Litecoin Hard Fork
Litecoin Cash is coming. Are you going to participate?
What you need to know.
Is Litecoin Cash real or is it a scam?
- Litecoin Cash has is not affiliated with Litecoin in any way with exception of the snapshot of the Litecoin blockchain and the Litecoin name. This means they are using a snapshot of the blockchain at a specific point and creating an entirely new coin.
- Everyone holding Litecoin will automatically receive 10 Litecoin Cash for every Litecoin they own.
- Litecoin Cash is only as good as the acceptance of it. The LCC will only be valuable if exchanges accept it which only time will tell.
- Litecoin founder creator Charlie Lee and the litecoin community have dismissed the project, calling it a "scam" meant to confuse litecoin owners. Bitcoin similarly boomed on the release of a rival blockchain called bitcoin cash last year.
- There is 10 times the supply, so don't expect that the value of LCC will go up dramatically.
Litecoin Cash Website:
https://litecoinca.sh/
Litecoin Cash has advantages compared to the other main SHA256-mined coins, Bitcoin (BTC) and Bitcoin Cash (BCH). While those currencies both have a 10-minute block time, Litecoin Cash's 2.5-minute block target allows much faster transaction confirmation.
Litecoin fork block 1371111 - Fork time expected around Sunday Feb 18
Compared to Litecoin: Litecoin Cash has lower transaction fees, better difficulty adjustment, and is mined with SHA256.
Compared to Bitcoin: LCC is much faster and cheaper, and has far more bandwidth and better difficulty retargeting.
Compared to Bitcoin Cash: Litecoin Cash supports Segwit, and has much faster block times.
How to participate Safely
It is important to understand that in order to claim your Litecoin Cash, you will need to provide your Litecoin wallet private key. Do not provide a private key of a wallet that has coins stored in it! The following is how it can be done safely without compromising your coins.
Get a temporary litecoin wallet that you have access to private keys. You will eventually dispose of this wallet.
Move your Litecoin to the new wallet. This is temporary storage for the Litecoin fork and wait for the fork to pass.
After the fork snapshot, move your litecoin back to your original wallet or location of your choice.
Now you will have a private key of the temporary wallet that was used during the Litecoin snapshot. Do not use this wallet. Once you use the private key to claim your Litecoin Cash, consider this wallet forever compromised. Since you have moved all the funds out of this wallet and you are not going to use this wallet again, there will be no coins to loose.
Its good information about cryptocurrency. Thanks for sharing valuable post.
I'm glad you liked it.
What is the best ltc wallet for this forked.
I would choose a paper wallet. Very secure for one time use and free to use. Make sure to generate the wallet off-line. Search YouTube for instructions.
Thanks man... I will transfer my LTC to that wallet. One last question is there any exchange supported these fork?
sehr gute frage
Thanks for informing. Sold ltc a while ago,hard for me to profit from this. Much profits to all of you,squeeze that value satoshis guys:)
Trick or not, I imagine that it couldn't hurt to guarantee LCC. On the off chance that it gets acknowledged, at that point it is free cash. In the event that it is a trick, at that point I will have a cluster of free garbage coins.
There are some minor transaction fees involved in moving your litecoin. Other than that, it couldn't hurt.
Very nic post.
Thank you for the comment.
dafür kenne ich mich zu wenig aus
werde aber weiter verfolgen was ihr da redet
Search around for some videos on youtube. There are some helpful ones there on how to set up a wallet and the upcoming Litecoin fork.
Thanks for this informative post. I strongly believe that litecoin cash will stand the test of time because it has an exceptional feature .but my problem is this private key exposure before you participate in the folks .I will try get new litecoin wallet as you said in other to protect myself from loosing my coins.thanks for priceless guide on how to participate and remains safe.
Remember, you only need to expose the private key after you have emptied the wallet. Never use any private key on line with a balance in the wallet. Once the private key has been used on-line, never use that wallet again.
Letcoin, eth, blends in one purpose ie bitcoin, where people collect bitcoins to achieve the highest number,amazing..
I'm glad you liked it.
I haven't done too much research into LTCC but I'm not really overly keen on the idea... Free money is free money at the end of the day though haha. I just certainly won't be investing in it.
Does anyone know how the calculation works? I only have 0.5 LTC so would I be eligible for 5 LTCC or is 1 LTC the minimum to get anything?
Thanks :)
10:1 Claim Ratio. It should be a multiple of 10, so 0.5 will be 5.
That's good, as long as you don't require a minimum of 1 LTC to be eligible.
Do you know if any ERC20 wallet should do the trick?
I use the Enjin wallet... never been around when a fork has happened before so idk the process very well
Really smart suggestion here guys, you should listen to this one:
"Get a temporary litecoin wallet that you have access to private keys. You will eventually dispose of this wallet." - Either that or hold in something like Exodus that'll likely support it some months later...
Thanks. I'm glad you see how important it is to safeguard those keys.