Litecoin Cash - Another Bitcoin-Bitcoin Cash Saga?
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All eyes are on Litecoin amid a surge in price rivaling the recent rebound of Bitcoin.
Charlie Lee’s cryptocurrency, created in 2011, was surging up to 30 percent over the last 24 hours, for a number of reasons.
According to CNBC, Litepay CEO Kenneth Asare announced that over 41 countries, including the likes of the US, UK, China and Germany will have access to Litepay’s payment system.
Meanwhile, Coinbase also announced that it would be launching it’s ‘Coinbase Commerce’ software which will allow vendors to accept payments in Bitcoin, Bitcoin Cash, Ethereum as well as Litecoin.
Hard fork is a scam - says Charlie Lee
Another factor in the surge of price in Litecoin is the supposed upcoming fork, which will create Litecoin Cash. In a situation that some are likening to the Bitcoin-Bitcoin Cash saga, holders of Litecoin are being promised 10 Litecoin Cash for every Litecoin they hold.
The Litecoin Cash website states that the new coin, LCC, will be governed by Bitcoins SHA256 algorithm instead of Scrypt which verifies Litecoin transactions.
The website is also enticing users to jump onboard - by touting the use of legacy Bitcoin mining hardware to mine the upcoming LCC coin. The hard fork is scheduled for Sunday Feb. 18, or Litecoin block 1371111.
As the image below shows, the forked cryptocurrency will have a maximum supply ten times that of Litecoin - with users able to claim coins in a 10:1 ratio and mine coins after that.