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…
Charlie Lee Says Litecoin Hard Forks Are Scams
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.