The hard fork was planned at Litecoin block 1371111 and was previously predicted to split on Sunday at 5pm ET. True to the prediction, the hard fork occurred on February 18th, where one LCC was worth more than $4 initially. But it went down by 30% to its current value.
What Is Litecoin Cash?
The Litecoin Cash community was founded in December 2017 amid planning to create a new cryptocurrency from the fifth-largest cryptocurrency, Litecoin, in February 2018. Instead of using Litecoin’s mining algorith Scrypt, Bitcoin’s algorithm SHA-256 was used to develop and test it in the month of January. LCC is supposed to be faster than Bitcoin and cheaper than Litecoin. The difference between Litecoin Cash and Litecoin as well as Bitcoin Cash has been a topic of conversation in the crypto community for a very long time.
While Litecoin was created to provide an improved cryptocurrency bearing similarities to Bitcoin, Litecoin Cash seems to be stuck somewhere in the middle. It went back to using the previous algorithm but the block time is the same as Litecoin’s 2.5 minutes. Other similarities include the 13 GB blockchain size. Unlike LTC, a maximum supply of 840 million LCC is available for crypto users. Litecoin users get ten LCC for every LTC they possess in their wallets, before or at the time of the fork.
Charlie Lee: Litecoin Cash Is a Scam
Out of the people who have spoken out against this new virtual currency, Litecoin’s founder Charlie Lee has publicly stated his disapproval in a bunch of Tweets posted on his account. He wrote:
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018
Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *… all scams trying to confuse users into thinking they are Litecoin.
This also applies to all Bitcoin forks trying to confuse.
— Charlie Lee [LTC] (@SatoshiLite) January 30, 2018
Litecoin Cash admits using Litecoin’s blockchain as it was “a perfect means of initial distribution for our coin”. However, they have explained that the name only uses Litecoin for one reason: every hard fork results in the cryptocurrency taking on the name of the previous blockchain such as Ethereum/Ethereum Classic and Bitcoin/Bitcoin Cash.