Topic: Guide on how to invest in bitcoin and altcoins (Read 394 times)

We passed out patriotic love for our country and citizens of the country, and secondly no forget say we rise by lifting others in our country and also applies to cryptocurrency. We go de manage de go because if we aim for big things, we go surely enter problems. Make we just hope say e go better for all of us because this life wey we come, e no easy for man to survive. Make we fall back to the concerning trend on ground, bitcoin and altcoins, which one wey you de for sef? For me, I de always stick to the projects wey I go see mad cash out but no be big eye, na self ambition and we go de to far for the space because everybody get e own destination and goal to accomplish.

You are absolutely right, I really like this decision wey you take like this for were altcoin dey because even me self I know dey like to hear anything about altcoin because just as you talk wetin altcoin do you na so in do one of my friend you need to see the amount of money wey this my friend go lavish for altcoin, although this my friend dey regret till now say if to say na Bitcoin wey invest the money na say in for don make am by now. However just like me I no go fit put my money for any altcoin because dey are not worthy to be trust but if you put your money in Bitcoin assurance go cover you because Bitcoin investment dey very legit.

Altcoins are not long term investment because it is hard to know a good altcoins and most of the altcoins were created to scam people of their hard earned money, and this is why it is not good to diversify into altcoins because you might end up investing on the wrong coin. Bitcoin volatile nature makes it more risky and why will you diversify into altcoins that are more risky than Bitcoin and their price is being controlled by bitcoin.

If bitcoin price dips, all your investment will depreciate making it not a wise decision to diversify into the same line of investment. The best way to diversify is just as stated by Ruttoshi above, because that you have the assurance that all your investment cannot turn red at once.

No b every project de promising and most of them just de there to embezzled our hard earned money. Crypto no be for the weak, I don announce am tire. If you get mind to invest, do am and no look back and if your mind no touch, judt melow and leave the market because when person record losses and you no de financial balance, e go worry you and also your portfolio go shake. Everybody get lesson to learn from the market. This horrible experience go forever de for your mind and next time, you go learn how to cope and become caution with the market.

There's no need to invest in altcoins, given their unreliability and high risk. In my opinion, there's no point diversifying my investment in altcoins. it's better to stick with Bitcoin, which has proven to be reliable. I wouldn't advise anyone to consider altcoins a better option for diversifying cryptocurrency investments, due to the risk and uncertainty involved.

I think if one is ready to take the risks and not minding what would be at the end of investing then one can go ahead.  But if one is aiming to hit profit investing in altcoins, I don't think it will be a good idea investing altcoins because it is too unpredictable.  No difference between altcoins and playing gambling.

Lol, crypto currency is not for the weak minds, if we tell some persons how all this thing's dey happen to us dem go think say Na lie yet we go again, when time reach to buy another one. Some times e dey very discouraging while most time e dey go e joy to see say coin wey you buy don start to Waka the go sky. But no forget say in business there is ups and down, one important thing about some of this coins Na be say, them be actually shitcoins in making wey just dey wait for the right amount of buyers to enter before e start to dey dump for no reason. Even while other coins dey pump, dem go dey dump. And make we dey care especially for this price correction period wey price dey fluctuate anyhow.

I think say na only me done see this kind thing. I don fall for this trap more than once... e get one coin I been dey monitor for coinmarketcap, na so the coin dey rise dey go until I finally decide to put small money inside.  From the time I buy the coin till now, the coin dey fall dey go and the funny part be say, almost all exchanges don delist am. The thing do me like film, as if them dey wait make I buy first before the coin go die. Because of that experience, omo I no do again for those altcoins.

These altcoins both old ones, I no dey trust them because I get the same believe say many of them nah scam and ponzi scheme coins, if you never buy am them go dey increase for your eyes so that e go attract you to click the buy button, then after buying there nai you go home realize say those coins nah rubish. Mostly these new coins those ones nai worst pass. The best coin for a crypto investor to put em money mai be Bitcoin, no other coins except Bitcoin, the rest of those coins nah shitcoins.

Very good thread that serve as guide to our beginners in Bitcoin, if they carefully make use of these steps, they will have a successful Bitcoin journey.

I am mainly interested in the altcoin sections of investment because many people that join crypto investment in our community are interested in altcoin investments, they are here mostly to make quick money that’s why they are always looking for updates of altcoins that will give them quick money: that’s is why these mentioned observations are very vital and will help us all.

