Some time ago, Litecoin announced that there would be a release of another cryptocurrency. This new cryptocurrency is called Litecoin Cash (LCC). It is designed to run on a different hashing algorithm that Litecoin operates on. It is a unique fork of Litecoin which uses the SHA256 algorithm. Although this cryptocurrency is new, it does not put an end to Litecoin. Rather, 10 Litecoin Cash will be automatically credited to those who possess Litecoin for every Litecoin they own. This is definitely a head start for investors.
What you should know about Litecoin Cash
An outstanding feature of Litecoin Cash is that it uses the SHA256 hashing algorithm for mining rather than the regular Script algorithm. SHA-256 ranks one of the best hash functions created. In addition, it is very simple to code when compared to other hashing algorithms. After series of tests, the SHA256 algorithm has not been compromised maybe owing to its 256-bit key. This makes the Litecoin Cash fully secure.
Although some other cryptocurrencies make use of the SHA256 hashing algorithm for mining, Litecoin Cash is unique. There is faster transaction confirmation because it utilizes 2.5 minutes block time, unlike other cryptocurrencies that run on a 10 minute block time.
What to Know About This Litecoin Fork
Hard forks have been used extensively by almost all cryptocurrency platforms but users can now have a unique and totally new method of forking on the Litecoin Cash platform. Expertise advise is given on this platform to educate users on how to fork properly. Privacy is an utmost priority. Private keys should never be written on any forum or blog for the purpose of claiming any forked Coin. Litecoin has to be moved into a new address after forking before claiming the new Litecoin Cash.
Steps to Claim Litecoin Cash
To claim Litecoin Cash is easy. Users should always remember that private keys are not intended for the public. Responsible forking means that users :
- Patiently wait for the fork
- Move their Litecoin into an address that is new.
- And use the old private key to claim their Litecoin Cash.
Advantages of Litecoin Cash
As a peer-to-peer electronic cash, Litecoin Cash is generally accepted worldwide. This is because Litecoin Cash offers so many benefits to both Merchants and users who want only the best of services. Litecoin Cash seeks to become the best electronic cash because it is:
- Very fast: Your transactions are done in a matter of seconds. You do not have to worry about any delay in a transaction that usually arises when you use other cryptocurrencies.
- Simple and less complicated: As a result of running on the SHA256 hashing algorithm, users find it easy to navigate and compute operations on Litecoin Cash. There are no hassles or complex tasks encountered. This makes it easy for novice to use.
- Reliable and very stable: The great stability in Litecoin Cash means that the value never depreciates. Users do not have to worry about any loss in the future. There are no congestions that would affect the running of this cryptocurrency.
- Low fees and taxes: No hidden charges are encountered after transactions using the Litecoin Cash. Miners are free to maximize profits with no tax cut from their income. Users gain access to unprecedented growth and other decentralized developments embedded in this cryptocurrency.