Yes, Bitcoin was proven and tested when it comes to long-term matters. The question is, is Bitcoin the only proven and tested long-term investment in this field? what about the Ethereum, Bnb, Ltc, Doge, and others that are top-listed in the market are they proven and tested? Isn't that they also gave a lot of profit to al holders who believed in these altcoins?
That's your own take on this but I think alot of people who have been greatly affected by altcoins syndrome will certainly disagree with you on this because although the above mentioned coins have been around for some time but the fact still remains that these altcoins are nothing comparable to Bitcoin in terms of market trust and reliability. Let's take one of the so called popular coins that was a hit a few years back as an example
LUNA the coin had a big stand and alot of skeptical person like yourself who actually believe this stability actually invested their money on this coin and the after effect and toll was shown as all these coins belong to a central entity and can be controlled and manipulated which gives them the lower hand when it comes to their stand in reliability in the crypto space.
We can't deny that some altcoins have brought substantial profits to their investors, but when compared to Bitcoin, they can be riskier, even though Bitcoin remains relatively stable despite its occasional volatility. It ultimately boils down to personal choice, but we're here to talk about long-term investments that we can simply hold without the need for constant monitoring, as long as our Bitcoin is securely stored in our wallet.
The thing with altcoins is that there are some risks involved, and based on my personal observations, here are a couple to consider:
1-Developers: If the developers abandon a project, the price usually takes a hit. If you're not keeping a close eye on this, you might end up losing your investment. This has happened before, and it could happen again, turning you from a hero to zero.
1-Network Shift: I've experienced this myself when some of my Ethereum tokens switched to a different network without me realizing. I was just holding them in my wallet, and to make things worse, they imposed a deadline for swapping to a new coin; otherwise, your holdings become worthless.These are just a few of the things to keep in mind when investing in altcoins. With Bitcoin, you can sit pretty, as it will remain Bitcoin, even 50 years from now.