What is a Litecoin Fork
Fork occurs when developers working for a particular coin have a different ideology than their co-workers. This happened in the Litecoin fork. These developers then decide to take a snapshot of the existing code from the already working coin (in this example, Litecoin). Then continue their work based on ther different mindset and create a new coin, in this case Litecoincash (LCC). LCC has its own blockchain after the fork and holders of LTC cryptocurrency on their wallet are able to claim LCC. Above all, if you own the privatekeys to the LTC’s.
In other words, if your LTC’s are in an exchange, you are at the mercy of the Exchange whether they decide to list LCC. Because if they do not, you will not be able to claim your LCC’s. On the other hand, if you held your LTC’s in a cold wallet where you hold the keys of, you will be able to claim your LCC’s as will be explained later in this article.
Litecoin Cash (LCC) is a fork from Litecoin (the Litecoin fork), but with a higher max supply. Their blockchain runs the SHA-256 mining algorithm, where old Bitcoin ASIC miners may be recycled to employ them for LCC mining. In addition, the team claims there is a better PoW adjustment.
For every LTC held, 10 LCC is allocated
At the moment of the litecoin fork, block 1371111, LCC was listed at 5$ each. When claiming your LCC’s, you will receive 10 LCC for every LTC owned. Currently, the value is a little over $0,02 per LCC, at the time of writing this article block height of litecoin is at 1466550.
Should I claim my LCC’s now if I hold LTC?
If you are a holder, there is no need to claim your LCC’s. As you will always be able to whenever you decide to claim them. The only reason to claim your LCC’s would be when you want to sell them. Let’s say your LTC’s are safe in your cold wallet, for example Trezor. If you do not consider selling your LCC’s, then you can simply leave your LTC’s in your wallet. On the other hand, you might forget in the future that you are still supposed to claim your LCC’s. If you transfer your LTC’s to an exchange before claiming your LCC’s., you will lose the chance. Put a reminder in your calendar to remember you of the Litecoin Fork.
Let’s say you decided to claim your LCC’s, how would you start?
Coinomi app based wallet offers the ability to claim your LCC’s. To start claiming your LCC’s, go to Google Play store to download the coinomi wallet. Once installed, open the app and hit Add Litecoin Cash. Then select “Advanced Settings” and input the derivation path as follows: M/44H/2H/0H.
Don’t have LTC’s but still want to get some LCC’s?
You can trade coins for Litecoin Cash (LCC) on Mercatox, if you don’t have an account yet, you can make one here.
Majored in Applied Physics & Materials Science and Engineering.
Favourite Blockchain ideas: Medicine authentication (BlockVerify) & Voting platform (Agora)
Favourite Cryptocurrencies: Bitcoin, Stratis