You must have heard of Bitcoin; it’s meteoric rise and all the enviable crypto millionaires that it has created like Mr Bitcoin who travels the world for free. You may not have heard of Litecoin, but this month, Litecoin has picked up the pace and has beaten Bitcoin with the largest price rise of any cryptocurrency in 2017. Litecoin may even win the race.
Why Bitcoin and Other Crypto Currencies Should Be On Your Radar
When you spend abroad, most credit cards charge around 3% in fees and often an unfavourable exchange rate on vacation spend and hotel and flights. It is daylight robbery.
Now imagine a world where one or more cryptocurrencies can be used anywhere. No more foreign exchange fees make crypto payments very appealing.
Already you can pay for flights, hotels, transfers and private jets with certain travel agents including our own luxury travel concierge. We are some way off from paying for everything with crypto coins. Most people are buying and holding them as an investment, at least for now. But, sometime in the not too distant future, you will be able to pay for your drinks, shop purchases and everything you need when you are abroad, with a currency that does not need to be exchanged.
Which Currency Will Win?
Well, isn’t that the billion dollar question? Bitcoin is looking somewhat clunky when compared to rivals like Litecoin and Bitcoin Cash, so it is more than possible that the winner will not be Bitcoin at all. Certainly, Litecoin has massively increased in popularity this year:
This tweet from Charlie Lee, Litecoin creator says it all:
“Forget # Bitcoin, its fourth-biggest rival is up nearly 5,800 percent this year
Will Litecoin Win?
Litecoin has a charismatic figurehead, lower fees and is faster than Bitcoin. Put simply; ‘Litecoin is a faster, cheaper Bitcoin’.
If you ache envy at those who bought Bitcoin at $300, you can currently pick up a Litecoin at around the $300 mark. There is a limited supply of Litecoin, just 4x the amount of Bitcoin, which surely values this coin at one quarter that of Bitcoin. One quarter of $17,000 is $4,250. If this is a fair way to estimate values, $300 for a Litecoin looks vastly underpriced.
Litecoin, known as the silver to Bitcoin’s gold, is definitely a contender challenging Bitcoin’s lead. It is very possible that 3 or more coins will win the crypto-race.
Should I Buy Now?
There is a saying. There are two best times to plant a tree. The first was 10 years ago and the second best time is now. The Director of Payal, this millionaire and this expert all predict Bitcoin will be worth $150,000 in a year or two.
Litecoin should be equally lucrative (perhaps more considering it’s current valuation and limited supply). Certainly, the very rich BK recommends Litecoin:
— CNBC's Fast Money (@CNBCFastMoney) December 18, 2017
If you do decide to buy Litecoin or Bitcoin, make sure you set it up using a coinbase referral link like mine. Once you buy or sell $100 USD (£76) of digital currency or more, you will get $10 USD (£7) of free Bitcoin (as will your referrer, which on this link would be me). To the moon…
The views provided in this article are my own. Our blog posts do not offer investment advice and nothing in them should be construed as investment advice. You should always carry out your own independent research before making any investment decision.
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