As a newbie I stay off shitcoin and it paid off, Bitcoin is the king. - page 3.

RockBell

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Quote from: Ojima-ojo on November 20, 2022, 09:42:48 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.

Avoiding shitcoins and altcoins is just too risky to take, so before investing, think carefully about where you are investing. What happened with FTX should serve as a lesson to many of us, but most people have not learned from the warnings that have been made over the years about avoiding shitcoins. Most people feel convinced while seeing the hype in some projects that after hype stories start going around about the team being nowhere to be found.

Issa56

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Quote from: alastantiger on December 02, 2022, 02:54:01 AM

It takes so much self-control to not dabble into investing in shitcoins especially when one have friends who are making a few bucks off of it.

If you invest in altcoins then you are not making investments, you are gambling the chances of you will and losing is 50/50, is either you win or either you lose, I don't know but I don't think there can be any reason that will make me invest in altcoins, even if all my friends are investing in it. I think what have been happening to some strong altcoins recently in crypto space, everyone should have learn their lesson, no matter how strong the altcoin is, no altcoin investment is safe, is better I invest in bitcoin and have rest of mind.

Quote from: alastantiger on December 02, 2022, 02:54:01 AM

I remember one of my friends who calls himself shitcoin Lord because of his love for shitcoins.

He might be making money now and he will be happy, but whenever he start losing money, he will regret why he is into shitcoins, I think you should even ask the person maybe he is still making money from shit coins, am sure some of the shit coins he is holding will have being dead by now.

Maestro75

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Quote from: BIT-BENDER on November 20, 2022, 02:25:31 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.

Wakate

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Cryptocurrency is very risky and we should be aware on what it will take us to hold a coin whether Bitcoin or altcoins. The market can move to any direction making our portfolio to drop or increase depending on the type or coin we are holding or the worth of that portfolio we are holding. There are so many risks in the crypto world which every persons need to know whether you are crypto inclined or not. The market cam turn our $1000 investment to $10 if we are not careful on the kind of gambling we do in the market. Bitcoin is still the best for any holding whether long or short.

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Quote from: Ojima-ojo on November 20, 2022, 09:42:48 AM

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

This is a very reasonable, wise, and careful decision and consideration. SHit coins are sometimes able to make someone get very high profits and get rich easily. But we also understand that the risk of shit coins is very large. Not necessarily from the 5 shit coins that we invest can get all the profits. So this is a very difficult bet. If we are beginners or don't understand the shit coins mechanism, then it would be better to stay away from it. Bitcoin is the best crypto to hold for newbies and all of us of course.

Quote from: dataispower on December 06, 2022, 10:24:41 AM

This is a major advantage bitcoin has over altcoins. Bitcoin would always recover. Focusing on bitcoin as a newbie is key.

INdeed, this is also one of my reasons why focusing on investment in Bitcoin. For, we always believe that Bitcoin will face Halving and then commonly the cycle will be bullish era. During the bullish era, the price of Bitcoin will be rising up, the pump is true and profitable enough for everyone who is investing in Bitcoins during the time.

RILWAN

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It is good that you focus more on bitcoin to lower your risk of losing your investment with altcoins who are just Ponzi scheme acquisitions where the bubble can burst at anytime.
But then there is no crime in trying to diversify your investment because we still have some altcoins that could give you good profits in a short time.

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Quote from: Ojima-ojo on November 20, 2022, 09:42:48 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.

Good thing you prioritize bitcoin over other non potential altcoins as you can never find as reputable as bitcoin when it comes to long term investment. Although some are also seeing huge potentials investing in cheap altcoins, even in some meme coins, but if you don’t want to see your investments being rekt in the future, just like what happened to those who trust centralized exchanges rather than decentralized ones, then stick to bitcoin and trust the process as it’s the only coin which gives you high level of security and profits.

