Topic: Why you should only hold Bitcoin - page 6. (Read 1084 times)

There is only one truth

if bitcoin if true, then all other coins based on proof of work are false

proof of work = bitcoin, there's no other

Is obvious that bitcoin is the most reliable and profiting coin in terms of making Long term investment, the reason why most investors prefer holding bitcoin is because, they know that Bitcoin has a better future, that is why a lot of people keep holding bitcoin. However I think nobody will like to be in the losing side, everybody will always want to go into something that will bring profit in the future. you can't keep holding coin that will not do well in the future,  that is why most investors has chosen to hold bitcoin because is the most profiting coin in terms of investment.

If in the end it is indeed when talking about comfort and confidence that this will be profitable for the long term then surely bitcoin is the right place but on the other hand everyone's thinking will be different because with the existence of altcoins or memecoins as an option now believe it or not that one of the conditions and egos in themselves who want fast profits in a short time they will always see it as an option under the pretext of being verified.

In fact, if we explore further in terms of risk management, it is certain that it will be much greater because after all, altcoins or memecoins and other junk projects always follow bitcoin in their development even if bitcoin experiences a correction, they will feel a much greater impact than that until not a few end up with their coins being dead. But because the ego wants to get a quick profit that's the biggest risk they do which in the end not a few of those who are in altcoin or memecoin end up with regret.

There are many people who are new to cryptocurrency who wonder what is cryptocurrency or what is bitcoin. They have no clear idea about what is the difference between them. They even consider Bitcoin or Altcoins almost the same. But the reality is that Bitcoin is not an altcoin and there is a big gap between them.

I just wanted to point out a small difference that I think might make the point clearer. Bitcoin is the earliest and oldest currency in the cryptocurrency world. It is completely anonymous. Bitcoin will certainly cross its previous all-time high every time in a bullish movement but not all altcoins can ever do such a thing. Moreover, scams of altcoins are not new. Any time it can turn into a scam scheme.

Bitcoin's halving occurs every four years, where miners' rewards decrease, causing the price of Bitcoin to rise. But there's nothing to say when this big price change will happen. Those who will patiently try to increase their holdings until that moment will certainly be able to profit by holding Bitcoin.

Most crypto projects were just created as an MLM scheme to make money for their creators, you would find a lot of unless meme coins that are dead and while they were still in their launching phase they disguised as tho there held any promise. But at the same time you would find many that has profited from this meme coins despite having no real utility and that huge profits they offer still attracts a lot of persons to them and they would eventually fall to other scam projects if there are not careful.

The name cryptocurrency that is used as a compound name for all crypto projects is somehow a dent on the reputation of Bitcoin, because if a newbie and any other inexperienced person is lured into buying a scam project, when the reality downs on them, they'll categorically call cryptocurrency a scam, including Bitcoin. So Bitcoin, also takes a fall for all the whole shitcoins that are in the crypto market, that is one of the reasons why ignorant people are still thinking that Bitcoin is a scam, and this is affecting it's speedy adoption worldwide. Bitcoin is the most trusted cryptocurrency, because it has proven that it's a store of value, at the same time I wouldn't call every altcoin a trash, top altcoins that have proven their reputations can also be trusted.

With the idea that Bitcoin is too expensive, no one's required to invest in 1 Bitcoin in an instant. You can partially purchase an amount under your risk tolerance. You'd still gain profit as long as the market price of Bitcoin is increasing. Skies the limit I guess for its market value given that there is a limited supply however, this blockchain will also need continuous increase with the demand. And if it won't be achieved, then same thing goes with its market price, basically.
If it is potential then that would go with Bitcoin above any coin in the market. However, altcoins are also having its own potential to be profitable, and there's no doubt with it. Comparison is needless; an investor may freely diversify his/her portfolio to different projects of his/her choice. It would be fine investing into Bitcoin alone but if there will be an opportunity for other coins of this industry, then I cannot see any reason why you shouldn't consider investing on those coins as well.

Valuable asset like Altcoin, lol. If you're still in the early stage of accumulation I don't see any need diversifying your portfolio with altcoins. In as much as diversifying is good, you can invest in Real Estate,  and other promising and profitable physical assets.

Rotating money with altcoins is simply you accepting a death sentence, am not saying it's all bad but as far as you haven't accumulated much of bitcoin or have a solid portfolio no need to mix it up with shitcoins, invest in a tested and proven asset not some made up coins used for profit making without any foundation. It more or less gambling because you can't assure the state of those altcoins and the best advice I can give is if you have made some profits don't wait, use it.
At last everyone will learn.

If we're talking only about trust, then yes, I totally agree with you. But let's not forget that we also like to money so regarding that, I think there are coins and tokens with more potential growth compared to bitcoin, that already has a very big market cap, so it required a huge amount of money injection in bitcoin to make a 2x or 3x while some altcoins can easily make a 10x.

The thing is that bitcoin has been giving out amazing returns since the beginning.
Since it's the first cryptocurrency and has been on the top rank since inception, people have developed a strong trust on it.
This is the reason why there are a lot of strong holders holding bitcoin.
But then again, it does not mean that we shouldn't diversify our portfolio. We should keep investing in promising altcoins.
We should actively track our portfolio and keep rotating our money in valuable assets.

