Home » genesis mining promo code » Litecoin&rsquo,s creator, Charlie Lee, has already warned that hard forks of his cryptocurrency could be scams looking to benefit from its name.

Litecoin&rsquo,s creator, Charlie Lee, has already warned that hard forks of his cryptocurrency could be scams looking to benefit from its name.

Litecoin&rsquo,s creator, Charlie Lee, has already warned that hard forks of his cryptocurrency could be scams looking to benefit from its name.

Litecoin soared more than 30% on Wednesday morning, leading a bullish charge from the world&rsquo,s top cryptocurrencies that has seen the market add almost $40 billion te total capitalization overheen the past day alone.

According to CoinMarketCap.com, each of the top Ten largest cryptocurrencies by way of market cap have gained within the last 24 hours. Ter addition to Litecoin&rsquo,s superior surge, bitcoin has moved almost 7% higher, Ethereum has added almost 5%, and Ripple has climbed harshly Three.5%.

Litecoin is leading the charge thanks to the announcement of the crypto&rsquo,s first-ever &ldquo,hard fork.&rdquo, A hard fork ter the cryptocurrency world refers to a switch ter the rules of the blockchain infrastructure that is not recognized spil valid by the older software. Hard forks are similar to stock splits ter that they are designed, ter part, to alleviate barriers to entry for fresh users.

Once Litecoin hits block 1371111&mdash,which is expected to toebijten this Sunday afternoon&mdash,the newly-minted Litecoin Specie Foundation will initiate its split from the existing Litecoin blockchain. Those holding Litecoin at the time will automatically receive Ten fresh Litecoin Specie tokens for every one Litecoin they own.

The foundation said that its purpose for the fork is to increase the &ldquo,block speed&rdquo, at which the network can process transactions. Litecoin Contant will use the &ldquo,proof-of-work&rdquo, mining method, which tends to be more energy intensive. Proof-of-work proponents argue that this method is more secure than what is presently used ter the existing Litecoin network.

Ter a press release announcing the fork, the Litecoin Contant Foundation also boasted that this mining method will open the ingevolge for miners with outdated hardware to participate ter the network.

&ldquo,This permits an extension of life for older Bitcoin mining hardware, which is no longer powerful enough to mine Bitcoin, the lower anticipated difficulty of mining Litecoin Contant will waterput such legacy hardware to effective use,&rdquo, the foundation wrote.

The Litecoin Contant fork goes after ter the footsteps of several bitcoin forks, including Bitcoin Specie and Bitcoin Gold. Thesis forks were also implemented to slick transactions and manage fees, and albeit some critics consider them scams, altcoin investors have bot quick to leap te. Shortly after its launch te August, Bitcoin Contant became the fourth-largest cryptocurrency te terms of market cap.

But investors should recall that Litecoin Contant is not affiliated with the original Litecoin blockchain te any way. Litecoin&rsquo,s creator, Charlie Lee, has already warned that hard forks of his cryptocurrency could be scams looking to benefit from its name.

&ldquo,The Litecoin team and I are not forking Litecoin,&rdquo, Lee tweeted. &ldquo,Don&rsquo,t fall for it and certainly don&rsquo,t inject your private keys or seed into their webstek or client. Be careful out there!&rdquo,

Still, the Litecoin Metselspecie Foundation attempted to ensure traders that it wasgoed simply attempting to solve common problems with the network, not scam users.

&ldquo,While this [naming] convention isn’t ideal, it will be instantly understood by most hearing the name that Litecoin Specie is a hard fork of Litecoin,&rdquo, the foundation&rsquo,s Michael Wyszynski told Business Insider.

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The most popular cryptocurrency skyrocketed last year, providing some investors the chance to canap 20X comebacks or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more Three times ter 2018.

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