BD Crypto

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First of all we should obviously hold Bitcoin because it when it pumps the whole market pumps and it's the most popular and profitable cryptocurrency. Again investing on Shitcoins is obviously a wrong decision from any trader. Hold Bitcoin and Gain profits.

dataispower

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Quote from: Daniel91 on December 04, 2022, 02:51:53 AM

Looking at what's going on in the crypto market right now, investing in bitcoin and holding it really seems like the safest option.
It can be said that there is already a rule that when bitcoin rises, altcoins rise even faster, but when bitcoin falls, all altcoins fall, much more than bitcoin, and many altcoins never recover, unlike bitcoin, which has been around for 13 years.
I still regret my mistake when I invested part of my bitcoin earnings in 2017 in some promising altcoins, which failed in 2018 and never recovered.
During that time bitcoins have fully recovered and I have no doubt that this scenario will repeat itself for bitcoin.

This is a major advantage bitcoin has over altcoins. Bitcoin would always recover. Focusing on bitcoin as a newbie is key. When there's no much experience about the market, it's best and safer to just focus on bitcoin. Many altcoins do not recover and you might not even know which is genuine or which is scam.
Secondly, there are thousands of altcoins, so how do you even know which one to invest in when you lack the experience and insight?

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Quote from: Ojima-ojo on November 20, 2022, 09:42:48 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.

Bhig Daddy

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Altcoins have historically been short-term cryptocurrencies that are bought and sold quickly. If you do things that way, you might be fortunate enough to accrue some ROI, or you might not; but if you consider hodling them for the long-term, the chances are sky high that you'd never be lucky because they have no/fake utility. Quite a few altcoins have their utility only in the promises of the owners, which more often than not never materialize. Having said that, Bitcoin has a real utility, which is what distinguishes it, and is the reason you would always expect the price to increase again, even if it has been down for such a long time. It is also the reason why Bitcoin can't essentially die or go into oblivion like other cryptocurrencies can.

JoyMarsha

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When it comes to investing in a crypto market, bitcoin is a remarkable option. I don't contest that. What will happen to altcoins, though, if everyone decides to invest just in bitcoin alone? They will therefore no longer be worth anything(altcoin)

Diversifying your investments is the best course of action for your crypto investments. Have at least 70% of your investments in bitcoin and 30% in the top 20 altcoins. When the bull run begins, investing in the top 20 altcoin with a long-term objective can result in x10 profits than investing solely in bitcoin.

Daniel91

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Looking at what's going on in the crypto market right now, investing in bitcoin and holding it really seems like the safest option.
It can be said that there is already a rule that when bitcoin rises, altcoins rise even faster, but when bitcoin falls, all altcoins fall, much more than bitcoin, and many altcoins never recover, unlike bitcoin, which has been around for 13 years.
I still regret my mistake when I invested part of my bitcoin earnings in 2017 in some promising altcoins, which failed in 2018 and never recovered.
During that time bitcoins have fully recovered and I have no doubt that this scenario will repeat itself for bitcoin.

2stout

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You are wise for a newbie for realizing Bitcoin is the king and sticking with it. I've said it before and I'll say it again, many shitcoins exist just to relive folks of their Bitcoin.

Distinctin

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Quote from: Coyster on November 20, 2022, 11:40:22 AM

Altcoins have always been short-term cryptocurrencies one buys and sells quickly, if you do things that way you might be lucky enough to accrue some ROI, other times you might not; but if you consider hodling them for the long-run the chances are sky high that you'd never be lucky as they have no/fake utility, quite a lot of altcoins have their utility only in the promises of the owners, which more often than not never comes to fruition. Having said that, Bitcoin has an actual utility, that is what makes the difference, and that's why you'd always expect the price to appreciate again, even if it has been down for so long, it's also the reason why Bitcoin can't basically die/go into oblivion like most altcoins do after a few years/months/weeks.

