Quote from: NeuroticFish on March 30, 2022, 08:41:31 AM

Quote from: ImaryRoobCr on March 30, 2022, 07:03:57 AM

hi, i just joined the crypto market, and was referred to this forum so i can learn better and can learn from on this forum. I have some questions please help me answer it:
- I have an initial capital of $5000, what coin should I invest in for the long term?
- How to avoid easy scam coins?
...

We cannot give proper financial advises. You should not invest based on random people's advises. You should learn and understand what you're doing.
Also you're on a bitcoin and crypto forum, hence people will tell you why crypto is great Wink

Just, again, make your own decision when investing.

Now to your questions. For newbies Bitcoin is basically the only proper solution because it's the least risky. But keep in mind, all crypto investments are risky. I cannot promise you that you'll be on profit in a week or a year from now. That's why one rule is to invest only money you afford to lose or keep locked for long time.
Historically an investment in Bitcoin was on profit in max 4 years. But Bitcoin is still young and history doesn't mean that much.

On the other hand, altcoins promise great profit, but on very long time they usually disappoint (compared to bitcoin). Also it's difficult to find really profitable ones, even for rather short periods.

So with Bitcoin you also avoid scam coins, as long as you are careful to get actual Bitcoin and not Bitcoin cash, bitcoin gold, wrapped bitcoin on ethereum network and other things with bitcoin in their name.

Three final advises:
1. Make sure you buy from established and reputable platforms to minimize the chances to get scammed.
2. Take a close look at the platform requirements and fees, especially at the KYC requirements (if it's a KYC platform and you are OK to give your details, you may want to pass the entire process before your money is locked in there for whatever problems) and the trade and withdrawal fees.
3. Make sure you read and understand how to hold your coins safely. You may want to acquire a hardware wallet for your coins. Crypto is very easy to be stolen. Also keep in mind to always double check thoroughly the addresses you send/withdraw coins to (because copy/paste viruses can easily trick you into sending money to scammers).

I hope that this is informative for you and I didn't scare you too much

Thank you for your advice, it is useful advice for me when I am new to the crypto market, I will consider and learn how to invest safely, manage my capital in the best way.

ImaryRoobCr

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