On CoinMarketCap, there are over 20,268 cryptocurrencies in existence. And, when you scroll through this long list of (sometimes) ridiculous names of altcoins, it gives you a glimpse of how the crypto world is an unstoppable trailblazer of both tech innovation and shit shows.
Yes, sure, experienced investors that are receptive to reliable crypto research are able to make educated predictions on which altcoins have the brightest future but what about the technophobic retired baker that wants to know more about this crypto thing, and thoughtfully is considering investing in Garlicoin?
Or what about your Great Auntie Shiela, who gets scorned by her grandkids for keeping her cash savings in the bank and is told to rather go to Cheesecake Swap to invest in a crap load of CAKE to earn a colossal bag of BAKE?
It’s a weird and wonderful world out there in the massive, yet chaotic altcoin market, and although it can be overwhelming at best of times, it can also be quite bizarre and hilarious.
Let’s poke some fun!
There are hundreds of stories of people investing small amounts in altcoins and making huge profits but there are also endless stories of people that have lost a ton of money by investing in dodgy cryptocurrencies.
The bottom line is that one should not be foolish and let people make you believe that you’ll become stinking rich in an instant. If it sounds too good to be true, it most probably is.
If you want to invest in crypto, it’s most probably better to stick to the more established coins.
Like Bitcoin, Ethereum, Litecoin, and DOGE.
But, that is just my opinion.