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Not Your Keys, Not Your Bitcoin

Quote from: odunybiz on July 10, 2023, 07:55:58 AM

I joined crypto early last year with little knowledge. After I had loose some money to altcoin, I decided to go for some research and I observe it best to make 80% of ones crypto savings to be Bitcoin.

Why I against altcoin and prefer Bitcoin:
Lower popularity and smaller market cap: Altcoins have a smaller investment market compared to Bitcoin. Bitcoin has generally hovered around 40% of the global cryptocurrency market since May of 2021.

I don't quite find altcoins fascinating but I don't agree with some of your explanation. An altcoin may have less popularity which is right because it's new but ignoring them because of low market cap is not valid reason why they should be neglected, they are even more easier to make x10 than to make that in Bitcoin if you know understand how altcoins are shill and exit strategy when you had enough profits bu I don't just like them from my own personal reasons, they are not real to me.

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CONCLUSION
A good practice I will recommend for all expecially beginners is that they should invest mostly in Bitcoin as this is highly save for the future.

Altcoins is full of deceit and lies, the team are very manipulative and if you are not careful, you will get caught up in there games, it's better to avoid them without even thinking twice, they may look profitable until you had loss from the market.

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Quote from: odunybiz on July 11, 2023, 12:41:46 AM

I think I need to learn from here too. How do I hold and maintain my Bitcoin safely for a long time? It's a thing to save some Bitcoin, is another thing to save it securely from been hacked.

You hold it on a wallet where you're also holding the private keys. Exchanges don't provide you that and that's the best way to maintain the safety of your Bitcoin if you're for the long term.

Much better and more preferred to have it on a hardware wallet. You get to see a lot of people telling that it's the best way to keep your bitcoin if you own one. Some may say that it's a paper wallet.

SOKO-DEKE

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Quote from: odunybiz on July 10, 2023, 07:55:58 AM

I joined crypto early last year with little knowledge. After I had loose some money to altcoin, I decided to go for some research and I observe it best to make 80% of ones crypto savings to be Bitcoin.

This is the reason why newbies are not expected to rush and invest in the cryptocurrency industry; they are expected to have enough knowledge before they should invest. Many people have lost some money in the crypto industry because they did not know which projects were worth investing in, so they ended up investing in scam projects.

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👉👉[/b]Many altcoins are scams or lost developer and community interest:[/b] There are several "dead" altcoins that ended up sinking investor dollars.

I may say that is true because there are many projects that people believe much in, but at the end, they end up become dead projects. I've experienced many of them before, and that's why I don't trust any altcoin anymore.

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CONCLUSION
A good practice I will recommend for all expecially beginners is that they should invest mostly in Bitcoin as this is highly save for the future.

Due to the little knowledge of newbies and the many altcoins in the crypto market, with idea that newbies can't carry out proper research on their own,they are advised to always avoid altcoins for the main to limit their risk in the crypto industry. So newbies are advised to only invest in Bitcoin until they have the proper knowledge to do proper research on their own.

Lucius

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Quote from: Mpamaegbu on July 10, 2023, 11:33:29 AM

Quote from: Lucius on July 10, 2023, 09:47:29 AM

I would never advise investing in the projects you suggested, because completely centralized tokens like the one you mention from one CEX have some value only as long as their company operates stably, and we all know that if nothing else they are deep in the gray zone and under investigations around the world.

By inference, it's clear you're referring to Binance (correct me if I'm wrong). Can't we say CZ has really tried with his exchange so far despite that's a Cex? I mean, since 2017 that Binance came on the scene and was greeted with all that skepticism and criticism but it's still weathering the storm till date. I think we should give to it its flowers.

It is more than obvious that I am referring to them, considering that their token is mentioned as something worth investing in long-term - but I have already mentioned that any similar token is stable and has value as long as the company behind it is doing well and has stability. Considering what is happening with that company, shouldn't it be taken into account that their token in x years might not be worth even 50% of what it is worth today, or might not be worth anything?

In addition, I would never invest in something backed by a man who publicly says that 99% of people who use cryptocurrencies are incapable of keeping them in a non-custodial wallet and suggests that CEX is a much better option for them. Implying that almost all crypto users are stupid is not something that gives that man a reputation that seems to be considered impeccable by millions of people - but I'm not surprised by that, considering that there are the same people who believed that Bankman is a good, capable and honest man.

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Quote from: BD Crypto on July 10, 2023, 10:25:37 AM

You said about your opinions and that should be unique but you just did copy paste whole this information what I have quoted from the source. Is it not like breaking forum rules?

