I sold the altcoins and invested in Bitcoin" - page 7.

Questat

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Quote from: Out of mind on July 05, 2023, 12:31:10 AM

Now my question is, is it good for my future that I have sold my altcoins and invested in bitcoins?

Not really the best thing to do but if you are doing these in exchange for your shitcoins, that was absolutely right.
But I have to encourage you to spread your capital not only for Bitcoin but also with some potential altcoins like ETH. Even though we know that Bitcoin can be trusted and really a good investment somehow, it was ideal to have at least 2-3 different coins in crypto. It was not just we think about being safe by investing Bitcoin but being a smart investor, we don't just limit ourselves in a single coin as these altcoins has the potential to grow as well.

Cryptomultiplier

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It is a very wise move you made OP.
Regardless, your investment in BTC means you have enough trust for the currency and would remain a loyal investor despite any of its ups and downs preceding the halving and subsequently.
BTC is sure, and is a steady option compared to altcoins, and the possibility of trippling your gains is sure in a very good bull season.

Although many have preached how altcoins have helped rake in alot of profit, what is to be seen is that some like ETH, Solana, and majority of the top coins on the market, are profit machines for fast relief but with long-term uncertainty if the plan is to HoDL.

Be patient with your investment, do not panic and if there's extra cash, please do try investments in altcoins for more profit taking. However the risk of losing all your funds abound from investments in altcoins, and am not an expert investor advisor nor broker either.

Texac

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DGbet.fun - Crypto Sportsbook

Quote from: death69 on July 05, 2023, 03:05:43 PM

Ready to put it all on Bitcoin? That's some serious guts, mate! To some, this may seem risky, but after all, isn't that part of the fun of crypto? Bitcoin, which was barely noticeable a decade ago, has risen to become the dominant cryptocurrency. You listened to the counsel of a successful investor and made a wise bet on the future. After all, Bitcoin is more than simply another cryptocurrency; it's a bold protest against the established financial order.

When looking for a reliable wallet, Trust Wallet is an excellent option. Keys are your responsibility, so keep that in mind. Be sure to retain a copy and a safe location for them. You might also use a hardware wallet to keep your money safe.

if you view bitcoin not only as an investment but as a bold protest against the established financial order, it becomes even riskier. So is it wise to put it all in bitcoin? that doesn't make our lives more interesting, it gets us into more trouble for not diversifying our portfolios.
So far, Trust wallet is safe, and there is no danger to the users. but it is a closed source wallet and using them will not be as secure as an open source wallet like Electrum...

MiF

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Reward: 10M Shen (Approx. 5000 BNB) Bounty

Well it is a good idea Bitcoin is a long term investment so you need to hold it for a long term to get huge profit,it also depend on your limitations, because we don't know next week BTC will rise drastically and if you are happy with a small profit you can still get the profit and invest in a good altcoins again we all have different strategy, trust wallet is safe i also use it for a long time and there is no problem just be responsible for your keys to avoid losses.

death69

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Ready to put it all on Bitcoin? That's some serious guts, mate! To some, this may seem risky, but after all, isn't that part of the fun of crypto? Bitcoin, which was barely noticeable a decade ago, has risen to become the dominant cryptocurrency. You listened to the counsel of a successful investor and made a wise bet on the future. After all, Bitcoin is more than simply another cryptocurrency; it's a bold protest against the established financial order.

When looking for a reliable wallet, Trust Wallet is an excellent option. Keys are your responsibility, so keep that in mind. Be sure to retain a copy and a safe location for them. You might also use a hardware wallet to keep your money safe.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: BenCodie on July 05, 2023, 04:42:06 AM

(Not financial advice)

50℅ BTC
30℅ ETH
20℅ Solid top 100 altcoins/tokens (10 of them)

I think that this is the best setup.

Why shy away from promising projects just after their downfalls from all time highs? There's no reason if you're ultimately HODL'ing. It's completely fine to have some exposure in case you get a exponential return.

Fuck ETH and fuck altcoins. Most of them, including ETH, are securities because they pass the Howey test.
There were a few news about ETH last year, one explained how Vitalik dumped some of his coins onto new investors in 2022 and the other was about ETH being a security.

I say go 100% bitcoin. If that's too much for you, buy bitcoin and invest the rest in some real estate and stocks. Buy physical gold if you want, but stay away from shitcoins.

Furious 7

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https://duelbits.com/

Quote from: CryptSafe on July 05, 2023, 10:00:08 AM

You took a bold and daring step to investing your funds in bitcoin. Selling your altcoin is not a bad idea if you deem it fit to do so but would it not have been better you had kept like 10 to 15 percent of your altcoin as you never can tell which of them could pump soonest as shitcoin are fond of that.

However, you are still on the right track as bitcoin is currently still low. At this point, if there is any upward movement in bitcoin price definitely, you are making some good profits and moreover, halving is around the corner so therefore you have nothing to loss. As risky as the teens is, no body can tell the next swing bitcoin can make.

