Monday, February 19, 2018

Litecoin Cash Successfully Forks, Currently Up Hundreds Of Percents

The Litecoin hard fork that was to result in the creation of Litecoin Cash has occurred, and the new coin is now trading on at least one exchange, YoBit.

Anyone that had Litecoin in a desktop or paper wallet now has 10 LCC coins for every 1 LTC coin they held before the fork. As I type this, LCC is trading at $5.68/coin. That's quite a healthy gain on an "airdrop" from an asset that otherwise pays no interest nor dividends.

As I've written previously, if you plan to claim your LCC coins, exercise due caution and move your LTC out of the wallet you'll use to claim your LCC (with your private key) and into a new wallet on the LTC blockchain first.

Where this will go from here, who knows. As this is a brand new coin, the current action could be only because of that. It might also be that people are confused as to which Litecoin is the real one, and the "cheap" price of the new LCC coins may be drawing in funds. There's no real use case for this new coin, so there also still exists the possibility that this is a "pump and dump" scheme by its creators.

I heard someone say recently that in their opinion, the best use for all of these little, weird fork coins that keep popping up is to just sell them and buy more of the currency that they forked from. Personally, I kind of like that idea.

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