Litecoin Cash Struggles To Increase In Value Amid Various Warnings

Litecoin Cash has been unable to get back to its original value in recent time. The currency had been trading at around $5 in mid-February. However, the currency has declined in value to where it has lost more than 90 percent of its value. This comes as the currency has been subjected to controversy over how well the fork that produced it is working while the people behind the original Litecoin have not been all that positive about how the currency is working.

Litecoin Cash has recently been trading at 50 cents. The coin was trading at closer to $3 at the start of March, but the trading volume for the currency has tapered off while the currency has been steady following a significant trade-off. There are no signs at the moment of Litecoin Cash possibly moving up in value.

Coin Market Cap does not even list any actual information on what the specific market cap for the currency is. The site does say that about 560 million coins have been produced and that there is a maximum supply of 840 million coins. Details on how many of those coins are actually in circulation have not been released either, thus leading to concerns as to whether or not the currency is actually legitimate or if it is just riding off of the popularity of the Litecoin.

What Is Litecoin Cash?

Litecoin Cash was formed on February 18 off of a hard fork on the Litecoin network. People who participated in the fork would get ten Litecoin Cash coins for each Litecoin coin that one has. Those who did not participate in the fork would still have their original coins to work with.

The SHA256 mining hash system is used in the Litecoin Cash chain. This is an older mining option that has been deemed obsolete as many newer and more efficient mining options have been made available to the public.

Litecoin Cash is also faster for people to mine and produce than the regular Litecoin. The size of the blockchain on Litecoin Cash is also much smaller in size, thus ensuring people can get their mining functions managed with less power required at a time.

Is It a Scam?

The most important concern surrounding Litecoin Cash is that it might be a scam depending on what some might feel a scam is. Charlie Lee, the creator of the original Litecoin, said on Twitter that the people behind Litecoin Cash are trying to ride off of the Litecoin name to make this currency attractive. This includes the people trying to duplicate the success that came off of a hard fork experienced by Bitcoin that led to the production of Bitcoin Cash. Lee argues that the fork was not something that the people behind the Litecoin had actually planned on offering.

Lee states that while Litecoin is moving forward, there are no plans for Litecoin to split or get into an official fork. Also, the people behind Litecoin Cash have stated that they are not affiliated with anyone involved with the Litecoin.

 

Advertisement

Click To Join Our Community Telegram Group