Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.
Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.
While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.
For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.
Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC⚡] (@SatoshiLite) February 4, 2018
The project also doesn’t claim any association with Litecoin and argue that they only use the name because of the form in the blockchain. SHA-256 would be the algorithm used by Litecoin Cash, which isn’t too far off from bitcoin – and this would also be the very same algorithm used by miners, as well.
LiteCoin Cash is in a great place regarding potentially moving upwards tremendously because of the advantages that it provides. The project will be at least four times faster than bitcoin, which is already admirable.
It’s important to remember that this isn’t what is currently happening, but the ultimate goal of the project. In addition to this, however, the fees associated would be up to 90% less than Litecoin, which is already used by thousands of merchants worldwide!
Often, when a cryptocurrency can be more efficient, it’s excellent – but the problem is the usability of the actual currency. In the case of Litecoin Cash, it is clearly solving both issues.
Many Litecoin investors have already made money – and by merely holding Litecoin, which naturally strengthens the community aspect around the coin. Regardless, it is indeed possible that LiteCoin Cash can make a sharp move upwards soon enough. Time will tell whether LiteCoin Cash can gain the kind of support that is necessary to make a real upward move. If the project can truly deliver, there is no doubt that the market will respond positively.
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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 thorough research before investing in any cryptocurrency and read our full disclaimer.
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