By Jared Schlar
News Flash Ethereum Flash Crashes to under $1 on Gdax briefly. I previously wrote about holding Ethereum. There are a number of factors that have changed since then and I want to address my new thoughts.
Here is a picture of the crash:
Yo Banjo states that Ethereum suffers from severe network congestion. Basically, the network can’t handle any more transactions without crashing. ICOs are having many pending transactions built up.
Bitcoin is embroiled in a civil war as well as severe network congestion, which I wrote about previously. It is unresolved and may remain so for a while. So Bitcoin and Ethereum aren’t looking great lately.
Litecoin Founder Charlie Lee has left Coinbase and is now working full time again on Litecoin.
Litecoin offers many benefits when compared to larger networks.
· LTC offers a fraction of the fees when compared to Bitcoin.
· LTC offers faster transaction times. Currently, transactions are confirmed in ~2.5 minutes which is blazing fast.
· Less regulatory pressure on LTC, unlike Ethereum ICOs. China is currently banning ICOs.
· Litecoin seems to innovate faster then BTC.
Money quickly gained from the rise of Ethereum and others may flow to Litecoin and Bitcoin Cash as less congested networks. Also, the network cap of Litecoin is much smaller then Bitcoin or Ethereum, leaving room to grow.
A Twitter poll at the end of June below shows 52% of people voted for Litecoin as their safe haven. This poll had 5,749 votes which is quite substantial.
A September Coindesk article gives Litecoin a price target of $100. In my opinion this seems reasonable.
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*The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. Your investment could go to zero. This is a long term holding.