The average person is unlikely to know what Litecoin is, let alone that it is about to get its very own fork, similarly to what happened to Bitcoin last year. But for those who are aware of Litecoin’s existence, the upcoming arrival of Litecoin Cash is being ‘sold’ on the premise that it is a faster version of Litecoin, cutting down transaction times.
Whether you know about it or not, the word is that you should avoid Litecoin Cash, as the founder of Litecoin himself – Charlie Lee – sees it as a potential scam.
One of the concerns surrounding cryptocurrencies, and the primary reason why some kind of regulation is needed, is that anyone has the power to launch their own digital currency and get money out of people under false pretences. When the bubble bursts, just make another new one, and there’s no law in place to stop you.
This is probably why this new fork has ‘Litecoin’ in its name, even though it has nothing to do with the Litecoin creator.
The explanation is that current Litecoin holders will receive 10 Litecoin Cash coins for every Litecoin unit they own when the fork happens sometime in the next week. Naturally, this sounds like a pretty sweet deal to Litecoin owners, especially those who bought Litecoin tokens when the price was at its lowest. The coin’s value skyrocketed from a level of $3.73 around 12 months ago to an impressive $365 in December 2017, before receding to the level of approximately $150 where it sits now.
Going by the announcements from Litecoin creator Charlie Lee, you should handle the upcoming Litecoin Cash with great care and attention. Just because its name contains the word ‘Litecoin’, that doesn’t mean it is a legitimate endeavour. And the last thing you want is to be scammed out of your hard-earned money.
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