the new investors who have lost money, pure long term investors emerge because they have realized how dangerous altcoins are early on. Most of them start Bitcoin and are committed to long term plans.
It is very easy for beginners to make mistakes and they can easily fall prey to the wrong advice of others and buy the wrong coin but if they can realize their mistakes very quickly and correct them they will become long term investors in the future and accumulate a decent amount of Bitcoin holdings.

[Gragebox]

Quick advice is always on its way once someone expresses an intention of getting into cryptocurrency, always recommending to stay away from altcoin and focus purely on bitcoin for at least the first year. I can somewhat appreciate this advice, although it's always been a while when i think about if this applies to everyone. Or that those people getting into crypto shouldn't even consider any altcoin?

I can somewhat appreciate that majority of them likely get into crypto from hearing stories about a particular token going 50x, some 100x; the hype drives a lot of them to invest without even comprehending even the very basics of market cycles, liquidity or even the tokenomics of whatever coin/token it is. Many are solely profit-driven that they may not realize the inherent risks involved in what they plan to do, only finding that out after getting rug-pulled or investing at a peak during pump and dump schemes. This is different because of bitcoin, the market cycles have come and gone but this coin has withstand all tests. It’s exactly because of this bitcoin is what majority have recommended to sticking with simply for its reliability.

I wouldn’t say the problem is in buying or investing in altcoins as a whole, but i think most buy blindly while ignoring everything important about investing; The case for this could also be said for bitcoin, investing blindly in any product in general will cause a loss in money. But again do we think this statement should mean for beginners to completely stray away from altcoins or if they would at least gain something from venturing into them alongside bitcoin.

[Tungbulu]

For sure, long term investment is the best approach for Bitcoin investment which I'm not disputing on that, just like you said about the chart. if you look at Bitcoin chart then you will see reasons why it's good to HODL our Bitcoin for Long term. Because there has been an increase in the value over the years.

That’s right and only an amateur would argue this. Mere looking at the Bitcoin’s historical record, there’ll be absolutely no need to doubt its long term potential. Yes we know that historical performance may not always guarantee future growth, but Bitcoin has proven beyond all reasonable doubt that it has what it takes to keep up with its historical records, which is why I am also of the opinion that the best way to approach bitcoin is through maintaining a long term outlook and mindset, that’s if you really wanna reap the rewards that comes with bitcoin.

[Cleanshit]

I wouldn’t say the problem is in buying or investing in altcoins as a whole, but i think most buy blindly while ignoring everything important about investing; The case for this could also be said for bitcoin, investing blindly in any product in general will cause a loss in money. But again do we think this statement should mean for beginners to completely stray away from altcoins or if they would at least gain something from venturing into them alongside bitcoin.

Beginners don’t need to avoid altcoin completely and again they shouldn’t rush into it either. You can study altcoin without investing any of your funds in it. This will help you to understand value of projects they have and also why others do fail. The problem you will have is having to invest in what you don understand before you buy same as Bitcoin. So first and foremost learning is very important first before deciding weather you are choosing Bitcoin or altcoins.