I sold the altcoins and invested in Bitcoin" - page 9.

jeraldskie11

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Quote from: Out of mind on July 05, 2023, 01:31:10 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?

You said that you sold all your altcoins in your wallet and buy Btc but I wonder why you're hiding the balance of your TRX and MATIC if it zero.

Selling your altcoins and buy Bitcoin is a good idea for me if you don't really know what altcoins you're invested in. There are lot of altcoins out there pretend to be real that's why if you don't have enough knowledge for a coin your investing in, better to convert it with Bitcoin.

I've been using a Trustwallet for awhile and so far I didn't get any trouble using it, that's why for me it's safe to use this wallet. Just make sure to keep your own private key to avoid losing tokens.

hyudien

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Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

I remember there was a saying by Benjamin Graham: "Everything that doesn't go through a deep analysis process is a gamble". So here you have at least learned how Bitcoin works, what it will be worth in the future, and you have the right decision to invest in Bitcoin. Please note that this is not financial advice, this is just sharing experience. When we study Bitcoin and its whitepaper and explore the intent and purpose of why Bitcoin was created, then everyone can easily make a decision.

When it comes to altcoins, most of us speculate because investors in altcoins relying on the hype, Fomo, don't even have time to study the purpose of these altcoins. So if you are only speculating and don't understand deeply the purpose of altcoins, it's the same as you are gambling.

Nrcewker

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You literally did a good thing by selling all of your altcoins and investing the money that you got into bitcoins. Now we know that bitcoin's market cap is very high and the coins are limited in number. Hence, we have higher chances that bitcoin will go up, as they are limited in number. So yes, according to me, you did the right thing. Regarding the wallet, I would suggest you save your coins in any offline wallet. You can try electrum, or if you have a larger number of bitcoins to hold, I would suggest you use a ledger wallet.

Xampeuu

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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

arwin100

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Quote from: MarjorieZimmermanGinger on July 05, 2023, 05:55:33 AM

Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

Try to explore it first how was the condition of your previous investment in altcoins, was there a much better financial increase or did you always get a loss, after that there will be a big picture of investing in bitcoin. If you've been involved in crypto investing for the past year, I think the future of bitcoin needs no explaining and you already know how it went.

Some holders cannot take the pressure brought up by trading alts since its like fast moving to them and they can't react as quick as they can since they don't know what to do about certain condition happens. So I guess he's still doing some good decision for staying on bitcoin for a while since focusing on one crypto to trade can give him more learnings since he can focus on things he missed out when he's trading multiple alts.

yazher

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You've just made the right choice right there because bitcoins are getting the best momentum in the crypto market today and again go strong in the next few days. I mean, this will not be the last time we witness this increase in its price and it will be best for you to also change where you store your bitcoins so that you can assure about its security because right now, this kind of wallet is prone to hack or some anomaly. it's better to invest in a secured wallet and also learn how to keep your bitcoins safe and secure without worrying too much about it in the future.

MarjorieZimmermanGinger

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Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

Try to explore it first how was the condition of your previous investment in altcoins, was there a much better financial increase or did you always get a loss, after that there will be a big picture of investing in bitcoin. If you've been involved in crypto investing for the past year, I think the future of bitcoin needs no explaining and you already know how it went.

Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

Electrum and Bluewallet may be an option for you, but I prefer to use Elektrum to store Bitcoins for the long term. Regarding the explanation you can visit the thread that discusses Electrum and Bluewallet, so there is a much more detailed explanation there.

BenCodie

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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.

RewFrew

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Invest on Bitcoin is correct diction. But i think if you invest in different coin risk will be reduce. I think if Bitcoin's price were down all alt will not down. It has possibility to up Some or some alt coin. So my advice invest on different coin. I am not telling investment on bitcoin is bad. Bitcoin is best coin. I think your friend tell you correct information. Now time for cryptocurrency. Investment on cryptocurrency is most profitable for investors. If anyone invest on bitcoin or others cryptocurrency he will be must benefited now or in future. So i think your decision is correct. Best wishes professor for you.

