Well folks, it happened and was a success!
Anyone holding Litecoin when block 1371111 happened got awarded 10x the holdings in LCC!
I just checked and sure enough we have our 40 new coins!
The price index came out at approximately 1.42$ USD and has since climbed as high as 9.56$ today!
So what's the major difference between Litecoin and its new fork the Litecoin Cash??
Some people just thought it was a scam or copy cat of when Bitcoin forked with Bitcoin Cash, but it is not. They just hijacked the name as a customary measure.
If you understand how mining works, you'd know that bitcoin, being a sha256 algorithm coin has had many updates to mining hardware to keep up with the flow of traffic happening. This obsoleted the old mining hardware and made it nearly worthless. Well, anyone who still has those older devices can now start mining Litecoin cash again because it is much less difficulty and is new and allowing those devices to be profitable again!
Another major difference is the block timing. I believe the original Litecoin structure has 10 minute block times meaning that a new block is achieved every 10 minutes awarding the miner at that time.
The new LCC has brought that down to 2.5 minutes creating much more profitability to the miners. As well, fees are 1 10th of a Litecoin transaction, and faster.
We have yet to see how well this new crypto is adopted and received by the masses, but it was no joke, scam or what have you.
All I can say is we made about 300$ while I slept last night and it feels good to actually make something happen after that long drone of low rates.
This was a huge learning point for myself as I had never partaken in a fork situation before and now I fully understand how it works.
Anyways, I hope you could have some Litecoin and get your new Litecoin cash!
If you have any questions on how to claim your LCC if you have some, feel free to comment on here and I'll be sure to point you in the right direction!
Cheers,
Chris