Post
Topic
Board Altcoin Discussion
Merits 24 from 1 user
Topic OP
Get rid of your Altcoin bags
by
BlockchainWizard
on 21/07/2024, 09:49:17 UTC
⭐ Merited by 1miau (24)
Like for every investment, you need to check it frequently and evaluate how to proceed. It is similar for Altcoins and very important.

Crypto currencies are a very fast evolving field of investment because of tech.
Innovation is changing opportunities quickly and we need to select good Altcoins for it.

If our bags are still loaded and we have many of such outdated Altcoins, we sit already at a loss. But we should prevent to get more loss by selling our bags and exchange it to a more reliable (Bitcoin) or innovative (Ethereum, Avalanche, Algorand) coin.

And next time, we should always review coins to prevent a loss. When a coin is reviewed badly by experts, like Tron and EOS have received bad reviews by experts, it is time to sell quickly.
But its even more important right now to sell all outdated Altcoin bags like Tron and EOS.

Why can Altcoins fail?

Altcoins are very volatile and many Altcoins have failed so far. Many ppl have lost money by holding failed coins.
But how can we make sure to avoid such failing Altcoins?

We should have a very close look to such Altcoins and try to find out about very important details:

- Is it a promising coin where new technology is used? For example, Litecoin and Nano are using a very ild technology.
- Are developers very experienced and professional to set up a good Code?
- Is it a coin involved in fraud (like BSV, Ripple or BCH)
- Is it a coin where security has been good or weak (avoid hacked coins)

Because if coins are not interesting, have not good tech or people are not interested in it, such coins will fail.

When we have done our research, we can know why some coins will fail and how to avoid it.

Many coins have been started when Cryptocurrencies were less developed and much less innovative.
And here it is a big problem for many Altcoins: using outdated Blockchain technology.

A good example for such an issue is Tron.
Tron was developed from Justin Sun to compete against Ethereum 1.0.
But Tron was such a badly coded coin, it couldn't even compete against Ethereum and lost many marketcap against Ethereum.
Now, since Ethereum 2.0 is launched, Tron is completely embarrassed because of it's old tech.

Tron is based on an old technology where more innovative coins are outperforming Tron massively.
Tron is losing relevance very quickly compared to such new and more modern coins like Ethereum 2.0, Avalanche or Algorand.

One more old coin is EOS. It could not meet expectations and was even place 5 in market cap until it is now very irrelevant. People still holding EOS are having a big loss.
Lucky, who got out timely, to prevent a loss.