OP, you should look at the fact that that diversity also brings opportunities for all of us, if we assume everyone only invests in Bitcoin then the current market will be hard to talk about opportunities. And our purposes here are not the same, just as life is not the same, looking for opportunities in any field will be competitive, we witness the same winners in life. There will be losers. So nature is natural and when we absorb enough to find satisfaction, it leads to "gratitude"..., so at this stage, personal perspective only contributes to describing a small part of everything, so there is nothing perfect for this stage, like we still hear somewhere there are millionaires who got rich thanks to bitcoin, and also people who got rich very quickly from participating ICO, IDO, IEO, memes,....

Bitcoin is the only currency that can be dependably invested. Investing in unique coins like that involves a lot of risk, but even if there is risk in Bitcoin investment, it seems to be much less risky. We have seen the market rise after the Bitcoin ETF was approved. Bitcoin started to grow with Bitcoin but unique coins could not grow in the same way. It is the only currency whose value does not depend on any other currency. Bitcoin always depends on its own momentum Bitcoin never depends on other coins. Bitcoin is at the forefront of popularity and uniqueness Bitcoin's popularity is increasing as time goes on. The number of investors in the position that Bitcoin is currently in will increase even more as we have completed the Bitcoin Halving and are starting to prepare for the bull market.

True, nowadays users are trading any projects that are listed in the market even though most of these have no fundamental basis still they're running in the market and the reason is we users support them. I often prefer to trade in low-cap gems and projects that have strong fundamental bases and multiple utilities such as BGB, MATIC, and BNB although eager to trade in newly listed projects during their early listing in exchanges. Last time gained some profit from a few memes like BOME, PENG, TOAD, and BENDOG that are listed in major exchanges like Bitget, Binance, Kucoin etc.

If you truly don't want to risk wasting your time and money, then Bitcoin should be the first investment coin to go for in cryptocurrency, some of the newbies make this serious mistake because they were not given the opportunity of knowing this before they went far ahead on making investments on shitcoins they know nothing about, and at the end, the loose their investments and the coins either failed or turned to scam.

I disagree with your opinion here, I don’t see investing in other coins aside bitcoin as diversification of one’s portfolio. My reason is when you talk of diversification you look for another assets that doesn’t have connection with the other one, the Market movement doesn’t correlate with each other. Now look at bitcoin and other Altcoins, tell me a coin that doesn’t move in accordance with bitcoin movement? None, the only difference is they are more volatile than bitcoin, they move higher than it and go lower than it during bearish periods. This to be isn’t diversification but rather you gambling to maximize profits. Do you tell me that should bitcoin hit the dust today any coin will survive the fall?

Bitcoin is the safest long term bet overall.  And for Holding, Bitcoin is definitely top tier.

Unfortunately other Cryptocurrencies seem to be on the rise of usage considering the amount of bottlenecks the Mempool of Bitcoin experiences every so often nowadays.  Until that problem is solved, I believe we will continue to see people trying out alternatives too.  As much as I hate DOGE, I have seen a lot of the people who solely used Bitcoin try it out in the last one to two years and I have even seen them recommend it for quick and cheap transfers.

Now about the Ethereum Tokens.  Any body can make one, I believe there are even tools to create your own for free.  This is why there are millions, and particularly a lot of Scam attempts.  There are probably millions of Bitcoin copies out there too, but they do not appear any where on a centralized data base of sorts.  There are tutorials on the Internet for creating your own copy of Bitcoin in MINUTES.  After all.  This is why Open Source is amazing.  Any body can create any thing and get support for it too from others who think alike.  But it is also one of the caveats of Open Source.  Any body ill minded can try to do harm too.

I would still suggest holding Bitcoin however.  DOGE may be cheap and quick.  But it is likely not as secure and its price is WAY too volatile for my liking.  Even Bitcoin is volatile.  But hell, DOGE is on a whole other level.

Diversification to minimize risk is only effective when you invest in non-crypto assets, if you invest in altcoins and think it helps you minimize risk then it is a big mistake. The entire cryptocurrency market is still dominated by bitcoin, once bitcoin declines, no altcoin will be able to grow well. Like the current situation, do you see any altcoins giving you profits now that bitcoin is correcting?

I also invest in altcoins and I don't like the rigid idea of only investing in bitcoin and ignoring many potential altcoins. But the purpose of altcoin investment is to seek high profits, not to minimize risk because once bitcoin has problems, the rest will also follow.

I think you should be more allocated in Bitcoin than any other asset but to say you should only hold Bitcoin is possibly not right. If people feel more comfortable holding say 80% of their net worth in Bitcoin & 20% spread across real estate & other assets then that’s fine. I certainly would not advise holding a small allocation of Bitcoin.

The big boys have already spoken what they will mess around with.

Bitcoin
Eth
Bitcoin cash
ltc

https://www.coindesk.com/business/2023/08/22/crypto-exchange-edx-market-taps-anchorage-as-custody-provider/

Sure you can dick around with alt stuff. Lot's of fluff and fomo and one could lose allot quickly.

Great risk and reap rewards but history shines poorly on it.

Edit: Having multiple coins/tokens is NOT diversification or a protection move. Having Shell, Exxon and BP in your portfolio is not diversification, it must be another sector

While you have mentioned some great points I can guarantee that diversification of your crypto portfolio or just investment portfolio holds some of its own advantages. Such as having reduce your risks. If one coin is not doing well you can expect to still gain profit from the other. Bitcoin is not always stable and is constantly fluctuating. So it’s good to explore what else is in the horizon but if you feel safe enough in just investing in one coin the be my guest.