Topic: Avoid altcoins and shitcoins because they cannot be stored personally. (Read 313 times)

Yeah, that's the best thing to do. But the issue is that most newbies think that most altcoin are like Bitcoin and that if they hodl for long the price of the alts is going to skyrocket with even making research to find out what utility the project is offering.
And for the case of Op, I'm still trying to figure out what you mean by "altcoin can't be stored". If they can't what about Ethereum, bnb and the rest thousands of coins/tokens out there? Are they not altcoin? Or do you have a specific type of altcoin that you're referring to?

Altcoins also can be stored in non custodial wallet for example the hardware wallet you mentioned ledger Nano x supports multiple cryptos too so you control the shitcoin but price it may go to zero which is not in our hands.

Avoid using exchanges for storing anycoins because it is not supposed to be there for that intention, anyway just avoid shitcoins at all if you are not ready to take the risk of losing your money just like me.

Yes I won't advise any one against altcoin, but before you go into Investing or trading any altcoin, make sure you read about it and make proper research about the altcoin, bitcoin is safer for trading an investment because the have a high security and against measure attacks.

When advising people against altcoins, it's not because you cannot have them on a decentralized wallets but they have high tendencies to run down it the team behind the project have dubious plan, low security measures against an attack, low liquidity and the more, that is why it has always been encouraged to take bitcoin for the best option when starting and do more research on altcoins before investing after understanding the risk involved and acquiring the knowledge needed before investing beca we've seen alot of them falling without remedy.

@OP hardware wallet do accept other coins, not only Bitcoin except Bitbox, so it's mean those coins are good to hold because it can be stored to hardware wallet, no?

Well it will depends on the coin itself! if the coin is centralized, holding that coin in non custodial wallet doesn't mean it's 100% safe and there's no way for anyone to move your coins. USDT is an example where this token can be frozen in your non custodial wallet, the CEO can also reverse the transaction because they're using centralized chain.

I would say bitcoin is the only one crypto which is actually decentralised in every manner while the so called shitcoins have centralised control like the whales holding major supply of coins in the wallets or burning the supply to make them rich.The whole concept of decentralisation was copied from bitcoin but in reality they never implemented it any coin but for bitcoin nobody have any single point of authority and everything is by consensus.

Then if we say about centralised exchange then it's the worse case if you are using these CEX for storing your coins and not learning from the past experiences also because not your keys not your coins.

Exactly people get attracted with the lucrative offers they see from the project owners or when prices for these coins are rising without even thinking what's the utility that's deriving the prices high for them.In reality they don't have any use case even if we take example of meme coins like Doge so what's the actual utility you see in it when the actual inventor already dumped the project back in time? It was just created for fun but people see prices rising under Musk influence they blindly jump into investment so what's the profit ratio for them now? They are pump with fake volumes so whales who holds the major supply can cash out profits from your pockets and in end they dump it over you so better stay away from them.If you see bitcoin has lost significant part of its value in the past but still stands strong in comparison and that's mainly due to utility it has so understanding this can help you a lot.

This information is wrong and misleading. Where do you get this idea in the forum because you definitely not reading a post from a reputable member here. The reason why most user here preferred Bitcoin over altcoin for newbie investment is because its volatility is not that high compared to altcoins. Also Bitcoin is the only true decentralized project the creator is unknown and inactive for a long time which gives this token run by everyone that wants to participate. But some altcoin is decentralized too like Bitcoin in terms of Blockchain model.

Altcoins can be stored too on non-custodial wallet. Do you even try to search it for yourself. Atomic wallet, Blue Wallet, Ledger, Trezor and many more non-custodial wallet supports Altcoins. Honestly who is guiding you to come up with this realization.

When they said that stay away from shitcoins, it means that never invest money on coins that has no usecase or just pop up coins in the market claiming they are the next bitcoin.
They are not saying all the coins are not safe, they just wan't you to be more curious of what its uses in the blockchain, personally avoid coins, who are contract address are controlled or not lock, although they can unlock it if they want, also other altcoins can be stored like ethereum, FTM, who has their own chain.

I don't know why you concluded that Altcoins cannot be stored in non-custodial wallets. or maybe because you just don't know it yet that it can actually be done. or you mean something else about this.
But as a beginner you have learned well. and you should learn more about it.

when talking about altcoins there will indeed be a lot of humor there. most altcoins always say they are decentralized. but the truth is almost all altcoins are close to centralized. and the one who always wins is the dev. but when talking about utility. so there are actually a lot of altcoins that also have pretty good utilities. even now I often top up to top up my credit/internet data by exchanging it for BNB or other altcoins. but it should always be remembered that most altcoins have no clear utility. in fact most do not have it at all. even the whitepaper they made was too convoluted and unclear.
but I also realize that I am still a beginner in terms of knowledge just like you. and I'm still learning now.

We can always correct them, but I think he did have some humility there when he mentioned he does not have enough knowledge. But the topic is been a decade routinely opened here about altcoin and investment. Pretty sure he did some homework researching those. What we can do is encourage them to study first, before playing a dangerous path on altcoins. Sure there are ways to earn on altcoins no doubt about that. But we must help them to control and discipline their selves from doing heavy on it to avoid such bitter loss.

If you also categorize altcoins as crypto, at least you learn what characteristic requirements are attached to them.
In summary, cryptocurrency (not limited to bitcoin) must:
- transferable anywhere that far within a single blockchain including the few wallets you mentioned that support it;
- self-controllable: you also have full control rights depending on where you save it;
- decentralized: power is not only held by a single entity but is spread unless for the reasons above you surrender part or all of that power to a service.

Several other characteristics also really need to be considered such as the basis of the blockchain algorithm, transparency, supply etc.

