Published: Thu, February 15, 2018
Finance | By Loren Pratt

Everything To Know About LiteCoin Cash

Everything To Know About LiteCoin Cash

Litecoin is in second spot to Bitcoin and has spawned numerous clones - however it has a solid base of support and dedicated development team.The Litecoin project is now maintained by a core group of 6 software developers, led by Charles Lee, with a large community that is growing in support.In May 2017, Litecoin became the first of the Top 5 (By Market Cap) cryptocurrencies to implement the SegWit scaling solution. They wouldn't, so we took the challenge.

LitePay would allow businesses to accept Litecoin as a payment option and would give users the ability to spend the cryptocurrency like they would with standard US dollars.

LitePay's potential is significant, to say the least. Cryptocurrencies have largely been hindered by limited use cases and minimal acceptance. Investors seeking to acquire Litecoin using USA dollars directly can do so using Coinbase, Gemini or GDAX.

The announcement of LitePay was also followed by an announcement from leading cryptocurrency marketplace Coinbase, which has launched a new service affording merchants the ability to accept Bitcoin, Bitcoin Cash, Ethereum, and Litecoin payments. For every one Litecoin, investors will receive 10 Litecoin Cash.

"The Litecoin team and I are not forking Litecoin. Litecoin Cash, Litecoin Plus, Litecoin *... all scams trying to confuse users into thinking they are Litecoin".

The markets have become accustomed to Bitcoin hard forks over recent months, but Litecoin Cash brings the concept to a new space and potentially a new set of users. Don't fall for it and definitely don't enter your private keys or seed into their website or client! Be careful out there!

The Litecoin Cash development team is claiming it will create a faster, more efficient blockchain that reduces transaction costs. In the cryptocurrency world, a hard fork means a change in the rules of the blockchain infrastructure that is not recognized as valid by the older software.

Although the fork is now expected to occur at 02:00 UTC on Monday 19 February, the predicted fork time may move slightly earlier or later, as the precise time block 1371111 is reached depends on the available Litecoin mining power.

According to the Litecoin Cash Foundation, each user who holds Litecoin will be entitled to 10 tokens of Litecoin cash for each Litecoin they now have.

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