As a newbie I stay off shitcoin and it paid off, Bitcoin is the king. - page 2.

Franctoshi

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Quote from: Anguwa on December 09, 2022, 10:31:22 AM

Investing in bitcoin have no risk as far as I am concerned because of the trust I have for Bitcoin, and I am taking this bear market as the right time to place my investment, because its a perfect time for me.

I don't think this is true , Bitcoin and cryptocurrency generally are risk asset until it is officially adopted and maybe got regulated.
You can say base on historical performance of Bitcoin in the past, that investing into Bitcoin is Best decision to make when looking into invest in digital asset such as Bitcoin. But saying it has no risk I don't really agree with you base on that.

RILWAN

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Volatility is one of the major constraints of cryptocurrency investment and this goes for all coins even bitcoin, investments require long-term patience and continuity which is not something to easily go with as the market can easily drain out the motivation in the investors to wait for that long.

Vaculin

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Quote from: Maestro75 on December 08, 2022, 10:15:26 AM

Quote from: BIT-BENDER on November 20, 2022, 03:25:31 PM

If you are honest with yourself you would state you had a drop also in your Bitcoin investment, and guess what that is not really bad because crypto-currency is volatile. Yes just like you I prefer Bitcoin over Altcoin and I am also yet to get any Altcoin but I don't down play them out rightly.

Your friend did not lose because he invested in Altcoin but rather he invested wrongly, there are still Altcoins that has there heads above waters even after the FTX saga, advice Sam your friend to stop going for Hype, FOMO or FUD but rather do his research.

This is part of truth alot of bitcoin investors hide from people. Thank you for pointing it out. His friend failed because he invested in wrong altcoins and not because he invested in altcoins because there are some altcoins that are still giving investors profit till date. Even him would have lost something from his bitcoin investment since he bought because he must have bought high then. Bitcoin also suffers loss.

This has a point. Even bitcoin does not guarantee profits all the time that’s why I still don’t see it as a secured and guaranteed investment. When you start buying bitcoin even at a low price, then you opted to hold it for long term, then you lost your focus since the value keeps dropping, so you get panic and start selling it at a lower value. That alone is still a loss, not just for money but also a waste of time and effort.

Kasabus

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Quote from: Ojima-ojo on November 20, 2022, 10:42:48 AM

After I started my Bitcoin holding journey a few months ago,
At that time, my close friend Sam! also have some capital he want to put away in cryptocurrency, and I advised him to buy Bitcoin instead of an altcoin. But instead of him to have a long-term potential mentality, he was looking for a quick profit so he filled up his portfolio with shitcoin, while I went in on a single portfolio of Bitcoin and when the unexpected of FTX hack happen the whole market in shamble and his altcoin portfolio have dropped above %800+ but my bitcoin holding still maintains some level of stability.

This gives me more confidence in Bitcoin and newbie who are looking for long-term holding should hold more bitcoin, in their private wallet to avoid exchange, but your knowledge to always have a good entry price.

This goes not just for newbies alone but even for those veterans, bitcoin will always be the perfect choice for long term hodling. Although I would not say shitcoins are completely not profitable because a lot of us here have made huge profits from it surprisingly, but they can never sustain their value when hold for long term especially that they can be easily triggered when the market suddenly crash or dump. However, with bitcoin, it’s always designed for long term hodling, profiting might be slowly, but at least we can guarantee that it won’t turned a scam eventually.

Rengga Jati

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It is very appropriate to stay away from shit coins and prefer to focus on Bitcoin even though there are many altcoins that always promise many things and high profits. However, it's all a scam and shit. This is a smart and wise decision. Not everyone is aware of this.

Quote from: reagansimms on December 30, 2022, 10:16:40 AM

Hype or news that is exaggerated by the media has encouraged beginners to bet on shitcoin in the hope of multiplying profits. Newbies should not be easily manipulated by circumstances, asking is better than speculating on their own.

Newbies are always the most gullible potential victims. Many newbies have lost money investing in scam coins so far due to their ignorance and their unwillingness to learn to understand what they are investing in first. This happened because of the hype, super sweet promises, and desire to get rich quick. This should be avoided.

reagansimms

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Quote from: Hypnosis00 on December 30, 2022, 10:05:06 AM

Perhaps, it was very important to know the consequences of choosing shitcoins for investments when instead there are several potential coins in the market like Bitcoin. That is why I encourage newbies to keep on learning and never be afraid to ask questions if this is the only way to help them know what is the best coin to invest with. Because the more we keep on silent, the more we got prone to get scammed and screwed up by scammers.
If we are new in the market, better to focus on investing in Bitcoin alone - that was the safest way, I think than risking to altcoins.

Hype or news that is exaggerated by the media has encouraged beginners to bet on shitcoin in the hope of multiplying profits. Newbies should not be easily manipulated by circumstances, asking is better than speculating on their own. Directions from seniors can help them in making investment choices. Risk can be minimized if you choose a coin that has strong fundamentals, Bitcoin is the best choice among the many other coins that are still in circulation.

