I am fairly a beginner in this world of crypto. Can you show me how I can buy litecoins for holding for a long term at least 10 years and how I can store them. Should I use the litecoin wallet to store my wallet or I should use another wallet for holding my litecoin. Please I am looking for holding my litecoin so someone can explain to me the process. I am a non US citizen. Ty
1 Like
you could download litecoin core, generate a new pubaddress/privatekey pair and send the funds there. save the address and private key in something like a safe deposit box or a personal safe. when you are ready, then import the private key into a wallet 10 years from now and you will have the coins still.
1 Like
If you buy and hold long term it makes sense to hodl in an interest earning account like BlockFi or Celsius.
Avoid any company that does not have a real address public on their website and that does not confirm what regulator has approved them.
I disagree on that. Not your keys, not your crypto. Ask the thousands who have lost their coins when exchanges closed without paying out balances.
1 Like
Hi Lolo123. You can buy Litecoin via the wallet app https://lite-wallet.org/ then hold them there. Remember to save your passphrase!
What Mopar says is right, these other places could get hacked or just disappear with your money. It’s possible that some of these early defi companies are legit and you could get interest off your monies, it’s not worth the risk and worry imho.
2 Likes
Get a hardware wallet and do your own research to understand how to use it, and especially what to do and NOT to do with a seed.
You can find some here https://shop.litecoin-foundation.org/product-category/hardware/
1 Like
THANK YOU.
EVERYONE: READ the Terms of Service on all of these “Earn With Your Coin” programs. I have not seen a single one that doesn’t have really F’ed up language in their TOS. Celsius’ states:
"your Celsius Wallet is not a checking or savings account, and it is not covered by insurance against losses. We may lend, sell, pledge, hypothecate, assign, invest, use, commingle or otherwise dispose of assets and Eligible Digital Assets to counterparties or hold the Eligible Digital Assets with counterparties, and we will use our best commercial and operational efforts to prevent losses.
…Although Celsius takes precautionary measures to protect against cyber threats, circumstances may arise where losses or damages incur. In that event, you authorize Celsius to use Eligible Digital Assets to absorb the remaining losses."
Celsius even tells you that you probably shouldn’t use their services if you’re concerned about risk (which you should be):
“In light of these risks, which are only some of the risks involved in using the Services and holding or trading in Digital Assets, and do not constitute an exhaustive list of such risks, you should carefully consider whether holding or trading Digital Assets in general and/or using our Services is suitable for you in light of your financial condition.”
I do not see how it’s worth it to sign over your crypto to these companies. They have literally 0 obligation to give it back to you if something goes south while they’re using it for loans. The APY is 5% for LTC on Celsius. You need to be going heavy to make any sort of meaningful return, and if you’re moving that kind of weight, I don’t know why you’d risk your money like that.
3 Likes
No risk no reward.
Anyone who is that concerned should not have a bank account of meaningful size (only part is insured, depending on country), should not own bonds, should not own stocks.
But you might want to learn about compound interest. The one magic investment trick Warren Buffet learned when he was a teenager.
BlockFi pays 6.5% apy. That will double your Litecoin in just 11 years, whether you start with 1 or with 100 LTC.
In addition your Litecoin will be worth more USD in 11 years.
If you split your holdings among 3 companies like BlockFi, Celsius, Blockchain and one goes bust, you still got more than without interest.
It makes sense to learn about these companies before making assumptions. Who are they, how long do they exist, who backs them, who are the business partners, what regulators have awarded them licenses …
1 Like
you are correct about banks - I don’t use them either - closest thing I have to a checking account is cashapp - my paychecks direct deposit to it, and I instantly convert to BTC and xfer it off of there. I use crypto where ever I can, if they dont take it, I send it back to cashapp and use the debit card to pay with dirty fiat.
But the difference between an exchange and a bank - the bank is regulated and at least partially insured. Most exchanges are neither - most can close over night, take all the crypto and run and the customer has no recourse whatsoever.
So your logic and analogy are flawed.
1 Like
BlockFi, Celsius, Blockchain and exchanges like Coinbase and Kraken are regulated.
If they run they get chased.
I hope you run your own node otherwise one day you might wake up to a surprise.
1 Like
I do run my own node. And read their TOS - they plainly state that they can use your funds to cover losses and/or there is no guarantee of your funds. So, when their system gets “hacked” by someone within the company - of course they won’t claim it as an inside job - and your funds disappear. Best of luck. I totally agree that without risk there will not be the higher rewards. But for me, Bitcoin is it’s own reward and the value increase it gains on it own is enough for me not to have trust someone else to hold my coins.
2 Likes