Topic: Unpopular Opinion: Invest in Alt Coins to Accumulate More Bitcoin (Read 277 times)
Some people are doing this stuff on first investing and trading with some potential Altcoins and when time comes that they have profited from those, they will sell them and transfer funds to acquire parts of Bitcoin for themselves. It turns out that Altcoins are being the primary passage way of other people to get funds to have a single Bitcoin or even just a part of it due to its value and popularity as well. Well, there's nothing wrong on doing such thing of getting into Altcoins to be able to obtain funds for Bitcoin because it is somewhat a strategy but it will be a long take of time and a risk to be taken as well before you can be able to fund yourself buying Bitcoin. A long tiring and hassle process to be exact.
June 12, 2021, 06:10:41 AM
This is really works like for example if you bought a lot of doge last December 2020 like worth $1k and you sell it for btc last May this year when ATH reached you can have atleast 2-3 btc in your $1k yeah its a nice return and looks like most people today are doing this kind of strategy invest in alts and buy bitcoin later when they got enough profit.
It can work, but success is highly dependant on external factors that you have no control over. Before anyone does this, they need to consider carefully how patient they are willing to be, since markets are unpredictable and can move in the opposite direction to the one you want.
As an example, people often talk abut buying the absolute cheapest coin you can find, because those have the greatest potential to increase your profits. But that's rarely accompanied with a warning about the dangers of such coins getting delisted from an exchange and the effect that tends to have on the price once it is announced. That's either a one-way ticket to bagholderville or a substantial realised loss. If you inadvertently manage to convince someone that doing this is a guaranteed win, you could end up costing them a lot of money.
Always give the pros and cons where you can.
June 12, 2021, 05:44:11 AM
Investing/trading in altcoins has always been one of the ways of accumulating more bitcoin; it's just that delving into altcoins is mostly heavily unrecommended simply because a lot of people ended up being in far worse situations after delving into altcoins. Pretty much the same as trading in general, whereas a huge majority simply aren't built for it.
The inverted results is investing/ trading altcoins always are one of fastest way to lose bitcoin.If the market turns from bull to bear, or simply has a serious correction, and you are trading altcoins with loses, you lose your bitcoin. 20%, 40% of your bitcoin will be lost within a few hours, or 24 hours. Altcoins always have faster crashes than Bitcoin.
June 12, 2021, 12:34:28 AM
Its always best to diversify investments. As each coins gives different percent of profits and each altcoins also has a level of potentials. Band I kind of agree that besides owning Bitcoin, altcoins also are good to keep for a long term.
It is just all about good management plan, a reliable tools for trackings and a good portfolio. Also, having so much altcoins isnt necessarry, just choose enough but established and potential altcoins.
It is just all about good management plan, a reliable tools for trackings and a good portfolio. Also, having so much altcoins isnt necessarry, just choose enough but established and potential altcoins.
June 11, 2021, 09:04:51 PM
I'd say don't use altcoins to try to accumulate more bitcoin. That is hard, trying to essentially trade two extremely volatile assets against one another. Even if you're not talking short term trades but longer term bets, since most altcoins long term go toward zero against Bitcoin. Just look at your precious shitcoin xrp (and yes it is an absolute shitcoin, one of the worst out there) - about $3 vs $20k 3.5 years ago, now about $1 vs $40k so it's lost over 80% of it's value against bitcoin since last cycle's peak, and this trend is likely to continue for it....just as an example.
It's better to find a few altcoin projects that you believe in and invest in them long term alongside your bitcoin holdings. Bitcoin + Eth + a few alts you believe in is a good strategy. Don't bother trying to use alts to make more bitcoin, in the end you'll probably just end up with less Bitcoin than if you had just bought Bitcoin in the first place.
It's better to find a few altcoin projects that you believe in and invest in them long term alongside your bitcoin holdings. Bitcoin + Eth + a few alts you believe in is a good strategy. Don't bother trying to use alts to make more bitcoin, in the end you'll probably just end up with less Bitcoin than if you had just bought Bitcoin in the first place.
June 11, 2021, 08:32:36 PM
That's true, i believe that there are so many potential altcoins but unfortunately they do not have the name like bitcoin, so it is harder for them to gain new investors. As you said, sometimes altcoin can earn us higher profit rather than bitcoin, but altcoins are so many, it's hard to the find the right and suitable one, and there are a lot of scams too, so people might be wary and choose a safer option which is bitcoin. But i would like to see more people getting interested in altcoin, so maybe we can make bounty and projects alive again like before in 2017. I gotta say that bounties and projects are kinda dead now, it's hard to find a good one.
