Topic: Am confused !!!! (Read 951 times)

You read it wrong mate as OP had already invested in Bitcoin but he was asking if he could make a good profit from altcoins. He is now on the search for profitable altcoins, of course, there are a lot of them. We can still make a fortune in investing altcoins but must be sure that we choose the right coins, and investing in ETH and BNB is quite a good choice.

Well, we can say that focusing on Bitcoin is safe but altcoins can give us another chance to earn. Putting some amount in them is not a bad decision either.

Your first question is about altcoin or Bitcoin. So I will always suggest you the Bitcoin, that is the good option. And you are talking about profit so if your hold Bitcoins are in profit so rest of all coins will be in profit. Because Bitcoin has an excellent dominance on the whole market.

And the second question is about wallet so I will suggest to use a cold wallet if you are a holder and you want to hold the coins for a long time so the Cold wallet is the best option.

TBH ill suggest you make yourself acquainted with bitcoin. Let me point you to a direction and recommend some Bitcoin Recommended Reading/Viewing

Historical Bitcoin Price Chart Video (current through 12-16-20).

Today's Bitcoin price with 10yr chart - Always zoom out.


Bitcoin is the exit strategy


How Bitcoin Works - intro


To understand how Bitcoin solves all of the problems with money, read Inventing Bitcoin


How Bitcoin Works - in depth


Bitcoin is secured by the laws of physics


Stock to Flow Theory


You Don't Need to Buy a Whole Bitcoin


DCA Investment calculator - Figure out how much you have over time by buying X Bitcoin per month


Infrastructure Inversion


Michael Saylor buys $2.5 billion in BTC


The Bitcoin Standard - Best Quotes


IThe Bitcoin Standard - Video Summary


Bitcoin is the Internet of Money


The Trust Machine


In Depth Bitcoin intro


Misconceptions About Bitcoin


Why Bitcoin and no others


Bitcoin is the Next Bitcoin


Debunking "Blockchain not Bitcoin"


The Great Plague of Shitcoinery

It took me coming to this forum to understand the need for that distinction and how to correctly use the term "cryptocurrency". In the world out there many people were swayed into buying shitcoins under the guise of cryptocurrency. This time around I prefer simply calling anything I'm referring to by the name rather than struggle to be specific. As it happens that I have keen interest in bitcoin that is the pioneer and have greater acceptability than the numerous shitcoins around, I feel more comfortable discussing to avoid distractions.

Considering that here is a Beginner's board, I would even prefer we focus more on bitcoin because by the time we spend time and energy dwelling on discussion of the numerous coins that is being created daily, there is a high tendency that the temptation may be there to venture into them. Peradventure, one attempt by the new people to make quick gains, as always promised by the team of these shitcoins,  and it goes south many might be discouraging and devastating and they some might even give up siting that they were scammed through the vague word "cryptocurrency'.

Like you said, those who are new to all these should focus on bitcoin for the sake of their money and peace of mind.

Very wise. Of course, I agree. By focusing attention on the potential and advantages of Bitcoin, we can build a deeper understanding without being sidetracked by the confusion around other assets like you convey and to be honest I believe a healthy and in-depth discussion about Bitcoin will bring greater benefits where the current development of digital finance it continues to grow and develop.

That's pretty dangerous to be framing the matter that way... it lacks focus, and it seems dangerous.. because there are so many ways that normies (or even poor people) might end up overallocating to shitcoins and not really understanding bitcoin.

I frequently tell newbies that I ONLY recommend bitcoin, and I do not recommend shitcoins at all, but if they feel that they want to fuck around with shitcoins to allocate no more than 10% the amount of their bitcoin holdings into shitcoins, and sure I understand that people can do whatever they want and frequently they are likely to allocate into shitcoins way more than what I had suggested to be the max, and they have the right to do whatever they like, but I feel that I at least gave my suggestion to them, and surely I don't even claim to be any kind of an advisor even though that's how I tend to frame the matter.

Another way of thinking about the matter is for any newbie to work towards figuring out bitcoin first, and then once they may get some grasp upon bitcoin, then they would be in a better position to decide for themselves the extent to which (if at all) they would delve into various shitcoins...

So, even referring to the space as "crypto" is misleading because it unduly puts too much weight in terms of attempting to count bitcoin as if it were just one of many other cryptos and that is far from even being close to true, and if you are using the term crypto and including bitcoin as part of that, then you likely do not even understand bitcoin enough and you are speaking sloppily by using such a term.. without specifying what you mean exactly.

By the way, I am not opposed to the use of the term crypto if it might come to explaining some kind of a dynamic regarding something that all cryptos might have in common, such as they are all digital representations that may or may not attempt to peg to physical items/assets.. but if it comes to describing investment strategies or even how to think about bitcoin. .there is almost no good use of terms like crypto or crypto currencies unless you specifically say what you are talking about and if you are talking about bitcoin, then why not just use the word "bitcoin?"  if you are referring to other crypto besides bitcoin, then either specify what you are talking about or make it clear that you are not talking about bitcoin... and if you make that clear most of the time, then you will be better able to get away with using the term crypto from time to time without specifying what you mean, but people already know what you mean because you said what you mean at an earlier point in time or frequently enough that they know what you are wanting to say.