As long as it is not too far in loss or even can be said to be still profitable, of course it is a good thing because at least in this case there is a slight increase, especially we also know when talking about bitcoin, the comparison with altcoins seems very far away and this is a pretty good thing to do.

But talking about wallets for OP, I think even trust wallets are still possible but I don't really recommend it.
There are still many specialized wallets like Electrum or if possible hard wallets if you are really serious about being in bitcoin it is more feasible.

Hyphen(-)

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Quote from: promisedtech on July 05, 2023, 07:59:56 AM

Quote from: Out of mind on July 05, 2023, 12:31:10 AM

The trust wallet I put my invested bitcoins in, is the trust wallet safe for my bitcoins?

i've been using trust wallet for years now , and it's been safe for me over the years . although , i heard on some security breaches where the company loses almost $4million but i think they reimburse users
and also, trust Wallet mobile apps and extension are security audited and pen-tested by the internal security of the trust wallet as well as external 3rd party security auditors too besides, its a non custodial wallet so its managed by you , just ensure that you are vigilant by not downloading malwares

TrustWallet is secure, although it is not as secure as other open-source wallets. Trust wallet is a closed-source wallet. Because your private key cannot be publicly validated; only the developers know how it was generated, your security is not guaranteed, and the wallet can be readily hacked.

As a beginner, I always recommend the Electrum wallet for its ease of use, as well as the Blue wallet for iOS.

cheezcarls

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Looking for gigs

Although we are not financial or investment advisors here, investing on Bitcoin for long-term purposes is highly a good choice. No disrespect on altcoins that are designed for short and mid term, but I say that BTC along with ETH are the best ones for the long term.

To me, they are worth in doing the DCA (dollar-cost averaging) whether if it's weekly, bi-weekly, monthly or so depending on how much extra budget you can afford to lose.

Do not go all-in though. Learn how to diversify both the short, mid and long term coins and tokens in your portfolio.

ZAINmalik75

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Quote from: Out of mind on July 05, 2023, 12:31:10 AM

Now my question is, is it good for my future that I have sold my altcoins and invested in bitcoins?

The trust wallet I put my invested bitcoins in, is the trust wallet safe for my bitcoins?

Yes you have made a good choice to invest in BTC instead of Alts because currently the price of BTC is very low and once the halving started you will see the bull run and i hope BTC will make another all time high.

Which means you will make some good profit but i want to suggest you that. You must not fall for small profits and become greedy for them while you can earn more in the bull run. You have to make your target and with patience become determined about on target.

Trust wallet is not the best choice to store assets for long term neither any centralized exchange. You could use any open source hardware wallet like Electrum etc. Or your could also prefer hardware wallets but as per your investment of 800$ i can say Electrum is better option instead of Hardware wallets.

rikybrosh

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I have been invest in bitcoin since long time ago and I realize that we can't expect any cryptocurrency price without volatility. it is okay for you if you want to sell all your altcoin to buy bitcoin. if you want to do something more then you only have to care about time. bitcoin price rise in certain time then fall again, altcoin also similar with it but the market is easily manipulated. there is pump and dump patern in altcoin price whether it is manipulated by the company it self or by other party. i hope you already know about halving and what is the effect for bitcoin.

bitLeap

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I will probably talk about the wallet that you use to hold the bitcoins. Actually many here have said it's better to hold it in a hardware wallet and that's what I think and would recommend, rather than holding it in a trust wallet, because you're going to be holding it for the long term.
I would recommend that you hold it in Electrum rather than Trustwallet, just like I did. I'm not going to say trust wallets aren't safe at all, but in this case we will definitely have recommendations, and indeed many recommend using electrum for long-term holding (if you don't want to use a hardware wallet).

A good option when you maximize the money you have into bitcoin, but of course it will make the potential for profit from altcoins non-existent. But it comes back to our choice, whether we want to allocate our funds to bitcoin as a whole, or we will split a percentage to hold potential altcoins of course.

AnonBitCoiner

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Eloncoin.org - Mars, here we come!

It's true that bitcoin is really good investment but I think diversification will be better because sometimes you have need of money and you cannot sell your bitcoin so therefore you can sell your other coin which will reduces your loss.

Selling bitcoin on wrong time is not a good idea and therefore if you don't want to sell bitcoin then you can wait more because you have choices of getting profit from other assets. Altcoins are more risky than bitcoin and one benefit will be for you to convert your altcoins into bitcoin that your risk will be reduces as bitcoin will give you more profit but patience and knowledge matters a lot.

acroman08

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Quote from: Out of mind on July 05, 2023, 12:31:10 AM

Now my question is, is it good for my future that I have sold my altcoins and invested in bitcoins?

bitcoin has almost always been on an upward trend(if you check the price from the very beginning), so if you are planning on holding for a long period of time, bitcoin is a good choice to invest.

