If Bitcoin is Gold, and Litecoin is Silver, and Ether is oil, which represents the best Crypto to replace Fiat. A better question, is if the dollar (U.S.) were to crash today, would people flock to Gold & Silver or Crypto or both?
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I like the ether is oil analogy! I think people would flock to all of them but gold and silver are not actually as flexible for money as crypto - they are bulky and harder to secure.
Would you recommend diversifying then? I have only studied Bitcoin, Ether, and Steem. I haven't looked much into Litecoin, yet.
I would. I think it is risky to hold only one cryptocurrency even if it is Bitcoin (which is probably the safest). I think most things in the top 20 are relatively safe bets - always read up on the project and see who the people are behind it. I only invest in things I believe in now.