There are no many unique articles in the forum, many copy from the internet and some copy from chatGPT. The difference is that the wise ones make some changes and introduce their idea while still referencing their sources. The dumb ones just copy and paste with reference and they are always banned.
The OP tried to include reference, but copying verbatim and including reference is not cool by me (but I don't matter). Instead of copying verbatim while not paste the link and direct us to read.

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Quote from: odunybiz on July 10, 2023, 07:55:58 AM

I joined crypto early last year with little knowledge. After I had loose some money to altcoin, I decided to go for some research and I observe it best to make 80% of ones crypto savings to be Bitcoin.

Mistakes that make you lose when you join to invest or trade in crypto, that's for sure, the main factor is the lack of knowledge you have at that time. Because investing or trading in crypto (altcoins) is very risky, but if your knowledge about altcoins is pretty good, of course all the risks of losses that will occur can be reduced.

And then you decide to divert 80% of the crypto assets you have into bitcoin assets, that's definitely a better move. Because when you invest in bitcoin, you will be more calm with the assets you have, and the risk of loss will also be very small. But most importantly, you must continue to learn about investing or trading in bitcoin, so that the results will be maximized.

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Why I against altcoin and prefer Bitcoin:
👉👉Lower popularity and smaller market cap: Altcoins have a smaller investment market compared to Bitcoin. Bitcoin has generally hovered around 40% of the global cryptocurrency market since May of 2021.

It is obvious. Because bitcoin was the pioneer for the birth of crypto currency in the world, and so you could say bitcoin is the king of all crypto currencies or assets. Then with this fact, coupled with the very good quality of bitcoin.
So it is certain, in terms of liquidity, quality, market capitalization and popularity, Bitcoin is indeed far superior compared to other crypto assets.
[/quote]

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Quote from: Helena Yu on July 10, 2023, 09:59:04 AM

If you want to give an advice, it's better if you not only mention some part and forget with the other part that's important.

Investing in Bitcoin is obviously safe in the long run and the price is always increasing after 4 years cycle. But the thing is, don't think after you but Bitcoin, your investment is 100% safe.

Nothing in this world is 100% sure. Even your physical business may fail after investing even with much research. Life is all about risk and the more risk you take the more the chances of making it.

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Leaving your coins on the centralized exchange or staking to earn interest is no longer safe, using a daily driver device which you connected to internet and clicking random link is no longer safe etc. You need to know how to safely hold and maintain your Bitcoin.

I think I need to learn from here too. How do I hold and maintain my Bitcoin safely for a long time? It's a thing to save some Bitcoin, is another thing to save it securely from been hacked.

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Quote from: Lucius on July 10, 2023, 09:47:29 AM

Besides, what does top 10 coins even mean? Put that token at 21 million max supply and it won't even be among the top 100 coins - cmc manipulation.

Altcoin developers can mint their tokens from thin air with their codes. They can set up any total supply for their tokens. If they want a token total supply is lower than Bitcoin total supply, they set it up with a number smaller than 21 million.

They can do it, nobody can prohibit altcoin developers to do this but it does not help their tokens have real use cases and have good price on the cryptocurrency market.

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Quote from: odunybiz on July 10, 2023, 07:55:58 AM

CONCLUSION
A good practice I will recommend for all expecially beginners is that they should invest mostly in Bitcoin as this is highly save for the future.

Even if we keep on reminding them that it's the best way to save and invest money on this market, there will still a point of their lives that they don't think it's worth it.

And that is because they're mainly looking at the gains in the short time which can be looked on the gains with altcoins. That's why you see various of newbies complaining about their money being wasted into losses because they thought that it's the best idea that they've got.

But then, experience wise, that's how they're going to be taught if they don't listen to advises that's given to them that it's best for the newbies to start their crypto investments through Bitcoin.

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Quote from: odunybiz on July 10, 2023, 07:55:58 AM

I joined crypto early last year with little knowledge. After I had loose some money to altcoin, I decided to go for some research and I observe it best to make 80% of ones crypto savings to be Bitcoin.

Altcoin investment is really scary to me, lots of people have lost their entire money due to some altcoins that crashed, that’s why I just believe bitcoin is the best coin which we should hold. When bitcoin dumps, if you can hold then with time it’s going to bounce back, but if some altcoin dump, then they are going to zero and they will never rise again no matter how long you hold it, that’s why I don’t recommend people to invest in altcoin, and even if you are going to invest, then it should be a very little amount.

Quote from: odunybiz on July 10, 2023, 07:55:58 AM

👉👉Difficult to determine use cases: It is not always easy to distinguish between different altcoins and their respective use cases, making investment decisions even more complicated and confusing.

Most altcoins create now those not have any use case, that’s why most of those coins just pump for a particular most and they will dump, after dumping thats all, just few altcoins are having use case, so if am even going to invest in altcoin, then I will invest in the once that have being in crypto space for long time, I don’t encourage people to invest in new altcoins, most of them are useless, they don’t have any use case.

