In a Bitcoin bull rally, you should not pay attention to alternative coins. This was stated by Andrei Veliky, Director of Business Development at paytomat.com during the online conference „Bitcoin 2020: New Horizons“ on YouTube channel ForkLog.
Buying altokoin only makes sense during the sideways movement of the first cryptovolta, he believes:
„If Bitcoin is walking in a corridor, then altokhoins make it possible to multiply the amount of bitcoin,“ the expert said.
The great defines the role of altokhoins categorically: they are needed so that their holder does not become rich.
„Alternative coins give big and fast icks. Bitcoin will not shoot 10 times a day. That’s why altocoins are needed for quick earning or for a quick loss of money – it’s lucky to have them here“.
Before investing in any coin, the expert advises to assess what is going on in her team. Bitcoin is as decentralised as possible, it has communities, developers, holders and miners, each of which has its own interests. And the less decentralised it is, the more problems it faces:
„I once got interested in a seemingly promising coin. However, at one of the crypt-currency conferences, I met a fundraiser for this project and it was stoned. I lost 99.99% of my investment on this coin,“ the Great shared the story.
Before investing in altocoin, the user has to figure out which exchange will add the coin to the listing and for what money, and what happens if the coin is drained.
„If the exchange goes down, it’s a big bargaining chip in favour of Bitcoin, you won’t go out with altskoins. The alts won’t grow back and could be rolled to zero, Bitcoin is not likely to do so,“ says the Great.
According to the expert, alto coins are needed because from time to time they bring in new technologies and come up with consensus algorithms. Each of them has its own vector of industry development, which can potentially be used by the bitcoin development team:
„That’s why we have alts in cryptographic software so that the bitcoin doesn’t take a nap“.
Andrei the Great advises beginners not to pry into margin trading and the obvious benches and not to buy coins that are not in the top CoinMarketCap:
„Invest in altocoins dosed against the total portfolio. If you see the alto team as living adequate people who can tell you about their business model, that is an absolute plus.
Earlier, independent analyst Maxim Onegin stated that walking through all the forks of the bitcoin would counter the threat of a quantum computer.
Translated with www.DeepL.com/Translator (free version)