Sure that is all true, but wouldn't you consider that you may well need a bit more specifics than what you are saying that "everyone has to decide for himself/herself.. blah blah blah..? That seems pretty vague to me.


You seem to be mixing things up.  There may well not be any need to diversify at all if someone is new to investing, but if they already have some investments the category is not necessarily talking about money markets because even that concept is vague.  When I think of money market, then I think about a kind of cash equivalent that has the mere purpose of attempting to maintain or increase its value through a kind of yield that the money market fund might have.

If you are suggesting that many of the non-bitcoin crypto currencies are another kind of money market that is done through another kind of vehicle so it serving a very similar purpose as a traditional money market, but instead normies are able to get in and out of the "crypto" version of the money market because it is more accessible to them than a traditional money market. and surely we are getting into baloney shitcoin talk when going down this avenue, evnen thogh this thread is specifically asking for comparisons to bitcoin and shitcoins and asking about what kinds of exchanges to use and/or ways to hold coins.


Sure, it seems that we are agreeing on this point, yet we know that some people, even with limited income, are in a position to be more risky with whatever capital that they do have as compared with some other people, and sometimes there is an age factor that deals with future potential earning capacity.. so we likely would even agree that the balance of something like capital preservation and capital growth is not going to be struck in the same kinds of ways for all people, even if we might categorize them as "limited income."

And if I might be talking to two different limited income persons and one of them happens to be young and has a lot of skills and income potential and the other has more of a set job or maybe even late in his/her career so there are thoughts that income is not likely to increase, then surely I might still give similar suggestion about mostly sticking with bitcoin, but I might understand that the younger person might be more willing to take chances and to rely on his/her future earning potential as a kind of insurance in case s/he fucks up whatever risk taking that s/he is contemplating.


Even though I might not be disagreeing generally what you seem to be saying, I still have some troubles in regards to what it is that you are even talking about because who gives any shits about the growth of cyptocurrencies, unless you are talking about bitcoin, and if you are talking about bitcoin, then sure, let's talk about the various potentials for its future growth - why is it necessary to consider the extent to which various other shitcoins may or may not grow along with bitcoin.  I assume that shitcoins are going to grow, yet I also believe that it is a general waste of time to spend mental energy in thinking about them, or to study into them or to put value into them, absent some kind of a minor allocation.. that would not exceed 10% in terms talking about them, thinking about them and/or finances.

so o.k. if we agree that there are going to continue be shitcoins.. then let's get back to how bitcoin fits into this and focus or discussions on bitcoin rather than getting distracted or being vague in terms of what we mean or what we are talking about.


Great.  Agreeing seems to be a step in the right direction to potentially show that there might be some hope with you.

I have no obligation to back up my statement that criticizes your statement for being vague and not backing itself up.  You are the one who has the burden to back up what you are saying with facts and/or logic, and instead you just presented a lame, and perhaps disingenuous, conclusory statement.

Your suggestion that I back up my statement further demonstrates your likely lack of genuineness.


Hm?  At least you are attempting to be a bit more specific.  That helps a little.

Agreed! Can you pls come up with a more potent, and focus bearing advice. I do not claim to know it all. I only have a candid advice. Maybe you could help here, I will be willing to learn from you.

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Week honestly, I personally do not even have faith in altcoins except for eth, BNB. Besides BTC, I often do not recommend altcoins for obvious reasons like you said, pump and dumps.

The fastest way to go broke is to take this your statement seriously. If you know how those shitcoins have messed people up, you will never advise anyone to invest his hard earned money into any shitcoin with the hope of making profit. If you don't know, many people that launch those coins are doing so just to make money not that they are creating any utility... that is why they spent good amount of money on marketing... to hype the coin just to attract investors. If you want to advice anyone, tell them to buy bitcoin that have been around for long and is not going away forever.


The funny thing is that promoters of these shits are so noisy on social media, promising X10 and X100 just to lure people into their net. I wonder how anyone in this forum will still give a thought to that given the level of exposure that have been made here. The chances of these shitcoins failing is over 99%. Why should one gamble with his money when Bitcoin presents a wonderful alternative?

Majority of people who fall for the scams that is prevalent in these shitcoins are propelled by greed. They want to become ricj overnight and that is how they get roasted.

What are the details you need to buy the altcoins at a low price? Some new altcoins are scams, and they will make everything so real that you will never believe they are in the market just to scam. You sighted Pepe coin as an example, but we are having multiple altcoins entering the market, and they are not doing what Pepe coin did. Lots of altcoins with low prices don’t even survive the market because they are of no use. Are you going to keep on wasting money on different altcoins until you finally hit a coin that’s going to perform like Pepe coin? which you might not even be able to get. Everyone is looking for a coin that can perform like that, but they are not getting it.

