Litecoin Creator Says the Upcoming Fork Named ‘Litecoin Cash’ is a Potential Scam

Source : Litecoin Creator Says the Upcoming Fork Named ‘Litecoin Cash’ is a Potential Scam
Speaking of cryptocurrency, the first thing that comes to mind is Bitcoin, digital currency number one. and are popular as well. But just a few people will give a definite answer to the question about what is.
(LTC) is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. features faster transaction confirmation times and improved storage efficiency than the leading math-based currency.
, which was designed to be less energy intensive than bitcoin, saw an astronomical rise in 2017. After a recent fall, started recovering. According to the data from , its current price is $193,19, which means that the price has risen by 24,59% within 24 hours.
Recently, news about launching fork appeared. However, founder and former director of engineering at , posted a tweet where he warned that any fork of was a swindlers’ trick.
PSA: The team and I are not forking . Any forks that you hear about is a scam trying to confuse you to think it’s related to . Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there!
[LTC] (@SatoshiLite) February 4, 2018

Cash that is expected to come soon and be sold as a faster version of . It’s not known who operates Cash, but it is clear that they hide behind the Cash Foundation promises that  holders will receive 10 tokens of cash for every one they own.
Lee considers it dangerous and warns to stay away from Cash right now. “” in its name doesn’t make it a legit endeavor, so Cash should be handled with care.
On Tuesday, LitePay, Inc. announced a launch date for its purportedly instantaneous Litecoin payment infrastructure.
We started because the people asked @ to accept LTC. They wouldn’t, so we took the challenge. Infrastructure for LTC February 26 #PayWithLitecoin #LitePay
— LitePay, Inc. (@LitePayInc) February 13, 2018

The launch of the LitePay system is expected to cause a massive surge in the value of LiteCoin. LitePay claims to allow businesses the ability to easily accept Litecoin payments, as well as official Litecoin debit cards powered by , thus making cryptocurrency transactions with “digital silver” instantaneous and easier than ever before.
LitePay will instantly settle payments directly with the vendor’s bank, dealing with rate conversion and transfers immediately at the point of sale.
With transaction fees of 1% for each transaction made through LitePay, the new system will compare favourably with standard fees for credit card payments which tend to be around 3%, and ’s flat rate of $5.00 per transaction.
It’s a beneficial situation for both vendors and customers, as the new system will provide an alternate revenue stream secured by the blockchain and the payment processing software for the former, and greater opportunity of choice in terms of cryptocoin liquidity for the latter.
According to Palwasha Saaim, a Research Analyst at Lombardi Financial, LitePay, if successful, will truly be a “game changer.”
The post Litecoin Creator Says the Upcoming Fork Named ‘Litecoin Cash’ is a Potential Scam appeared first on CoinSpeaker.

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