Hypnosis00

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Perhaps, it was very important to know the consequences of choosing shitcoins for investments when instead there are several potential coins in the market like Bitcoin. That is why I encourage newbies to keep on learning and never be afraid to ask questions if this is the only way to help them know what is the best coin to invest with. Because the more we keep on silent, the more we got prone to get scammed and screwed up by scammers.
If we are new in the market, better to focus on investing in Bitcoin alone - that was the safest way, I think than risking to altcoins.

Bhig Daddy

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It's for all inexperienced crypto traders, dude; it's not just for beginners. because I occasionally used junk coin and screwed up. Even if the market as a whole has recovered, every time you acquire a shitcoin you have to sell it at a loss because the price has not. So stay away from the shitcoin if you're not a seasoned trader. Use Bitcoin alone, or one of the top 10 alternative currencies. Altcoin investing is still risky, though, because of all the drama in the cryptocurrency market. Just exercise extra caution.

Russlenat

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Quote from: freedomgo on December 04, 2022, 06:05:10 PM

Quote from: Ojima-ojo on November 20, 2022, 10:42:48 AM

After I started my Bitcoin holding journey a few months ago,
At that time, my close friend Sam! also have some capital he want to put away in cryptocurrency, and I advised him to buy Bitcoin instead of an altcoin. But instead of him to have a long-term potential mentality, he was looking for a quick profit so he filled up his portfolio with shitcoin, while I went in on a single portfolio of Bitcoin and when the unexpected of FTX hack happen the whole market in shamble and his altcoin portfolio have dropped above %800+ but my bitcoin holding still maintains some level of stability.

This gives me more confidence in Bitcoin and newbie who are looking for long-term holding should hold more bitcoin, in their private wallet to avoid exchange, but your knowledge to always have a good entry price.

Bitcoin is definitely the king, and altcoins and shitcoins are just its clones. And most of these altcoins have nothing to be proved in the end, because they eventually lose their value in the process. But for bitcoin, the longer you hold them, the bigger chances of higher returns. And as long as you keep your bitcoin portfolio in your hardware wallet, it will always give you higher level of security too.

There can be no other coins in the market that will definitely replace the position of bitcoin as bitcoin will always be the king and the rest are just its followers. So if you want to maximize your profits and avoid losses by all means, focus on bitcoin but make sure that you are also keeping your coins safety by saving them in your self custodial wallet.

_BlackStar

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Quote from: tvplus006 on December 29, 2022, 06:44:38 AM

It all depends on the price at which you bought Bitcoin. And if you bought bitcoin for 69 thousand dollars, then you would not say that investing in BTC is not risky, since your deposit in dollar terms would decrease by more than 4 times. So all investments in cryptocurrency involve risk, including bitcoin.

This is a volatility risk, of course nothing can prevent it. Bitcoin price fluctuations are of course one of the risks that need to be considered so that people understand what's the point of having a good mentality to face each cycle. Unsurprisingly some long term holders are able to generate large returns even though they have bought at ATH, this is also supported by an investment strategy whereby they have a backup plan in case an asset loses a large percentage of its value.

I mean they can increase their investment portfolio quickly where they have enough reserve funds to buy any dips. Even if their previous investments lose a lot of value in dollar terms, when they understand a good strategy and have a lot of reserve funds, they will be successful in the end. The example I'm talking about is El Salvador or some famous investors like Saylor. They will buy more on the dip so any gains can offset losses. In the end, the rich will get richer and the poor will remain poor because they are not supported by good capital strength.

Questat

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Quote from: tvplus006 on December 29, 2022, 06:44:38 AM

Quote from: Anguwa on December 09, 2022, 10:31:22 AM

...Investing in bitcoin have no risk as far as I am concerned because of the trust I have for Bitcoin, and I am taking this bear market as the right time to place my investment, because its a perfect time for me.

It all depends on the price at which you bought Bitcoin. And if you bought bitcoin for 69 thousand dollars, then you would not say that investing in BTC is not risky, since your deposit in dollar terms would decrease by more than 4 times. So all investments in cryptocurrency involve risk, including bitcoin.

Maybe he considers himself a long-term investor and even buying $69k is still okay for he believes that the price of Bitcoin will soon rise and be bullish again. Such a kind of mindset is really encouraging but for us as casual investors who are thinking about making a profit every day, risk will certainly come into our mind, and even be worried about the situation.
Anyways, rich people don't mind if it was risky as they just want to invest and make a way to earn a profit.

tvplus006

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Quote from: Anguwa on December 09, 2022, 10:31:22 AM

...Investing in bitcoin have no risk as far as I am concerned because of the trust I have for Bitcoin, and I am taking this bear market as the right time to place my investment, because its a perfect time for me.

It all depends on the price at which you bought Bitcoin. And if you bought bitcoin for 69 thousand dollars, then you would not say that investing in BTC is not risky, since your deposit in dollar terms would decrease by more than 4 times. So all investments in cryptocurrency involve risk, including bitcoin.

Amphenomenon

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Bitcoin is the best for a long term investment in crypto but for a short term investment Not that much . Investing in an altcoin involves you going for a thorough research.

