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Bitcoins / Breaking News / Cryptocoins

Everything To Know About LiteCoin Cash

In recent weeks, there has been considerable online debate and controversy surrounding a new Litecoin fork, known simply as Litecoin Cash.

Litecoin Crypto Logo on Multicoloured Binary Map

With no white paper outlining the fundamental purpose and reasoning behind the fork, and with the developers continuing to remain anonymous, this has led many cryptocurrency experts to postulate upon the idea that Litecoin Cash could be a scam.

An inside joke

The consensus among crypto users and dealers is that the concept of Litecoin Cash began life as a joke among genuine Litecoin fans. The name alone appears to be a jibe at Bitcoin Cash, a sincerely-developed BTC fork aimed at preserving the original form of Bitcoin while improving the speed and efficiency of the currency.

Evolution and survival

The biggest argument against cryptocurrencies forking to hold onto their original features is one of evolution – that those which are most responsive to change are more likely to come out on top. By forking, some critics suggest that the currency is simply stagnating.

Physical Litecoin Standing Upright

Since the Litecoin Foundation has had no problems staying on the cutting-edge of technology, many have been led to question the need for a fork given that LTC has already proven its ability to remain viable, useful and relevant.

An expensive point to make

Given that Bitcoin Cash cannot compete with Litecoin in terms of transactions and payments, all signs seem to be pointing towards Litecoin Cash being useless to the point of redundancy upon arrival. Some speculate that even the developers know this and are merely making a point re: Bitcoin Cash.

However, those who wish to receive 10 Litecoin Cash for every Litecoin they currently hold can look forward to doing so on February 19th. This can be done by proving individual ownership of Litecoin by showing your private keys. Will it be worth it? Time will tell.

Source: https://www.youtube.com/watch?v=aF0x43dLdq8

Image Source: Pexels

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Thomas has led a number of teams, giving training and guidance in marketing and PR. He has worked at high profile firms, with offices across the country. He has experience in copywriting and editing, for a variety of different sectors.