Am confused !!!! - page 4. | Bitcointalksearch.org

YUriy1991

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

I like people who are curious, especially about whether there is a possibility of profiting from other alcoins. My answer is that there are always more opportunities in this crypto world, but there are conditions if you say that anywhere you can invest, be the FIRST BUYER, especially if you want to surf Alcoint according to what you want. assuming TA analysis yourself, at least you are on the road and don't enter when the coin/token is flying.

Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

So, about storing your assets, you can use a trusted wallet like Ledger, Trezor, or Trust Wallet. If at your place there is an exchange that has received approval from the local government regarding its operational permit, you can use it for trading, sending and receiving coins/tokens.

Alisha-k

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Bitcoin is the safest coin, altcoins could give you profits, no doubt but the risk there is way higher than in Bitcoin.
So, for a newbie that you are, I'll suggest you stick to Bitcoin for now, it's less strategical and complicated and it's widely known unlike the altcoins, it'd require alot of analysis which most times may not work out true.

michellee

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No need to confused.

There is a huge possibility of making a profit from altcoins apart from bitcoins; many people have done this for a long time. But to make a profit trading bitcoins or altcoins, you need to have the skills to be able to analyze the market. And that also applies if you want to invest in Bitcoin or altcoins.

I recommend having a hardware wallet to store your coins, be it Bitcoin or altcoins and you can use Ledger, Trezor or Safepal. Don't keep your coins on the exchange for the long term, as we don't know how the exchange will develop. If you store your coins in a hardware wallet, you will be safe because only you will know about your coins.

And if you want to invest in crypto, I suggest you choose Bitcoin. While investing in altcoins is only for the short and medium term because the price fluctuations follow the Bitcoin price. So if you can buy Bitcoin at a low price, you don't need to worry, while if you buy any altcoin at a low price, it can go back down if Bitcoin gets a correction. So it will be safer to invest in Bitcoin for the long term.

Luffygroove

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I think bitcoin is the safest choice for now, but it won't give you that big a profit if you ask now. The answer might be different in 2024 or 2025, though. Well, altcoins will give you massive profits when you choose them right, but they will sink you to the depths of the earth when you meet the wrong one. Compared to Bitcoin, altcoins have a higher risk but, at some points, a higher result too. I think it takes a combination of experience, good knowledge and analysis, and luck to get success in altcoins. Choose wisely, mate. About the wallet, a non-custodial will always be a good choice; it's better if it's a ledger. Exchange wallets are custodial and clearly not open source; if you don't really keep the private key, you don't really own your assets. When a wallet is open-source, it means that the program's source code can be seen by anybody. I hope it helps.

hd49728

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Not your keys, not your coins!

Quote from: CryptoHeadlineNews on May 15, 2023, 12:33:13 PM

The difference between Source and Closed Source is as follows;
For open source code, it means the code is publicly available to anyone who wants it, and anyone can read, copy and modify the code as desired while for closed source code, access to the code for scrutiny and modification is not given to the public.

Open source has pros and cons.

It gives community ability to verify quality, security of one product but it also helps scammers to have easy works. With open source code, they can use it for their scam projects and it is part of reasons why we have thousands of altcoin in the market.

Are altcoins quality enough? I am really doubtful about their quality and they only switch from trend to trend. Their scam developers have never stopped their activities to fork and create zero value altcoins. From Proof of Work with many PoW algorithms, to Proof of Stake then Smart Contracts, they only create new projects with a new trend, without solid usability for society.

They create altcoins to steal your bitcoins.

Like this tool: https://www.tokencreated.com/

What a damn productive scam style.

Smartvirus

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Quote from: Upgrade00 on May 15, 2023, 03:18:48 AM

Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

apart from bitcoin,do you think that there is a high possibilities of making profit from ~~other~~ altcoins.

Yes there is, there is also a higher possibility of incurring losses.

Upgrade00 ha done such a good job in crossing the word other as used there jn your sentence @OP . We have either bitcoin or altcoins (alternative cryptocurrency) which means; every other currency that isn't bitcoin falls within the alternative cryptocurrency categorisation.
Bitcoin isn't compared to the lots of coins out there and so, you can get that right.

On the choice of wallets, open source wallets are the wallets for you and these comes with a private key which ensures your the sole operator and controller of your wallet. Having your coins stored on an exchanges wallet is you actually relinquishing your power of ownership to the wallet and they could run it as they seem fit and there is very little one can do about that.

If you could make money from cryptocurrency, of course yes. Though, you have to be realistic about the profits you hope to make and your knowledge of the system is the means to getting these profits.

Natalim

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

I would say 'YES". However, it doesn't mean that if you have to buy altcoins today you can then earn a profit by tomorrow. I tell you that we can't just buy any altcoins but have to choose coins that are really profitable. Because a lot of altcoins in the market and many of them are worthless and shitcoins, and must avoid them.