ZAINmalik75

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Quote from: Zaguru12 on November 20, 2022, 11:16:04 AM

Many people come into the crypto space with a quick to get rich intention and they feel these altcoins could come good ahead of bitcoin and that's why we read daily of people losing there entire live savings in them.

It's true that many new trader come to know that they will rich soon by investing altcoin like Luna, FTX and more are on the way rather than Bitcoin, but at the end they lose Thier entire money who earned them by doing hardwork, it's trap of scammers like do Kwon and Sam to launch a project raised it for a time in order to build trust of people on them, they do partnership with some big companies and when they got positive response from trader in shape of fund investment then they do scam like they did and Stole billions of dollars.
So it will be better option for you to choose Bitcoin rather than any altcoins to avoid scam.

AakZaki

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Quote from: RILWAN on December 11, 2022, 01:45:45 PM

I know those who held their assets in a private wallet are the only investors who did not lose their money during this time, the ftx case is a big one that affected almost all the market, but lucky are those whose asset is in the wallet and never use the exchange to trade shitcoin.

The attempt to trade shitcoins is what always leads people to exchange and when the exit happens the investors, are those who will be at the receiving end not the exchange

But that will not be entirely true, those who keep assets in private wallets will only lose the value of their assets due to the decline of the crypto market. Storing assets in a personal wallet will also be vulnerable to loss due to several factors such as wallet break-ins and forgetting the wallet seed used.
and for trading shitcoin, you must be prepared with all the risks. Who gets in early and gets out quicker during the shitcoin price hype they will survive. but when it's late shitcoin will only be trash.

Othoy Ayan

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Thats good my friend. Your experience is teaching us about choosing the right investment. Now I'm also confident about bitcoin. shit is always a shit but bittcoin is the real king.

RILWAN

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I know those who held their assets in a private wallet are the only investors who did not lose their money during this time, the ftx case is a big one that affected almost all the market, but lucky are those whose asset is in the wallet and never use the exchange to trade shitcoin.

The attempt to trade shitcoins is what always leads people to exchange and when the exit happens the investors, are those who will be at the receiving end not the exchange

Davidvictorson

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As a newbie you stayed off shitcoins because I'm sure you had the proper guidance or knowledge. One of the mistakes that a lot of newbies make these days those who are enthusiastic about getting into crypto is that they start off with airdrops. They waste so much time on doing that, and when they finally realise that bitcoin is King, they would have already in my words exhausted they are crypto energy or motivation. They become too lazy to do the research needed to acquire the right knowledge and understand Bitcoin so they just go on the internet and say a lot of bad stuff about Bitcoin. So I'm really happy for you OP.

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Quote from: Anguwa on December 09, 2022, 10:31:22 AM

Greed makes some beginners fall in crypto investment, just because they want quick money and thinks that Bitcoin can not go more two times its value, and they believe that Altcoins will go more than 10 times its price if Bitcoin price pump again not knowing that Bitcoin is the king and will always remain the king. Investing in bitcoin have no risk as far as I am concerned because of the trust I have for Bitcoin, and I am taking this bear market as the right time to place my investment, because its a perfect time for me.

A good time to start collecting bitcoins is when the market is as long as it is currently bearish. We just need to wait for the market to be bullish, and it's important to hold on and not panic when the price goes down. Those who only rely on altcoins to get profits that can be up to 10x to 100x certainly have a big risk. Remember that the altcoin hype will not last long. Maybe altcoins can go up to 100x, but altcoins can also go down to -200x. In contrast to Bitcoin which has more potential than altcoins even though it looks sluggish, the crypto market depends on bitcoin movements. Bitcoin is good investment advice for the long term. there will be a right time when bitcoin can reach its highest price again.

Anguwa

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Quote from: Ojima-ojo on November 20, 2022, 10:42:48 AM

After I started my Bitcoin holding journey a few months ago,
At that time, my close friend Sam! also have some capital he want to put away in cryptocurrency, and I advised him to buy Bitcoin instead of an altcoin. But instead of him to have a long-term potential mentality, he was looking for a quick profit so he filled up his portfolio with shitcoin, while I went in on a single portfolio of Bitcoin and when the unexpected of FTX hack happen the whole market in shamble and his altcoin portfolio have dropped above %800+ but my bitcoin holding still maintains some level of stability.

This gives me more confidence in Bitcoin and newbie who are looking for long-term holding should hold more bitcoin, in their private wallet to avoid exchange, but your knowledge to always have a good entry price.

Greed makes some beginners fall in crypto investment, just because they want quick money and thinks that Bitcoin can not go more two times its value, and they believe that Altcoins will go more than 10 times its price if Bitcoin price pump again not knowing that Bitcoin is the king and will always remain the king. Investing in bitcoin have no risk as far as I am concerned because of the trust I have for Bitcoin, and I am taking this bear market as the right time to place my investment, because its a perfect time for me.

Topic: As a newbie I stay off shitcoin and it paid off, Bitcoin is the king. - page 2. (Read 1338 times)