Litecoin has suffered a hard fork in the past, and this is what led to the creation of Litecoin Cash. Bitcoin also experimented with a difficult fork, which led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.
The forks have occurred quite often now in the community of cryptocurrencies, and the perception is that it will probably continue until the need (the forks are often created to overcome the problems faced by the original) remains there.
While the market has been bearish for most of the year, it has shown some definite signs of life, especially when we look at the kind of price action that has happened recently with Ripple. Litecoin is also growing by anticipating its hard fork, which is predictable.
For those who are not aware, Litecoin Cash was created at the beginning of this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that move, it's easy to see, was very massive in terms of value.
Charlie Lee, the founder of Litecoin, came out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have devised Litecoin cash, although there are still others who believe that this is only because the project threatens them.
PSA: The Litecoin team and I are not bifurcating Litecoin. Any bifurcation you hear about is a scam that tries to confuse you to think it's connected to Litecoin. Do not fall for this and definitely do not put your private keys or seed in their website or client. Be careful out there! https://t.co/qXbiIxp5Al
– Charlie Lee [LTC⚡] (@SatoshiLite) 4 February 2018
The project also does not claim any association with Litecoin and claims that they only use the name because of form in the blockchain. SHA-256 would be the algorithm used by Litecoin Cash, which is not too far from bitcoin – and it would also be the same algorithm used by miners.
LiteCoin Cash is in an ideal position regarding potentially going upward tremendously due to the benefits it offers. The project will be at least four times faster than the bitcoin, which is already admirable.
It is important to remember that this is not what is currently happening, but the ultimate goal of the project. In addition to this, however, the associated commissions would be 90% lower than Litecoin, which is already used by thousands of traders worldwide!
Often, when a cryptocurrency can be more efficient, it is excellent – but the problem is the usability of currency. In the case of Litecoin Cash, it is clearly solving both problems
Many investors of Litecoin have already made money – and simply holding Litecoin, which naturally strengthens the community aspect around the currency. Regardless of this, it is possible that LiteCoin Cash can make a sharp rise early enough. Time will tell if LiteCoin Cash can get the kind of support needed to make a real upward move. If the project can really provide, there is no doubt that the market will respond positively
For the latest news on cryptocurrency, subscribe to our Telegram!
Disclaimer: This article should not be taken as and is not intended to provide investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Photo by dylan nolte on Unsplash