Hold It Right There. This Litecoin Cash Could Be A Scam

in litecoin •  8 months ago

litecoin cash.jpg

So recently there was a sudden jump in the price of litecoin. It almost increased by over 30% overnight. There were many reason behind this. Litecoin was getting some upgrades. One upgrade was of litepay. So basically what it does is that it facilitates payments for businesses, eCommerce, billing and donations. In other words it helps you pay with litecoin. If you get their card, then you can use to buy anything from places where debit cards are accepted.

You can read more about it on this website:
https://www.litepay.us/

And for card related information read here:
https://www.litepay.us/card.html

Another reason for this growth of litecoin is the news about the hardfork. It is being said that litecoin is being hard forked to litecoin cash just like bitcoin was hardforked into bitcoin cash. It is being said that who ever holds the private key of litecoin and gives it to the one who are forking the litecoin, gets 10 litecoin cash for one litecoin. Basically they get litecoin cash at the ratio of 1:10. If your litecoins are stationed in any exchange then also you will receive litecoin cash. But at the same time it depends on the concerned exchanges. Just remember this is a very small reason why the price of litecoin has increased. The major reason is still the litepay.

POSSIBILITY OF A SCAM :

Trust me this offer is very lucrative. Getting 10 coins for 1 coin is amazing. Specially after looking at where the price of bitcoin cash has gone. Initially the price of bitcoin cash was around 500$. Yes at the start only the price of bitcoin cash was around 500 dollar. At the time of writing the price of bitcoin cash was around 1518 dollars. That's straight forward 3x growth. So, yes looking at that litecoin cash offer looks very lucrative. May be who knows these 10 litecoin cash might earn you about 1000$ right after the fork and more in the near future.

But hold it right there. There is a high possibility of this coin being a scam. There are many reasons for that. The founders of litecoin have denied that they are doing this hardfork. This is clear from the below tweet of charlee lee.

tweet.JPG

So, basically this is not an official hard fork but an un-official hardfork.

Not just that litecoin cash is making more lucrative claims. Claims like difficulty adjustment after every block mined, mining with legacy Bitcoin SHA256 mining hardware, being cheaper than litecoin and more.

On top of all this I consider litecoin cash a scam because it lacks whitepaper and then there is no valid reason to hardfork litecoin. Litecoin is already very fast. Specially after litepay there is no point in forking it.

Litecoin Cash also lacks purpose. There is no reason why you should invest in it. There is no real world use case for it. There is only one thing though. Its a randon coin and If you HODL litecoin cash for 10 years then you can earn more money from it and that's it. This is the only reason to buy it.

They is no talk about their infrastructure, no talk about improvement in technology and all.

These were all the reason why i believe it a scam.

I LOOKED AT THEIR WEBSITE :

I have looked at the website of litecoin cash. They have designed the website in a very fancy way. They make it look like they are working on a genuine coin. They also claim that they are not part of official team of litecoin. They also talk about the private key. They are asking you to just hold litecoin in desktop wallet at the time of hardfork and that's it. Later they are asking you to transfer your litecoin to a new address and then claiming litecoin cash with the private key of old wallet. Please read their website. Every detail is there. Here is the link: https://litecoinca.sh/

SHOULD YOU INVEST IN IT

The website of litecoin cash has failed to convince me into investing in their coin. Now, its your money. If it is you who has to decide about investment. There is always a risk in investing in a new coin. Sometimes it better to wait. There many coins you can put your money in. Remember what happened with bitconnect and then proceed.

CONCLUSION

starting a new coin from scratch is always a difficult thing to do. Then promoting the coin and convincing people to invest in it is another difficult job. Providing people with reason to chose their coin instead of other coin is a difficult feat to achieve. In such scenario it is very easy to use the name of an existing and popular coin. This saves the effort of being innovative, creating something new and also saves advertising costs. Since the coins are free for litecoin holders, you can collect it with risk. later those who plan to invest should be very careful. Those with mining rigs can chose to mine since the mining difficulty now will be very low. This way they can collect some coins and hold them for 5 years. If mining proves profitable i may also consider mining, remembering well that i could lose all. Looking at their website and going through it i get a feeling that litecoin cash is a scam and a cheap attempt at cashing in on the popularity of Litecoin.

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It’s the perfect time for a bitcoin rise as everyone moves their bitcoin to litecoin to get the litecoin cash. They might just be caught napping.

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I am a believer in both bitcoin and litecoin. For me one is gold and another one is silver, but using the name of a popular coin is a turn off.

Let's we can do things like
-refrain from buying only one crypto xurremxt with all your money ,instead divide your money in multiple crypto currency.
-if the any of crypto is Ponzi, there are still chances you can manage it's loss against other gain.
-get into the full knowledge about the company the people who are supporting it also gives you some information.

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There is actually no clue who these litecoin cash people are. These are some random dude's claiming to fork the litecoin. what they are doing is that they are just trying to cash in on the popularity of litecoin.

Litecoin cash is just using Litecoin name to convince people so that they hold and invest in it. Looks like scam to me as well.

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They have no technology to offer. They have no real purpose to offer. Right now they are even tanking. This coin in the long run is going to create losses to people just like bitcoin gold. Bitcoin gold right now costs under 150 dollars. When it was released the cost was somewhere around 500 dollars.

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Unfortunately, there are always some people who try to deceive people taking advantage of the trends. Thank you so much @themobilewriter for sharing informative post and expressing your view.

Followed you!

U have no posts to vote :(

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I am currently busy with my youtube channel. I have purchased some smartphones to review on my channel. Thus was busy unboxing and testing those phones. Working on a new post also. It will be up soon. Thanks for stopping by.

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I will just play it safe and keep my private key to myself :)

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Great post!

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