Litecoin prices jumped more than 21% Wednesday to top $200 per coin ahead of a controversial Litecoin hard fork scheduled for Feb. 18, 2018.
The hard fork will create a spin-off coin called "Litecoin Cash."
The Litecoin Cash development team is claiming it will create a faster, more efficient blockchain that reduces transaction costs.
Still, there is substantial disagreement over the necessity of a hard fork for Litecoin…
In fact, one prominent leader in the Litecoin community has called any fork of LTC a scam.
Let's take a deeper look into the Litecoin hard fork to determine what Money Morning need to know…
How Will the Litecoin Cash Hard Fork Work?
The upcoming fork is promising Litecoin holders at block 1,371,111 a bounty of "Litecoin Cash" during the hard fork.
Owners of LTC will receive 10 LCC for every LTC coin they own, according to the group behind the fork.
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The team behind Litecoin Cash argues that it is providing several improvements to Litecoin's functionality.
The team says its new algorithm, DarkGravity, will alter the mining difficulty of each new block on the blockchain.
Litecoin Cash is also aiming to have faster transaction speeds and lower transaction fees than Litecoin.
But this still isn't sitting well in the Litecoin community…