All eyes are on Litecoin in the midst of soaring prices rivaling the recent Bitcoin rebound

Charlie Lee's Cryptocurrency, created in 2011, D after CNBC, Litepay's CEO, Kenneth Asare, announced that more than 41 countries, including the United States, the United Kingdom, China and Germany, were up 30%.

Coincase, Coinbase also announced the launch of its software 'Coinbase Commerce & # 39; which will allow sellers to accept payments in Bitcoin, Bitcoin Cash, Ethereum as well as Litecoin.

A hard fork is a scam – says Charlie Lee

Another factor in soaring prices at Litecoin is the supposedly upcoming fork, which will create Litecoin Cash. In a situation that some equate to the Bitcoin-Bitcoin Cash saga, Litecoin holders are promised 10 Litecoin Cash for every Litecoin they hold.

The Litecoin Cash website states that the new coin, LCC, will be governed by the Bitcoins SHA256 algorithm instead of Scrypt which verifies Litecoin transactions.

The website also encourages users to embark – touting the use of inherited Bitcoin mining equipment to exploit the upcoming LCC coin. The hard fork is scheduled for Sunday, February 18, or litecoin block 1371111.

As the picture below shows, the forked cryptocurrency will have a maximum bid ten times that of Litecoin – with the users able to claim parts in a ratio of 10: 1 and mine after that.

<img alt=" Litecoin "src =" http://cointelegraph.com/storage/uploads/view/1fc4c40b5250a682f50a1bf1d9094e27.jpg "title =" Litecoin "/>

Source of Image: Litecoinca.sh

Litecoin's cash spread was announced on February 3, and Litecoin's founder, Charlie Lee, was quick to denounce the fork

PSA: The Litecoin team and I are not trying to hit Litecoin, any fork you hear about is a scam that tries to make you believe that is related to Litecoin, do not enter your private keys or seeds in their website or client Be careful there out https://t.co/qXbiIxp5Al – Charlie Lee [LTC] (@SatoshiLite) 4 February 2018

Interestingly, the site of Litecoin Cash claims to follow the good practices of the crypto community, in pr the name of the coin they falsify

"We use the name Cash from Litecoin simply because it has become customary in recent months for a coin that forges a blockchain to prefix his name with the name of the piece being forked. This practice has become a widely understood convention. We are in no way associated or affiliated with Charlie Lee or the Litecoin team; we are big fans though.

Crypto community joins the choir

Lee was not the only member of the crypto community to denounce the phylum.

Cypherpunk Jameson Lopp took on Twitter, with a nasty post that seemed to make fun of Roger Ver and his take on Bitcoin Cash followed by a tweet highlighting the absurd number of forks 'Bitcoin' trying to take advantage name:

Litecoin Cash is the real Litecoin that follows @ SatoshiLite Vision https: //t.co/qzzBIamwnD

* ducks * pic.twitter.com/BgDGXXNrRO – Jameson Lopp (@lopp) February 14, 2018

Another Twitter user warned of a general scam – highlighting the fact that Litecoin developers have no affiliation with the form:

I will say it once. $ LTC has NO hard fork. @Satoshi Lite also said that Litecoin Cash is a scam. Do not Buy $ LCC – Queen Litecoin [ŁTC] (@CryptosQueen) February 10, 2018

Brian Haggerty pointed out that Litecoin Cash does not even have a white paper, and urged the people to protect their private wallet keys Litecoin:

#litecoincash does not have any white paper. And DO NOT, repeat. Do not give your private keys to any site to receive Litecoincash split pieces! All this seems very absurd! #Litecoin is good in itself. Be very careful, people! – Brian Haggerty (@BHSpeaks) February 12, 2018

A fork for miners – so-called

One of the most interesting facets of the Litecoin Cash fork is perhaps its planned support of inherited mining equipment. The creators of Litecoin Cash seem to be interested in creating a new cryptocurrency allowing owners of older Bitcoin machines to reuse their hardware.

The mining difficulty of Litecoin Cash would be governed by DarkGravity V3's Evan Duffield Dash algorithm while claiming new blocks will be created every 2.5 minutes – "four times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin. "

While some Litecoin holders will be more than happy They must be aware that their Litecoin must be in a real Litecoin office wallet, not just an exchange.

Although Bitcoin Cash has garnered support for trading around the world – it seems It's unlikely that big trade is playing ball with this pitchfork. The mere fact that the founder of Litecoin denounced the piece could prevent most of them going in that direction.