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After a +300% surge, should you own this 2019 crypto superstar?

by , 24 June 2019
After a +300% surge, should you own this 2019 crypto superstar?
Litecoin is one of the world's most popular cryptocurrencies.

It's currently the fourth largest crypto by market cap and has remained near the top pretty much since its inception in October 2011.

And right now, there's no denying Litecoin is one of the most hyped cryptos out there.

After all, the coin has rocketed over 300% this year alone. That's more than what you would've received from most assets this year.

So should you follow the hype and invest in litecoin or stay away?

    
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To answer this, we first need to understand what it is and how it differs from bitcoin…
 
Litecoin was created by the now well-known crypto personality Charlie Lee. And is essentially just a fork of bitcoin with some of the code changed.
 
However, there are three key differences between the two cryptos…
 
1. Litecoin’s block time is around 2.5 minutes, as opposed to bitcoin’s 10 minutes. This means Litecoin can process transaction faster.
 
2. Litecoin’s total supply will eventually reach 84 million, whereas bitcoin’s will top out at 21 million.
 
3. It uses a slightly different mining algorithm to bitcoin, which means it’s costlier to mine Litecoin using a large-scale mining rig. So, in theory, Litecoin will be less centralised.
 
Many crypto enthusiasts believe Litecoin as the silver to bitcoin’s gold. If bitcoin is a store of value, Litecoin is more of a currency.
 
During the golden bull of 2017, Litecoin saw its price increase by a massive 7,800%. R1,000 of Litecoin bought on 1 January 2017 would have been worth just over R79,000 on 19 December 2017.
 
Despite its sensational run in 2017 and this year, the reality is…
 
There is no need for Litecoin to exist
 
Here’s why…
 
The slight speed increases it has over bitcoin are being rendered moot by bitcoin’s Lightning Network implementations.
 
Just like bitcoin, it uses a proof-of-work consensus mechanism so it wastes a lot of energy.
 
And finally, it has ended up mostly controlled by specialised mining equipment run by major mining pools. So it is not decentralised.
 
Given this, Litecoin is essentially pointless. It has no advantages over bitcoin.
 
That’s not to say bitcoin is the ‘bees-knees’ of cryptocurrencies. In fact, there are a number of other cryptos that are better than bitcoin for many different applications: Ethereum for smart contracts, IOTA for machine-to-machine payments… the list goes on.
 
Even Litecoin’s Charlie Lee sold off all of his Litecoin stack at the peak of 2017’s crypto bull run.
 
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So if not litecoin… what are the best crypto buys right now?
 
If you’re wondering about the best way to get into crypto, I can highly recommend Sam Volkering’s book: Crypto Revolution. This book contains everything you need to know to become a clued-up crypto investor.
 
And unlike many crypto books, it’s not just fluff and it’s not written by someone who’s only been into crypto for the last couple of years.
 
Sam has been active in the crypto scene from the very beginning and uses both his technical and his investment expertise to write a compelling case for why and how you should be investing in crypto.
 
Recently, Sam wrote a new, updated second edition of his book with an extra 80 pages of content, which details all the latest exciting breakthroughs in the world of cryptos and latest predictions.
 
So if you keen to take advantage of the next wave of crypto gains, then I urge you to pick up his book today.
  
See you next week,
Joshua Benton,
Managing Editor, Real Wealth 


After a +300% surge, should you own this 2019 crypto superstar?
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