And talking about a wallet where to keep your coins, well, I would say not to use an exchange wallet. Many issues about losing their coins, so it was not advisable especially if we hold long-term.

Nwada001

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

Yes, there is a higher possibility of getting a higher profit from altcoins (we only have altcoins, which represent every other crypto aside from Bitcoin), but there is also a higher possibility of losing everything if you are in pursuit of that high profit. People, including me, will recommend Bitcoin for you as the best for you to invest in as a newbie because the risk is kind of lower, but that does not mean that profit is guaranteed in a short period of time.

There are always chances of getting profit when you hold your coin for a long time, but on altcoins, there are a lot of them out there, and you might not know the exact one to actually buy at an exact time. You might end up buying a coin or token that doesn't have the interest of their holder at hand rather than looking for the right time to rug pull the market and dump the coin. One thing about any currency is that if it has a very high possibility of giving you a good profit, that same thing can reverse to be the disadvantage of the same currency.

Coyster

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Quote from: Beparanf on May 15, 2023, 09:52:43 AM

Metamask & Trustwallet - For Shitcoin aka Altcoin

Since closed-source wallets are not recommended for use, you can use unstoppable wallet as your multi-coin wallet, it is an open source wallet and i have seen some good recommendations from people that have used it, mind you that i have not used this wallet myself because i usually only buy Bitcoin (and use electrum) with hardly any altcoins, but if you want alternatives to closed-source multi-coin wallets like trust wallet, you can try it out. First read the thread below, it has quality discussions about unstoppable wallet.

https://bitcointalksearch.org/topic/unstoppable-wallet-user-experiences-5436273

CryptoHeadlineNews

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

Yes, there are high possibilities of making huge profit in altcoin investments where you can make 10x, 1000x or even 10,000x of your investment due to it's very high volatility ratio, and don't forget, that's the same way you could likewise make 1000x or 10,000x lost of your investment if you are unlucky to invest in a scam token/coin. And the reason why we always people stick to investing only in Bitcoin, which has low volatility.

Quote

Also which wallet do you advise a newbie like me to use to store my coins.

It's advisable as a newbie you use a non-custodial wallet such as "electron", where you could have full control over your funds.

Quote

Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

The difference between Source and Closed Source is as follows;
For open source code, it means the code is publicly available to anyone who wants it, and anyone can read, copy and modify the code as desired while for closed source code, access to the code for scrutiny and modification is not given to the public.

Source link: https://medium.com/airgap-it/advantages-of-open-source-closed-source-in-cryptocurrency-e14abab57a24#:~:text=Open%20Source%20and%20Closed%20Source&text=For%20open%20source%20code%2C%20it,not%20given%20to%20the%20public.

Zanab247

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Quote from: Ruttoshi

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

If you keep reading and keep following the rules and regulations that guide the market, it will be very easy for you to make a good profits that will give you more confidence of increasing your capital which is the best strategy many users are using to draw something big from their investments. You need to learn how to apply personal research before trading your coins in the market, if you want to go far in profits making, which you need to know when to buy crypto and hold for the price to increase before you can sell. Ethereum and binance will help you to get what you want from altcoins investment because, they are in a good position to make their investors happy.

Lida93

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

First, Altcoins are cryptocurrencies other than bitcoin, and the term altcoins is coined from the words "alternative cryptocurrencies". Experience has shown that altcoins are not reliable to invest on as there are so many pump and dump altcoins that have led to the frustration of so many investors as they ended up dumping in value and didn't gain value after falling till date. So far, altcoins is never an advisable starting point for newbies, so it better you start up with bitcoin.

Quote

Also which wallet do you advise a newbie like me to use to store my coins.
Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

Electrum wallet is more friendly and easier to understandably use for newbies. And as a non-custodial wallet you have complete control over your asset.

Safely download Electrum (by DireWolfM14) https://bitcointalksearch.org/topic/guide-how-to-safely-download-and-verify-electrum-guide-5240594

Electrum wallet for beginners and advanced users (by BitCryptex) https://bitcointalksearch.org/topic/tutorial-how-to-use-electrum-for-beginners-3456040

Which Bitcoin wallet to use (by Lauda) https://bitcointalksearch.org/topic/general-bitcoin-wallets-which-what-why-1631151

Which hardware wallet to use (by BitCryptex) https://bitcointalksearch.org/topic/guide-hardware-wallets-which-one-is-a-good-choice-4578719

SatoPrincess

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

apart from bitcoin,do you think that there is a high possibilities of making profit from ~~other~~ altcoins.

