Litecoin, social medias favourite cryptocurrency. Litecoin is ranked 6th for market cap and is considered to be one of the major rivals to Bitcoin, simply because of it’s ultra fast transaction promise. At the time of writing, Litecoin stands at $153.41, down 4.66% but still performing quite well in the grand scheme of things.
The past few weeks have seen Litecoin make strong progress, with it’s new target of $200.00 firmly in sight.
Recently, YouTube channel Central Five Media have published a video called ‘TOP 3 REASONS WHY LITECOIN COULD MAKE YOU RICH’. First of all, I hate caps, sorry if you read the title in a shouty voice… Secondly, I now want to take this opportunity to discuss the reasons outlined by Central Five Media.
Before we start, you can see the full video for yourself, here-
(skip to 0:50 if you want to move past the intro).
Timing, Central Five Media discuss that timing is key in ensuring investments have potential. Of course this is the case, in markets so volatile, you need to buy in at the right time, otherwise you will certainly see either a loss on your investment, or a poor return. Time it right however, and your riches may be untold. Okay, the video doesn’t really highlight how this is specific to Litecoin, but I suppose what the video says is right, indeed, perfect timing, could make you rich. With, or without Litecoin.
LitePay Re-launch. Central Five Media believe that the failed LitePay project could relaunch. They also believe that due to the drop in price as a result of the projects initial failure, the currency is now very much undervalued, giving investors a really good window of opportunity to buy in, before the LitePay project is re-established, no doubt pushing prices back up.
I will note here that we are not endorsing this as investment advice, please do your research, I believe Central Five Media are speculating heavily here, although that doesn’t mean their argument is invalid, I actually think they make a good point.
Price is not equal to value. This refers to Charlie Lee’s sale of all of his Litecoin assets, something that once again caused the price of Litecoin to crash. Of course it did, when the guy who founded it decides to sell off, it is only natural that you do too. The point here is that Central Five Media believe in terms of value, Litecoin has never changed. Yes, the price has, but the coin has always held a greater value, through its great potential, driven by a team of very passionate individuals. Litecoin could (yes, could) make you rich, simply because it is worth a lot more than it is currently, and, ever had been valued, according to Central Five Media at least.
What do we think of this? Well points 2 and 3 are basically the same, so perhaps this should be called ‘TOP 2 REASONS WHY LITECOIN COULD MAKE YOU RICH’. The discussion raised does make Litecoin sound like a perfect investment but you should remember that this is far from the truth. No cryptocurrencies can offer a perfect investment platform. Risk is too high, even if Litecoin is worth so much more than its current cost, it still can’t present an ideal investment situation because really, it’s future cannot be determined.
Either way, please go and watch the video by Central Five Media, the comments are rife with open discussion. Regardless of where you stand with Litecoin, some of what they say does ring true, however, I think in this video, optimism may have got the better of the Central Five Media team.
Always remember, do your research and trade safe.