I sold the altcoins and invested in Bitcoin" - page 8.

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

I have been involved with Cryptocurrencies for the past almost 1 year. It's only been a few months since I joined the BitcoinTalk forum. I spend most of my time trading which I haven't spent much time on this forum. But I came to the Bitcointalk forum and observed various discussions about Bitcoin investment. Finally after much thought I analyzed Bitcoin and took the advice of a fellow knowledgeable investor. He gave me specific advice on the downsides of Bitcoin and market volatility.
After full consideration I sold all the wallets I had Altcoins invested in. and with the amount of funds I made from that, I bought bitcoins and kept them in the trust wallet.

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?

I must say that you have made a wise and bold decision to convert altcoins to Bitcoin, most often than not, they usually crash and the loses are terrible to bear because an investment that is capable of doing -99% will hardly recover from the lost but when you look at Bitcoin, it has recover half of what has been lost from all time high and it has grow more than 55% this year, isn't that interesting to consider.

Trust wallet is a closed source wallet and with that uncertainty, you don't know what is happening behind the coding technique, switch to a wallet that is open source and you can confidently trust, and if you have the means to buy hardware wallet, it will help you put your mind at rest security wise and privacy wise.

kryptqnick

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Nobody can be sure how the future will play out with such a decision, and I think it depends a lot on the kind of altcoins you had before, but I believe that many would agree that putting the money into Bitcoin is a safer bet. Perhaps one of those altcoins will outperform Bitcoin at some point (in terms of 2x, 3x and similar measurements in comparison with the price at which they were bought), but it's also likely that some will stagnate. Of course, there's no guarantee that Bitcoin will fully recover and outperform its previous highest point, but it did that after every bear market in the past, so I think there's a very good chance it will continue to happen over and over again.

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Quote from: Rupok on July 05, 2023, 10:04:58 AM

It is not advisable to keep all your money in a trust wallet for long term, it is better to use a good hardware wallet There is no need to invest all your money in bitcoins you can invest in altcoins as well if you want. Although bitcoin investment is risk free but also good profits can be made from altcoins if you choose the right altcoins.I think your friend gave the right advice about the downside of Bitcoin and the volatility of the market. As long as you invest in Bitcoin, you should invest for the long term, because long term investment can yield good returns from Bitcoin.

Bitcoin investment is not risk free and it gives less profit compare to altcoins, life changing profits mostly come from altcoins and with little amount of money invested unlike Bitcoin that now requires a lot of money to make insane amount of money because the value of Bitcoin is already high, and that makes it not suitable for those that have 100$ to 500$ for investment, having to hold that thinly amount of Bitcoin for years and end up with 4x of your 500$ is not very good enough.

Lorence.xD

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Well Bitcoin is a good coin that are the root of other existing alternative currencies. We all have different ideas and opinions when it comes to crypto, since we all have their own techniques and suitability for us. From your post OP, it seems like you invested in Bitcoin due to information given to you it's like you already trusted someone and stake your money at a risky decision. You should do your own research first and understand the background of Bitcoin for you to decide to put all your funds in one coin, which is actually good for me since it's Bitcoin. But for some people, it would be a huge risk to put all eggs in one basket that's why iit's also better to have alternative investment incase you fail to other. I've invested to ETH before but due too unstable it just turned to a quick flip.

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

I have been involved with Cryptocurrencies for the past almost 1 year. It's only been a few months since I joined the BitcoinTalk forum. I spend most of my time trading which I haven't spent much time on this forum. But I came to the Bitcointalk forum and observed various discussions about Bitcoin investment. Finally after much thought I analyzed Bitcoin and took the advice of a fellow knowledgeable investor. He gave me specific advice on the downsides of Bitcoin and market volatility.
After full consideration I sold all the wallets I had Altcoins invested in. and with the amount of funds I made from that, I bought bitcoins and kept them in the trust wallet.

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?

I think you should not have sold your altcoins.There is no doubt that Bitcoin investment is considered safe. Everyone wants to have Bitcoin in their wallet, but altcoins have their own importance and you can't ignore altcoins at all. There are very good and strong projects in altcoins that have the potential to give huge returns in the coming bull run. So I think you should definitely invest in Bitcoin but also add altcoin to your wallet.

Trust wallet is a good wallet for crypto currency but I think if you store Bitcoin in hard wallet then it will be a good decision for you, because hard wallet is considered the most secure. There are different types of hard wallet in the market which you can order online from the official website.

