Is the Litecoin Hard Fork a Scam?

Is the Litecoin Hard Fork a Scam?

Litecoin's total supply is 55,197,558 coins. It is a fork of Litecoin which changes quite a few of the things people have come to like about the original Litecoin, which may or may not be a good thing in the long run. This is the reason why governments around the world are trying to establish some regulation in order to prevent such scams from happening.

The crypto market boomed following the announcement of Litecoin's first-ever "hard fork".

In order to ensure a fair launch, Litecoin Cash implements slow-start control to block rewards and intend to pre-release a bootstrap file to prevent a blockchain download race once the wallets become available (slated to happen shortly after the fork block).

While the potential of Litecoin Cash may be helping to drive up the price of Litecoin, promises made by the fork creators, along with a general level of skepticism surrounding cryptocurrency, has some questioning the legitimacy of the fork.

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. Be careful out there!

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What is interesting here is that the Litecoin development team, and more specifically, Charlie Lee deny that any hard fork will be initiated in the near future and that any such attempt is an actual scam.

However, those who wish to receive 10 Litecoin Cash for every Litecoin they now hold can look forward to doing so on February 19th.

One of the big baits to cryptocurrency forks is free equivalent coins by the time the split occurs.

Usually blockchain forks are supported by the exchanges, as was the case with Bitcoin Cash, however this time there has been no mention of it. Existing LTC holders will automatically be eligible for the LCC airdrop at a ratio of 10 LCC for every 1 LTC owned at block 1,371,111.

There is a catch though! Litecoin Cash, on the other hand, wants to switch to SHA-256 to give people's old Bitcoin mining hardware a second lease on life. Obviously, this is very risky and you should not attempt it. Later in May of the same year, the first Lightning Network transaction was completed through litecoin, transferring 0.00000001 LTC from Zurich to San Francisco in under one second. For now, we will have to wait and see whether or not this fork can gain any noticeable traction. Therefore, for staying safe in the crypto market, you should be always well informed about the real or fake forks before you make your moves.

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