The crypto market is being flooded by new altcoins, which is making it more difficult to even know the good ones. Just as I said before, some altcoins are so real that you will find it difficult to figure out any fault in them, but at the end they're going to be scam coins. I know new altcoins will bring a higher ROI than the old ones, but how sure are you that the new altcoin you are investing in won’t end up as a scam coin? Generally, I discourage altcoins, both new and old once, but it’s better to go for a coin that has been in the crypto space for a long time than a new coin.

If you want to make an investment in the crypto space and you need peace of mind, then it’s better to go for bitcoin. If you invest in bitcoin, you are going to get the same high return that you are looking for in altcoins, but you will just have to be patient. Bitcoin investment is less risky compared to altcoin investments.

Don’t be surprised that after doing lots of research you will still end up investing in the wrong coin. Bitcoin is the best investment for both beginners and professionals. Being a professional does not mean you won’t end up investing in the wrong coin, professionals also make wrong investments. That’s why altcoin is just too risky to invest in.

It's good you noted you're a newbie, which is why you have to be very consistent in just accumulating Bitcoin instead of involving yourself with any altcoins. There is a possibility of making a profit with some other altcoins out there, but they pose a greater risk of quickly losing your money sooner or later than you expect. There are thousands of shitcoins out there, and even more shitcoins keep being developed almost every month, so if you decide to invest in altcoins, you wouldn't know which shitcoin you are putting your asset into.

Previously, thank you for providing a very good response and explanation. Yes. In many areas, traditional investment channels such as property, equities and bonds may be difficult to access due to various socioeconomic factors. Well, In that case, it's my view in general that Cryptocurrencies can provide a more accessible entry point for more individuals.


So, the question of how much diversification is right is still fluid and depends on individual circumstances. Yes, there is no one-size-fits-all recommendation as factors such as risk appetite, investment objectives and available capital differ from person to person but , what is of common concern is that caution should be exercised in adopting percentage thresholds.

Investing in the world money market, especially outside of Bitcoin, does carry additional risks due to the proliferation of less established projects and scams and conservative guidelines such as not exceeding 10% are reasonable, given the speculative nature of many cryptocurrencies. individuals with limited income, the priority should be to maintain their capital but at this point.


Another point of view is that as cryptocurrency adoption continues to grow and develop as it is today, investment opportunities may arise thereby indirectly providing another exposure in the money market but not necessarily the investment direction to shitcoins, because that is so bad.

Pump and dump coins you mean, or coins/tokens that have no actual utility but survive on just hype, i'm pretty sure you yourself don't believe in what you just said. Making ROI through crypto isn't as straightforward as that, even with a coin like Bitcoin that has an actual utility, now if it is with Altcoins, it becomes a whole lot more difficult and somewhat like Gambling or looking for a needle in a haystack, because out of even a hundred of them, you might struggle to find one good coin/token.

Pretty dumb, lame and lacking in focus advice Victorik.

There's no need to be confused. Maybe If you take time to acquire some knowledge about how the market works it will help you make inform decisions.
Besides Bitcoin, there are hundreds of token/coin you can make profit from.

First of all welcome, I will suggest you to buy bitcoin and hold for long time, hopefully you will get a lot of profit. Investing in bitcoins is risky, investing in altcoins is even more risky. You can choose Bitcoin to invest.

You will not hold bitcoins on any exchange. You can use Electrum or hardware wallets to hold bitcoins for a long time.

Personally, I find your statement to be in tension because you first tout bitcoin as the best investment and the thing that you should be investing in within the cryptocurrency segment, and then you talk about having some hedges by having and/or building a crypto portfolio.. which seems really dumb, and sure there might be low income people who are investing into bitcoin who feel that they are not able to diversify in traditional ways, such as with property, equities (stocks), commodities, and bonds.. of course there is also cash and cash equivalents, but most people are able to at least hold their own local cash and maybe even some foreign currencies such as the dollar.

So then the question still becomes how important might it be for those people who might feel that they are not able to diversify into other traditional investments regarding how much they might consider that it helps them to put any value into building a crypto portfolio... besides bitcoin and cash.  Careful with suggesting too much, such as beyond 10%. why even fuck around with those non-bitcoin shits that may well end up rug pulling you at any particular time, and sure maybe anyone gets up to an amount of bitcoin that they are actually wealthy enough to start to be able to diversify into traditional asset classes, then maybe they might not even need to diversify very much until they get to such a point.. and that might be having more than $10k to $20k in their investment portfolio.. which might start out with just bitcoin and cash (and maybe no more than 10% in various shitcoins.. which you refer to as crypto).. It surely is difficult to figure out the number in which diversification beyond bitcoin and cash would be justified based on quite a bit of variance in what investments might be available to people once they get up to a certain amount of value..

maybe we might consider folks who are in places in which annual incomes are lower than $10k to likely not have much of any investment options besides bitcoin, until they get up to a certain size, but that still should not justify getting into shitcoins, and there do seem to be several ways in which some kinds of equities exposure is coming more available to more and more people, but sure maybe if you live in some of the places that have a lot of unbanked people, then there are a lot fewer options regarding how to diversify outside of bitcoin and cash.

