Is Litecoin Cash Legit?
For a long time, the Litecoin community was left in the dark as other altcoins gained popularity. However, if it turns out right, Litecoin might be bouncing back with its hard fork. The Litecoin cash is set to fork on the LTC block with a claim ratio of 10:1 for Litecoin holders in a local wallet or compatible crypto exchange.
For starters, the Litecoin Cash LCC will work with SHA256 proof-of-work hashes in the initial fork block. That will allow mining using even old Bitcoin mining hardware. Each block time is expected to take 2.5 minutes. Cases of early dominant miners will also not take place due to the slow-start control mechanism.
Before any mining or wallet is available users can get a head start with Litecoin Cash with a Pre-release Bootstrap for a decent lunch. The platform likewise intends to have a maximum supply of 840 million tokens with LCC as the ticker symbol. Additionally, there is also a premise which will use less than 1% of the forking money as a development fund.
Claiming Litecoin Cash
The Litecoin cash expects everyone with Litecoin to claim the new coin. Apparently, when the fork happens in 19th Feb., each Litecoin owner will have ten times as much worth of Litecoin cash. Once the wallets are released, users can claim their free LCC using a private key. With the wallet, you will get a menu of items that can help you import the private keys and get your Litecoin Cash.
How Does Litecoin Cash Compare?
Both the cryptocurrencies and their forks seem to compete in different aspects and capacity. The Litecoin cash situation is no different, and I expect the cryptocurrency to face stiff competition from other coins. However, there are aspects that LCC seems reasonably better for use than another crypto. In comparison to Bitcoin, Litecoin Cash cheaper and performs at a much faster rate.
There are risks that come with the use of Litecoin cash. The sharing of private keys is not something I would recommend although the site seems eager to get users doing it. The Litecoin team claims this as the only option for you to claim the cryptocurrency. For any Litecoin cash investor, this is something to be wary of, and adequate safety measures should be put in place to ensure no unauthorized access to your wallet takes place.
The crypto is also not associated with Litecoin although using the name seems a bit odd for crypto enthusiasts. Litecoin founder has taken the liberty to warn users of not associating with Litecoin cash since he is not part of the fork. Charlie Lee also claims that he does not plan on forking Litecoin and any reports are a scam. The negative publicity might affect the value of Litecoin Cash
Litecoin Cash LCC ICO Conclusion
The Litecoin Cash LCC project is coming under scrutiny after confirmation that it was not an official fork of Litecoin. Therefore the project might point to a scam or just an idea by Litecoin fans wanting a fork.
Nonetheless, the sharing of private keys would raise suspicion in any crypto investor. These two issues are the main reasons why the project would turn out to be a scam. All-in-all, it is better that we stay on the side lines and see what the future brings.