Why you should not invest in any altcoin.

[Bookwormlux]

This is a very interesting topic, and I would like to share my thoughts about crypto currencies in general and why we ought to make sure that we are only investing in Bitcoin and not any other coin that is available in the market.
This is solely due to my own personal experience and from my own perspective, so you should feel free to contribute as much as possible while making sure you also do some research before taking need to what I am sharing, since there are no guarantees of my own thoughts being the best as the market is influenced by a lot of factors.


1. Bitcoin is the number one cryptocurrency and should be the only reliable one in your list.

2. Bitcoin controls the market: this is a stated fact.

3. Bitcoin bounces back easily no matter the gravity of a dip. It may interest you to know that if Bitcoin does not bounce back on time, other altcoins would continue to remain Down.

Why then should you decide to settle for less when you could easily go for the king that is completely in charge of the market.

4. Bitcoin is used by so many companies. This is unlike some other coins available.


What do you think?

 

[Shaf]

It might be took much to suggest that people ignore altcoins all together. While Bitcoin may be King and master mover of the market, it still needs other altcoins for the cryptocurrency sphere to exist and even thrive.

It also has its flaws and not everyone can afford it. Also it's lower volatility makes it less attractive in terms of profits compared to altcoins.

I do agree though that it's necessary to have it in one's portfolio, and it should actually be the largest part of it. That is exactly what investors who have gone through a lot in the market do, and once there is a correction such as this one, it becomes very clear why someone should do so.

 

[eldavis]

There is no doubt or argument of how important Bitcoin is to other coins out there, but I believe there are lots of altcoins out there we are overlooking, coins with lots of potential, yet we over look them for Bitcoin. The honest truth is that if you plan on growing your crypto account from hundreds to thousands, Bitcoin alone would not get you there. This is because the price of Bitcoin is already on the high, so if you want to earn from it, you have to be able to invest alot. But there are other altcoins still growing ,now would be the best time to invest on them then wait for it to rise.

 

[Finger Geek]

That is true. I will also not advise anyone to invest in just any altcoin. Before making any investment with just any altcoin we need to first get enough information about the coin. Because I have had bad experience with an altcoin before.

I am not saying that some are not profitable. Shiba is a coin that came with a very low price. But today it has grown high that it has turn many people to millionaire.

HOT is a coin that I invested with 2 years ago. I did not just invested with it but traded with it. I but it at a very low price of about 0.00000002 btc per one and when the price rose to around 0.00000004 btc, I decided to sell it and make profits. But for days that I placed the sell on binance. It remained on sold for more than 1 week. That is because there are not lots of people trading the coin. I can't just let my fund remain on the coin that has no future so traded it back but I made lost of 10% of my initial investment.

So before investing or trading on any coin, we need to first make a research on the coin. To know if we can trade back easily.

 

[Bookwormlux]

@eldavis You are very correct about it and I do not disagree with you at all, but I think that there are different kind of investors and the kind of expectations individuals have mat and this is what will determine whether or not he should invest in Bitcoin or settle for alternative coins that do not have so much reliability .

I was already stressing on the point that there are a lot of people who may not excessively have so much time to be monitoring their wallets for any price change at all . People with tight schedules like this scenario and pointing out, can decide to make sure that they do not settle for anything that could dump within a very short period of time .

Of course, I am of the understanding that if you invest in Bitcoin there is no guarantee of you being able to make high amount of profit anymore, because it has exceeded some extent of profitability and it will be really difficult for anybody to make as much money like they will ordinarily have done if bitcoin were not as expensive as it is right now .
It is all about what is working for individuals and their preferences .