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in the evening of 18 February, there should be a Litecoin Hardfork. The controversial project goes by the name “Litecoin cash” and should be split off with block 1371111 from Litecoin. How to behave in the next few days?
A few days ago, BTC ECHO already has reported: after Ethereum and Bitcoin is now also a fork of Litecoin-hard there. This is been hostility violently on the part of Charlie Lee, who spoke from a scam:
“the Litecoin team and I carry no Litecoin fork. Each fork, that claims otherwise is a scam trying to confuse you by the Litecoin Association. Not fall in and enter your private keys on a Web page or a client. Be careful!”
As shown in the linked article accusations of “Scam” are somewhat exaggerated, it finally is free every development team to change the code of an open source Kryptowährung and “forking”. The amount of Bitcoin forks makes it and showed that it has not harmed Bitcoin.
Yet one can understand the accusation of ‘Scam’ something finally let in all transparency, not completely in the cards look cash, the people behind Litecoin: the developers are just first names known to the desktop wallets first 18th 19th February appear, and the Github account is currently empty.
Whether it now is a scam or not – the own Litecoin stocks are at risk from the fork never. So you can remain calm in any case, Litecoin endangered cash Litecoin as little as the various Bitcoin of forks have done.
How do I get to Litecoin cash?
It increasingly came on the question of how to get cash in possession of Litecoin. Even if one can hope that Coinbase or a shared Exchange Litecoin stakeholders initiated a dividend of LCC tokens of Royal Road – as always – is holding the coins in your own wallet. your own wallet are those wallets that give knowledge about the private keys or through seeds, which generate the private key, the user. Here, too, the motto: “be your own bank”!
Who would like to participate or have at least a guaranteed entitlement of coins after an hard fork in the crypto revolution will not pass the private key. Litecoin on a wallet, which allows the user access to the private keys must be used at least for the time of hard forks, therefore.
Following wallets are without claim to completeness:
- of Litecoin core client is the professional solution. The Litecoin core client is the official wallet by Litecoin and the equivalent of the Bitcoin core client. Who uses this will learn certainly little new in this article. Before now people nervous to take this silver bullet: here is the whole Litecoin Blockchain to download what are after all also over 14 GB.
- Like various other Kryptowährungen can also Litecoin with a Electrum client waiting, a light wallet of which private keys from a seed, a collection of 12 words, generates.
- Various hardware wallets, all progress ledger Nano S and Trezor support the managing of Litecoin. In both cases, keys be generated as also at Electrum, the private from a seed.
- Still there are desktop wallets such as exodus and mobile wallets like Jaxx, which give the users knowledge of the private keys.
- The low-budget way to create a paper wallet exists also in Litecoin. While the drop from Litecoin for the time of the forks is simply the private key for a transaction of this must be imported into a client such as the core client or Electrum wallet. The procedure, which corresponds to when Bitcoin can be read here .
For which of the above options you choose is secondary, it is important that at the time of the hard fork, so until 18 February Litecoins one should be wallet. This is the case, you will have the tenfold amount of Litecoin cash on the cash-chain Litecoin. To however this quantity Litecoin to have cash, the private key in a Litecoin must be imported cash wallet. This does not exist yet, it is so at least a waiting period.
Of course, also strongly, in favour of the own Litecoin funds, one should consider whether cash wallet actually the private key to the own Litecoin stock should be communicated to the next Litecoin. The team behind Litecoin cash is all the criticism here very exemplary and explains a way which guarantees the security of the own Litecoins:
- Litecoin stocks in a wallet will in time before the hard fork, i.e. before February 18, temporary stored. So, by the previously used wallet A, Litecoin is transferred to the wallet B.
- There, you leave them until the fork is completed.
- After now there is the new Blockchain the own Litecoin back onto the old wallet A.
- The private key associated with wallet B is used if the Litecoin cash wallet is available.
This strategy has several advantages: first A wallet can be itself quite Coinbase, an Exchange or an other wallet, which allows no access to the private keys. Secondly, ledger Nano S and other hardware wallets but provide access to the private keys, but only about the previously generated seed. From these the private keys for which can be though in principle extracted Litecoin wallet:
Ian Coleman would – be used safety half offline – a mnemonic code converter like . In the field “BIP39 Mnemonic”, you would enter the seed, as coin LTC and derivation path 44 select. You realize that one however is a considerable effort, where when offline and temporarily, not only his Litecoin-private would divulge keys, but that of all coins on the ledger Nano included S. You can do, is however not good for the nerves.
But the main reason is that you should trust everyone access to his money. Just in case which is current hard fork little is known about the team behind Litecoin cash is known. Nobody can verify the source code behind their wallet. Who guarantees so that no one would like to have access to my Litecoin stock? So that this does not happen it is useful to use a wallet blank on the Litecoin Blockchain to the claim of the Litecoin cash holdings.
Whether you need to take control of the one to LCC funds really jump on the day after the fork should be up to each. Who wants to have them quickly should proceed as described. The Langzeithodler can behave naturally more comfortable. I personally have my Litecoin on a ledger Nano to be S and will do nothing now – because the private keys associated with my seed, also on the Litecoin will have cash void I have all the time in the world for the claiming.