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Litecoin News: 3 Reasons to Steer Clear of the Cryptocurrency [DETAILS]

Litecoin News: 3 Reasons to Steer Clear of the Cryptocurrency [DETAILS]

If you’re an investor, you’ve surely heard the following: “Cryptocurrencies are here to stay.” Now, I’m not going to bore you with what they are, or why they’ll stay. After all, there are millions of articles under the sun about them.

So… the question is:

Should you invest in them — or not?

There are conflicting arguments in favor of both sides. No one really knows. However, this investor does believe very strongly in three things:

No. 1: Bitcoin and Ethereum are here to stay.
No. 2: Cryptocurrencies have a place amongst all other forms of currency.
No. 3: Litecoin news is bleak, in my opinion, and not worth investing in — at least not now.
And… while we’re on the subject of numbers, here are 3 reasons why I believe it’s wise to steer clear of Litecoin.

Related: 7 Takeaways From Insys’ Earnings Release

Litecoin No Longer Has the Speed Advantage

Litecoin used to pride themselves on the fact that they had a faster processing speed than Bitcoin. Where Bitcoin lagged, Litecoin flourished. Litecoin uses something called the Lightning Network, which before the SegWit Bitcoin hard fork, allowed Litecoin to create blocks faster. However —after the hard fork — Bitcoin can process just as rapidly.

The Upside of Litecoin is Limited

Sure Litecoin is already being accepted at places like Microsoft and Overstock.com. But, what does that really mean?
Experts are claiming Litecoin will be the silver to Bitcoin’s gold. However, what people don’t realize is that silver never costed more $600 per kilo.
So… perhaps Litecoin will increase in price. However, it ultimately wont get anywhere near Bitcoin’s price — having been hovering around $45 per coin. Hence, we shall wait and see.

Related: Bitcoin vs Gold: Which One Should You Own?

The Technology of Litecoin Is Already There

The huge jump in Bitcoin’s price happened when people began understanding the technology more — at this point, it’s quite mainstream. In 2009, no one knew what Bitcoin was. Now, it would be hard to find someone that’s never heard of it. It’s price jump was primarily due was due to an increasing amount of investors getting involved. Due to Bitcoin’s aforementioned hard fork, it wouldn’t be sensible for investors to put money towards Litecoin.
In hindsight, you cant really go wrong buying 10 Litecoins for $450.
Hypothetically speaking, let’s say it were to rise to $80 a coin by the end of 2017. That’s a $350 gain — something most stocks will not get you.
A qualm this investor has with buying Litecoin is my notion that it’ll become obsolete, and render your $450 gone. Your $450 may presentl be better off buying 1.5 Ethereum. So yours truly will be staying away.
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Related: 10 Marijuana Stocks to Watch in 2017
GSN Staff

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2 thoughts on “Litecoin News: 3 Reasons to Steer Clear of the Cryptocurrency [DETAILS]”

    • Hi Broderie,

      We are glad to hear you had a great weekend, and enjoyed reading this article. Be sure to check back daily, as we have a lot more education coming your way!

      Best,

      The GSN Staff

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