Post
Topic
Board Altcoin Discussion
Re: What's your reason for buying altcoins?
by
wheelz1200
on 11/06/2022, 15:20:04 UTC
Please vote in the poll and explain your reasoning below...

Mid-way though Bitcoin's 2017 bull-run, Coinbase, the largest crypto exchange at the time, only offered the choice of three coins - BTC, ETH & LTC - before Binance even existed. Ethereum and Litecoin outperformed Bitcoin that year, especially after many new users saw their values had already increased much more than Bitcoin had, while only being given 3 investment choices.

Since May 2021 altcoin's market share has been around 60% of the total crypto market, confirming that the majority of investors are drawn towards altcoins rather than Bitcoin these days. Coinbase now has over 100 different altcoins, while the largest exchange now offers a choice of over 400 options. The days of turning to shady exchanges like Bittrex, Yobit and Cryptopia have long since passed.

But what is your reason for buying and holding these coins? What type of profits (fiat/btc/eth/other) are you hoping to achieve and have you already taken profits?

Do you genuinely believe any of your altcoins can genuinely surpass Bitcoin or Ethereum's market values in near future?

For the most part I'd say that 99.999% of the people buying altcoins is merely greed/profits.  Trying to trade for more Satoshi would be my vote, or even their local fiat.  Alts are a gble and gambling is merely to get more money than you started with, quickly.  Sad because most people only end up losing because they don't understand how quick crypto markets change and how bad they get annihilated.