- Litecoin is descending after its first tough flare was announced. It will start next week.
- Litecoin cash is not dependent with litecoin in anyway, and litecoin founder Charlie Lee has warned it could be a scam.Â
Litecoin is down 2.2% Tuesday morning – alongside many other major coins – after the cryptocurrencyâ€™s first tough fork, Litecoin Cash, was announced by an independent organization.
Litecoin holders will accept 10 tokens of litecoin cash for every one litecoin they own, the newly minted Litecoin Cash substructure pronounced Monday.
The idea of the new banking is to boost the “block speed” at which the network can routine transactions. The substructure says litecoin cash has a idea retard time of 2.5 mins – faster than litecoin. Like bitcoin and many other major cryptocurrencies, but distinct the existent Litecoin network, litecoin cash will use the some-more appetite intensive, but potentially some-more secure, proof-of-work mining method.
The flare will start precisely at retard 1371111. The Litecoin network is now on retard 1368028 at the time of writing, according to BlockCypher. The flare is approaching to start someday around 9 p.m. ET on Monday, Feb 19.
Litecoin, which was designed to be reduction appetite complete than bitcoin, saw an astronomical arise in 2017. The cryptocurrency skyrocketed from just $3.73 a year ago, to as high as $365 in December, heading founder Charlie Lee to advise investors about the probability of losing everything. He also sole his whole interest after being accused of cost manipulation.
One week before litecoin cash was announced, Lee tweeted a warning that any flare of litecoin was “a fraud trying to upset you to consider itâ€™s associated to litecoin.”
Forks arenâ€™t odd in the cryptocurrency world, nonetheless they are not but controversy. Bitcoin cash famously separate from the flagship bitcoin in Aug 2017, but the split cryptocurrency has been accused of merely roving the coattails of the some-more determined bitcoin.
Business Insider could not determine any people behind the Litecoin Cash Foundation, which does not explain to be associated to litecoin in anyway. The organizationâ€™s website lists 4 group members, with no certification or last names.
Litecoin holders who wish to explain their share of litecoin cash can follow instructions listed on the litecoin cash website.Â