So I bought a few lite coins this week. and now?

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I got these coins now via coin base.
I’m thinking to look at these investments as v long term. 2025-2030 pls correct me but I understand halving should occur 2024 and 2028 - which should mean rise value after these years)
Is it wise idea to leave in coinbase And leave them idle for so long?
Is it easy to convert into cash (or what could be an alternative?) when you want too? I presume you can do so easily via coinbase?
I’m new to this crypto world so your advise is greatly appreciated. Thank you.

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no one knows what will happen tomorrow…

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Put them into an interest earning account with BlockFi, pays 6.5% pa or Celsius pays about 5%.

Litecoin’s next halving is scheduled for 2023 and every 4 years thereafter

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Thanks for this feedback and correcting me on the halving… How do you move from coinbase to blockfi? or can get a % in coinbase too?

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I have no Coinbase but I assume it works like every other exchange with either a “send” or “withdraw” functionallity.

Open an account with BlockFi or Celsius click on “deposit” or “receive” and get your Litecoin address. Then go to Coinbase to withdraw/send your Litecoin and enter the destination address you got from BlockFi or Celsius (your Litecoin account there).

Best to test it first with a small amount like LTC 0.01

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Don’t the TOS on all those “earn with your crypto” services state that they’re not responsible for any losses? On Gemini it’s codified with language stating:

“YOUR AVAILABLE DIGITAL ASSETS WILL LEAVE GEMINI’S CUSTODY, AND YOU ACCEPT THE RISK OF LOSS ASSOCIATED WITH LOAN TRANSACTIONS, UP TO AND INCLUDING TOTAL LOSS OF YOUR AVAILABLE DIGITAL ASSETS.”

Gemini can literally claim that your coins are “lost” and give you the finger and there’d be nothing you could do about it. I think all services are codified in a similar manner. There’s no FDIC backing so if something happens to your coins you’re just SOL.

Correct me if I’m wrong though, I’d love to use these services, but seems wildly risky.

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Both BlockFi and Celsius have great Youtube videos explaining how it works. Both have not lost a single loan.

Both require borrowers to deposit more collateral than they borrow. Say you deposit 1 BTC you could get a loan of USD 25 000 max.

Just watch the videos.

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Okay cool, I’ll check them out. Thanks for the info. If they’re collateralized loans then that sounds fine. May just be a lot of bad actors out there in the market like Gemini (I use Gemini but will not be using their Earn program until they correct that issue).

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Anytime you earn interest on anything it is because you are loaning out. Gemini is likely doing collateralized loans so this lessens risk. But if market conditions cause the collateral to be valued less than the loan, there is your risk. The less risky way to earn income is through staking where the coins remain in your wallet and are paid rewards for keeping it there. It is part of a proof of stake mining rather than a proof of work mining that involves hardware. ADA, SOL, and ETH and many other coins or tokens offer staking possibilities. Polkadot (DOT) rewards are as high as 23%. ADA, SOL, ETH are between 5 and 7% yields. If you do not want any risk, just hold in your own hardware wallet and don’t touch it.