Quote from: odunybiz on July 10, 2023, 07:55:58 AM

👉👉[/b]Many altcoins are scams or lost developer and community interest:[/b] There are several "dead" altcoins that ended up sinking investor dollars.

Scammers are always making use of altcoins to scam people, they Will create a coin, and they will market it just to get hype which at the end they will dump it on people that invested in it. Altcoin investment is really dangerous, if you want to invest, then invest in bitcoin.

GeorgeJohn

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It seems that you are really a novice in cryptosphere industry, what I was expected you to say concerning bitcoin is that Bitcoin have more potential than altcoins not that you are against altcoins, for cryptocurrency to be competitive today it come as result of numerous altcoins in the market, but in the aspect of mega profit in cryptocurrency investment its altcoins that gives profit more than bitcoin, because bullrun get increase gradually because of it potential and good reputation of bitcoin

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Quote from: odunybiz on July 10, 2023, 07:55:58 AM

I joined crypto early last year with little knowledge. After I had loose some money to altcoin, I decided to go for some research and I observe it best to make 80% of ones crypto savings to be Bitcoin.

Altcoin can never be relied on, which is why it is not advisable for beginners to start their investment with it because they will surely lose some money.

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Why I against altcoin and prefer Bitcoin:
👉👉Lower popularity and smaller market cap: Altcoins have a smaller investment market compared to Bitcoin. Bitcoin has generally hovered around 40% of the global cryptocurrency market since May of 2021.

👉👉Less liquidity than Bitcoin: The altcoin market is characterized by fewer investors and less activity, resulting in thin liquidity.

👉👉Difficult to determine use cases: It is not always easy to distinguish between different altcoins and their respective use cases, making investment decisions even more complicated and confusing.

👉👉[/b]Many altcoins are scams or lost developer and community interest:[/b] There are several "dead" altcoins that ended up sinking investor dollars.

All these reasons are actually solid reasons to avid altcoin, but sometimes people do gamble with some funds on altcoins to see if it is going to turn out in their favour.

Personally, I see altcoin investment as gambling because you are not sure of the success of the project, the investment is based on hope due to their nature of centralization.

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CONCLUSION
A good practice I will recommend for all expecially beginners is that they should invest mostly in Bitcoin as this is highly save for the future.

Bitcoin is the only safe coin to invest in; aside from Bitcoin, any other coin is not safe.

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For me the main advantage of bitcoin is popularity. It's the first crypto and it will always remain that, no matter how many coins are created in the next 100 years.

There's also the matter of dependency. If bitcoin fails as a decentralized store of value, altcoins will fail with it and the price of most altcoins follows bitcoin, but not the other way round. If ETH or XRP die, it won't matter to bitcoin. If anything, it will make bitcoin more valuable.

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You don't even need to research for Bitcoin has become the main asset recommended as a long-term digital asset. That will benefit you more because all Altcoins depend on the price of Bitcoin.
But don't fight Altcoins brutally, you don't know if some altcoins still have good potential in the future like ETH. I even still have ETH for me to hold long term. Other altcoins that are scams are just new altcoins that will not develop and will only be abandoned. Don't get caught up with new altcoins that keep popping up, let alone shitcoins that are managed by scammers.

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Quote from: odunybiz on July 10, 2023, 07:55:58 AM

I joined crypto early last year with little knowledge. After I had loose some money to altcoin, I decided to go for some research and I observe it best to make 80% of ones crypto savings to be Bitcoin.

Why I against altcoin and prefer Bitcoin:
👉👉Lower popularity and smaller market cap: Altcoins have a smaller investment market compared to Bitcoin. Bitcoin has generally hovered around 40% of the global cryptocurrency market since May of 2021.

👉👉Less liquidity than Bitcoin: The altcoin market is characterized by fewer investors and less activity, resulting in thin liquidity.

👉👉Difficult to determine use cases: It is not always easy to distinguish between different altcoins and their respective use cases, making investment decisions even more complicated and confusing.

👉👉[/b]Many altcoins are scams or lost developer and community interest:[/b] There are several "dead" altcoins that ended up sinking investor dollars.

Reference: https://www.investopedia.com/terms/a/altcoin.asp

CONCLUSION
A good practice I will recommend for all expecially beginners is that they should invest mostly in Bitcoin as this is highly save for the future.

Your points are not arguable but there are some investor who loves diversifying their investment like choose some trusted altcoin to invest, and also altcoin gives instant profit (short terms) when you are that active following up their update and news one could make 5x or 10x, while some gives upto 30x before they could finally dump and wait for the next season or bull run.