I think it's a good decision and you should cash in and one more thing Bitcoin is one of the largest cryptocurrencies by market cap beating the ROI (return on investment) of most stocks available in any market, as well as gold and other commodities and this makes a high sense of optimism if you really see the development of the crypto industry not just in passing.

Yes. building a portfolio in addition to being a means of growing wealth and also BTC serves as a hedge and historically many investors have consistently generated enormous returns by implementing/creating crypto portfolios over the long term.

I have come to understand that Bitcoin is enough for anyone that want to invest and reap from this digital space. The energy and resources you will spend in other coins can be better used in building a good Bitcoin portfolio. I have fallen victim of scam before from holding a large bag of shitcoins. If I only relied on bitcoin, that will not happen. So obviously, the chances of being scammed from looking for coins to make quick profit is high.

@1miau made this wonderful thread that should make everyone come to this conclusion that bitcoin is better.
These are some of the advantages of bitcoin and the reason I feel building a bitcoin portfolio is better than looking for other coins that you are not sure of their future. Now is even a good time to start building a bitcoin portfolio, the price is still low and considering what is ahead for bitcoin, accumulating now is a wise decision.

It isn't easy investing in altcoin. It involves you to do alot of research to make it with altcoin. Bitcoin is the surest for a beginner like you. After much knowledge about crypto, you can now add altcoin in little percentage.

Bitcoin is a great choice for beginners, after going through several processes of increasing knowledge in Cryptocurrency investments, you can try glancing at Altcoins that have potential after doing personal research. I only suggest Bitcoin and Electrum as wallets that are safe to use, for Altcoins I can't give a choice. Always avoid Exchange wallets to store your assets because it is very risky to the safety of your assets.

Here are the few facts I know about other coins that are not Bitcoin.

1. Almost all old altcoins won't make a new all time high ever again.

2. Newer altcoins with good fundamentals and utility will bring more x ROI than old altcoins.

3. Bitcoin is more reliable than the entire lists of altcoins.

You need to understand that new narratives have the highest potential in the next bull market, we are seeing AI and Ordinals now and I am sure that new one is coming, be on watch out for this, also gaming ain't dead yet, in fact it's just the beginning.

My final advice is, spread your money among few numbers of projects, and make sure that Bitcoin takes the half space of your portfolio, keep doing good research too, I wish you the best.

Maybe ethereum is one of the altcoins that allows you to expect to benefit when bitcoin reaches the highest price as it has in 2021. Bitcoin reaches the highest price, ethereum also follows.

To store coins, use a hardware wallet that allows you to feel comfortable. You can open and see which hardware wallets are suitable for you LIST: Open Source Hardware Wallets.
Using a hardware wallet to store coins, you have to buy. You can get a wallet to store coins by downloading a type of software wallet such as Electrum and Bitcoin Core.
Wallets that support more coins are also available which you can use like unstoppable wallets.

The exchange is not a wallet although on the exchange you can get various coin addresses. but you are not given a private key or seed phrase.
Do not store coins there because you are not in control of your assets.

Hope you are helped with this.

Yes, there are a lot of altcoins that give people huge profits. What you need is just information to buy those altcoins at a low price.  For instance, people who invested in "Pepe" when the price was low made a great profit. Someone shared his wallet on X where Pepe turned his $200 into 1 million dollars

Your first question is good and I'll try to explain one by one. sometimes altcoins are an option besides Bitcoin because projects are able to present something different and interesting and the second reason Bitcoin may be considered a crypto asset whose price is already too high is of course not all of the same assumptions.

Well, what altcoins say is all crypto assets other than Bitcoin. what should you do Know the Weaknesses and Strengths of Altcoins Before Choosing It, Want to find something that is just growing and being born, you can just refer to CMC link: https://coinmarketcap.com/id/ If there are doubts about colleps and there will be many incidents, just choose one that is in the top 10 category.

For wallet selection Currently, various payment transaction tools have developed and Choosing between open source wallets from close source wallets depends on how much investors prioritize security over convenience and the explanation is very clear as conveyed by @Upgrade00. So, don't be confused anymore.

That's what I admit. It's still very shallow and I'm still very hungry for mastery of the material so that I don't make mistakes when informing others. Therefore by following and listening to every discussion of members who are experienced in the forum can make me discover new things, especially knowledge about bitcoin articulation.

I will keep the 3 links you left in this reply as reading material. Thank You.
Regarding the discussion of bitcoin, I admit that you are a great writer who is able to provide a direct understanding, especially about bitcoin and crypto, through the long posts that you always present.
It seems you are not happy if bitcoin is called crypto. I also object to this mention.

That sounds like a pretty limited understanding of bitcoin, and sure coming up with general descriptions may be fine and dandy and even accurate, but there's a lot more going on in bitcoin than merely some superficial description.


