Topic: Why are altcoins important? - page 18. (Read 2772 times)

Not all altcoins are necessarily bad. Some altcoin projects are actually pushing the bounds of Bitcoin and Blockchain. I remember Ethereum's early days when it came under heavy scrutiny. Today, However, Ethereum pushed the bound enabling us to create more complex but usefulness blockchain based applications and systems. Concepts like DeFi, Bridges etc were not possible before it's launch.

I actually think some altcoins would strive alongside bitcoin but only a few of them would ~ not all. Especially those whose team are involved in shady activities that don't align with their community values.

Altcoins are important for the following reasons I have thought out.
* The awareness of the existence of altcoins creates a sort of healthy competitive environment, which makes BTC want to perform better and ensure it lives up to its vision.
* Several investment in altcoins can actually help anyone achieve a long term plan of acquiring BTC assets. Altcoins can produce easy profits bigger than BTC, but the volatility of the market can deflate any gains quickly. Hence, why it's advised to swap altcoins to more steady coins like BTC or ETH, incase it is to be kept in a wallet.
*Altcoins help promote the presence of DEX. As well as supports innovations in Web3, virtual/Metaverse.

These are some reasons on my finger tips. Perhaps I would add up some later.

altcoins is good for investment that needs volatility, and some people are always finding volatility for their investments so that they could profit a lot more faster.
moreover, if not for these altcoins, our blockchain would be far less alive than today, the dapps, and many more appear because smart contract innovation from altcoin in general.

Not all altcoins are worth it, but most of the top altcoins already serve their purpose.
Altcoins are meant to solve some issues with Bitcoin, and they are very successful on this. If you don’t want to become a victim of a scam project, you should do your own research first before investing, the top altcoins are more safe though. Taking profit is also good and it will all depend on your strategy.

Well, altcoins are definitely important to quite a lot of people, but definitely not me, i don't like short term projects, neither do i like to gamble, and these are both peculiar to altcoin investments. I know altcoin investors might disagree, but altcoins are basically risky pump and dump coins with no actual utility. Having said that, i invest in Bitcoin over altcoins because it has an actual utility and i am pretty certain that it is sustainable for the long term, that's the difference to most altcoins that survive only on hype and nothing else.

Altcoin are just for diversification of portfolio that is to say; investing altcoin is just for quick profit and gain and nothing much than that all less in some trusted altcoin like ETH, BNB LTC and TRX, one can deliberately hold all these coin as posses a good quality to hold for long most especially LTC and TRX are good for payment they are very cheap in transaction fees and quick delivery to receive.

All these newly launched token and coins are just for distraction making one to lose their reputable coin for a shitcoin all in the name to make quick profits and gain but which ends up being a pump and dump at last.

Bitcoin popularity was because of the existence of altcoins. Altcoins creates option for the crypto market, such option exposes the difference of bitcoin especially in the aspect of decentralisation. That is if altcoins were not available, not many will invest in bitcoin, they invest in bitcoin because they have seen it has more potential than altcoins. Therefore, the disadvantages of altcoins makes bitcoin more recognised and value. Apart from how it increases the personal standing of bitcoin, it create investment opportunities for investors which means you can trade or hodl altcoins however short or long-term depending on your profit viability. It is seen as an asset whose value is expected to increase in the future.

It’s subjective isn’t it. What can be important to oje man can be a waste of time & pointless to another man. Altcoins are important to those who feel they missed out on being early in bitcoin. Some people strike lucky & do even better than bitcoin og’s by buying & riding alts. It’s all personal, if you enjoy alts & they work out well for you, don’t let anybody convince you of anything else.

ETH is an altcoin. I hope you know that? So, do you still have that generalization of how shitty altcoins are? Well, imagine all the tokens and even coins that were (and are still) birthed through the ETH contract which has deepened this cryptocurrency industry. Without ETH, this industry wouldn't have gone this competitive. Yes, I know many will argue that the preponderance of altcoins paved way for the many cases of scam in the industry. That's not entirely true. Left with only Bitcoin, I'm cocksure scam in the industry will still exist.

Again, I can bet you that many of those who bad mouth altcoins still have them in their wallets. Altcoins aren't that bad to invest in. It's just that investors should be meticulous while picking ones to invest in. On the short run, altcoins give better ROI than Bitcoin and I guess that's why they keep attracting investments.

When you bundle up all the altcoins as a scam just because they are not bitcoin, you are in wrong tracks.

So what you are doing is day trading? Something people have done since 16th century. Good for you if you are making profits but polishing it to level that gives you living is going to be whole another ball game.

So you are buying a dip? I am not sure if you know that buy low(dip) and sell high is supposed to be a joke? It's not a real advice because it's obviously based on hindsight.

I am a pretty small investor even for crypto standards i would guess therefore i have so far not invested a single dollar into Bitcoin because i just don't think that we will see another 10x or even more from here on out because Bitcoin already made a x20000 or even more since it was introduced and i just dislike the fact to invest into something where others made a fortune with. So i would say it all depends on the goals that you want to achieve with your investment.
If you want to be as safe as possible with your investment into crypto, then i think Bitcoin is still the best project to invest in.
If you want a chance for potentially higher profits then you should invest into alcoins in my opinions. Not in stupid meme-coins but in good altcoins.