Rupok

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It is not advisable to keep all your money in a trust wallet for long term, it is better to use a good hardware wallet There is no need to invest all your money in bitcoins you can invest in altcoins as well if you want. Although bitcoin investment is risk free but also good profits can be made from altcoins if you choose the right altcoins.I think your friend gave the right advice about the downside of Bitcoin and the volatility of the market. As long as you invest in Bitcoin, you should invest for the long term, because long term investment can yield good returns from Bitcoin.

CryptSafe

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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 it is, no body can tell the next swing bitcoin can make.

Talking about saving your bitcoin, trust wallet is not bad but you would need a more technologically sophisticated wallet just as Charles_Tim have said. Make sure to research and study the wallet properly before attempting to use it so you do not make any mistake.

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Quote from: Xampeuu on July 05, 2023, 07:18:27 AM

for the long term and comfort in holding assets, bitcoin is indeed suitable for investing in the long term. we just keep it in our wallet and leave it until we get the expected profit. actually there are several altcoins that have the potential and can be invested in the long term, but it is bitcoin that has the smallest risk...although diversification is recommended, but if we have chosen bitcoin, I think it is the right thing to do

Bitcoin is the most suitable investment platform for long term investment. Investing in Bitcoin is better than investing in other coins even though they have potential. There are many altcoins in the coin market that are more risky for investment. Because we have seen many good projects in altcoins after a long period of time that become scam. In altcoins there is potential for high return on investment but should be avoided due to risk. Altcoins rise when Bitcoin price staying a good position. So it is better to choose Bitcoin for the good investment.

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Quote from: Xampeuu on July 05, 2023, 07:18:27 AM

for the long term and comfort in holding assets, bitcoin is indeed suitable for investing in the long term. we just keep it in our wallet and leave it until we get the expected profit. actually there are several altcoins that have the potential and can be invested in the long term, but it is bitcoin that has the smallest risk...although diversification is recommended, but if we have chosen bitcoin, I think it is the right thing to do

If you've invested in bitcoin, why do you need to diversify? I mean, in the entire crypto industry, bitcoin is the safest and most reliable coin. Once bitcoin drops, there will be no coins safe for your assets, so I don't think investing in altcoins is considered diversification. If you don't invest in bitcoin and you only invest in altcoins, then I agree that you are diversifying by holding a bunch of shitcoins. Diversification can only work when you invest in bitcoin and non-crypto assets.

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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?

If you have made such a decision and have already done it, then most likely yourself understand that it will be better for you. And maybe you don't need the approval of users on the forum for this, just define a strategy for yourself and try to follow it.

I always say that one of the most important things you should take care of is the safe storage of your investments. How secure do you think this wallet can be, have you heard about the recent atomic wallet hack?

Explore all about hardware wallets, this is one of the most secure options for storing your coins. Study this question thoroughly and sleep peacefully.

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

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After full consideration I sold all the wallets I had Altcoins invested in. and with the amount of funds I made from that, I bought bitcoins and kept them in the trust wallet.

Well, there's nothing wrong with your decision because in the long run, Bitcoin would give higher profit compare to other altcoin especially in the bull run. I've seen some altcoins who didn't reach their previous ATH last 2021 when bull run started while on the other hand, Bitcoin's price reached as high as $69,000, almost x3 to it's previous ATH of $20,000.

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?

It depends on the time frame.
If you are planning to hold it for long term, I guess you made a good decision. Bitcoin has a better future long run compare to most of the altcoins out there. I just hope that you have a strategy in selling as well.

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]

This is where I might disagree.
You put a huge amount of money (at least for me it's huge) in a wallet that I can't consider as a safe wallet for Bitcoin. I would rather go, and buy a hardware wallet, or even Electrum if you don't want to spend money to buy Trezor or Ledger. Maybe just transfer it.

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Quote from: Bananington on July 05, 2023, 08:13:17 AM

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?

Having some altcoins that are good while you have more bitcoins is also good. But since you have decided own only bitcoins and have change all your altcoins to bitcoins, it is also good to me as you have saved yourself from the stress of having many cryptocurrency to worry about to focusing on just one which is bitcoin. For long term, bitcoin is always a preferred option to keep than altcoins. Altcoins can fall in price and never recover, or recover but do not grow, but with bitcoins, even when the price falls, it is an opportunity to buy more because the price will get back up, and even higher.

Yes, actually the OP's decision was not wrong because bitcoin is a safer and more profitable place to invest. And I suggest doing it for the long term and never be satisfied with the bitcoins you have, but buy them regularly, especially when the bitcoin price drops, you can increase your purchases and hold them for the long term.
even if you go by what most people say or think, as long as you have bitcoin for the long term it shouldn't worry you, unless you own a few altcoins because most of them especially newer altcoins, mostly end up disappointing.