However, I believe there are still some altcoins that have been giving significant profits in just a short period of time, but I also believe most of them do well when hold for long term. So if you aim for real and limitless profits, do not just go for potential altcoins, but maximize investing with bitcoin. Because when it comes to high utility cases, you can never go wrong with bitcoin. Investing in bitcoin for long term is more possible with its higher market demand which made it possible for a lot of potentials for higher returns.

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Quote from: Ojima-ojo on November 20, 2022, 09:42:48 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.

First, there’s no easy way to make profits so learn to invest not for quick profits but definitely for long term goals. And with that, bitcoin will always be the most reliable and trusted coin for long term investment. Although there are altcoins who also excel in long term hodling, but they can never be profitable with short term hodling as most of them suddenly lost in the thin air without the chance to see value progress. Second, never trust centralized exchanges for your potential investments. There will surely be next events following the FTX drama.

Bholutefe

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Indeed, no other coin beats Bitcoin when it comes to Cryptocurrency coins, it has a very high and worthy value among other coins whereby it’s the master of all other coins. I would never invest my money in any other coins apart from bitcoin. One of the many reasons for that is because there are much more better assurance and rest of mind when you invest in bitcoin, although there are rise and fall seasons for cryptocurrencies in general, the only key factor to have in mind is patience. When you are patient enough to wait for appropriate rising seasons whereby the coins rises up and you get to make your profit without any form of losses. Investing on cryptocurrencies requires adequate patience and not investing on anyhow cryptocurrency.

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Quote from: Ojima-ojo on November 21, 2022, 02:59:52 PM

The same quick profits will ultimately lead to quick losses, I don't trust shitcoins and I don't look for their so-called quick returns, because they're just Ponzi, and the bubble will boost as soon as possible. I am aware of the one fact that altcoins always promised to be the best profit-maximizing mechanism for now but to maintain stability, one needs to hold a less volatile assets like Bitcoin vs shitcoins.

Bitcoin can not just crash the way other altcoins do crash, and Bitcoin is always recovers anytime there is a dip in the bitcoin market.

Yeah Bitcoin remains king over all crypto currency but altcoins cannot be completely neglected. I don't Believe Bitcoin will make the exact massive move it did 2017 any time soon. It took almost 9 years to break $1k and another 4 years to get to its ATH. Bitcoin obviously has potentials but it will take a while to make good profit. Altcoin can just serve as a sharp shooter although it is not a game for everyone it is for the smart and less greedy.

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Newbies would like to take their chance and risk to the new coins or altcoins because of having a big return that's normal if you are willing to have a risk capability and also it depends on how long you would like to hold once the bitcoin moves a little bit it has a huge impact with the altcoins that's why they want this kind of volatility. Well depends how you will look your holding if this is for a long-term or not investment is not only putting your assets but also analyzing the possible risk and making a plan to prevent losses.

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Quote from: AbuBhakar on November 22, 2022, 05:13:01 AM

This is right, But maybe we should clarify first what shitcoins is really being described by OP, some people categorized all altcoins as shitcoin but some people only categorized worthless altcoins such as meme coin as shitcoin.

Ignoring altcoins that has a lot of potential to grow such as blockchain token is just like fishing only small fish while the big fish is free nearby just because you are scared to venture out.

All altcoins aren't shit coin but they're potential candidates though, I think a typical shitcoin are those projects that get launched without any intentions of been worked on. Like they have no actual development plans, or any problem they intend solving which means they just rely on hype of future gains to drive up interest in their projects. This type of project usually rely on tokens burns, airdrop or other activities that'll interest speculators to see the project pumping in future so they buy now.

Usually they disappear or exit scam immediately interest drops from the project, since there only reason for relevance was because they were hyped and could give huge return when trading. Mainly we have meme coins in their numbers in this category that's why they're associated with the shitcoin but that doesn't mean other projects that aren't meme coin can't be called shitcoin as well.

Topic: As a newbie I stay off shitcoin and it paid off, Bitcoin is the king. - page 3. (Read 1413 times)