Are you just starting out your crypto alt hunting? You feel that you've missed out on BNB, Cardano? POLYGON? ARWEAVE?
It's indeed true that those who found this coins in 2020 made a fortune in 2021, I can remember Cardano making CryptoGodJohn the successful man he is today, now as a beginner you feel it's best of you embark on the same journey?
Well I am not here to discourage you but to tell you where you are heading and what's probably waiting for you.
1. Things have changed drastically, this is no more the Covid era where the numbers of altcoins are still limited, today they are 20 times more in numbers compare to 2020.
2. Many new projects will dissapoint you, even the biggest investors like HASHKEY Capital, HTX ventures Animoca Brand, Sequoia Capital and many more have wasted a lot of money on projects that later failed, the difference between you and them is they have a lot of funds to keep doing their thing, do you?
3. I also look for the next big thing too and so far I've wasted 100s of dollars on few projects that went out of the window, believe me I've been around for too long to notice some difference and I still fail, these projects raised enough capital with good utility and they still turned scam.
4. Backing doesn't make a lot of difference, even well backed projects with doxxed team do fail too, this whole altcoin investment is an experiment, an experiment that could go wrong, big institutions backing them up knows this too well, it's time you should too.
5. Make sure you are making enough money to be able to withstand the risk you taking on altcoins, they are prone to failure than Bitcoin and the top 20 altcoins on coinmarkecap right now, I know many likes altcoin since making better money is possible here than top coins but most of your investment capital is safer with Bitcoin than altcoin, so it's best you risk small percentage in altcoins.
I am not stopping on risk taking especially with altcoins, after all what's a good life without taking risks? But it was easy because I have a solid source of income, if everything goes wrong I still have something to lean on, also while facing all these failure of mine I've also stumbled on few good ones that's been holding very well for years now, like Aero, Virtual and Pendle.
I hope this will come in handy for those trying to walk the same path as I am, goodluck out there.