It has become common practice for seasoned digital currency investors to give advice on financing BTC and ETH first instead of other altcoins to the newbies. However, not many creators of the aforementioned altcoins prefer to stick to the same advice, too.
Still, this is exactly what Charlie Lee suggested to his followers on Twitter. In his opinion, a newcomer to the cryptocurrency investments should first come in possession of 1 BTC prior to purchasing other digital currencies, including Litecoin, which he is a creator of.
Litecoin has been created as Bitcoin’s fork in 2011 and has always advertised itself as a platform for payments, making comparisons of being silver to Bitcoin’s gold, instead of trying to outright compete with the leading digital currency.
Some BTC enthusiasts have even recognized Litecoin’s value as a proving ground for BTC development, which can be proven by Litecoin’s SegWit scaling solution adoption taking place way before it arrived to the Bitcoin’s network.
Lee himself sold his Litecoin shares prior to the cryptomarket’s entrance into the 7-month decline, inciting a lot of controversy among the Litecoin’s community members, to which he responded by explaining that BTC investments are less risky than speculating on currencies that are not as solid. He also denied using his influence to promote other digital currencies rather than the creation of his own.