Can One Trust Litecoin Cash?
February 16, 2018
Earlier this month, the founder of Litecoin Charlie Lee warned that any announcements or news that appear in the internet about the creation of
However, shortly after that a fork called Litecoin Cash was announced. Creators of this fork claims that the block time will be 2.5 minutes, which is faster than LTC. Moreover, they state that transaction fees will be reduced by 90%. Creation of Litecoin Cash will occur at block 1371111, which will be generated around February 19.
To attract users, Litecoin Cash founders offer every Litecoin user 10 LCC coins for free, but there is always a 'but'. To receive these free LCC Litecoin users will have to import their Litecoin private key into the new wallet on the Litecoin Cash platform. Of course, this operation is risky and does not give any security guarantees.
The following message was posted on the LCC website:
"We’re using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We’re not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though."
This project lacks the trust not only of the Litecoin users, but of the Charlie Lee himself, who urged not to invest in LCC.
"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!"
In general, Litecoin Cash does not inspire confidence, because at the moment it is not clear who are the developers, and where it will be possible to use the coins.