Litecoin Cash --- A new ALT CRYPTOCURRENCY arrives this weekend
There's a new cryptocurrency fork coming this weekend, off of Litecoin.... called "Litecoin Cash."
The fork for this new crypto is estimated to happen on Sunday, Februay 18, 2018.
It's kind of like the fork off of Bitcoin called Bitcoin Cash.
The Litecoin Cash people claim the name "Litecoin Cash" is not done to confuse anyone into thinking this coin is related to the original cryptocurrency Litecoin. In their FAQS, they say, "We're using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We're not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though."
If you're familiar with Bitcoin's previous two forks (Bitcoin Gold and Bitcoin Cash), holders of Bitcoin got the same quantity of the newly-forked coins. In the case of Litecoin Cash, you're entitled to get 10 Litecoin Cash for each 1 Litecoin that you hold, at the time of the fork.
Seems the logic of the 10-to-1 quantity is based on the fact that the total Litecoin Cash supply will be 840 Million, compared to Litecoin's 84 Million total supply.
It might make sense if, for example, you consider Litecoin could one day be $4000. And since Litecoin Cash has ten times the supply, Litecoin Cash could be worth about $400. Although, this may not be a valid assumption, since they are different animals. It could also depend on if merchants will accept Litecoin Cash, along with Litecoin. There is no guarantee, and it might even be a long shot.
You can check out their site for all the details...
Interestingly, they've used the .sh extension to spell out their exact crypto name as their domain name (with that annoying dot splitting the "cash" in half.
.sh is the Internet country code top-level domain (ccTLD) for Saint Helena, Ascension and Tristan da Cunha, British Overseas Territories.
WARNING: Part of the claims process requires that you provide a Private Key to your Litecoin wallet. USUALLY YOU SHOULD NEVER GIVE OUT A PRIVATE KEY, but the solution to a safe process involves giving out the key ONLY AFTER you move your Litecoins out, to a different wallet address - and that you never use that compromised Litecoin wallet address again.
They provide details on their website, in their FAQs, titled, "How do I claim my Litecoin Cash once I have my private key?"
ANOTHER WARNING: There is a lot of controversy around LITECOIN CASH. You can search some Youtube videos to find out more. PLUS, Litecoin founder Charlie Lee tweeted the following...
