Litecoin Hard Fork Coming, Here's How to Split Coins Safely
Litecoin Cash aims to bring low-difficulty SHA-256 mining, with the hope of utilizing older hardware.
The Litecoin Cash hard fork is expected at block 1371111, which should happen around February 18-19. In the tradition of picking up auspicious block numbers for forks, this one has a scientific tinge. 137 is known as Feynman's number, and according to some physicists, it may be as important as holding the keys to a Grand Unified Theory.
But on more mundane terms, Litecoin Cash is a hard fork that will give 10 coins for every Litecoin held in a wallet where you own the private key.
Do Not Get Confused!
For updates on the hard fork, follow the right Twitter account. At the moment, there is a project of the same name, which offers a LCC digital asset of an entirely different nature. We will call that the ERC-20 LCC. If someone posts a link to split Litecoins and receive the ERC-20 token, do not follow it - this is technologically impossible, and probably a scam. Do not provide private keys!
The team has also warned users about scams that require the sending of coins to "smart contracts":
Please beware of scams the one and only official twitter account is @LitecoinFork— Litecoin Cash [ LCC ] (@LitecoinFork) February 11, 2018
We will never ask you to send coins to "SmartContracts" because it is not the way fork is done.#LitecoinCash #litecoin #ltc #scam #fork
Follow These Steps!
Follow these steps to ensure you are safe from wallet theft:
- Create a brand-new wallet where you hold the private keys, whether with a wallet.dat file, or 12-word seed phrase.
- Move as much LTC as you want to that address and wait for the time of the fork to pass.
- Empty the wallet and take your LTC to an exchange or your preferred storage solution.
- Use the empty wallet's private key to claim the new coins.
- IMPORTANT: After that, do not use the old wallet, and consider it forever compromised.
Do Not Get Overly Enthusiastic
In the case of the Litecoin Cash fork, a new digital asset may be created. At this point, the Telegram community has 846 members, which is rather tiny. So expect this fork to remain niche for a while, and struggle to be accepted by exchanges.
Ahead of the fork, the Litecoin market price has seen some benefits, appreciating by 16% in the past 24 hours to climb back above $185. The next few days may see the price rise as investors buy and hold before the fork. Yet the price effect may be limited, as the fork is viewed with skepticism.