Litecoin is sliding after its first competing fork is announced

markets.businessinsider.com | 2/13/2018 | Staff
rubydrummer (Posted by) Level 3
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Litecoin is falling after its first hard fork was announced. It will occur next week.

Litecoin cash is not affiliated with litecoin in anyway, and litecoin founder Charlie Lee has warned it could be a scam.

Litecoin - % - Tuesday - Morning - Cryptocurrency

Litecoin is down 2.2% Tuesday morning after the cryptocurrency’s first hard fork, Litecoin Cash, was announced.

Litecoin holders will receive 10 tokens of litecoin cash for every one litecoin they own, the newly minted Litecoin Cash foundation said Monday.

Goal - Currency - Block - Speed - Network

The goal of the new currency is to increase the “block speed” at which the network can process transactions. The foundation says litecoin cash has a goal block time of 2.5 minutes — faster than litecoin. Like bitcoin and most other major cryptocurrencies, but unlike the existing Litecoin network, litecoin cash will use the more energy intensive, but potentially more secure, proof-of-work mining method.

The fork will occur precisely at block 1371111. The Litecoin network is currently on block 1368028 at the time of writing, according to BlockCypher. The fork is expected to occur sometime around 9 p.m. ET on Monday, February 19.

Litecoin

Litecoin, which was...
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