The Litecoin Cash fork is expected to take place on February 19. Forks are becoming more and more common in the cryptocurrency industry.. This week, Litecoin founder Charlie Lee warned people not to trust or invest in Litecoin Cash.. Litecoin Cash apparently has nothing to do with the original LTC. He’s just using this name to raise interest and trick people..
There is no connection between Litecoin Cash and Litecoin makers
One of the biggest problems with cryptocurrencies right now is that anyone can start their own money claiming it’s something different and they can scam and steal people’s money. That’s why governments are trying to make some adjustments to prevent these things.. The purpose of the unrelated altcoin is to increase the block speed at which the network can process transactions.. The creators claim that LCC has a target block time of 2.5 minutes, with transaction fees faster than LTC and 90% cheaper. The fork will be at block 1371111 on Feb. 19, but Lee and the Litecoin team say Litecoin Cash has nothing to do with them.. When there are forks, one of the biggest factors that attracts people to these forks is the emerging cryptocurrency which is given the equivalent amount for free.. They claim that the LCC founders are offering 10 free LCC coins for every Litecoin user just because they sought support in this way.. In this downtrend, we can say that this interest in Litecoin, which has increased by 15% in the last 24 hours after a one-month decline, is at a high level..
Which exchanges will support the Litecoin Cash fork has not been announced
But there is one thing to be aware of. To get the free LCC altcoin, a private key from your Litecoin wallet must be transferred to the new Litecoin Cash wallet.. This is inherently risky and should not be attempted. There are some workarounds but they involve risk. Also, the LCC team did not provide a secure option to buy the coins and did not elaborate on which exchanges it would support.. As we’ve seen in the Bitcoin community before, a fork isn’t just a split in the chain.. Founders and fans are also divided. Forks can be dangerous and are full of scam coins. So be careful. Bitcoinist