Quote from: Out of mind on July 05, 2023, 12:31:10 AM

The trust wallet I put my invested bitcoins in, is the trust wallet safe for my bitcoins?[/size]

while trust wallet is popular, it is not as secure as you might think. I'd suggest moving your coins to an open-source wallet like Electrum (looking at the thread other members have suggested Electrum too) or better yet, use hard wallet to store your coins.

Quote from: BD Crypto on July 05, 2023, 01:08:08 AM

Trust Wallet is safer than any Centralized or Custodial Wallet. But as it's an open source wallet so it may not be fully secured as we don't know how the seeds are generated. That's why you should choose non custodial closed source wallets like Electrum, Mycelium, Bitpay, Blue Wallet and Alpha Wallet. My suggestion is to use Electrum wallet which have exciting features too. Visit their official website to download wallet or to learn more https://electrum.org/ Its available for Android, Windows, Mac OS , Linux and Python.
Hope you got your answer.

I think you've mixed up what open-source and closed-source wallets are.

famososMuertos

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LE ☮︎ Halving es la purga

One of the things that bitcoin has is that when you invest in it there is no regret, there is no doubt, it is that simple, there is no going back, now the important thing is to know what comes next, at some point you must sell, some wait for years others they simply do any of the existing techniques.

It is not necessary to show amounts of money invested, by the way, this goes hand in hand with the weakness of not knowing what type of wallet to hold that investment in, which apparently in your case you are going to hodl, so part of the strategy was (it is) properly safeguard your assets.

So, what comments to have on the assets you sold, etc., it's past, focus on getting the right wallet and having an action plan with your bitcoin at the appropriate time, yeah! the sale must be planned in the same way, hence, you should focus now on your bitcoin investment and not think if your portfolio change was correct.

BITCOIN4X

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Quote from: BenCodie on July 05, 2023, 04:42:06 AM

(Not financial advice)

50℅ BTC
30℅ ETH
20℅ Solid top 100 altcoins/tokens (10 of them)

I think that this is the best setup.

Why shy away from promising projects just after their downfalls from all time highs? There's no reason if you're ultimately HODL'ing. It's completely fine to have some exposure in case you get a exponential return.

Asset diversification is possible, but it just depends on the OP's own plans. I'm happy with diversifying because of the profit potential I make, but of course for some of the potential altcoins you may have mentioned among others.

So far I have diversified to 60% - 70% bitcoin, while 30% of them are altcoins.
But of course this is not financial advice for other users because obviously this is just my decision and investment plan. It's fine to sell all altcoins for bitcoins, even if they do the opposite. Each will get a risk and they must be able to consider their own risks regarding the selection of investment assets.

Wapfika

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Bitcoin makes the world go 🔃

Quote from: Out of mind on July 05, 2023, 12:31:10 AM

Now my question is, is it good for my future that I have sold my altcoins and invested in bitcoins?

The trust wallet I put my invested bitcoins in, is the trust wallet safe for my bitcoins?

There’s no real exploit issue on trustwallet so far but that wallet is not an open source as it advertised. I’d rather trust other wallet like Electrum that exist for a long time than Trustwallet that is just become popular due to it’s involvement with Binance. Atomic wallet is the perfect example to not trust a not fully open source wallet like trustwallet. They can be exploit or inside hack since they are just making the code by themselves without checking by the community that make open source wallet stronger.

Use electrum wallet if you really want to invest on Bitcoin alone. Electrum is the best software wallet so far since it’s an open source and running for a long time without any serious issue encountered.

The Cryptovator

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Signature space for rent

The way you handle and allocate your portfolio depends on your personal preferences. It also depends on the total value of your current portfolio, as that will determine how you divide your funds. While investing in Bitcoin is generally considered a good idea, it doesn't mean that all other altcoins are worthless. There are several promising altcoins where you could consider allocating a portion of your funds. However, it is generally recommended to maintain a significant portion of your investment in Bitcoin.

mvdheuvel1983

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Investing in bitcoin is both a smart choice and a good investment. Bitcoin is good we all love it. Despite this you should also keep in mind that there are other altcoins that are performing almost as good as bitcoin is. Your investment portfolio should have at least 80 or 90 percent bitcoin and the remainder in some good performing altcoin.

By the time you read this, you must have seen some user comments suggesting that offline wallets like Electrum are safer for storing bitcoins than internet wallets. I highly recommend that you abide by it to the letter.

Emmanuelex

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Not bad, I always advice newbies to start with Bitcoin and only go for altcoins when they have full knowledge and understanding of cryptocurrency.
Altcoins are not a bad choice though, you just have to make sure you're investing in the right ones, like Ethereum and the rest of them that are very reliable, but I would still put Bitcoin above them. I only consider altcoins when there's need for diversification.
Good luck 👍

Topic: I sold the altcoins and invested in Bitcoin" - page 7. (Read 1269 times)