One fascinating aspect of altcoins, especially the good ones, is the potential for significant profits. I'm aware that not everyone agrees with this, as there are often arguments that altcoins are just another form of 'shitcoin' meant to deceive and exploit people, with Bitcoin being the only legitimate cryptocurrency.
First and foremost, it's true that Bitcoin is considered the king of cryptocurrencies, and that status is unlikely to change. However, let's talk about the profit potential. Some coins, which we hold before the altcoin season, can provide substantial returns compared to Bitcoin. Speaking from experience, I held AGIX, INJ, RUNE, and ETH before the recent positive trend in the market. We can observe how much the market has appreciated, and it may continue to do so until the end of the month.
Imagine if you're the type of person who held these coins earlier, even when the market was in a downturn. You would understand how much you've earned just by holding.
Identifying a good coin requires thorough research, and more coins are continuously being developed. I recently noticed TIA listed on some exchanges and has been doing significantly well in price upsurge. Maybe due to the altseason we are in. But, If a coin has a strong community and utility, it's likely to perform well in the long run.
The essence of all this is that some individuals might not openly share this, but the world of cryptocurrency is versatile, and conducting in-depth research is key to achieving profits.
EDIT: Okay, it seems that many people don't fully understand what I'm trying to convey. Not all coins are fake. While I know that some do understand my perspective, let me clarify some misconceptions.
I'm not generalizing all altcoins as worthless. No, I understand that some individuals view altcoins negatively, possibly because they invested late during the coin's peak hype or chose the wrong coin.
The easy way to navigate this is by: a. Trying out Centralized Exchanges and conducting in-depth research, as I mentioned earlier.
How can this help you (I won't go into detail, but I'll keep it brief. When I have more time, I'll write a post on how to find profitable coins).
Steps to find good coins, as I mentioned earlier:
Using a centralized exchange offers security. Why is that so? There is a multitude of coins being developed daily on DEX, and verifying their legitimacy might be as low as 10%. This is why many people end up getting rug pulled when trying to get in early or buying a coin expecting it to rise. Those who do this are called "Degens." Unless you have mastered the method of buying a coin on DEX that favors you, what you buy is often referred to as a "Shitcoin."
By using a centralized exchange to obtain a coin, you have a 50-70% chance of avoiding a Shitcoin or a rug pull. The two exchanges I prefer for buying altcoins are Binance and Bitget. However, the latter lists more altcoins than the former, so I primarily use it as they continue to add good altcoins. The remaining percentage is for me to conduct my own in-depth research, including checking their Whitepaper, community, and other factors that can qualify the altcoin as a long-term or short-term hold.
I've also noticed in the comments that TIA is considered a good coin, and it was recently listed on Bitget few days ago
So, it's essential to understand that there's always a distinction between "Bitcoin, Altcoins (offering both short-term and long-term profit potential), Shitcoins (promising quick profits but with risks), and Rugpull coins."