For bitcoin investment it requires patient for one to hold for at least 1 year otherwise, whom ever venturing into bitcoin investment should have this in mind to hold for 4 years plus in other to meet the halving which could easily propelled the bitcoin price to witness another ATH.

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Quote from: UchihaSarada on July 10, 2023, 09:00:55 AM

Are you really against altcoins or you wrote this to impress readers?

Because in Bitcointalk, altcoins are not welcome so you are trying to impress that you don't like altcoins. Altcoins are not all good but most of them are scam projects I have to discuss the fact that most of cryptocurrency investors and traders use their money for altcoins more than for Bitcoin.

They will think and say like Bitcoin is too expensive, the price is too high already, and I have to find some altcoins to invest in.

I think you may have misunderstood the many members of this forum on their stand on altcoin, but to make it clear for you that altcoins are not hated by forum members because their stands sound harsh sometimes against scams and weak altcoin projects it doesn't mean that we don't have other good altcoins that have performed a special role in our financial life in the digital currency market.

No doubt this forum is bitcoin talk but we have an altcoins board also which shows how the forum value altcoins.

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Quote from: BD Crypto on July 10, 2023, 10:25:37 AM

You said about your opinions and that should be unique but you just did copy paste whole this information what I have quoted from the source. Is it not like breaking forum rules?

No doubt that the point was copied but a reference was made to where it was copied from. I decided to use it because it fit in into my opinion. I have tried altcoin and Bitcoin but Bitcoin is the best to invest in. I don't think this has broken the forum rules in anyway because reference was made to where the information was copied from.

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Quote from: Lucius on July 10, 2023, 09:47:29 AM

I would never advise investing in the projects you suggested, because completely centralized tokens like the one you mention from one CEX have some value only as long as their company operates stably, and we all know that if nothing else they are deep in the gray zone and under investigations around the world.

By inference, it's clear you're referring to Binance (correct me if I'm wrong). Can't we say CZ has really tried with his exchange so far despite that's a Cex? I mean, since 2017 that Binance came on the scene and was greeted with all that skepticism and criticism but it's still weathering the storm till date. I think we should give to it its flowers.

As for those outrightly condemning investment in altcoins, they should do their research very well before making a blanket generalization. Again, we need alts in the industry to make the competition worth it. While I can advise noobs to concentrate on Bitcoin, I will tell those who've certain measurable grip of the industry to split their portfolio into Bitcoin and alts. It mustn't be all about Bitcoin. There are also viable altcoins out there.

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Investment and saving are two different concepts from trading. You can trade Bitcoin with altcoins and exploit the temporary price difference to achieve a reasonable profit, but for long-term investment or saving without economic knowledge or background on the nature and duration of investment. Investing in Bitcoin is safer than all altcoins. it is true that two or more altcoin may perform better than Bitcoin in a short period of time and within a specific framework, but you will depend on random luck in determining which of these altcoins.

do not depend on the market capacity in determining your investment decisions, you can rely on sustainable factors such as privacy, scalability and development potential.

BD Crypto

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The most important subject to discuss between Bitcoin and Altcoins that Bitcoin is fully Decentralized and most of the altcoins are Centralized.
Here some of my words about altcoins why it's risky:

1. Hard to choose altcoins for long term as it might scam you or may have no value in long term. I saw many altcoins which had created too much hype at the beginning and when time goes on they just started disappearing and not they have no value and delisted from every exchanges.
2. Altcoins have different usecases like Defi, NFT . So need deep research to predict about it's potential growth.
3. Altcoins aren't widely accepted like Bitcoin and many people aren't much conscious about Altcoins.

So for the safest investment for long term I will suggest the only coin which is Bitcoin. Anyway some altcoins are doing good and have a bright future but we don't know is there something going to happen like Luna?

Quote from: odunybiz on July 10, 2023, 07:55:58 AM

Why I against altcoin and prefer Bitcoin:
👉👉Lower popularity and smaller market cap: Altcoins have a smaller investment market compared to Bitcoin. Bitcoin has generally hovered around 40% of the global cryptocurrency market since May of 2021.

👉👉Less liquidity than Bitcoin: The altcoin market is characterized by fewer investors and less activity, resulting in thin liquidity.

👉👉Difficult to determine use cases: It is not always easy to distinguish between different altcoins and their respective use cases, making investment decisions even more complicated and confusing.

👉👉[/b]Many altcoins are scams or lost developer and community interest:[/b] There are several "dead" altcoins that ended up sinking investor dollars.

Reference: https://www.investopedia.com/terms/a/altcoin.asp

You said about your opinions and that should be unique but you just did copy paste whole this information what I have quoted from the source. Is it not like breaking forum rules?

Quote from: odunybiz on July 10, 2023, 07:55:58 AM

Reference: https://www.investopedia.com/terms/a/altcoin.asp

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