June 11, 2021, 07:59:18 PM
well this is interesting post. accumulate 1 whole bitcoin is really hard but with DCA(Dollar Cost Averaging) maybe it will achieved at certain at time. and i really like your saying about invest in real-use case coin 100% agree with that since dozen shitcoin will pop-out on BSC or ETH Network. I usually trade coin with BTC pair it can accumulate your coin fast and invest on altcoin that have staking or farming so when the value of coin decrease u can still see your money grow.
June 11, 2021, 07:33:40 PM
The problem with this strategy is this, if you choose a bunch of Alt coins and you do not buy on the dip... your money might be stuck in that Alt coin for months. People jump in and buy Alt coins on a ATH and then with some of these Alt coins, they have to sell at a loss, because the Alt coin price does not increase to a new ATH soon. 
It is usually the case when someone watch these "hype" videos on Youtube and TikTok and they are late for the party. Do your research and buy low (watch the trading graphs to determine what the high and lows was for that Alt coin) and then trade in and out to increase your Bitcoin holdings.
Locked Money = Dead Money
It is usually the case when someone watch these "hype" videos on Youtube and TikTok and they are late for the party. Do your research and buy low (watch the trading graphs to determine what the high and lows was for that Alt coin) and then trade in and out to increase your Bitcoin holdings.
Locked Money = Dead Money
This is exactly what I was talking about. Thank you.
June 11, 2021, 04:08:32 PM
Agree although it has been said in a few threads before. Don't make investment only in 1 place. But choosing altcoin is something that is not really easy to do. Maybe if want to be safer we can pick big coins in coinmarketcap, or maybe spare very small amount of capital maybe 3-5% to choose small coins but promised because usually if they pumped, it can give us high gain.
June 11, 2021, 02:19:23 PM
This is a very realistic analysis, most people dream of owning at least 1 bitcoin, but this dream has become difficult to achieve due to the increasing rise in the price of bitcoin, so this option will be a very good opportunity for those who want to achieve this dream.
Investing in some altcoins and storing a good amount of them can help a lot, especially with some altcoins rising more than 300% sometimes.
Investing in some altcoins and storing a good amount of them can help a lot, especially with some altcoins rising more than 300% sometimes.
June 11, 2021, 02:14:37 PM
This is a VERY sound investing strategy, and some of the same principles can be applied. Ensure that you are doing an adequate amount of research into the companies (ALT Coins) that you are investing in. Make sure they align with your morals, values, and of course profits.
Sound investing strategy?
No, there is nothing about morals, values, it's just hype!
Look at the market cap and see who's on the spot nr 6 and the best revenue for this year, does it have anything to do with all that revolutionary crap every shitcoin claims, anything about groundbreaking technology, values, morals, anything?
Altcoins are all about hype, waves, nem, eos, dash, iota, stellar and those are not the worse of the worse.
The rest is not about doing your research, is about gambling, managing to get cheap coins that pump and dump it while you can.
There are always companies (ALT Coins) that are looking to make a difference and solve a very real world problem.
Too bad none has solved anything! Not a single one! Can you give an example?
There are a few projects that I love (XMR, XRP, ETH), and I will go toe-to-toe with any one of you defending their real-world use
Really? XRP? Why not TSCO or NKE, they both have as much in common with BTC as XRP does.
But bottom line..
Alice invests 1000s in SHT, in order for Alice to make a profit and invest 1$ more in BTC than he had John has to come along and buy 1001$ of SHT..
At the end of the day, no matter how you spin it some guys will end up with useless shitcoins when they could have bought bitcoin, and usually the profits that get reinvested in BTC are dwarfed by the losses in alts.
June 11, 2021, 02:03:16 PM
I like XMR and ETH but not the other that was mentioned. There are use cases for these projects and that's being done in so many uses.
You forget about BNB that also has a common use case these days. Some are taking it seriously about diversification in alts and getting as much as they can but that's a wrong strategy IMHO.
You forget about BNB that also has a common use case these days. Some are taking it seriously about diversification in alts and getting as much as they can but that's a wrong strategy IMHO.
June 11, 2021, 01:51:49 PM
I do not believe there is any hurt in investing in other blockchain technologies.
