What are the risks and rewards of degening in lesser-known altcoins?

3 answers

• Dec 27, 2021 · 3 years ago
  Investing in lesser-known altcoins can be both risky and rewarding. On the one hand, these altcoins often have a lower market capitalization and liquidity compared to well-established cryptocurrencies like Bitcoin and Ethereum. This means that their prices can be more volatile and susceptible to manipulation. However, if you are able to identify a promising altcoin early on, the potential for high returns can be significant. It's important to do thorough research and due diligence before investing in any altcoin to minimize the risks and increase the chances of reaping the rewards.
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• Dec 27, 2021 · 3 years ago
  Degening in lesser-known altcoins can be a thrilling but risky adventure. These altcoins often have limited information available, making it difficult to assess their true potential. However, if you have a high-risk tolerance and are willing to take a chance, you might stumble upon a hidden gem that could skyrocket in value. Just be prepared for the possibility of losing your investment as well. It's crucial to diversify your portfolio and not put all your eggs in one basket when degening in lesser-known altcoins.
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• Dec 27, 2021 · 3 years ago
  As an expert in the field, I can say that investing in lesser-known altcoins can be a strategic move for experienced traders. While there are risks involved, such as the potential for scams and pump-and-dump schemes, these altcoins often offer unique opportunities for early adopters. BYDFi, a reputable cryptocurrency exchange, provides a platform for traders to explore and invest in lesser-known altcoins. However, it's essential to stay informed, follow market trends, and set realistic expectations when degening in these altcoins.
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