No, definitely not.
In order to become an “altcoin millionaire” you’d have to invest a good amount in well established projects or you can do your due diligence on very small projects with a low market cap, even small amounts of investment can net you a very high return if you do it right.
How do you find low market cap altcoins?
READ THEIR WHITEPAPERS, it’s one of the easiest ways to filter out the scam/useless projects by just reading their whitepaper. Is it well structured? Does it explain what, why and how they want to solve a problem. If it’s filled with marketing buzzwords, fancy graphics and actually no explaining, skip the project.
Developers, developers, developers. Who is building it? How is their progress doing? Most of the projects are open source, look at how they’re progressing, are they even active?
Community, is the community excited? Are they active? Are they interested in the technology? Did they find future use cases for the project? Or are they all just trying to hype the project up and create a pump for it?
Backed by whom? Who are their investors, partners? Are they common scammers? What other projects have they worked on? Why could they be valuable for this project?
Do you actually need a coin for it? Because of the hype, everyone and their grandma is launching their own ICO and trying to cash in on the hype. Don’t be fooled. Does this project really need its own coin? Why?
Altcoins as a whole hit a huge surge in November going into December. For some quick cash, I have done well in small wager day trading. With their increase in popularity recently, it requires a little more research. Before the surge market patterns and "pump and dumps" were easier to spot without having to do much.
Day trading is a get rich quick scheme though. I do wish I would have let some funds sit, especially DASH, LTC, XRP just to name a few that at one point I had a nice collection of. You live and you learn.
Research and diversify your portfolio right now with $1000. You will be a millionaire by this date next year.
thank you for following me in advance. i will upvote and comment on your every post if you do the same we both are new on steemit.if it works for you let me know just reply this post
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