Topic: Converted all altcoin back to BTC - page 9. (Read 988 times)
Not a wise move I think but it is your coins anyway, you can do whatever you want. What we can do now is to somehow guide some people who are planning to do the same. Do not put all your eggs in a single basket, we need to learn how to manage it through diversification. That was a basic principle in investing, we need to think of a good decision to have a better result.
In my opinion, the first step was to evaluate btc. If you paid attention to the first increase of btc, most of altcoins were in decrease against btc. After that, the money begins to flow to the altcoins, which should be the second step.
I have only made some small trades the last few days but I did sell some altcoins, but I have set up some buy orders so I can buy back the altcoins I sold when their price falls down a few percents in BTC price. I only trade altcoins to earn more bitcoins, so I try to take profit when possible.
I do not think that now is a good time to sell all altcoins and keep only Bitcoins. so far the situation is not clear.
If the altcoins price will grow more then the bitcoin price then you made a wrong move, also if bitcoin price will not grow and stay stable some period i don't know if you made a smart move, if bitcoin price reach a new ATH then you are lucky.
Can't say I proifted much, I paid way too high of fees on the exchanges, lesson learned on who to use and who not to next time. Right now I want to see how this next move shakes out. If I miss out on a big 30% move on some coins, so be it. I will sleep well tonight.
Dumping your altcoins for bitcoin is not a good move especially when we have green candles flying around
But crypto currency is all about choice
But next time dyor and figure how advantageous you are gonna be
One thing I noticed about this whole thing is that bitcoin is meant for the rich ones to hold, I don't see why someone investing less than a thousand dollars on bitcoin and expecting profits like altcoins usually do if not trading. It choice as well no one knows your needs if it might be the reason you convert if possible selling them too.
For me that is not a great decision i think all good coins have good upward potential from here and secondly holding a diversified portfolio is always better than putting all your eggs in one basket, so maybe you need to re think your strategy.
Can't say I proifted much, I paid way too high of fees on the exchanges, lesson learned on who to use and who not to next time. Right now I want to see how this next move shakes out. If I miss out on a big 30% move on some coins, so be it. I will sleep well tonight.
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