There is one big hurt with investing in altcoins, it's called losing your money. If you look at their prices in BTC, many of them have peaked years ago and never recovered ever since. ETH used to cost something like 0.14 BTC at one point, in this cycle it peaked at 0.075. If you're buying alts with BTC and hold them long term, you most likely losing your bitcoins. Alts can make fantastic returns in short term, but they can just as easily ruin you in short term, and there's no objective method to predict which coin will get hyped next. No one could predict that Elon will pump Doge and that his tweets will have such strong influence, so buying Doge half a year ago was objectively stupid investment, those who did this just got lucky.
June 11, 2021, 06:28:05 AM
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I day traded some alts only to convert them all to Bitcoin. I guess it was sort of accidental but beneficial for me because I incurred a lot of losses when I started building up my capital in my day trading.Was rough experience back then.
June 11, 2021, 06:07:22 AM
Quote
Believe me, when you believe in a project, you believe in a project.
I thought that finance and trading is all about making proper analysis of the market,or at least conducting research and analyzing all the information you gathered about a project,before investing in that project.
Believes,gut feeling and all that irrational stuff have nothing to do with finance and crypto trading.
I assume that by "altcoins" you mean utility tokens.Well,so far I have never seen a utility token project to generate big profits.The big altcoins are just an addition to Bitcoin,so I don't think that your idea is going to work.
June 11, 2021, 05:52:30 AM
In the past and yes even today, there are many people into cryptocurrency that are using this same strategy. They get into a low-cap altcoin that they think has the potential to moon and by the time that happens they sell the coin and then buy Bitcoin. Dealing with cryptocurrency does not really mean that we are to deal with Bitcoin exclusively -- as they are saying the more, the merrier - though it can also be riskier. I for one is into Bitcoin, Ethereum, ADA, XRP and relatively known coins and tokens which I am hoping can get me into the financial standing I am dreaming.
June 11, 2021, 05:30:05 AM
Investing/trading in altcoins has always been one of the ways of accumulating more bitcoin; it's just that delving into altcoins is mostly heavily unrecommended simply because a lot of people ended up being in far worse situations after delving into altcoins. Pretty much the same as trading in general, whereas a huge majority simply aren't built for it.
I get why some people are attracted to certain altcoins though. But as for XRP, ehh.. 😬
I get why some people are attracted to certain altcoins though. But as for XRP, ehh.. 😬
June 11, 2021, 04:28:51 AM
Altcoins are followers of Bitcoin and when Bitcoin completes its bull run, altcoins can have very last upward movements after that they will have long falls and jump into their bear market.
Altcoins are for serious speculations and you can not consider them as investments. It is true for young altcoins because they can not see them as investment assets if they are newborn, young and have never been tested by bear market.
Developers, good or bad, only prove their dedication to their projects in bear market. In bull market they create their projects and if they gave up in bear market, their projects will die.
Altcoins are for serious speculations and you can not consider them as investments. It is true for young altcoins because they can not see them as investment assets if they are newborn, young and have never been tested by bear market.
Developers, good or bad, only prove their dedication to their projects in bear market. In bull market they create their projects and if they gave up in bear market, their projects will die.
The problem with this strategy is this, if you choose a bunch of Alt coins and you do not buy on the dip... your money might be stuck in that Alt coin for months. People jump in and buy Alt coins on a ATH and then with some of these Alt coins, they have to sell at a loss, because the Alt coin price does not increase to a new ATH soon.
It is usually the case when someone watch these "hype" videos on Youtube and TikTok and they are late for the party. Do your research and buy low (watch the trading graphs to determine what the high and lows was for that Alt coin) and then trade in and out to increase your Bitcoin holdings.
Locked Money = Dead Money
It is usually the case when someone watch these "hype" videos on Youtube and TikTok and they are late for the party. Do your research and buy low (watch the trading graphs to determine what the high and lows was for that Alt coin) and then trade in and out to increase your Bitcoin holdings.
Locked Money = Dead Money
It's a shame you missed the entire point of my post, all just to be ignorant & arrogant.
Well it sounds to me like you are trying to tell use the altcoins you have bought are "good" projects and have "real-world use" when they clearly don't.Despite what you think this "point" and your title are both popular opinions. That is why we always had higher BTC/ALT volume compared to BTC/FIAT and is exactly why altcoins get dumped when bitcoin is rising or falling and only get pumped when it is stable (people try to increase their bitcoin by pumping altcoins while bitcoin is stable).
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