Thought I'd post a separate thread.
Here's the bit I don't get about making big money on alt coins.
Say you do your research on an alt coin. Let's call it tulip coin.
You want to turn £1000 into £10,000 or even £100,000
So you need to buy some tulip coin.
You can't buy tulip coin with ££££, but you can exchange BTC to tulip coin.
So you buy BTC with ££££ and go to an exchange and buy tulip coin with the BTC.
You then sit back and wait. Weeks or maybe even months.
But then one day, you wake up and your tulip coin has gone up 100X.
Happy days, you have a paper £100,000 in tulip coin
But you don't want tulip coin, you want a 911 Turbo. In black.
But Porsche don't accept tulip coin. Or even BTC.
And you can't sell tulip coin to £££, you have to convert it to BTC, and then sell the BTC to ££££.
Trouble is, BTC has gone up 100X over the same period.
So your tulip coin is worth the same amount of BTC as it was when you started it.
So your back with £1000. And no Porsche. Not even a yellow Porsche.
Here's the bit I don't get about making big money on alt coins.
Say you do your research on an alt coin. Let's call it tulip coin.
You want to turn £1000 into £10,000 or even £100,000
So you need to buy some tulip coin.
You can't buy tulip coin with ££££, but you can exchange BTC to tulip coin.
So you buy BTC with ££££ and go to an exchange and buy tulip coin with the BTC.
You then sit back and wait. Weeks or maybe even months.
But then one day, you wake up and your tulip coin has gone up 100X.
Happy days, you have a paper £100,000 in tulip coin
But you don't want tulip coin, you want a 911 Turbo. In black.
But Porsche don't accept tulip coin. Or even BTC.
And you can't sell tulip coin to £££, you have to convert it to BTC, and then sell the BTC to ££££.
Trouble is, BTC has gone up 100X over the same period.
So your tulip coin is worth the same amount of BTC as it was when you started it.
So your back with £1000. And no Porsche. Not even a yellow Porsche.
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