Today, 6 months ago, I decided that Bitcoin’s upcoming forks are too risky and the transactions are getting slow and expensive, so I should take the second best thing: Litecoin.
I bought 5.4 Litecoin at the price of around 275$ total. I waited weeks with no progress while my friend literally doubled his investment in Bitcoin. I saw that I was missing out on the train. I had to sell. I sold all for a total of 260$ a few weeks later. I was pissed, furious. Oh and, I didn’t profit anything out of Bitcoin either as the stress and nerve got best of me and I withdrew all in the freight of the bubble to burst, especially after BTC hit 10,000$. It couldn’t get any higher, right?
Little did I know that Litecoin would not only double, triple but actually reach 300$+. If only had I held. But past is the past.
Today, 14th December I bought back in with Litecoin at the price of 300$ only to see it drop to 265$ in the following hours.
Litecoin, you are a tough bastard to love.
So why should anybody invest in Litecoin over Bitcoin?
It’s always been speculated about what benefits there are in investing in Litecoin over Bitcoin. There are several reasons and here are mine:
- Much faster transaction speed
- Smaller fees
- Less volatile
- Better tech than Bitcoin
So it seemed like a no-brainer.
What did I learn from my loss?
Patience. One and done, overnight riches does not exist. Take the ‘all time’ graph open of any coin, Litecoin included, and you can see every dip and fall has been followed by profits, eventually.
Should I invest in Litecoin now?
Short answer: Yes. Crypto currencies have finally hit mainstream and Litecoin is the 2nd best thing but don’t expect riches. My recommendation? Set a goal of 50% profit and just wait it out. It might take a year or a week, but it will undoubtedly be more profitable than any 401k or bank investment.
What alternatives to Litecoin would I recommend?
I think Litecoin is a safe-play while it’s under 300$ but I would definitely look into Monero for the long-term play. Expect BTC and LTC to have a correction anytime soon and Monero rise from it.