When it comes to any cryptocurrency what people should always check out is their utilities which is why we keep telling others to avoid altcoins because they simply don't have any utilities in the real world. Majority of them are created to only be pumped and dumped, a lot of them are created trying to pursue a flawed idea (like a smart contract platform) that fail because it couldn't be implemented correctly and a lot more.

That's the main reason why altcoins should be avoided anyways. There are of course other reasons like them being centralized, not having a mutable blockchain, having serious security flaws in their protocol that can be exploited, ... But almost all of them can be stored in non-custodial wallets specially when you find out that a lot of them are actually copies of bitcoin! so they at least inherit that much from it.

Bitcoin and altcoin are cryptocurrencies and never were decentralized or centralized exchanges.

I am not used to the Exodus wallet but only Bitcoin can be stored on Electrum while Ledger Nano X supported a vast of number altcoins with the inclusion of NFTs.


If store your crypto investment on an exchange, you have zero power over your investment and like i said all ledger hardware wallet support at least the top 10 crypto

There are many wallets where you can keep most of the altcoins. Since you are a newbie and don't know much about crypto you are not qualified to suggest others.
Also lets forget about wallets, you can make profit from other altcoins and convert them into bitcoin if you have any issues with other wallets.

Know this and learn more about bitcoin and altcoins for life, if you're having bitcoin in a centralized exchange you aren't decentralized, to be centralized doesn't end with investing on other cryptocurrencies alone, but when you don't know how to get decentralized when you invest with bitcoin will also place you being centralized under a centralized exchange, bitcoin must be in your own wallet whereby you have the keys in accessing it, or get a hardware wallet or run a full note on bitcoincore using Tor client.

Electrum is Bitcoin-only but as pointed out already, Exodus and Ledger can also store Altcoins.
Usually you can store almost any Altcoin in a personal wallet, where you own your private key or seed.
So, accessing your coins if you have your private key or seed is also a function of Altcoins in general.

There are quite a few reasons to avoid (most) Altcoins but your assumption isn't tue and doesn't apply here.

As a true Exodus wallet fan I have to say that you are wrong about storing Bitcoin only on the Exodus wallet, this wallet is a multi coin wallet that supports over 30 different coins in total a d you can also add token smart contracts just like when using a metamask or other. Electrum wallet is built for Bitcoin only.

You mixed the whole facts up, altcoins can be stored in a non-custodial wallet just as how you can store Bitcoin in one, mind you, some custodial wallets also accept Bitcoin too, for example, Free Wallet.  

Find a noncustodial wallet for altcoins and you will receive your private key or recovery phrase when opening the wallet. You still have a lot to learn about crypto wallets, it's too early to advise on crypto wallets right now.

Since you admitted that you are not knowledgeable enough to give advice (and based on what you wrote you indeed aren't), then why are you giving advice? Contrary to the popular belief among newbies, you don't have to share guides and advice what to do in order to get merit as asking the right questions worth way more than pretending that you know what you are talking about.

The only correct thing that you wrote is that altcoins/shitcoins should be avoided, but not for the reason you mentioned (because you can store altcoins on  non-custodial wallets) and instead because 99.99% of them don't have any real utility and are mad for the sole purpose of making their creators rich.

Exodus and Ledger Nano X actually supports some alticoins on ERC20, TRC20, BEP. Although Ledger Nano X seems not to have some altcoins on its mobile live app but they could be stored on the USB wallet; coins like Luna and Cardano should be stored on it. They also some non custodian coins wallets that could store them such as Trust wallet although it is not an open source wallet.

In entirety altcoin are just centralized coins that would actually crash when it supported exchanges gets hack. Imagine anything happening to Binance exchange and KuCoin exchange then their self coins like BNB and KCS could also be in danger.

It is not about decentralized and centralized exchanges but about decentralized network and centralized network. Bitcoin has a best decentralized network and altcoins have worse networks for decentralization. Their networks are very centralized from Proof of Work to Proof of Stake algorithms, all are centralized.

You can store Bitcoin and altcoins in non custodial wallets. You always can but you must use open source non custodial wallets.

It is not true that you say people can not store their altcoins in non custodial wallets. Except very scam altcoins that don't have their blockchains and actual networks. If their coins or tokens are on good altcoin blockchains like Ethereum, Binance Smart Chain, Harmony, Avalanche, you can import their smart contract address to non custodial wallets and store that token.

People just like to store their coins in accounts on centralized exchanges and skip all warnings about risks.

Cryptocurrency security checklist
Reminder: do not keep your money in online accounts
Keep Your Crypto #SAFU (CZ's Tips)

I'm a newbie who joined this forum to learn more about the performance of cryptocurrencies as investments, particularly the role played by the Bitcoin blackchain in other cryptocurrencies' strong security. being a member of this forum for some time and reading the forum to learn it thoroughly. I discovered a lot of new information, particularly in areas of decentralized and centralized exchange. However, that is not the main reason I decided to write this brief article.

When they keep telling us, especially newcomers, to avoid altcoins and stick with Bitcoin, it's all about the difference between decentralized and centralized exchanges.

As a newcomer, I assumed that altcoins could also be stored in non-custodial wallets, but I later discovered that only Bitcoin could be stored in non-custodial wallets such as electrum, Exodus, and the Ledger Nano X. If we can't store our coins in a non-custodial wallet where we have full control over them, why should we buy other coins or tokens where we don't have full control just because exchanges give us half power over our investments? So, if you own other coins or tokens, you don't have much control over your crypto investment because exchanges can bring any laws that may affect you in the future or even steal it.

I can't give advice because I'm not knowledgeable enough to give it to a newbie, but with this little write up, I'd like to advise my followers newbies to stay away from all other coins and tokens except Bitcoin, and if anyone is holding Bitcoin in exchanges, he/she should try to move it out of exchanges for proper storage.