Today, (Feb 14, 2018) we saw Litecoin (LTC) pumping up in price due to an announced fork called "Litecoin Cash," which is promising new tokens to existing holders at block 1,371,111. For every 1 LTC held at block 1,371,111, holders will receive 10 "LCC," according to the official website.
Whats is Lite Coin Cash (LCC)?
Litecoin cash will be a fork of the Litecoin Blockchain. Bitcoin miners will now have a new coin to mine since the new Litecoin cash will use the SHA-256 algorithm instead of Scrypt protocol that Litecoin is using. Litecoin cash also promises faster transactions and a huge reduction on transaction fees compared to Litecoin.
The recent pump indicates that people are either really interested on this project or just want LCC coins.
According to Charlie Lee, "Litecoin Cash is a scam. Litecoin Cash, Litecoin Plus, Litecoin blah blah blah… are all scams trying to confuse users into thinking they are Litecoin.”
According to the Litecoin Foundation, Lite Coin Cash is using the Litecoin name to get recognition from supporters in order to make a quick buck.
It’s unclear whether LTC will continue to rally until the fork occurs. However, analyst are predicting that there could be more gains to be had.
Remember to research before investing and do not invest with scared money. This is not financial advice but educated speculation.
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