It seems that I already responded to those ideas in my previous post (especially from the affinity scam angle.. in that an overwhelming majority of shitcoins are affinity scams upon bitcoin in one way or another), and maybe if you study bitcoin a bit more, then you might start to understand it a bit better in order to know how it is both a leader in the space and what kinds of innovations that it brings to the space in terms of both solving the Byzantine Generals problem, but also how proof of work and the difficulty adjustment contribute towards incentives for miners to build around it and also the various other infrastructure that comes from ongoing growth of bitcoin's various network effects (perhaps building on the ideas of Trace Mayer's framing of the 7 bitcoin network effects).

If you want to get some better grasps regarding how the use of the term crypto is misleading, then you likely need to spend a few more hours studying various aspects of bitcoin and attempting to get from good sources..... which it can take a while to figure some of these matters out... but many people are capable of such, and there quite a few bitcoin focused (or bitcoin first) sources that would likely help you to figure out bitcoin first and then to have a better contextual understanding.. perhaps? perhaps?  unless you really are not trying... and you are just spouting out crypto bullshit talking points to strive to muddy the waters and to frame bitcoin as if it were just one of many competing cryptos.

Have you spent 10 hours learning about bitcoin, 100 hours, 1,000 hours or maybe more?  I doubt that you will have as much confusion if you might spend more than 100 hours learning about bitcoin.  If you don't know where to go for your good bitcoin focused sources, maybe start with going through Michael Saylor's materials (and interviews and he even has some informational websites).. and surely he is not the ONLY source (since he ONLY came to the space in 2020), but at least Saylor is very articulate about bitcoin first and his talking-points and materials tend to be bitcoin first focused, too. https://www.hope.com/  Some of that might help to provide some focus in terms of learning "why bitcoin", perhaps?, if you are really trying to learn. 

There are other sources that go into "why bitcoin?" too.. so another decently good starting point for bitcoin first focused materials is https://www.swanbitcoin.com/signal/

Electronic currency bitcoins. Bitcoin is designed as a payment system that is made to make transactions without having to ask permission from anyone as long as the first party and the second party agree as long as both have an address. That's all I know about bitcoin.

Based on the understanding that I know from many internet sources, so far the pronunciation of bitcoin is crypto still confuses me because bitcoin is widely referred to as a cryptocurrency. This means that bitcoin is the same as thousands of existing cryptos including shitcoin and this is what makes me disagree if bitcoin is called crypto because it is different from the function of bitcoin that I mentioned above.

That's a good mindset where you have to study the altcoin right after completing the research. Anyway, even though you did study the altcoin but it is not guaranteed that you will gain a profit when the result of your study is positive yet the real results of the altcoin that you have studied isn't on positive situation or in profit side. Well, many people have known that investing in altcoins is not the same with Bitcoin because even Bitcoin is not 100% guaranteed profit.

Yes, there are still inevitable chances that you will also profit from altcoins but it’s hard to tell these days which altcoins that will be profitable for long term and which are not so you have to closely study those  altcoins first before you decide to chose where to invest. And never put them in a centralized exchanges but chose a non-custodian wallet instead. That way, you will have your full access to your investment while securing an open source wallet that provides transparency on your part.

That is a bullshit way of framing the topic, Franctoshi.

You are playing into describing some kind of a nonsensical category of crypto, and BTC just happens to be just one of the possible cryptos.

Think about the level of wrong thinking that must be in your head to frame the whole space in that kind of way.

Perhaps if you try to think about bitcoin first, and try to understand what bitcoin is and how bitcoin developed, and then perhaps if you thereafter want to start to include various shitcoins into your understanding of the dynamics of the space and the dynamics of what is happening with bitcoin, then maybe that might be a bit of a better way of framing the matter rather than starting out with some kind of an amorphous concept of crypto and various crypto and bitcoin happens to be one of the cryptos.

Your thinking and framework is wrong which likely means you don't really understand bitcoin and likely means that you are giving bad and misleading information and advice based on your lack of abilities to frame the matter in a more accurate way.


The conclusion of bitcoin being the best is not wrong...and even bitcoin being the most transparent is potentially directionally correct.. since there likely is some value in the open source nature of bitcoin, at least at the 1st layer.. but there can be various kinds of ways that bitcoin is not completely transparent. .including various systems built upon it, so maybe on a scale, we might consider bitcoin to be more transparent than a lot of shitcoins. and sure the crux of issues with various shitcoins does likely have to do with their attempting to appear as something that they are not.. which just gets us back to many of them. and perhaps even an overwhelming majority of them engaged in some kind of an affinity scam in regards to bitcoin, which also would be further justification why it is misleading to suggest that bitcoin falls just within a category of many cryptos when in fact it is the unambiguous leader in the space upon which many try to emulate or appear to be improvements upon or even sometimes appear to be attempting to build on bitcoin when they are likely not building upon bitcoin as much as they are claiming to be doing...otherwise, why would they need a token (except to be able to print money and to cause the appearance that they token is going to go up in value in order to lure people to invest while the founders get rich.. but they may well say that they are not doing that.. each of them say that they are a legit shitcoin.. not one of those scam ones).

