Litecoin creator Charlie Lee recently tweeted that before investing in ANY altcoins (including Litecoin), one should try to get hold of 1 Bitcoin first because of the scarcity of BTC.
I'll be discussing that in this video, and whether I agree with his opinion.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
▲▲▲▲▲ Looking to get started with cryptocurrencies? Check out my crash course here: https://louis-thomas.teachable.com/p/buying-bitcoin-crash-course/
I tend to agree with this advice. It’s a safer way to go when you’re just getting started. And that’s who this advice is meant for, beginners. Anyone who’s been in this space longer than a year probably already has more than one BTC, and they did have to pay near as much for it. Today, people trying to buy alts first because they’re “cheaper” is a mistake not accounting for the many variables that go into valuing a project. All in all, good advice that will keep the losses to a minimum when getting started.
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I also agree. Considering that this is meant for beginners who don't know anything about cryptocurrencies, bitcoin is probably the easiest to understand. Getting 1 BTC nowadays it 's expensive enough for you to take your time and do some research and get some knowledge, which will help you to make better decisions in the future when you want to get into another coin. "Cheaper" is definitely not better in this case.
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Does it even matter? the entire crypto space has been garbage all year with no signs of life. the longer this persists, the more likely that everything goes to zero or never recovers....it will take an enormous about of good news and rallying to get mainstream investors interested, otherwise crypto is not worth the risk, why buy something that has crashed and has been essentially flat-lining for a year? without mainstream investors being interested, and with the backing by investment funds etc crypto is not going anywhere.
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#that why bitcoin been going up. Bitcoin is getting ETF soon.
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Probably gonna get rejected, just saying!
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I agree with the approach as it is the ultimate blue chip like asset in the market. The potential ETF approval could limit the supply of BTC even more so price could definitely have a floor going forward. An additional consideration is that bitcoin network is undoubtedly the more secure protocol given the history of its ledger and hashing power.
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It's very old tech though!
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I am not fully agree with Charlie Lee. The simplest thing for the beginners is to take 1 BTC and after then sale during bullish period and grab some new low price good coins during bearish period
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I agree with Litecoin creator Mr. Charlie Lee. Bitcoin is always hotcake in crypto market as it's limited and most valuable coin. So if we can hold atleast 1 Btc then we can easily trade or investing in crypto platform. Thanks sir @louisthomas for the informative and educative crypto analysis. Eagerly waiting for the next content.
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Well BTC is the most valuable coin because of the innovation and revolutionary approach it implemented. Just look at how many projects derived from it, how many ideas were born in other brilliant individuals based on that very whitepaper... Also, having the first mover advantage makes BTC more likely to be accepted by merchants than other smaller coins.
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ineretsing information, we have to invest in this, technology and the great future
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This is because Bitcoin is been taken as an official global currency and also been the grand Master of all crypto currencies . Bitcoin has now be regarded as a store if value and also as a means of global exchange
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My ETH investment gave a bigger return ratio than bitcoin last year. Wish I had gone all in on that one.
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Then you are obviously in Stellar Lumen (XLM) now!
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Good information for those onvesting in crypto currencies. BTC is a secuirity. If you have 1 btc then you can trade in any coin. You can invest in currencies are going up. If you want to trade then must have atleast 1 btc necessory.
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I agree with the approach yaving 1 btc. Before investing in cryptocurrencies it's crucial to know the fundamentals and keep up on regulatory attempts. Byc is more secure network. So having 1 btc make that trading easier. So btc is the mother of all crypto currencies.
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Not every one has enough money to buy 1 BTC but trading alts can get you there faster if you don't have that kind of money. Only reason I would have against that logic. But if you can afford 1 BTC first then yea you should hold 1 before dabbling in other coins.
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Yeah exactly, one should buy a good amount of BTC before buying anything else, but only if you can afford it. Otherwise just keep looking for free airdrops and stuff and convert them to BTC if possible.
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Really excellent discuss my dear friend and Charlie Lee is right said .
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Charlie Lee, the founder of Litecoin (LTC) - the 5th largest cryptocurrency strongly inspired by Bitcoin - sold and gave all of his Litecoins. To explain his decision, he spoke of a "conflict of interest". Indeed: "Whenever I tweet about the price of the litecoin or that I announce good or [bad] news, I am accused of doing it for personal benefit. Some people even think that I shorte the LTC. So, in a way, if I have so much influence, it's a conflict of interest for me to hold LTCs and tweet about them. "
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Yup, New comers should follow this strategy. Very well written.
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Based on a limited circulating supply this is sound advice. Only thing is I wonder how many ordinary people will have the spare cash to purchase 1 entire BTC.
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This is because Bitcoin is been taken as an official global currency and also been the grand Master of all crypto currencies . Bitcoin has now be regarded as a store if value and also as a means of global exchange
.My ETH investment gave a bigger return ratio than bitcoin last year. Wish I had gone all in on that one.
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Yes i agree he is right !!
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BTC dominance is about 45% these days. Just hold BTC versus altcoins in that ratio in your portfolio.
On the other hand some altcoins solve some of the technical shortcomings of a first gen coin like BTC so maybe you want to dial down the BTC ratio?
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Many don't like troll Charlie bur at times you can tell he genuinely wants to help people. This advice is proof he wants you to benefit and grow before taking a risk you may regret. I would definitely follow his advice.
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We all know why you always have to hold 1 BTC.
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Better to play it safe then go in for the riskier trades that are more potentailly interesting. Spot on advice!
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Maybe that's why BTC continous going up while the Alts suffer
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Yet another powerful application of blockchain technology, particularly Ethereum. Building such a system for a huge industry like travel has the potential to completely revolutionize the entire trip-planning process, from booking flights to choosing where to have dinner that night. I love that Triip aims to give that power to the locals, allowing for a universal currency and rewards system that makes the process easier for everyone while taking the advantage away from larger institutions. Even just from the perspective of supporting small businesses, this is huge.
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technology can change the world
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If the founder of Litecoin tells you to buy another coin before you buy Litecoin, max your credit card.
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as btc is base currency on which whole cypto market is based , he is right to some extent, rest is on individual study n choice.
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As someone who has joined very late in the crypto race, I find that owning just BTC is not an effective way to get up to speed very fast. The potential upside totally pales when compared to the (good) altcoins. I would much rather trade or hodl alts in a bull market than hodl bitcoin. Of course I do my fair share of trading to optimize my gains even more but I am an experienced trader with prior background in stocks and forex, but the average beginner would probably still be better off hodling altcoins and maybe 10% BTC.
Now, if I succeed in creating a sizeable portfolio of crypto assets then of course I too have the objective of owning one BTC for the long haul!
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