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Avoid this 5 altcoin in 2020

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Avatar for Abothe
Written by   54
2 years ago

Altcoin are those cryprto coin other than Bitcoin.Everyone used to said that the Altcoin season is started. And Altcoin season is a time when all the coin other than Bitcoin could experince price increase that will blow peoples mind.

Yes there are many Altcoin who have the potential to bring lots of profit just like ethereum, cardano, eos etc. And many people are talking about such  top Altcoin . But here are the 5 altcoin where people need to stay away from investing money,  ese will result in bad lost.

Besides these bad altcoin here are three altcoin which has lots of redflag but still they are in good investing level. Those are Ripple(XRP), Bitcoin SV(BSV), Tron. I will make a seperate article on this three coin about the  bad reputation behind it.

Now headsup people . Lets come to those pump and dump coin we should stay away from.  The main reason why they are in such position is due to lots of redflag, scam alert and lack of transaparent project

  • LEO

Also called UNOS SED LEO is a Latin phrase which means only one but this is not true starting from the very own name lol. Even for people who are very huge fan of exchange token it is better to stay away from this coin. I would surely avoid this coin

The main reason behind this is because of bad history of the company. LEO is the coin of BITFINEX exchange. And right now Bitfinex is under investegation for fraud. It also has a very long history of keeping the scam going. With all such charge Bitfinex is only one wishtleblower away from total colapse. And this a big heads up for all exchange enthusiatic to stay away from LEO coin as you definitly dont want to be the one holding the bad coin at last.

  • Bitcoin Diamond(BCD)

In general  it is always good to stay away from hardfork coin.  But rather than Bitcoin SV and Bitcoin Cash, Bitcoin Diamond is one of the bitcoin hardfork you need to stay away from.

Bitcoin diamond is almost a dead project. But still it is traded in all source of exchange including binance. This means that this project is 100% straight up. But actualy is a pump and dump coin. BCD is a Bitcoin fork created in nov 2017 as a result of seperation of mechanism with bitcoin after block #495866 . Its purpose is same with bitcoin and was also credited to all the bitcoin holder after the hardfork. But the thing is investing on something which is a pump and dumb coin is not a beneficial strategy.

  • Bitcoin Gold(BCG)

Bitcoin Gold is another  bitcoin hardfork project which we need to stay away from. Compare to bitcoin diamond,  BCG may have a slight more development but that is not much promise. Earlier it was hit by 51% attack hence leading to 72k double spend. So when a network is easily able to take it and overrun, we should not relie on it anymore.

  • Verge(XVG)

Verge is another crypto project we should stay away from. It was one of the hottest crypro project back in 2017 when no one know what they were investing in.

Now most people have realised that verse is a scam coin and it does'nt do anything except overpromise and underdeliver. Back in 2018 the verge network was attack and compromise three times in a matter of week. Hence becoming a running joke within the crypto industry.

At first verge suffer 51% attack resulting in 250000 XVG being stolen. Another 51% attack result in no time within a week. At the peak of second attack hackers were mining 25 block per minutes which is around 8250 XVG per minutes.The quality of network cannot is not necesarily determined by value at this stage of crypto but verge project had so many red flags, bugs and this could lead to throwing away your money .

  • Bytecoin

Lastly one of the project one need to realy avoid from investing in is Bytecoin. It is one of the biggest scam coin in all crypto industry. It has so many red flags and is also a pump and dump coin.

Once Bytecoin was listed in Binance and in no time the price surge to 30x leading to increase in trading volumn by 600 million dollar. The spikes was so high that binance have to suspend the withdrawal of Bytecoin. By the time witdrawal was resume people who try to catch the pump were left absolutely wrecked. The main issue of bytecoin is lack of transparent team, shady mining history and many more.

It doen't mean that all Altcoin are bad and have worst history  there are many who can bring big profit but still there are many who can trap us in scam leaving us nothing but a  big lost

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Avatar for Abothe
Written by   54
2 years ago
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Comments

Got some new knowledge about altcoin!Thanks for the article.

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2 years ago

Hey you are mostly welcome arnav .. glad that you find it useful to use

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2 years ago