Back in 2013, altcoins weren’t really talked about as much as Bitcoin was, but whenever altcoins were mentioned, it was in the form of ” Holding “, ” Bagholders “, ” Hodor ” and ” Hodl “. What these phrases really meant, was to hold onto your altcoin, as they would increase in value someday, like Bitcoin ( at least that was the hopes of many who listened ).
The Altcoin BagHolder Scam Saga
Sadly, many of those Hodlers, were part of altcoin scams, and a good bit were scammed out of many of altcoins, due to things like, fake exchanges, fake software, giving out private wallet keys, forks to newer versions and not so well marketed redemption websites to exchange old version altcoins for new, ( like many even thought that was a thing when they ” bought ” these at 1st ).
This is why it’s smart to research altcoins before you even think about using them as an investment vehicle, as many aren’t even real or aren’t setup for longevity or scale-ability. Also, stay alert to various types of altcoin scams, and learn about altcoin scam prevention.
There Is Value In The Right Altcoin
Upon proper research, one will see many fields of technology being improved by blockchain technology and the incentive that cryptocurrency additions can bring to funding and startups in the right positions. However, make sure there is substance to back up altcoin hype, as it just takes a well marketed concept to fund someone’s pockets and run, so the more hasty something sounds, often the more suspicious one should be.
Ethereum was once offered at $10 an altcoin token, and look at it now, bag holders of Ethereum have been very happy, but then you have other altcoins that seem legit, but don’t add up in the end, and that’s where the risk verses the research comes into play, understand your altcoin, and you will understand the risks involved. It’s alot like playing poker, in some senses, you need to read marketing bluffs and hype to see the real progress or lack thereof.