How to Claim Litecoin Cash Safely When LCC Launches

Several Reddit users have already reached a consensus that Litecoin Cash is likely nothing more than the latest scam coin. Regardless, however, of what even the likes of Charle Lee say, the Litecoin Cash launch is still an opportunity for existing LTC holders to get their hands on some free cash.

When Litecoin Cash Launches LTC Holders will get free LCC Tokens

As stated by the official Litecoin Cash launch announcement, existing Litecoin holders will be credited with ten LCC tokens for every LTC token in their possession when Litecoin Cash launches.

Of course, as we have seen with several Bitcoin forks, as soon as forked altcoins launch, token values plummet. This is because astute investors attempt to exchange coins quickly for more reputable/high-value digital currency offerings. The only question is, how can Litecoin holders do just this when LCC launches?

Claiming Litecoin Cash Easily & Safely

The first thing to remember when claiming Litecoin Cash is that doing so is only possible if Litecoin wallet holders have access to their own private keys. This is important as cryptocurrency exchange platforms like Coinbase, usually won’t allow people to access their private keys. In this case, people holding Litecoin should act now to transfer wallet balances into wallets which they do have full control over.

Where to have Your Litecoin Balance when Litecoin Cash Hard Forks

According to Litecoin Cash, the LCC network will fork from Litecoin at exactly 22:41:35, on Sunday 18 February 2018 (UTC). This means that any Litecoin wallet balances recorded at this point will be credited with free Litecoin Cash. What people claiming Litecoin Cash should never do, though, is swipe the same wallet addresses on the Litecoin Cash network after launch.

How Litecoin Cash Could Steal all Your Existing Litecoin

When Bitcoin Gold forked from Bitcoin in November 2017, many people attempting to claim Bitcoin Gold had existing Bitcoin stolen from wallets as they attempted to do so. This was due to rouge elements in the BTG community recording swiped private keys and using these to independently move existing Bitcoin assets to new BTC wallet addresses.

Given the above, prior to swiping Litecoin private keys in order to claim LCC, Litecoin holders should move funds out of the wallets which they intend to swipe after the February fork has taken place. If Litecoin holders do this, February 19th will subsequently see LTC holders with two different Litecoin wallet addresses. One of these will store Litecoin and the other will be empty but be recognized by LCC as having 10x the balance of any Litecoin stored in the same wallet the day previously.

Never Attempt to Swipe a Litecoin Wallet with an Active Balance

One significant problem with the upcoming Litecoin Cash fork rests with the fact that Litecoin Cash will go live just 24-hours after forking.

Currently stating that LCC will launch between the 19th and 20th of February, LCC developers clearly aren’t planning to troubleshoot or test the new LCC network prior to public rollout. This being the case, it is of paramount importance that existing Litecoin wallets are double checked as being empty (and that Litecoin balances themselves are safe) prior to any attempt to claim free LCC tokens.