First of all, there is only Bitcoin and Altcoins. The latter is a term used to describe cryptocurrencies that are not Bitcoin. I find it ridiculous that people come to a bitcoin forum and ask questions like is altcoins a better investment than bitcoin, what response do you expect to get from users who are pro bitcoin? Altcoins can give you more return of investment but at a high risk, one might as well look at altcoins as playing slots because you never know what you’re going to get and possibly lose all your money.

hosseinimr93

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Quote from: Beparanf on May 15, 2023, 09:52:43 AM

Metamask & Trustwallet - For Shitcoin aka Altcoin

Even for altcoins, it's not recommended to use a close-source wallet like trustwallet. Visit the article published on cointelegraph and see how a vulnerability caused some users who created wallet through their browser extension to lose their fund.
Trust Wallet to reimburse users after $170,000 security incident

We don't know how the keys are generated on trustwallet and there is no guarantee that the same thing won't happen to those who are using their application.

Beparanf

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

Yes, but as a newbie you not touch altcoins because it’s a hih risk investment unless you want to learn the hard way.

Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Also which wallet do you advise a newbie like me to use to store my coins.

Electrum & Hardware Wallets such as Trezor and Ledger - For Bitcoin Wallet
Metamask & Trustwallet - For Shitcoin aka Altcoin

Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Are exchanges wallet an open source wallet.

Big NO. Exchange is centralized so their wallets is close source.

Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

How can I differentiate an open source wallet from a close source wallet.

Open source wallet always source code is available in their official website while close source wallet doesn’t have a source code link available in the public.

Dunamisx

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

Yes, there are opportunities in other cryptocurrencies but know that they are centralized and have higher tendencies to risk than bitcoin, some of them are not worth calling a digital currency that you can invest on because there are alot of fettish scam projects amidst them and this has alot to do about the developers in charge of such, having interest in other cryptocurrencies is not a bad idea but the risk in it is more than the benefits it could serve at the end.

Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Also which wallet do you advise a newbie like me to use to store my coins.

You can get a decentralized open source wallet from the examples here.
Open Source Hardware Wallets
https://bitcointalksearch.org/topic/list-open-source-hardware-wallets-5288971

Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Are exchanges wallet an open source wallet.

They are custodial wallets and are closed source
difference between Centralized exchanges and Decentralized exchanges
https://www.coindesk.com/learn/centralized-exchange-cex-vs-decentralized-exchange-dex-whats-the-difference/#:~:text=In%20brief%2C%20DEXs%20aim%20to,offer%20their%20own%20advantages%20too

Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

How can I differentiate an open source wallet from a close source wallet.

If their source code is made available for public view then it's an open source wallet, if they are not then it closed source wallet, note that not all cold storages are open source.

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

Yes there are plenty of choices on the altcoin space that might give you profits. But make sure you are doing a due diligence with those alts cause some are money grab and if you havent experience trading some tokens especially new one then you might loss a lot of money. I think focus on major altcoins so that you might not be scared of being burn. Pick a low to mod marketcap and has a good platform and product.

aysg76

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Quote from: hd49728 on May 15, 2023, 03:24:52 AM

Bitcoin is unique and it does not die since 2009.

Actually if you look closely then bitcoin has been declared dead 474 times by those who hate it or don't understand it whenever the market is in red or panic situation is there.This has been case many times when it has grown from low levels also but they will never admit and bitcoin grows stronger after each declaration.

Quote from: Gladitorcomeback on May 15, 2023, 09:00:09 AM

My advice for newbies is that if they want to make long term investment then choose hard wallet for it. It is a secure wallet for all coins. By the way, people also choose soft wallet and keep their coins there too, but I prefer hard wallet more, because with hard wallet I feel very satisfied

I would say if you are planning to hold even for short term then non custodial wallets are more safe if you can't afford hardware wallets as you should not let any third party have access over your keys which is more risky.When you have full control over your funds you should take responsibility of the security as well to protect yourself from scammers and hackers.

bangjoe

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.

Of course you can benefit from Altcoin even from Shitcoin, but what you need to remember in your brain is the risk that will be obtained from investing Altcoin far 100 times the risk of loss you get as well as the benefits.
Lots of influencers who trade shitcoin with an appendage.
If you buy a token meme this year, if you buy this this year, if you buy this coin this year, always with the same scheme, they buy it but they come out faster by bringing your money.
I just warn, especially to invest in the long run, you better do it in Bitcoin and store it in a physical wallet.
It's okay to invest in Altcoin but you really have to be willing if you lose your money.

Queentoshi

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Quote from: Ruttoshi on May 15, 2023, 03:12:43 AM

Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins.

There is a possibility to make profit from altcoins, but it is not very high and also altcoins are not reliable to invest in with the idea that you want to make profit. You can get lucky but you can also loose everything you have invested if you invest in an altcoin that appears good but does not turn out to be good. A bad experience with altcoin for a new person can spoil the persons mind about cryptocurrency and make the person to become uninterested. As a new person in cryptocurrency, make sure that you always have more bitcoins and not more altcoins.

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