What is Litecoin Cash (LCC)?
Litecoin Cash (LCC) Overview
Litecoin was created in 2011 as a fork of Bitcoin, whose programming code served as the basis. The cryptocurrency community compares Litecoin to silver, created as an alternative to 'gold,' read Bitcoin.
In 2018 a fork separated from Litecoin. Like Bitcoin Cash, it was called LiteCoin Cash (LCC). Its creators set ambitious goals. They managed to create a sufficiently flexible code that can be improved. They aimed at the practical application of the currency. The main principles were ease of use, high speed, and throughput of all transactions. Litecoin Cash works with Bitcoin's SHA256 algorithm rather than the Litecoin Scrypt like Litecoin.
The main problem with cryptos is low security. Perhaps the cryptocurrency world would grow faster if it could prevent the likelihood of potential attacks from hackers. Thus, LCC developments have set the goal of leveling out the security problem.
This article will explain how and for what purpose Litecoin Cash appeared, where to buy Litecoin cash, and how to store it.
How Does it Work?
LCC developers decided to take the best of existing cryptocurrencies (like Bitcoin) and create the perfect coin.
The decision to split the coin in a 10 to 1 ratio was made to simplify the math when dealing with LCC. For 1 LTC, you can get 10 LCC. When compared to bitcoin, you often have to work in fractions of bitcoin for any transaction.
Overall, it is not a big disadvantage for those working with cryptocurrency for a long time and understand bitcoin in particular. However, the easier it is to work with cryptocurrency, the greater its chances of becoming popular among users. The Bitcoin model is not always practical and has some disadvantages. The developers made the coin more democratic in storage and circulation. A $1 coin is easier to handle than a $100.
Litecoin Cash operates on its blockchain and combines the advantages of popular cryptos.
Here are just some of the main pros of LCC:
- Low commissions, better complexity regulation.
- Greater throughput capacity.
- Segwit support.
Considering that a large market capitalization does not bind the creators of LCC, they use the working base of LTC and improve the code freely. That is the main advantage of LCC.
What is LCC
Litecoin Cash is a brainchild of the ltc hard fork. A fork happens when developers take a snapshot of existing code from an established cryptocurrency for other purposes. Litecoin Cash took Litecoin as its basis. After that, development stems from their ideas. It produces a new currency that moves in a new direction with different goals. It seems simple, doesn't it?
Litecoin Cash uses a fairly new Dark Gravity Wave complexity tuning algorithm that allows it to respond quickly to the influx and outflow of miners. According to the developers, Litecoi Cash has already become more progressive than other cryptocurrencies with the SHA256 algorithm. The reason is that, for example, Bitcoin Cash takes up to 10 minutes to create new blocks. On the other hand, Litecoin Cash needs only two and a half minutes. Thus, it was possible to make the speed of transactions faster. So, the creators of the LCC eliminated one of the disadvantages of cryptocurrencies, namely the long time of transactions.
One of the advanced features of Litecoin Cash, according to its creators, is mining: if the Litecoin network has Scrypt function, in Litecoin Cash, it is Proof-of-Work, the SHA256 algorithm is responsible for the security of the latter. This will prolong the life of obsolete bitcoin mining equipment.
What about coin name? The official website of Litecoin Cash states:
“We choose the Litecoin Cash name because it has become relevant in past months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. Such deal has become a widely understood convention. We're not associated or affiliated with Charlie Lee; we are just big fans”.
As for the LCC development team, there is very little information about them online, and half of the team chose not to disclose their identity. Instead, the developers provided the cryptocurrency community with several videos and chat interviews via social networks.
Why The Litecoin Cash Fork?
The practice of creating a fork based on an existing cryptocurrency is not new. It is done to improve the existing coin and bring new advantages to it. The developers of LCC initially set a good goal to eliminate the main disadvantages of the cryptocurrency when they created ltc hard fork. So why is the Litecoin Cash Fork example successful?
Let's look at the main reasons.
