Litecoin Creator Says the Upcoming Fork Named ‘Litecoin Cash’ is a Scam

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by Darya Rudz · 3 min read
Litecoin Creator Says the Upcoming Fork Named ‘Litecoin Cash’ is a Scam
Charlie Lee on the left in the photo

Litecoin Cash, expected to increase the “block speed” of processing transactions, is considered by Charlie Lee a scam. He warns investors and asks to handle Litecoin Cash carefully.

Speaking of cryptocurrency, the first thing that comes to mind is Bitcoin, digital currency number one. Ethereum and Ripple are popular as well. But just a few people will give a definite answer to the question about what Litecoin is.

Litecoin (LTC) is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is an open source, global payment network that is fully decentralized, which means it has no central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading currencies.

Litecoin, which was designed to be less energy intensive than bitcoin, saw an astronomical rise in 2017. After a recent fall, Litecoin started recovering. According to the data from CoinMarketCap, its current price is $193,19, which means that the price has risen by 24,59% within 24 hours.

Recently, news about launching Litecoin fork appeared. However, Charlie Lee, Litecoin founder and former director of engineering at Coinbase, posted a tweet, where he warned that any fork of litecoin was a swindlers’ trick.

It’s unknown who operates Litecoin Cash, which is expected to come soon and be sold as a faster version of Litecoin, however it is clear that they hide behind the Litecoin Cash Foundation, which promises that each Litecoin holder will receive 10 tokens of litecoin cash for every litecoin they own.

Lee considers it dangerous and warns to stay away from Litecoin Cash right now. “Litecoin” in its name doesn’t make it a legit endeavor, so Litecoin Cash should be handled with care.

On Tuesday, LitePay, Inc. announced a launch date for its purportedly instantaneous Litecoin payment infrastructure.

The launch of the LitePay system is expected to cause a massive surge in the value of LiteCoin. LitePay claims to enable businesses to easily accept Litecoin payments, as well as official Litecoin debit cards powered by VISA, thus making cryptocurrency transactions with “digital silver” instantaneous and easier than ever before.

LitePay will instantly settle payments directly with the vendor’s bank, dealing with rate conversion and transfers immediately at the point of sale.

With transaction fees of 1% for each transaction made through LitePay, the new system will compare favourably with standard fees for credit card payments which tend to be around 3%, and BitPay’s flat rate of $5.00 per transaction.

It’s a beneficial solution for both vendors and customers, as the new system will provide an alternate revenue stream secured by the blockchain and the payment processing software for the former, and greater opportunity of choice in terms of cryptocoin liquidity for the latter.

According to Palwasha Saaim, a Research Analyst at Lombardi Financial, LitePay, if successful, will truly be a “game changer.”

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