TribalBob

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if you have made the decision to sell your altcoins for btc it is the right decision, but try you also have a top altcoin that can provide benefits like btc in the future bullrun.
selling all altcoins that are not included in the top 5 CMC is usually a reference for investing in altcoins

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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?

Having some altcoins that are good while you have more bitcoins is also good. But since you have decided own only bitcoins and have change all your altcoins to bitcoins, it is also good to me as you have saved yourself from the stress of having many cryptocurrency to worry about to focusing on just one which is bitcoin. For long term, bitcoin is always a preferred option to keep than altcoins. Altcoins can fall in price and never recover, or recover but do not grow, but with bitcoins, even when the price falls, it is an opportunity to buy more because the price will get back up, and even higher.

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Quote from: Jawhead999 on July 05, 2023, 01:46:36 AM

You're already make a wrong decision, you're actually still not understand which coin you want to invest, but you're relying on the other people's opinion. I'm not really sure what's your intention, but if you're want to impress people by investing in Bitcoin, that's not good.

I think he made a wrong decision but later realised that he made a mistake in investing in altcoin, even if he is still confused about which investment to hold on, it is very good for selling the altcoin and now investing in Bitcoin because it is very reliable investment, altcoin is very risky for investment, with the little knowledge op has about cryptocurrency it is very okay for him to make Bitcoin his foundation when it comes to crypto investment to gain more experience and to see how valuable Bitcoin is.

It is so funny how beginners will invest in what they are not sure about , in every investment one needs to understand how valuable it is, these rusk involve and other aspect first. It pays a lot to make research to know what we are investing on than do it all I the name of making profit. Understanding is the principal thing when it comes to investment.

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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

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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?

Imho, its the right move. While altcoins may bring bigger profit in shorter period of time to those who know what they are doing, 99.99% of the people are better with sticking to bitcoin only because it is proven that in the longer period of time it outperforms just about any altcoin.

What you did just now I did back in early 2019 when I sold all my altcoins (many of them with loss) and decided to focus on bitcoin and i must say it has been the best financial decision ever because if I kept holding alts, I would have way less than I have now and on top of that, I would have to constantly track the market because alts have tendency to die.

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]

No it isn't. Software wallets like Trust are ok-ish as a sort of hot wallet where you hold smaller amount of crypto for everyday use but for that amount of bitcoin that you have i would strongly advise you to get hardware wallet as soon as possible. Good ones are less than $100 and trust me, you will sleep much better. I know I do ever since I keep my bitcoin there.

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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 wouldn't advise you to store your funds in trust wallet because it is closed source. If you have been following the news lately you would have heard about the atomic wallet hack, which is also a closed wallet and over $100M was stolen by hackers. The safest wallets are hardware wallet like trezor, passport, jade blockstream etc. They are good and will cost you some amount money but you don't have money to cover the cost then you can settle for open source wallet like electrum, blue wallet. Always remember to download from the official website.

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Bitcoin is the safest crypto-currency so risk/reward ratio is different than altcoins. If you want to get rich quickly Bitcoin is not the one you are looking for. Bitcoin investors can sleep comfortable, they don't have to worry about %90 falls overnight. Bitcoin passed that test and prove itself after all these years. I think you made a good decision for now. I suggest you to save some money to invest in new major altcoins besides your Bitcoin investment. It's always good to diversify.

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

I have been involved with Cryptocurrencies for the past almost 1 year. It's only been a few months since I joined the BitcoinTalk forum. I spend most of my time trading which I haven't spent much time on this forum. But I came to the Bitcointalk forum and observed various discussions about Bitcoin investment. Finally after much thought I analyzed Bitcoin and took the advice of a fellow knowledgeable investor. He gave me specific advice on the downsides of Bitcoin and market volatility.
After full consideration I sold all the wallets I had Altcoins invested in. and with the amount of funds I made from that, I bought bitcoins and kept them in the trust wallet.

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?

Thank you very much for investing in Bitcoin but one thing is very important to me that you should invest 30 - 40% in Ethereum instead of investing all your dollars in Bitcoin. Since you sold all your crypto currency and invested in Bitcoin, you are wise. But another important thing you need to do is save, you choose a safe wallet and keep your bitcoins there for future storage.
You should use...

Electrum software wallet for BTC holdings
Trezor hardware wallet.

Topic: I sold the altcoins and invested in Bitcoin" - page 8. (Read 1266 times)