Is like you don't know what diversification is all about when we say diversify your coin, it means neither bitcoin and some of the altcoins, we have different cryptocurrency because we have altcoins that will be valuable from till when bitcoin will fall, but we don't know, some of us invest in altcoins that have no value so when looking at it, you have to know that altcoins is something that have to do quality depending on the motivate that's them to launch it, so right now it most not be that whenever you hear diversification then you think is an extension to real estate management kind of investment or crude oil and gold kind of investment

Yeah, the OP is right but the first step I'll advise anyone to take before going into any Cryptocurrency be it Bitcoin or Altcoin is to do a proper research before making investment, then from there check the market cap of the Cryptocurrency before other steps he mentioned. Cryptocurrency is not something one should rush into without having a proper knowledge, sometimes it doesn't end in knowledge but understanding it better before thinking of going into the market. A lot of people who failed rushed into the market based on trends they've been hearing on the media some don't even know about exchanges, how to use them or use their P2P for buying and selling but then would be curious about buying Bitcoin cause maybe they heard about bullrun and how people make profit from it. Asides Cryptocurrency, before anyone should carry out investment in anything you must make proper enquiries about it, understand it better but most people fail to understand that.

Almost all the things you mentioned is correct and they are suppose to be put into consideration or dealt with before going for any investment. You said something about altcoin without potential and ones with potential, if I may ask how will one know the alt that has great potential because if this you said is possible or true I don't think people will be making loss.

However,  this diversifying of portfolio, like I said in my previous post I don't think is something we should do everytime because sometimes it bring about regret and sometimes it bring joy. Making research about a particular alt is good before investing but investing after researching is just like prediction you are not sure because anything can happen and NOTE thorough research doesn't guarantee that one must make profit rather it will help you not to be inside loss.

We no even suppose they invest inside this new Altcoins with full body, if not dem go flash our eyes. I don also see shege for this Altcoin market and the worst be say I use money wey I suffer to find still invest aggressively, till now I still dey on loss and no hope to recover because the project done die. I see this as beginners mistakes, as I don dey get acquainted with the forum e get things I no fit do again. I don base solely on Bitcoin, no stress and no loss involved.

Wow, e just be like say you dey my mind to copy Wattin I get for head to write. Grace333 if you observe closely you go see say the op really segment the Bitcoin category from altcoins category, but the only issue Na be say most of the things wey dey the Bitcoin side supposed to dey for the altcoins segment because, if Bitcoin fit give you 5x or 10x what is the need of withdrawing when you can actually have more if you exercise more patient? Bitcoin no be like altcoins wey get trust issue and better coin wey you see today fit turn out to be scam project wey dey one corner dey wait for the right amount of market cap  before e crash. Na why we need to dey very careful when we dey deal with altcoins investment.

Op you don try well well to list all these point come outside, this thread go really help our newbies well well to know how to go about investment journey.

Op with the little knowledge I have acquired from reading about Bitcoin I disagree that investment should be made when it's on a bearish Season alone. Th n what about the Use of DCA strategy which implies that you are to make small chromatical installation of investment due to your ability. I doubt that Waiting for the bear season is the right thing to do when you have your funds at hand for investment.



Investing what you can afford to lose? Really? Then what about those great Bitcoin enthusiasts who have thousands of Bitcoin worth over billions of Naira, do you insist that they should sell off their Bitcoin because of the risk associated? I think this statement should be directed to altcoins only, and it would have been much better if you segmented Bitcoin guide from altcoins because, they both have different price movements and reputation.


It's essential that one know what he/she is getting emself/herself into before comitting their effort and finance to it. Well for Bitcoin you don't need much of knowledge before you can start investment, all you need is to know the basics of how wallet and transaction operates. But for altcoins you'll need to make extensive research which might not even be able to give a 100% prove that the coin would be a profitable coin.

Even with this guide, me no dey invest shishi for altcoins because wetin my eyes see, my mouth no fit talk. Bitcoin dey ok for me, e dey give profit even though e no big like the lambo coins, I dey manage am dey go because I no fit shout. I don try this altcoin thing and e dey always end up in pain . If I show you my wallet, you go follow me cry for the kind coins wey I get wey no worth anything again. If to say I use the money I waste for those coins them buy bitcoin, I know where I for dey now dey fagi. Anybody wey dey do altcoins must make sure him don decide say him fit lose the money, this na the only way to get peace of mind when you invest in altcoins.

