Am confused !!!! - page 5. | Bitcointalksearch.org

Gladitorcomeback

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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.

First of all, welcome to this forum. You will find a lot to learn here. Apart from Bitcoin you can find many good and best coins in the crypto currency market which can give you great profits in the future. altcoins have given people huge profits in the last bull season .One thing to keep in mind is that it is important to be well informed about the alt coins to choose. It is only then possible that your choice is good and perfect. BNb, Ethereum, Arb, OP and Sui are some big Altcoins having big backup and long term idea. You should do some research on their buying range and should not take entry in fomo.

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

Awaklara

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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.

although you can also benefit from altcoins, as a good start for you, I recommend investing in Bitcoin first. focus on one and also study the market. if you already have quite a lot of knowledge, you can try researching some altcoins.
regarding the wallet, electrum is the wallet that I use, I haven't had any problems with it although I also use other wallets like trust wallet. but it's not safe. I don't use it to store assets but only to segregate assets for trading.
many suggestions, you can choose and try some.

hosseinimr93

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Quote from: robelneo on May 15, 2023, 08:19:36 AM

I started on Exodus, Electrum, and MyCrypto and I'm still using these three I highly recommend these three to newbies but always invest time and effort on how to secure your coin, even the best wallet cannot secure your portfolio if you lack the best security measures.

Electrum is surely a trustworthy wallet and if it's in the correct way, your fund would be completely secure, but exodus is a close-source wallet and it's not recommended.
When you use close-source wallet like Exodus, you don't know how the keys are generated and whether they are stored on their server or not.

Coyster

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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.

Bitcoin has an actual utility which creates high demand for it, plus its capped supply, thus it will always have an appreciating value in the long term. Whilst most altcoins on the other hand are pump and dump coins with no utility, you might be lucky if you buy it right before it pumps, but the chances are pretty low, and the risk of you holding it when it is dead is somewhat high. So weigh up the risks and decide for yourself which option is best. To summarize the answer to your question on wallets to use: not your keys, not your coins, thus be your own bank.

robelneo

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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.

In my experience yes if you are one of the early investors of these altcoins and you accumulate a lot on their test net period this is where the price is very cheap, but there are a lot of risks, you need to have an insight on what they are bringing and if there's acceptance from the community, I have two tokens where I am part one of the early bird its a big risk but well worth it if the developers kept their promise and there's the adoption of their platform

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

I started on Exodus, Electrum, and MyCrypto and I'm still using these three I highly recommend these three to newbies but always invest time and effort on how to secure your coin, even the best wallet cannot secure your portfolio if you lack the best security measures.

Merit.s

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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 will advice you as a newbie who wants to learn more about cryptocurrency to stick to bitcoin for now because,it is only bitcoin that is easy to make profit on,if you invest in a long term investment. The altcoins are not reliable as they can pump up to 100% and before you know it they will go down to zero in the next minutes. Buy bitcoin and holdl,learn the market analysis of bitcoin and you will be fine with your investment

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 should use a noncustodial wallet,which only you will have access to your private keys. You can read this to choose any of the noncustodial wallet,you will love to use.
[General] Bitcoin Wallets - Which, what, why?

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

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

Exchanges are using close source wallet,which allows them to be in charge of your coins and it is risky for an investor to leave his coins in an exchange because they can do away with your coins and you will have nobody to be held responsible for the loss. In a closed source wallet, there is always a back door to it and a third party is involved,but an open source wallet is open for anyone to have access to their code and it cannot be manipulated by a third party.

hd49728

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Not your keys, not your coins!

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.

Bitcoin is unique and it does not die since 2009.

Altcoins are thousands and many of them die in history of cryptocurrency market.
Dead Coins: How Many Cryptocurrencies have Failed?

Hopefully that article helps you to easily make your choice.

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

Non custodial wallets.

Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained.

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Are exchanges wallet an open source wallet.

They are custodial wallets. They are close source, not open source.

Reminder: do not keep your money in online accounts

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

Open source wallets give you links to their Github and their codes.

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

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.

• Non custodian, open source wallets are the best choice. Electrum is a very safe and popular option.
• No, exchange wallets are not open source, cause centralized exchanges are usually closed source websites.
• Open source wallets have publicly verifiable code which can be seen on their GitHub, this should be regularly updated to the latest version of the software. Closed source don't have open codes and no one knows what they do behind the scene.

Ruttoshi

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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.

Topic: Am confused !!!! - page 5. (Read 951 times)