Helena Yu

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Quote from: Outhue on July 05, 2023, 03:50:21 AM

Advice #1 : Diversify

It's not wrong to have some altcoins in your wallet, that's the best strategy, always have few altcoins and let your main focus be on Bitcoin itself, I have 9 altcoins in my wallet and Bitcoin is my biggest holding, and if any pump happens among these altcoins I will take profit and use it to buy more Bitcoin.

Diversify is a good strategy, but diversifying your investment portfolio into with a same sector is bad idea.

Bitcoin price is independent while most of altcoins are follow Bitcoin price. This mean when Bitcoin price is decline, the altcoins price will decline too and vice versa. The main purpose of diversify is to prevent all of your investment are in loss, so diversifying to altcoins isn't fit the purpose.

You're buy altcoins just to make short term profit, not diversify.

SmartGold01

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Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

Selling your altcoin to invest in bitcoin is never a bad choice and I wouldn't mind to say that you entered the market at a very high point when the market was around $25k to $27k why did you invest or convert them at that point because I know the market may likely change direction as it is very hard to predicts its movement. If you decided to invest in bitcoin then it should be that having a long term goal will be more aprreciated because short term can never give you the results you required, so I suggest 1 year to 5 years investment plan would really help to maximized your profitability in bitcoin.

Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

During my time I also used trust wallet but as time goes I have to change to Electrum wallet since most majority of people suggested is more cool than trustwallet. Maybe try acquaint yourself with that wallet before finally moving your funds inside it.

Bitcoin_people

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Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

Bitcoin is an investmentable digital currency whose future can be depended on. Although altcoin pumps more during military periods and offers good profits, there are risks involved. I previously got good profit investing in altcoin but lost money investing in FTX and Luna. So i think altcoin is not worth investing for long time it can be scam any time. But investing in Bitcoin can be profitable if you hold it for a long time without the risk of losing money. And the work you have done is really great because bitcoin has a future.

Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

Since you use a trust wallet to keep your bitcoins safe, I don't think it's very strong. So if you want to keep your bitcoins safe, you must use software or hardware that will not have any risk. If you want you can use many software wallet like Electrum, Mycelium etc. These will be powerful to keep your Bitcoin safe.

BALIK

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Bitcoin is the safest coin in the crypto market, while altcoins are quite risky but have a chance of giving investors better returns. Investing in bitcoin is always recommended as it is safe and secure, but with altcoins, those who can take risks and are confident in their skills can give it a try. Investing in bitcoin or altcoins is a personal decision.

Wallet for storage: it is best to stay away from that trust wallet and use Electrum for bitcoin and metamask for altcoins. Or use the open source hardware wallet that is considered the most secure today.

SOKO-DEKE

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Quote from: Out of mind on July 05, 2023, 01:31:10 AM

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

That is what I can't say, but the truth is that, based on the little experience I got from cryptocurrency market, altcoins are not trustworthy. For example, FTX and Luna had strong market caps prior to their crashes, indicating that many people had faith in the projects. Bitcoin is the ideal coin to retain, especially for a long time, in order to reduce our investment risks, I will suggest.

Quote

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

Trust wallets are fine for storing Bitcoin, but for robust security measures for your assets, I'll advise choosing cold wallets, which are offline wallets because they're hard to hack. However, I will caution you to conduct your own research before selecting any wallet recommended here.

Fiatless

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Quote from: Outhue on July 05, 2023, 03:50:21 AM

Advice #1 : Diversify

Bitcoin is a must have for all crypto investors for many reasons but I can't lie to you mate, altcoins have given me more profits in this bear market than Bitcoin, I made 10x in this bear market from a AI project and I took my profit, leaving behind few thousands tokens for long term hold and I use the profit to buy more Bitcoin.

