Litecoin Soars More Than 30% – Fork Announcement “Scam”?

Litecoin grew Wednesday 36.8 percent to $218.23, after news that a payments processor for the cryptocurrency is set to launch Feb. 26. Litecoin remained about 11 percent lower for the year so far. At the time of writing, Litecoin jumped further 29,61% to $233.61.
San Francisco based LitePay, tweeted:

Earlier this month we could hear the news that a group of developers are planning to hard fork the Litecoin network for the first time to form “Litecoin Cash” on Feb. 19, 2017. That is also one of probable reasons price keeps growing because the announcement also promised a free allocation of 10 tokens per Litecoin held by existing investors at the time of the fork.

The group said that their goal for the fork is increasing the “block speed” at which the network can process transactions. Litecoin Cash will then use the “proof-of-work” mining method, which tends to be more energy intensive. Proof-of-work proponents argue that this method is more secure than what is currently used in the existing Litecoin network. Litecoin cash mining will use the so-called SHA-256 algorithm that bitcoin uses, instead of Scrypt protocol that is employed by Litecoin. This will allow those interested in using bitcoin mining hardware to mine LCC. Since Litecoin uses Scrypt, miners can’t use bitcoin hardware to mine it.

However, Litecoin creator Charlie Lee publicly stated any attempt to fork the network was a “scam” so the caution is advised.

Litecoin is the fifth largest digital currency, as ranked by market capitalization. Since its debut at the start of 2017, it has increased in value by nearly 5,000%. His biggest worth was reached on December 18th 2017, $360.93, which, when compared to the price one year before ($4.40), was a 8200% rise. This was pure reflection of then booming cryptocurrency market, whose total market cap grew from $17.7bn to around $650bn in just one year, an increase of over 3,600%.

Posted in ,

Teuta Franjkovic

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Contribute to the Cave

Bitcoin / BTC


Ethereum / ETH


Litecoin / LTC


Dash / DASH


Zcash / ZEC


Latest Blog Posts