Some altcoins have their importance on crypto market, as they brought alternative blockchains with different features which proportionate developers to launch their own projects, such as the popular Ethereum chain. We can think it's all useless, but let's keep in mind such altcoins allowed many professionals to acquire more experience and practice their programming skills.

Meanwhile, other altcoins are important tokens inside determined platforms. They are what we call native tokens, which guarantee additional benefits for holders inside an exchange, casino or investment platform. Altcoins are also assets with rewarding potential. So, they shouldn't be neglected. We just have to be careful selecting the worthful ones and despising the worthless scammy ones.

Before investing any money in alt coin you should think twice and invest because you can face more loss than the profit that alt coin can give you so in my opinion if you invest in any alt coin you should take profit as soon as possible.  Get out of the coin and wait again when the price goes down and buy again. If you follow this method you can make a lot of profit from Alt.

It's not all of altcoins are scam. Some were even existed since a few years ago. Money has always become the main motive why people invested in altcoins.
Since the chance to make money through major coins becomes very small. Altcoins offer alternative way to make it happen. It's all about money. People are dealing with huge risk caused by they hope to get huge rewards from there.


It's only applicable for speculation altcoin like meme token. As long as you have invested in the legit project i.e ethereum or other blockchain project. The value for long term is always there.
don't you even think how so many people invested heavily during ethereum ico have become millionaires?


There's nothing related to the skill. It's all about how to make money in short or long term through altcoins.

The human nature to take risks. That is the only reason why lotteries, HYIPs, Chit-funds and altcoins exist in the first place, similar things have been in circulation since a long time. Those who invest are trading the risk for the reward and hence the craze and thus the scams.

But I consider the top altcoins to be of some use specially when the bitcoin networks becomes too congested and difficult to push a transaction through without paying hefty fees.

Beyond that I am enthusiastic more about bitcoin than altcoins. But if I do invest, it will be among the top five.

For profitability reason. And don't generalize all of it since there are good altcoins to hold, its just those newly created altcoins do that public sale,exchane listing then dump and turn scam. We need to avoid such scheme so its better sell fast than selling late then dump it up even if we already lose at 95% in value.

If we don't want this to happen we can also try to hold bitcoins since this could give us much better pace than any other alts out there.

Profit.

I guess most of the investors out there (including me) are investing into altcoins for the sake of profit, and nothing more. Maybe there are some who wants to show their support towards the project thru holding their coin, but most are because of profit. Scam, and death are more likely to happen in new projects, but for the projects that are out there for years already, the chances of it to be either scam or dead project is way lesser than that of new projects.

That's very easy to say, but the question is can you do it in real time?
It's easy to say "buy the dip", or "sell on top" etc. but the reality is you don't know when it will happen, and by the time it happens, you might lost your patience already and bought at a wrong time.

As for me, I don't have any skills at all. I just invest, and hold it for long term. I don't know TBH if I have skills that would've help me in investing. As for my opinion, there are some altcoins out there who are important still. Bitcoin isn't a one size fits all type of cryptocurrency where it all has the good features already, and that's where altcoins shine. There are some altcoins out there who are covering what Bitcoin can't do. For ex. transaction speed. Bitcoin's transaction speed is slow that's why we are seeing altcoins that has a faster transaction speed as an alternative coin to be used when transacting.

Altcoin is not a single coin, its a term used for every cryptocurrencies apart from bitcoin so even if 50% of market dominance under bitcoin still there is room for another 50% that is the factor drives the investors to make money apart from bitcoin. Investing on cheap coin can go as complete loss or can give 100x returns in very short term.

When viewed from the project of its developers Altcoin in fact has the benefits to expand marketing and job vacancies in its development for many people, and again has a more reliable crypto technology option in the use of blockchain networks, but it is also a Bitcoin comparison that makes Bitcoin king Coins, so if there is no altcoin, there might not be a crypto market as big as now and make Bitcoin the king of all coins. That may be some of the benefits of altcoin and competition in the network.

With an alternative coin language, which is an option where you can benefit from other coin investments besides Bitcoin, or we can call diversification.
For a lot of altcoin who died or scam, I think it is a fact that cannot be changed, but to avoid coins like that depending on how you analyze the project, with the meaning that you cannot punish altcoin as a scam, because we see in the market many altcoin which provides benefits to the investor, but if it is intended for the long term you must really think about it again

I'm not an altcoin holder, and I don't like them much personally.

However, I do recognize their quality in attracting new investors to the market, and for some of them, in trying to solve real-life problems.

But the question is, have altcoins done more good than harm to the crypto ecosystem? For every thousand investors and new crypto enthusiasts that altcoins have brought in, how many have they disgusted with scams, rug pulls and other shenanigans?

They're important, because they represent a huge financial volume. But for me, their greatest quality is to demonstrate day after day how solid, useful and self-sufficient Bitcoin is.

I can't even count the number of messages I've read on the internet saying: "I got into cryptos for a get-rich-quick scheme with some altcoins, after failures and disappointments I'm now all-in BTC". Many don't understand how altcoins work. Those who make money, make altcoins useful because they earn profit with them, those who lose money, make them useful because sometimes it directs them to BTC.

It's nuanced, as always, ETH is not a stupid memecoin, and don't offer the same possibilities. So I think some alts can be important, while others are just losses for everyone (except for their dubious developers who get rich on the backs of investors, examples are numerous on the BSC chain).