Many of us for here done know sae bitcoin be the baba when it comes to crypto invest, many of us no d worry much about the points wey you raise about bitcoin investment cos bad as em bad reach, we don know sae bitcoin is not going anywhere, it has come to stay. Wetin peso need na, not to buy out of FOMO, be patient, have a price target, not to store their bitcoin on exchange, keep their seed phrase at a safe place and not to force or convince peso sae bitcoin go give them financial freedom without telling them sae bitcoin investment na for long term. If them no get spare money to invest, make them no near bitcoin investment cos the risk wey the involved.

Very necessary to educate anyone coming to invest in the Bitcoin market because it doesn't yield good outcome of indulging in an investment section that you do not have knowledge about.

While Bitcoin does not require an interpersonal skill at its events, lot inexperienced Investors and those who are not well oriented before coming into the investment platform think it is just all about having you money in there and also sells at their pleases without having the thought to understand how the market works based on the potentials of the Bitcoin.

That alone have mislead a lot investors with their emotional sentiments with the feelings that Bitcoin is not a get rich quick as they thought it could be and also lack of their knowledges leads to most of such investors to lost of funds due to carelessness of how they handles their seed phrases and how they are easily convinced to divert their Bitcoin investment to Alt coins that are not reputable just because they are desperate and would definitely fall the hyping Alt Coins where they learns their lessions in the hard ways after investing and the project goes dump.

Education is indeed a key to success.

Nice thread but some things wey I observe na say e get some points wey you repeat and some wey for fit enter one sentence and no need of breaking it into two different sentences but overall, it's a very nice thread and I go like talk on the points wey I quote so.

Investing in Bitcoin no be altcoins wey you need to check the marketcap to find the coins to know which has the potential of giving you a decent return. Investing in Bitcoin dey vey straight forward and you just need to get the basic Idea of how to handle Bitcoin and you're good to go. You do not need timing for Bitcoin basically because Bitcoin investing is better with hodling. No go dey say you wan time the market or you go miss out, buy Bitcoin and hodl na the only thing wey you need to dey do. Selling of Bitcoin shouldn't be limited to when you have made those number of X's, you suppose know when you go sell before you even enter Bitcoin and no dey wait for this particular X's because even though the so called experts dem say e go happen, e fit no happen and you fit miss when you for sell in profits.


Abeg no vex but I wan ask, how you go know which altcoins wey get potential and then the one wey no get and even though you know, you no dey see wetin dey happy for market like this wey be say coins wey no supposed see front (dem shitcoins and memecoins etc) na dem dey give profits pass this days. Investing in altcoins na gambling you dey do and when you dey gamble everybody luck different so just work with the one wey dey work with you or stick to investing in Bitcoin because you can't go wrong choosing Bitcoin over altcoins. The profits fit no many but you no dey at the risk of losing everything wey you get.

NO need to check the marketcap of bitcoin since it has the highest marketcap of cryptocurrency, and bitcoin is king while altcoins are duplicate of bitcoin. This your statement is used for altcoins not for bitcoin.

It is not a good idea to invest only in the bear season, because how long will you keep waiting for the bear market to come when we know that four years make a circle in bitcoin movement. It is better to invest whenever you have the money to buy, just buy more either in the bear or bull. It is only if you are a trader or short term hodler that buying at the bear alone is good. But if you are a long term holder, and you just started your bitcoin accumulation journey, it is good you figure out an amount that you can use to buy bitcoin regularly weekly or monthly. Beginners should not think of trading. Also a long term hodler that have reach or close to his bitcoin target, can buy only at the bear market.

This is for altcoins and not bitcoin. It has been proven that bitcoin is an asset that will survive in future, and this is why we are having the lunching of bitcoin ETF in countries.

Also an altcoin guidelines, and trading guidelines not to run at loss. Sound like gambling to me.

There is no need to diversify into an i9of the same line, since you are into bitcoin, if you must diversify because you want your funds in various assets and not only bitcoin, it is good you diversify into assets like gold, real estate, stock or cash equivalent. So that when one is not doing well, the other can cover for it.