- the coin uses a secure and proven SHA-256 algorithm;
- it protects from hacker attacks through a combination of PoW/Hive;
- another advantage is the presence of double transaction bandwidth throughalternating blocks of PoW/Hive;
- its "democratic" nature, not least because of the ten times the LTC coins stock;
- low market capitalization with a strong future outlook opens up space for LCC'sfurther growth.
Coin Supply & Sustainability
Litecoin is limited to 840 million as a result of the 10-to-1 exchange during a fork. There are 576 million coins on market — about 69% of the total.
LCC states that they initially mined less than 1% of the total. Pre-mining, some amount of coins at IFO is necessary to pay workers and coin development costs.
A major problem in the cryptocurrency world, besides security, is tracking the use of funds that have been donated to provide resources for the development team. It is a big mystery whether the team will dump all their coins on the market in exchange for more valuable coins. Until robust management systems are in place for cryptocurrencies in general, it is hard to know the sustainability of LCC.
Where Can You Buy Litecoin Cash?
Do you want to buy LCC? Well, then the first thing to do is to set up a Litecoin Cash wallet. After purchase, this is where your coins will be stored by default. The same wallet will be used if you want to sell an LCC coin. This way, the currency will be transferred to the exchange or seller in case of purchase.
On the Litecoin cash foundation platform, the team recommends several wallets to work with Windows, MAC OSX, Linux.
Litecoin Cash is currently available on YObit. As demand for the coin grows, now you can purchase Litecoin Cash at the following places:
- Trade Satoshi
You can also buy a coin on other exchanges that were not included in our list. However, there will not be such favorable conditions. The coin's official website indicates that the developers of LCC have applied for inclusion in Binance, which, if successful, should increase the volume of Litecoin Cash. Nevertheless, the developers of the coin are also considering the option of listing on world-known exchanges.
As soon as you downloaded the wallet on your desktop, you need to run the executable file. Next, just follow the simple instructions for setting up. After correctly setting up a digital wallet, you can buy LCC coins for U.S. dollars.
Where Can You Store it?
If you need to use an official Litecoin cash wallet to buy or sell LCC, you can use any secure solution you like for storage. It can be a hardware wallet or a web or mobile wallet. We don't recommend storing your coins on the exchange where you purchased them. Exchanges have a disadvantage — they can be hacked. Too many cases of currency theft from users make you look for alternative ways to store your coins.
You should be careful when choosing a wallet. Keep in mind that those wallets that were developed by the cryptocurrency team have priority in use. That's why we strongly recommend storing your LCC on official wallets, which are recommended on the LCC website. Among them: Coinomi, Xeeda.
Coinomi is a convenient, free, and secure wallet for mobile devices. It is an HD multi-coin, multi-asset wallet with an accessible source code for bitcoin-altcoins and tokens. For Windows, LCC developers recommend QT Wallet for Windows and MAC OSX.
Make sure that the wallet you choose to store your coins uses private keys and private key encryption. In addition, it is very important to remember to back up your keys regularly to void losing the coins you have in your wallet. Remember, losing your wallet will cause you to lose all of your coins. You will not be able to recover your savings in any other way.
Is LLC worth it?
Litecoin Cash has become an interesting innovation in the crypto-market. With the help of this coin, the creators have tried to sort out all the major problems associated with crypto- world. These include security, speed of deals, and high commissions. LCC is a vivid example of how good ideas can be implemented based on already existing ones. The level of competition in the market is growing every day, so developers will have to innovate to keep a high position. It is the only way to bring new benefits to the owners of these coins.
LCC creators tried to take advantages from main cryptos and create the perfect coin. Anyway, there is still work to be done. But it is already clear that the creation of the perfect cryptocurrency is coming. Perhaps in some time, you and I will see LCC will be the new bitcoin. But, likewise, there is a chance that the currency will not be as successful, so that it is at its highest point right now.
Either way, you can keep the LCC you receive in a safe wallet. After all, if the coin goes up in value, it will be unpleasant to lose it. Alligt0r can help you to exchange LCC easily! It is one of the fastest exchange services ever – order execution time varies to 30 minutes.