My Crypto Portfolio, Coin #3: Litecoin (LTC)
A couple of days ago I wrote that to kick off 2018 I'd be posting about my crypto portfolio: https://steemit.com/cryptocurrency/@davidpakman/welcome-to-2018-my-cryptocurrency-portfolio
I'll be posting about each currency I hold in the order I took positions in them. Here are the posts so far:
- Bitcoin (BTC): https://steemit.com/cryptocurrency/@davidpakman/my-crypto-portfolio-day-1-bitcoin
- Ethereum (ETH): https://steemit.com/cryptocurrency/@davidpakman/my-crypto-portfolio-coin-2-ethereum-eth
Today, I'll talk about the third crypto I bought, Litecoin (LTC). As with BTC and ETH, this was my third and (initially) last "major" coin, particularly at the time, before moving into the smaller, lower market cap coins.
LTC is an open source peer-to-peer cryptocurrency, and like with many other coins, it has no centralized authority. Interestingly, in terms of underlying technology, it has many similarities to Bitcoin.
As of today, LTC is 8th in terms of market cap, as per coinmarketcap.com
Unless necessary due to limited trading pairs, I much prefer moving currency around in LTC over BTC and ETH, both for reasons of transaction fees and speed. That relates to one of the advantages of LTC over BTC, which is that the LTC infrastructure looks to process a "block" every two and a half minutes, compared to 10 minutes per block with BTC.
From a mining perspective, LTC's algorithm makes it so that mining is more complex and expensive, although the technical details of this start to exceed my knowledge.
Although this is controversial, and debatable, there is a case to be made that LTC is less "politically tainted" than BTC, although there's also a case to be made that the reason there's less controversy around LTC is simply that it's smaller and less held than BTC.
Currently, LTC represents about 17% of my total crypto holdings. This is higher than my individual holdings both BTC and ETH, and it's because my entry price to LTC was more favorable than the other cryptos.
What are your thoughts about LTC?
Tomorrow, my fourth crypto purchase: NEO, and its often under-appreciated cousin, GAS
Litecoin is not a household name like bitcoin and ethereum but it is the most liquid crypto major, ideal for payments and cross-exchange transfer. This is where its value comes from and it's pretty solid fundamental.
Agreed, the payment usage of LTC seems ideal
Litecoin will be the number 1 coin for actual use as a currency. I too use it always to transfers crypto between exchanges and the planned upgrades will only make it cheaper and faster to actually use. This is it’s huge advantage over bitcoin which I see as just a store of value because of its first mover status alone.
Price is breaking out on the daily chart too. Not a bad time to be getting in or accumulating more.
Sounds about right, I mean everyone who first makes a Coinbase account basically buys all three as a default. This is also why we saw that huge run up in early December, tons of noobs buying everything that Coinbase offers.
what do you think the subsequent or secondary effect of that initial run will be? movement into alts?
The simple answer is that the initial run was just a small wave of new users who found out about Bitcoin. Those new users will move into alts while picking up more Bitcoin, while still newer users will repeat what happened in early December so the effect will be cumulative. Quadruple digits for ETH and LTC while BTC soars higher, and Bittrex volume increases for more enterprising new users interested in alts not offered on Coinbase, and you can just imagine what happens when rumors of Coinbase adding XRP, DASH, and XMR come true.
I like LTC and I like Charlie Lee but im unsure of his tweets. Its like he gets drunk and tweets. Perhaps too many people wasnt happy with what was already a huge increase in price.
I will continue to hold and increase my LTC.
fair criticism, but maybe part of the appeal of decentralization is that he becomes less relevant to the entire project over time?
I made a 3 LTC purchase back in early November because I believe in Charlie Lee. He has proven himself in the cryptocurrency world and has true passion and commitment. I think this single factor is vital in all cryptocurrency purchases, whether that includes a single, well-known creator, or a large group of creators with very elaborate focus on their individual projects. Weighing the benefits of the statistical analytics as well as the team behind the coin is crucial in long-term investing.
Thank-you for your input! You serve the steemit community very well, and we all appreciate you.
Lee sold all this LTC correct?
https://techcrunch.com/2017/12/20/litecoin-charlie-lee-conflict-of-interest/
P.S. LTC Was my very first coin purchase, so I only purchased 3 to test the waters. As you said earlier @davidpakman the existing price was much more manageable and purchase-friendly.
I certainly like the price point right now @ ~$232. It bounced back quickly after Charlie announced he sold his holdings, and there are some positive rumors swirling for 2018. Poised for a nice jump.
I wrote an article about the possible announcement.
Very good coin to invest
im investing in verge rn (vgx)
Whenever i get a bunch of SBD I turn them into Litecoin. Litecoin and bitcoin are the only two coins in the crypto ATM across the street. Litecoin is the easiest crypto to turn into cash quickly. For me that utility rules. I have small amounts of BTC and ETH but Litecoin is my go to coin. Even if I made money on something else I turn the profit in Litecoin. All the exchanges carry it and a few places I shop online take it. Unless Bitcoin fixes the wait times and fees, LTC will likely be adopted by places like Amazon is my prediction.
Litecoin to be accepted by microsoft;
https://steemit.com/litecoin/@thedubliner/litecoin-microsoft-steam-use
Am still wondering and thinking which coin will be the best to invest in this year 2018...
Haha aren't we all @anjiba If you find out this answer, please let me know :)
We'll find out on 12/31/2018!
LTC has huge portential in the next 45 days!