Great Cryptocurrency Investing Advice!
"Buy a whole Bitcoin before you buy any other cryptocurrency."
That was the advice dropped on us today by Charlie Lee, the founder and creator of Litecoin.
More from the release can be found here:
Some surprising advice considering he is the creator of another cryptocurrency.
Though, his logic makes a lot of sense...
Why bitcoin?
Bitcoin is the first and most well known cryptocurrency in the world.
Bitcoin is also extremely limited/scarce, only ever having 21 million coins.
It has name recognition for the entire sector and it is one of the most secure and decentralized chains on the planet.
It also has some of the best developers/engineers working on the project.
Since Bitcoin has existed, it has had anywhere from 100% to roughly 32% of the entire cryptocurrency market cap.
Those lows were seen just recently at the beginning of this year.
It can't be killed!
The reason Lee recommends Bitcoin likely has to do with its longevity and its resilience.
Bitcoin has died roughly 327 times since it's birth and yet here it still is today.
It's the longest surviving coin.
For new investors that are just getting involved in the space, picking winners and losers can be very difficult.
It is often difficult to weed out the scams from the legitimate projects, and even then, sometimes the legitimate projects fail for one reason or another.
That is why it is paramount to build a portfolio starting with Bitcoin first before you add any more coins.
To the moon!
Though, hopefully you added it before today as it is flying right now.
Currently up over 10%, last seen trading just over $7,400. A far cry from the $6,000 level seen just a few days ago.
Then of course, after you buy bitcoin, you must add Steem, well cause, Steem. :)
*Don't forget to sign up for Byteball using my link and I will pay your registration fee.
https://steem-byteball.org/#7OIOYCUY3UZVKEAKCLPU4FWIUORJY224
Then just leave your receive address in the comments section below.
Stay informed my friends.
Image Source:
https://www.forbes.com/sites/cbovaird/2018/04/13/will-bitcoin-reach-25000-this-year/#64da3e1a2667
Follow me: @jrcornel
Excellent advice! I totally agree with this and have often said to friends that they can gauge their own mania by how much is invested in alts.
😎👍
Oh yeah... here’s mine
3E5HAULYMQGCNIPPEYWDY6MTYZMT2GIF
Sent
Seriously great advice! Not sure how many will take it but you just gave them a great initial direction for getting started in cryptocurrency. I’ve been buying BTC all year and finally passed 1 BTC. I now feel comfortable enough backing off on my BTC purchases and can take a bit more risk in the alt market. Great idea and thanks for the share!
Yes exactly, that is the idea behind it. Helping to minimize some of the risk that altcoins pose, while also still potentially offering big rewards.
Here is my receive address:
4ZSPDZS6XNSINORWVGOPWIOO6TRKN5DI
Sent :)
Done - receiving address:
OX7QEHD2UQ2CO255W46S523CZD2IMBCZ
Sent :)
BTC is Raging! 👍💰👍
The bull is loose!
Go BTC Go! 💰💰💰
Respectfully, I'm not sure I agree with that. In my view, high quality altcoins with smaller market caps offer better odds of exceptionally high returns than bitcoin. But having bitcoin is certainly better than having no crypto at all, and I think that over the long term returns in bitcoin will be exceptional.
The returns could possibly be higher, but the risk is also likely much higher.
That is very true...Must HODL 1 BTC!
HODL!
I strongly disagree with this post.
First of all, Charlie Lee's opinion being the foundation for investment advice on steemit is disappointing. Litecoin is fundamentally the same thing as bitcoin created for the purpose of creating an ASIC resistant consensus mechanism (which failed quickly). Now the major difference between Litecoin and Bitcoin is block time, that's it.
Bitcoin is also much more centralized than people understand and not practical as a global currency with its current transaction times and fees. Bitcoins value solely relies on consumer confidence which is driven by the opportunities opened up by blockchain technology.
If you chose your altcoins carefully, you can invest in something that is useful and has a reason for demand to increase. My page gives technical explanations of some of the few altcoins that are likely to have increased demand and price overtime.
Of course if you don’t want to research a bunch of coins or make investments based off the opinion of others, Bitcoin is fine. I just think altcoins provide more opportunity to those who do their homework.
I think his advice is mostly targeted at new investors entering the space. Ones that likely don't have the technical knowhow to do the kind of DD you are talking about here. For that reason, telling them to buy bitcoin before they buy anything else makes a lot of sense. You may be right though that you could in theory build a solid portfolio without any BTC exposure. Though, I am in the camp that believes BTC will be one of the major players for a long time. Whatever it lacks in tech currently, there will be ways to upgrade/update it.
Fair point jrcornel. I am clearly biased in the favor of altcoins, but for new investors buy and hold with bitcoin is a safe strategy.
Nonsense. Charlie Lee and Litecoin need Bitcoin to be strong, because without that, Litecoin is worth nothing. It's a copycat.
The development of Bitcoin is stalling. Therefore it is probably one of the worst investments in Crypto.
Lets revisit this in a year or so. :)