The One about Cryptocurrency: Litecoin and why I’m still bullish about it

Posted onAuthorDennis A. AmithLeave a comment

FULL DISCLOSURE:

I am not a financial advisor. This post is to provide information and not provide financial product advice. I discuss why I personally chose to invest in a stock, ETF, REIT, investment fund or cryptocurrency (which I have held for over a week) and also share information that is public about the following stock, ETF, REIT, investment fund or cryptocurrency and they are based on my own personal opinion.

I will not blog about any positions of stocks, ETFs or REITS and cryptocurrency which were initiated just within the last 72 hours of posting this blog article.

It is recommended that you should always consider visiting a financial advisor for independent financial advice before making investment decisions.

I do not work in the financial industry, so just because I write about it, doesn’t mean you should own it.  So, consult with a financial advisor and do your due diligence, RESEARCH!

I am not receiving compensation by the company for this blog post.

I have no working relationship with any company whose stock, ETF, REIT or cryptocurrency mentioned in this blog post.  Nor do I have a family member or friend who works with the company.

When it comes to cryptocurrency, Bitcoin, Ethereum, Bitcoin Cash and Litecoin were the primary four which I invested years ago.

No, I didn’t become rich off it, despite being a longtime hodler, because I only invested what I felt was reasonable during that time which I felt was speculative and not sure where cryptocurrency would be.

For Litecoin, it’s a cryptocurrency that is something I’m not sure what to think. For one, the reason why I jumped in was because it was released on my birthday, October 13th albeit in 2011.

It was a coin that cost under $4 at the time and when Bitcoin shot way up at the end of 2017 and beginning of 2018, Litecoin went up to $420 and since then, it has been volatile, dropping all the way down to $24.

In 2021, it has went up to $265 and the current market cap is $17.7 billion with a circulating supply of 66.8 million of LTC.

So, what is Litecoin? It’s a peer-to-peer cryptocurrency and an open-source software project released under the MIT/X11 License (a permissive free software license which originated at the Massachusetts Institute of Technology).

It’s an altcoin that was an early bitcoin spinoff (and is nearly identical to Bitcoin but has diverged overtime) which started in 2011 created by former Google employee Charlie Lee, who would become an Engineering Director at Coinbase.

Litecoin adopted the Segregated Witness (SegWit) which enabled the Lightning Network, an overlay network of micropayment channels, which should hypothetically resolve the scaling problem by enabling virtually unlimited numbers of instant, low-fee transactions to occur “off chain”.

The first Lightning Network transaction took place in May 2017 in which .00000001 LTC from Zurich to San Francisco in under one second.

And in 2021, what I like about Litecoin is that it doesn’t take long to do transactions from a hardware wallet or exchange.

According to what I read online, supposedly, Litecoin Network processes a block every 2.5 minutes, compared to Bitcoin’s ten minutes.

While both Litecoin and Bitcoin have gone up in price, Bitcoin is in the $65,000’s, while many Litecoin hodlers are waiting for the coin to surpass $300 again.

And with many altcoins in the market, I still am bullish towards Litecoin, being one of the altcoin OG’s. It’s convenient and inexpensive but I also like Charlie Lee making things better for Litecoin hodlers.

I thought it was cool that a Tom Brady card was sold for $1.68 million with Litecoin:

And how Venmo is allowing users to purchase, sell and trade Litecoin.

But I do like what I see in 2021 compared to 2020 and will continue to buy and #hodl #LTC for many years to come.

 

facebookShare on Facebook
TwitterTweet
FollowFollow us
PinterestSave