This is wrong and I totally disagree with you that investment in Bitcoin has no risk involved in it, so far as cryptocurrencies are concerned which Bitcoin is part of them, they all involve risk due to the volatility nature of cryptos, however, considering the less risk crypto to invest in, then you can talk about Bitcoin mainly because of its transparency which Altcoins are not.

A very warm welcome to you. I do hope you get all the help you need here.

Besides BTC, there are arrays of altcoins you can make profit from, but also know that you can as well suffer huge losses from these altcoins also. So, nothing is guaranteed.
As a newbie, I will advice that you study more about BTC, and get knowledge before delving into this world of endless possibilities.

[quote/)https://bitcointalk.org/index.php?action=post;quote=62246516;topic=5452782.0;num_replies=56;sesc=f5d4a9a8a6ee64eb7f19a63d16509e9
Welcome to the forum 🙌. Of course there's a possibility of making profit in other currencies like altcions . The problem is that it's not as high and valuable as Bitcoin. Bitcoin is one of the best platform for long term investment although it has it risks but it also generates high sales.


Over time most people prefer to invest in Bitcoin than other crypto currencies because of its vali. That's one of the major things to consider before investing in a cryptocurrency. So how valuable these currencies plays a key factor on how high your profit will be . About the wallet, I think it's better you store your coins in a closed wallet . It's more secure and easy 👍.
[\quote]

Yes there's a possibility, but is it high? It depends on which altcoin will you buy.
If you will buy the top altcoin right now which is Ethereum, you have a high chance that you can make profit from it. Now the lower the market cap of the coin that you will buy, the lower the chances of you getting profit. Those at the top 10 in terms of market cap can give you profit still, but the chances are lower compare to if you just invest into Ethereum, and so on, and so forth.

If Bitcoin, it's always a hardware wallet that's being recommended, but if you don't have one, I guess Electrum might do as well since I'm using it for years already, and I didn't encounter any problem with it until now.
As for altcoins, I believe that there are some altcoins out there who has their own wallet like in Cardano that has Daedalus, ATOM that has Keplr, and so on. I guess that's the best choice.

To simplify it, it's the availability of source codes that is the difference.

Every investment has risk. I don't think that there's any investment out there that has no risk because you're investing into an asset, and one feature of an asset is it's volatile, so the risk of losing is still there. If you know an investment that has no risk at all, kindly share it here.

Influencers who cover up their failures behind the scenes can actually have a good impact on new Bitcoin fans, because those who are just getting to know Bitcoin can immediately think about owning Bitcoin even though they still don't understand the risks and what Bitcoin really is all about. And those who want to make quick profits I think only of their own will that they still can't practice patience within themselves.

I also prefer the points expressed by influencers, even though they only explain how they are profitable and then also provide a little understanding of the risks so you don't choose the wrong path. And usually the annoyance experienced by those who just own Bitcoin is when they start to listen more to the opinions of other people they don't know so they don't start to make their own stand on this. In addition, falling prices in the market can also be the main reference for them to be afraid, making it easier for them to release Bitcoin rather than be patient and buy back when the downward moment occurs.

That is the problem because these influencers never tell their losses but rather just show all the positive results. This is why people don't think that investing in Bitcoin is risky but rather think it was easy and there is sure profit. Yet, they only just find out after and when they suffer losses.
We can't fully blame these influencers because it was our choice to invest but something to note is that because of their influence, many people got fooled and make decisions wrongly.

These things tend to happen to those who are completely unfamiliar with Bitcoin. Because as they direct the main point is fast profit in Bitcoin investment they do but it will not happen so fast and it takes time to get profit. Yes, influencers do provide an overview of the benefits they get, but behind the scenes they try to cover up their failures.

But if someone has the patience level in investing in Bitcoin they certainly won't lose out if they buy now and hold onto it until next year. It's just that volatility is a distraction for those who are impatient in the investments they are making. So things like this are not the Influencer's fault because they tell the truth but someone who hears it is still newbie to Bitcoin investment.

And it happens to those who got here because of the influence of these social media influencers. There is misinformation that they brought into the minds of their followers and so they expect that buying Bitcoin today will earn a profit tomorrow. That is why we can see many investors had suffered losses and quit crypto as they really don't understand the situation. And much more if someone never says that investing in Bitcoin is not risky, that certainly builds their confidence and invest immediately without knowing what will happen after.

You are right,initially this was my thought on bitcoin too that it is impossible for a bitcoin investor to loss at the long run. Not until I came to understand that due to some circumstances and news on bitcoin it can affect the price to make the dump,and since nobody can know what the price will be next,some people due to FOMO might rush into buying at high price and might end up selling below the bought price because either they don't have the knowledge of the bitcoin or they ended up using borrowed money to buy bitcoin thinking that it is a get rich quick scheme and they will end up being disappointed.

