Litecoin Cash is a fork of Litecoin, that began a few days back at Litecoin block 1371111. They will revert to SHA256 for their PoW algorithm in order to make their blockchain more appealing to the miners using those ASICs.
To existing Litecoin hodlers they’re offering 10 of the new token Litecoin Cash (LCC) for each Litecoin (LTC) held at that time – whether you agree with this change of consensus mechanism or not.
If you have a Litecoin when block 1371111 is published, you can claim 10 free LCC tokens, currently worth who knows. Imagine two chains sharing the same history in which you have 1 Litecoin at that address, but in the new blockchain it’s become 10 LCC instead. All you need to do is send the new tokens to yourself.
So for those unfamiliar with this notion, the most important point is that you need the private key corresponding to that address in order to collect the tokens. If they’re sitting on an exchange, “maybe” is about the best you can hope for – the exchange actually has the ability to collect these tokens, you don’t. It’s easy to do this, but also important to do the steps in the right order so don’t get careless.
Step 1: Were your Litecoins at an elligible address?
As mentioned earlier, if your LTC was at an address belonging to an exchange, this is the only step you’ll take. It is simply to contact the exchange and ask them if you’ll be able to get these free tokens. Otherwise try pasting your address into the form on the Litecoin Cash website to verify.
If your LTC was stored in an online wallet, use extreme caution, and follow steps closely! If your LTC was stored on wallet software running on a device you have control of, congratulations, this will be easy.
Step 2: Wait – Move the Litecoins First!
The LTC must be moved from its address before claiming your LCC to avoid theft. To avoid burning this address would have required you moving the tokens before the fork. It’s too late now. If you posted this address asking for donations you’ll want to change that ASAP. Never, ever use an addresss again after exposing the private key. For the same reason hospital staffs wash their hands a lot, this is a core basic cryptocurrency security best practise.
Never, ever use an addresss again after exposing the private key.
So hopefully you move these coins first, before the private key is exposed to who knows? New addresses are cheap, so take a moment and label that old one, or destroy that paper wallet, or do whatever you can in your situation to make sure it will not get reused.
While we’re straying briefly off-topic let’s point another core cryptocurrency security practise: never move tokens to any online storage, except for purposes of trading. They’re often acquired online – in some exchange for example, but should not remain there.
Never move tokens from offline storage to online storage,
except for purposes of trading.
I moved my Litecoins to a core wallet because I did not want to use an address on a hardware wallet. Paper wallet would have actually been less work 🙂
Step 3: Get the Private Key
First of all, if you didn’t already move your Litecoins away to a new address, either go back and read more carefully or just give the Litecoins away proactively to charity instead eh?
By the way, online wallets are discouraged for important reasons. You can get the private key for example, but only by transmitting it across the network from the server to your machine, so there’s an inherent risk of Man-in-the-middle attack (MITM) compromising the communication and stealing your money.
But you should never export a private key on a connected device if possible, especially on a web server right? Spoiler alert read on for how it’s used to get free money but yeah never.
If the old Litecoin address was a paper wallet, you’re a zen master and you already have the private key. If you’re using a core wallet like I did, simply go to the console and use this command, substituting the public address where you moved your coins from):
If you had your tokens on an exchange that supports the LCC fork, you will automatically have LCC in your account. Supported exchanges are listed on the Litecoin Cash website – currently as I write this it is YoBit, Mercadox, TradeSatoshi, MeanXtrade. If that’s you, shame on you – didn’t you read above where I advised to never keep tokens in an exchange?
If that’s NOT you, your LTC tokens were at a now-unused address at block 1371111. Get the private key. If your LTC were online somewhere, contact that place as to how you can proceed.
Step 4: Claim your *free* Litecoin Cash
Download the Litecoin Cash core wallet and import the private key. Everything so far led up to this point. Go to the official Litecoin Cash website, https://litecoinca.sh, verify the digital certificate to be sure you’re in the right place, then download the wallet.
It should be noted that wherever people are going to get money, theives will be trying to steer victims to fake sites and steal it. So don’t just check that cert, verify the checksum for that downloaded wallet.
Download the blockchain. You had to use the big clunky reference client right? Geez. (Pro tip: you can DL the bootstrap zip file to save time, look on their website.)
13GB later, look in the menu under
File -> Import Private Key and do that.
That’s it, you’ve got Litecoin Cash. The wallet will scan to see if this address had Litecoins at block 1371111, and will send 10 LCC to a Litecoin Cash address in your wallet. It’ll show up in your balance, in other words.
If not, try running the wallet software again, with
--reindex --rescan it’s just a matter of the wallet finding it, you’ve already got it regardless so no need to worry.
So I hope you got your lambo, here’s what successful claiming of Litecoin Cash looks like: