LTC Hodlers: How to claim your free Litecoin Cash

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.
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Why did Litecoin double in value this week?

LitecoinLitecoin has shot up in value this week, up 50% due to a series of factors that are all bullish for Charlie Lee’s blockchain. The primary reason in my mind was the announcement of Litepay, a new payment processor to be launched Feb 26. Litepay is modeled after Bitpay, but obviously using Litecoin instead of Bitcoin.

Litepay plans to offer a variety of services including taking LTC payment in fiat. There is also a VISA-powered debit card planned, rumored to be offering 1% fees, so this actually seems a bit more ambitious. But this certainly wasn’t the only factor putting upward pressure on the LTC price – there was a barrage of announcements all of which were positive.
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