Having the belief that there is no risk in Bitcoin investment is the reason why we have some investors blaming Bitcoin for their naive mistake because Bitcoin only presents a chance of making earnings but investor decision and the market condition is what determines the end result if it will be profitable or not.
Hope the user can do some reading after reading your post.

It is true that in any investment there are risks of losses. Risks of loss also exist in Bitcoin. Full return on any investment cannot be guaranteed, but in my opinion Bitcoin investment is considered the most reliable crypto currency. Investing in it has minimal risk of loss compared to other crypto currencies in the market. It is also true that there are people who have lost their money in Bitcoin. Investing in Bitcoin does not necessarily mean that you will make a profit every time you invest in Bitcoin. Only entry at right time can give us profit. An entry made in any coin at the wrong time always leads to loss. However, among all crypto currencies, Bitcoin is the best choice for long-term investment.

This statement is completely NOT true.  There are risks with any investment, including bitcoin based on the asset itself and then perhaps based on various ways that normies might execute whatever are their investment techniques.

Also profits are not guaranteed, and the emotions of people vary, so there are people who have lost money in bitcoin, even though bitcoin has historically been an asymmetric bet to the upside, but some people are not able to deal with BTC price volatility so they buy higher than the price that they end up selling.

If you can spend some money then hardware wallet like Trezor is good choice as your funds are safe but remember to keep seeds safe somewhere that you have access to your funds always.There are many good choices above but remember to choose trusted and open source wallet that give you some assurance of your funds otherwise there are many fake one's also trying to grab your funds always.

You can make profit in altcoins investment but depending on the altcoins, all altcoins are not same thing because the I'm looking at it all altcoins will not give you a profit when you invest on them, that is while many people do not rush to invest on altcoins without investigating properly on altcoin, so therefore they will not be any condemnation for investing in altcoins, another thing is that, when you are looking a good wallet to use, I think majority will like to recommend Electrum because it have a very good security and that is while people do make use of it or recommend it to people.

If you invest with the hope of higher profits, you can definitely get higher profits from altcoin. However, even though altcoins offers higher profits than Bitcoin, and altcoins pumps more, there is a lot of risk involved. When the price of bitcoin goes higher, alert coins can be pumped more and profit from it is possible. But if you invest in alert coins then you must choose coins that have high marketcap. And you must research all these things which investment will give you profit in future, I think it is better to invest in Bitcoin than to invest in altcoin because it has no risk. If you want to invest for long term then definitely invest in Bitcoin which will give you profit and no fear of losing money.

To keep your money safe, you should definitely use secure wallets, such as Electrium and Mycelium. By using Elektrium wallet you will get many benefits and it is a trusted wallet that will provide maximum security to your money. You should never use an exchange wallet it is not safe for you at all, using exchange wallets will definitely risk losing your money. So you use strong software wallets like Electrium and Mycelium to keep your money safe.

invest in crypto which is not too high risk is in bitcoin, and in this world there are also many people who are looking to profit from altcoins, so of course you can benefit from altcoins as long as you have to be able to choose altcoins that have good potential, but in my opinion if your knowledge is not yet a lot about altcoins don't look for profits in altcoins yet because the risk is very high, but usually the profits from investing in altcoins are usually always large which is proportional to the risk, but the decision is yours, so you can make profits in altcoins as long as you know about altcoins and are ready with the risk.

There's also a possibility to profit when you invest in altcoins. However, it's quite risky compared to investing in Bitcoin since majority of them don't have real use case and only good to hold for a short period. But despite this many investors are still believing they can gain huge when they invest in alts (or in shitcoins and meme) to give them x1000 profit. The reason why if you chose to invest in not established coins, might as well be prepared to lose your money since the result is uncertain.

On the other side as many users have said already, use a non custodial wallet or a hardware wallet. Don't use an exchange to store your coins.

And how sure are you that the pepe coin will bring good profit, I think there are people who make good money out of altcoins, but it is a 50/50 thing, and considering a lot of factors that may affect it and might crash the entire project, considerin-dering what happened, the current bear market not all project survived in the crypto ecosystem, that is were the problem lies but amidst everything that happens bitcoin still stands and safe to invest in, and must times is always about the hype in addition in term of security, private keys are meant to to be kept safely to avoid security compromise, it is better to invest in what your familiar with that is just the best.

Please buddy i would like you to come in again at this place i marked out in RED so we will get to understand what you are saying opr lets say its a typical error, and please the underlined sentence to is different to what you asked and try to put a QUESTION mark to indicate you are basically asking a question.

Cheers....

Most newbie can find Bitcoin investment frustrating because it's actually have to do patient and most of these new investment actually lack that but if you really want to be successful then making proper research on the investment you want to go in by yourself will be the best way to go about. If you are the quick money type then Bitcoin investment isn't the best choice because a Bitcoin investor number 1 abilities is having the capacity to hold your coins for long despite any challenges faced.

