Litecoin Surge After New Hard Fork

February 20, 2018 BY

Litecoin Cash has been launched after hard forking the popular cryptocurrency; Litecoin.

Hard forks have become common in the cryptocurrency industry. The most known hard forks are Bitcoin Cash and Ethereum Classic. A new Litecoin hard fork has now been created as well, and that resulted in Litecoin spiking 10% on Tuesday. The price of 1 Litecoin is currently $249.84 according to CoinMarketCap, and the price has risen 55% in the last seven days.

The Litecoin hard fork took place Sunday, February 18th, and similar to other hard forks, each Litecoin holder is entitled to have LCC (Litecoin Cash) at a ratio of 10 LCC to 1 LTC. The block creation time of LCC is mere 2.5 minutes, which is similar to Litecoin, but the LCC transactions should be 90% cheaper than Litecoin. The most notable difference is that LCC is using SHA-256 hashing algorithm, meaning older hardware will be relevant for mining purposes again.

However, it is important to know, that Litecoin Cash has nothing to do with the original Litecoin project.

Charlie Lee, the creator of Litecoin, also said on Twitter that any fork associated with Litecoin was a scam and that the team behind Litecoin are not forking Litecoin.

According to CoinCodex, Litecoin Cash is trading at $9 and is up 180% in the last 24 hours.

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