10 Honest Opinions: Should You Be Investing in Litecoin?
AUTHOR: Dolores Quintana
Litecoin may not be the flashiest of altcoins, but it was one of the original and oldest coins. In the crypto sphere, every day brings a new hot idea, coin, or token. How to decide which one deserves your attention with so much information flying at you? It never hurts to take the advice of people who are part of a prominent Internet forum and have a burning interest and experience in crypto.
1. No Shills
This person had the highest praise for Litecoin, saying, “Litecoin is my biggest bag. It will for sure make the top 10 before the halving. The coin is fast, cheap, efficient, and a true OG. It has 100% up-time and simply works. It’s honestly one of the few coins that need NO shilling. The people who use Litecoin have been in the scene long and realize its worth and use. How many other coins have a market cap and use case like litecoin and require no shilling from social media influencers?”
2. A Coin Used In Real Life
A different commenter echoed the praise but added other good points, “The project is a success in what it set out to achieve. Cheap and fast transactions with zero downtime. It also has exposure as one of the more adopted cryptos for transferring between exchanges and other services such as airlines.”
3. Limited Supply
Many people who admire Litecoin say similar things in its defense, and that’s good. It means that the opinion on the coin doesn’t vary wildly with suspiciously grand claims. Here’s another tribute to the altcoin, “LTC is one of my favorite coins. It is fast, actively used, has a limited supply, is tied with BTC, and is one of the most reliable projects. Even if we don’t see the price of the coin increase to crazy high levels in the future, it is a solid project.”
4. Potential Candidate For A Currency
There is a debate about which altcoins might be solid and stable enough to be used as an alt currency. A person agreeing with other proponents of Litecoin said, “IMHO one of the main candidates for being used as a currency. Not as much hype around it by the “get rich quick”-folks, so it’s steadily improving. I believe the world will be a world of blockchains interacting with blockchains, and there is room for multiple currencies. LTC being one candidate here.”
5. Is Litecoin A Security Or A Commodity?
Gary Gensler, Chairman of The SEC, sought to categorize some of the most significant cryptocurrency coins. First of all, it was important that Litecoin was one of those few that he named. One canny contributor mentioned this and stated, “It’s one of the few crypto coins Gary Gensler, the head of the SEC, considers a COMMODITY, not a SECURITY. As he methodically takes the others down, these COMMODITY COINS will surely go up.”
6. A Golden Goose?
The lack of a flashy launch for Litecoin is considered another one of its strengths by a person who said, “LTC is a golden goose and had the fairest launch of any crypto with no pre-mine. Limited supply, halvings, merge mined with doge to pay out miners to secure the network long after all LTC have been mined, optional privacy, 11+ years of constant network uptime. Not one to sleep on.”
7. Stability
Litecoin is one of the more stable coins in the volatile crypto market. Another user observed, “They look stable with a lot of utility—every website and service with withdrawal option. I always see Litecoin around. That is good.”
8. Usage Between Exchanges
Even when cryptocurrency enthusiasts aren’t into Litecoin, they still admit to having a use for the coin, shown by this comment, “Don’t really care about it that much, but I use it sometimes for fast and cheap transfers between exchanges.” A Litecoin fan responded, “Right? Doesn’t that say something? It can be used for what we should use crypto for.”
9. Halving
Many contributors believe that Litecoin will be halving shortly. Halving is a process where crypto mining profits are lowered, which keeps the number of coins in circulation from increasing exponentially, thus reducing inflation and increasing the currency’s price. Two users stated, “halving this year. LTC will be back in the Top 10. It’s just a matter of time.” and “My honest opinion is that I like to accumulate it before halving… and dump it during halving.”
10. The Owner Is No Longer Holding LTC
The most brutally honest assessment of Litecoin came from two contributors who said that the original owner of the currency sold his stake, “Its founder sold his whole stack while encouraging everyone else to hold. A scam, as they took BTC and changed the block times, and that was it. It became a paid testnet for BTC for a while, but it really is just like most others. Avoid at all costs.” and “Litecoin’s only purpose was to be a cheaper and faster alternative to Bitcoin, which was made redundant with Bitcoins lightning upgrade. Litecoin isn’t silver or cash to Bitcoin’s gold as that’s what Satoshis already do, divisible up to 9 decimals. Its founder saw all of the above and sold all his Litecoins under the excuse of decentralizing the network, but he could have sold 75% and keep 25% if he actually believed LTC had a future. Now, the only purpose for Litecoin is to act as a test network for Bitcoin, which is still a valuable feature but not enough for the coin to rise to exponential heights.”
This thread inspired this post.
This originally appeared on AmmarRangwala.com.
Ammar has started several online businesses and is a blogger who loves providing quality content to help others. He is involved with affiliate marketing, domain names, NFTs, and cryptocurrencies. Check out my blog if you want to learn more about these areas and business in general.