It all depends on how much desperate you are with your investment or how much profits you wants to make within a specific period you gave yourself on, lets say, if you wants to go for long term investment I will advise you to kindly go for bitcoin investment maybe this could take you about 1 years and above to start seeing some significant changes probably could be 2 year to 5 years in as much you endured to be able experience the halving period then I am sure you might make some profits.

While for short term investment, well altcoin can be better but you must be active to take every given opportunities that goes with any increase in that particular project and coin you invested, you must not be greed driven otherwise you could lose all things at point of wanting to make more profits from any particular project you invested. That's why you have to active in reading news concerning that particular altcoin you want to invest or possibly be active in their community and channels across for you not be left empty token or alternatively you may investment in those reputable altcoin such as ETH, BNB, LTC  and BCH.

Then about the wallet to use, I can see there are lots of good response concerning the best wallet to used, so just follow the instructions given to you and use the wallet instructed accordingly.

Yes OP, their are alot of altcoins out there that you can invest on but you have to be careful the coins you put money in, because some of this coin have not been in the market for more than two years so let it not be as if the time you invest your money on any of these altcoins that's when it close.
You are asking which althcoin you invest on, why not try Bitcoin? Bitcoin has been on the run from January 2009 and is been texted and trusted from then till now, More than half of the crypto world are investing on Bitcoin because of its progress, but if you don't want to invest in Bitcoin then try Etherum out, these are the coins I invested on.

There's a probability that you will earn profit with altcoins because it's not just Bitcoin that let you earn profit but also altcoins. if I am not wrong trustwallet is open source wallet provider and you can create a multi wallet there to store altcoins snd Bitcoin and import it to other wallet provider if you don't want to use trustwallet. There's also electrum wallet for Bitcoin onlynif you want to know.

This is a balanced argument... you can make good profit or lose everything; this is the reality with altcoins and look like gambling to me. But why gamble with your capital when there is Bitcoin that have been there for years and have maintained steady growth?

Many beginners regret because they want to make big profit overnight; they are usually caught in the hype of pump of coins with low market cap and believe they can easily flip their investment. This is why you see many pump and dump Telegram groups that promises x10 and x100. To avoid falling victim of these scams, one should simply buy and hold Bitcoin and see the investment grow with time. The pain of losing one's entire saving is depressing and surely Bitcoin is a good choice to start for anyone who do not want to cry over loss of investment.

In terms of investing, bitcoin is very straightforward and easy to understand. I don't know other people's advice, but to me, bitcoin has a good profit that you can imagine as long as you can hold your btc for a period of time when the price is high. This is my advice to you as a newbie.
Regarding the wallet, all wallets, including Electrum and Bluewallet, are very safe to store your bitcoin, but it all depends on how you secured your wallet by keeping your secret keys hidden from others. If you can't secure your wallet, even if you have a good wallet that can store your bitcoin for a long time, your bitcoin is still not secure.

Yes, if you have the chance to buy PEPE Coin before the price goes up, you will get many times the profit, even bigger than you can imagine. But it should also be noted, Altcoins can make you lose all your money if suddenly the price dumps. Regarding a safe wallet for storing your assets, other members have suggested it in the previous replay. You can choose a Non custodial wallet as suggested.
As a Newbie who is new to Cryptocurrency, you should choose assets that are guaranteed or proven to be able to survive in the market. Big profits are very tempting, but you also have to consider the risks.

Bitcoin trading is not only preferable for newbies but also for everyone. Most the altcoins out there are shittcoins and no one is going to maje money trading them. Except some, maybe out of luck or they know some tricks. But bitcoin investment is most profitable than altcoins in every way possible.

Any wallet that doesn't give you the seeds are not open source because they control everything on their own on behalf of you and there are also some closed source wallet gives you non custodian wallet but still they are closed source.

Since you're talking about storing altcoin in an open sourced wallet then Electrum isn't really a choice because its only available for bitcoin and one another coin which is Litecoin. Trust wallet is good for storing altcoins but its closed source so it all narrow the choice to Mycelium which is open sourced but unfortunately kind of filled with glitches.

Dash and eaglecoin are good. Also ethereum and monero...

The idea that it is possible to make money by investing only in Bitcoin but not by investing in some others is completely wrong. It is possible to earn profit from all coins if proper approach to investment is adopted. But Bitcoin is always recommended for investment because it is much safer to invest in Bitcoin as compared to other coins. And since you are a new member, starting your investment in Bitcoin will be less risky for you.
It is better not to trust exchange wallets because many reputable exchanges have already been scammed so you can use hardware wallets to keep your funds safe. If it is not possible for you to use hardware wallet then in that case you can use electrum wallet, mycelium wallet these wallets will provide security of your money.

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.


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.

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.

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.

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.

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.

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.

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.

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.

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

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.


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


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.

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.

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.

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

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.

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.

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


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



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

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.

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.


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


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


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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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   

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.

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

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?

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.

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.

Non custodial wallets.

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

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

Reminder: do not keep your money in online accounts

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

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

• 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.

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.