Question
litecoin has caught my eye the most. definitely see a future here, but have some questions nonetheless.
- is coinbase a good place to store if i don’t want to purchase my own wallet?
- assuming i purchase litecoin now, what is the next step? hold and wait for 1k and beyond?
Answer
Assuming you mean Coinbase the exchange (where you buy Litecoin) and not Coinbase the wallet (a separate app) then I strongly advise against storing any crypto on there or any exchange for that matter. An exchange holds the private keys for any funds stored with them, if you haven’t heard yet not your keys, not your coins
You mentioned that you might not want to buy a wallet, which I suspect you mean a hardware wallet, but there are free software wallets that you can use to store your funds where you are in control of the private keys. Examples: LiteWallet, Exodus, TrustWallet.
You will need to be security conscious with your private keys as anyone who has access to them literally has access to your money. Mostly these days they are represented by 12/24 random words (often called a seed). Write them down with pen and paper, don’t take screenshots or store them online and you will be safe.
As for the next step, it depends what your goal is. Some people trade to try and make a profit (don’t do that unless you know what you are doing), others buy Litecoin to use as currency and replace what they spend and others buy and hold in the hope that in the long term the price will increase exponentially. I think most people fall into the 3rd category, in which case buy and hold, forget about it for a few years.