It's not wrong to have some altcoins in your wallet, that's the best strategy, always have few altcoins and let your main focus be on Bitcoin itself, I have 9 altcoins in my wallet and Bitcoin is my biggest holding, and if any pump happens among these altcoins I will take profit and use it to buy more Bitcoin.

Don't put all your eggs in one basket.

Trading altcoins requires specialized skills. Lacking these basic skills might lead to huge losses. Secondly, these altcoins might give high profit but the risk is also high. Many people have profited from the pump and others have lost so much money from the dumps and rug pullings. Everything depends on the willingness to take risks. Bitcoin is a reliable basket for all my crypto funds. One can hardly be wrong with bitcoin because it has never failed like others. In terms of diversification, I will prefer to diversify my income to other sectors apart from the crypto industry. There are other sectors that a viable which can give profit. But when it comes to cryptocurrency investment, my only option from now is bitcoin, until I have developed the guts to bear the risk of altcoins.

Outhue

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Advice #1 : Diversify

Bitcoin is a must have for all crypto investors for many reasons but I can't lie to you mate, altcoins have given me more profits in this bear market than Bitcoin, I made 10x in this bear market from a AI project and I took my profit, leaving behind few thousands tokens for long term hold and I use the profit to buy more Bitcoin.

It's not wrong to have some altcoins in your wallet, that's the best strategy, always have few altcoins and let your main focus be on Bitcoin itself, I have 9 altcoins in my wallet and Bitcoin is my biggest holding, and if any pump happens among these altcoins I will take profit and use it to buy more Bitcoin.

Don't put all your eggs in one basket.

Advice #2 : Wallet

I don't like that you are using a half-open-source and half-closed-source wallet for storing your Bitcoin, I don't even know which is which with Trust wallet, some are saying it's fully closed source and some said partially but it means it's not completely open source and that's why I will like you to think twice and use a non- custodial open source wallet.

Use Electrum for storing your Bitcoin and use Unstoppable Wallet for your other altcoins like Ethereum Erc20 or BRC-20 token.

Ahli38

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If you intend to keep it for the long term (long term investment) and you don't have a hard wallet yet. then I prefer you to use Bluewallet or Electrum. Trustwallet is pretty good too. but I've read some things that make me doubt about Trustwallet if it's for long term storage. I only use Trustwallet for activities that involve a lot of transfer activity every day. sometimes I also use safepal.

And I think your choice is quite right by choosing to invest in Bitcoin by selling the Altcoins that you have. But remember this is not a quick trip. but it is a journey that requires patience. because investing in Bitcoin is not going to go up as fast as it does in altcoins. but of course also with the risk of decreasing which is also not too sharp. In contrast to Altcoins where almost every day there are always altcoin projects that end up being scams and become worthless in a short time. so if it's for the long term then Bitcoin is indeed the most appropriate from my point of view. but I don't know your point of view and others. everyone has their own thoughts and plans. so DYOR.

crypticj

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Good for you!
But I never understood "bitcoin only people". We are still buying Bitcoin to make money, not for the idea, so I think in these terms you can also make money with alts is sometimes even more.

I think it's important to do research before buying any alt to secure your money from the LUNA situation. But in general, I think it's nothing wrong with buying/holding alts with Bitcoin.

Jawhead999

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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.

Trust wallet isn't a good wallet for long term holding, you should research, ask and verify before you're want to use someone else service, not try and then ask the review.

mindrust

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Bitcoin is the safest crypto out there. One can simply not go wrong with bitcoin. Everything else is a casino token in a world where btc exists. You might make x100 or more with alts but you may also lose your initial investment completely. That's why they are called casino tokens. BTC on the other hand has been making money for everyone since its inception. That's why it is the safest coin out there. More or less, btc will keep making money in the future but we don't know what is going to happen with the alts. It is a matter of choice in the end. More risk = more reward/losses. Less risk = less reward/losses. BTC = Safety

Topic: I sold the altcoins and invested in Bitcoin" - page 9. (Read 1201 times)