On 18 February, Litecoin Blockchain Litecoin Cash must be created through a Hard Fork. The founder of Litecoin, Charlie Lee, describes the project in advance as a scam. But this does not seem to prevent investors from buying Litecoin.
Litecoin is currently the 5 largest cryptocurrency in the world with a market capitalization of $ 11 billion. So, the cryptocurrency seems to have enough popularity to draw attention to a new project with a hard fork.
As early as August 2017, Bitcoin entered a bifurcation with Bitcoin Cash. (In the past, there were many more Bitcoin forks in which new cryptocurrencies were created).
Although Bitcoin Cash is not as popular as Bitcoin, Bitcoin Cash is currently the 4th largest cryptocurrency with a market capitalization of $ 23 billion.
The project must have been modeled on Litecoin cash-makers and is now planning something similar in the Litecoin network. With Litecoin Block 1.371.111 it should reach Fork, hence Litecoin Cash. The Fork probably happens on February 18th at 10.15pm. From that moment on there will be 2 blockchains “Litecoin“, a normal Litecoin Blockchain and a Litecoin Cash Blockchain. Both blockchains are identical up to the fork, only from this point onwards they differ. Every owner of Litecoin can get Litecoin Cash. Given that there should be 10 times more Litecoin Cash than Litecoin, each owner of Litecoin can claim 10 Litecoin Cash for each Litecoin.
Obviously, there will be some changes compared to Litecoin. In addition to the 10x token counting, Litecoin Cash is based on mining SHA256 (just like Bitcoin) and not on Scrypt Mining like Litecoin does. Furthermore, the difficulty is adjusted after each block and not every 3.5 days as with Litecoin. Litecoin Cash also promises cheaper transaction fees than Litecoin. All in all, nothing really brings significant advantages compared to current Litecoin technology. For transaction fees, to Litecoin they are already significantly lower than Bitcoin and currently hover around 0.25 US dollars. This is still very much compared to the bitcoin bit we’ve seen in the last 10-20 US dollars. For me, Litecoin Cash is a project
Overall, the whole project is extremely controversial. Charlie Lee, the founder of Litecoin, even described it as a fraud.
PSA: Please be wary of this Twitter scam going on right now. After every of my post, there will an immediate reply by a scammer promising to give away coins if you send him some. The post looks like it’s from me. Blocking them doesn’t help, b/c they just create another account. pic.twitter.com/qPHxKntPHD
— Charlie Lee [LTC] (@SatoshiLite) 30 gennaio 2018
The project is also considered extremely controversial in the affected communities.
So do not make the mistake and jump on the hype with up. You should not put your private keys anywhere on the Internet to get “Litecoin Cash”. By entering your Private Keys, you are always at risk of losing all your Litecoin.