Litecoin Cash - What is LCC? A Scam Money Grab or Serious Altcoin?

Six months ago, Bitcoin Cash forked from Bitcoin. This was followed by Bitcoin Gold forking in November. Followed later by the creation of Bitcoin Atom, Bitcoin Platinum, and soon to be forked Bitcoin Private.

In short, there are now more Bitcoin forks than Bitcoin enthusiasts can shake a stick at. Much more importantly, out of control forking is starting to damage the reputation of Bitcoin itself. This is why some aspiring and completely anonymous developers, have decided to break with forking tradition and this year create a fork of not Bitcoin, but Litecoin.

Litecoin Cash - What You Need to Know

Litecoin Cash (LCC) is a hard fork of the existing Litecoin blockchain,due to take place on February 18th. Litecoin Cash, however, is a completely unauthorized fork of Litecoin.

Openly denounced by Litecoin creator Charlie Lee as a scam, there is simply no clear need to fork Litecoin. Instead, Litecoin Cash is an attempt by a group of anonymous developers to profit personally by adopting the existing Litecoin logo and coin brand identity.

How Litecoin Cash will Effect Existing Litecoin Investors

After forking from Litecoin, Litecoin cash plans to credit every existing Litecoin wallet with ten times its balance in Litecoin Cash tokens. This is due to the fact that Litecoin Cash will be increasing the number of coins on its network tenfold. All existing Litecoin holders will need to do in order to acquire LCC, is swipe Litecoin private keys on wallets which support Litecoin Cash when the network launches.

Adverse Effects on the Current Litecoin Value

Like with Bitcoin in August 2017, confusion regarding what Litecoin Cash is and why it has been developed, has already knocked 4% from the current Litecoin value. What is more, because Litecoin Cash is deliberately presenting itself as an authorized fork of the Litecoin network, it is likely that confusion and price dips will intensify.

Why Exactly has Litecoin Cash been Created?

Litecoin Cash developers say that they are creating Litecoin Cash, in order to breathe new life into now-defunct Bitcoin ASIC mining hardware. Unlike Litecoin which uses a Scrypt based mining algorithm, Litecoin Cash will use a similar SHA256 mining algorithm to Bitcoin. In doing so, Litecoin Cash will allow Bitcoin miners with legacy SHA256 mining rigs to use these to mine the new token.

Litecoin Cash as a Coin for Miners

Created simply so that people with legacy SHA256 mining hardware can mine the coin, Litecoin Cash is not designed to be a store of wealth or transaction platform like Litecoin. Instead, Litecoin Cash is designed simply to create wealth for people with obsolete Bitcoin mining equipment. This, however, isn't the only reason why people should approach Litecoin Cash with extreme caution.

Why Investors Need to be Very Wary of Litecoin Cash

In order to create Litecoin Cash, what developers (who are so far unknown) have done, is copied code which Litecoin makes freely available for third-party review. The team has then taken the Litecoin logo and even went so far as to attempt to trademark this as their own.

All of the above is important. Namely, because this means that Litecoin Cash does not benefit from the support of anyone responsible for the now 7-year development of Litecoin’s source code. As a result, while Litecoin Cash will likely stumble forward for a while, future debugging, development, and ongoing innovation, simply isn’t likely to happen.

Litecoin Cash Isn’t Transparent

By far the biggest concern with Litecoin Cash regards the fact that the new coin simply isn’t transparent.

Unlike Charlie Lee and other Litecoin developers whom regularly take to Twitter to out scams like Bitconnect, Litecoin Cash developers only take the form of stock images used on the Litecoin Cash website itself. Much more alarmingly, the Litecoin Cash development repository on Github is currently closed. This means that prior to LCC launching, no independent third party will be allowed to check the integrity of the Litecoin Cash blockchain.

Should You Invest in Litecoin Cash?

At present, Litecoin Cash says a lot of good things. At the same time, though, LCC is already plagued by the same secrecy and subversion which has tainted Bitcoin Cash since August. This being the case, while existing Litecoin holders should claim their free coins when LCC launches, new investors would be wise to wait and see what (if anything) LCC does to innovate and demonstrate reputability as we head further into 2018.