Keeping It Casual With Litecoin Cash
Most people are familiar with Bitcoin Cash, a crypto currency created from a fork of Bitcoin in 2017. Since Bitcoin had become more of an investment currency, Bitcoin Cash—with its faster processing time—was created to function as a transactional currency. The well known coin is listed on prominent exchanges like Coinbase and trades at fairly high volumes.
What some people may not be aware of is that there is also a Litecoin Cash, which was created from a fork in the Litecoin blockchain and has been around since December 2017. Though it has flown mostly under the radar, Litecoin Cash (LCC) has been diligently chugging along, hitting the marks on its roadmap. At first glance, one might expect Litecoin Cash to be merely a cheap imitation of Litecoin, simply looking to capitalize on the name for a quick buck. A closer look however, reveals that Litecoin Cash is surprisingly innovative.
The developers have pioneered a fascinating mining system they refer to as “Hive mining.” It’s too complex to explain here in detail, but basically it involves the usage of “worker bees,” which act as mining agents within the blockchain itself. These mining bees are created through “special agent creation transactions” by LCC holders. No expensive hardware is required. Virtually any LCC holder can participate in this mining system and thus become a “beekeeper” of the chain. There are other purported benefits to hive mining, such as that it offers protection from 51% attacks. It also serves as a coin burning mechanism, which (theoretically) should have a positive impact on the coin’s long term value.
So, clearly Litecoin Cash isn’t just a generic “me too” coin. No one would have gone through all the trouble of developing these creative and elaborate technical innovations if this wasn’t a serious project. My only concern is that the team might begin to neglect Litecoin Cash in favor of their recently launched, “Ring” coin. That would be a mistake in my opinion. Litecoin Cash still has a ton of potential. You have to figure, if Bitcoin Cash trades at 1/50th of the price of Bitcoin, then it’s entirely possible for LCC to be trading around $1, which would be roughly 1/50th of the current price of Litecoin (and much higher than the price Litecoin Cash currently sits at).
Like Bitcoin before it, Litecoin has become more of an investment coin to hold. I personally do not like to part with any of my precious Litecoins. Therefore, Litecoin Cash’s intrinsic appeal lies in its ability to serve as a companion coin to LTC, as something people are willing to spend and throw around a little bit more casually.
Setting aside any price speculation and speaking broadly, what would it take to improve the overall visibility and position of Litecoin Cash in the crypto world? I have a couple of suggestions:
A. Improve transaction speed. I’m told developers are actively working on this. At certain times of the day, I’ve noticed the network can be kind of slow. It’s not “turtle crossing the road” slow or anything, but let’s face it, “cash” should be lean, dynamic and quick.
B. Use cases. This one is true of almost any altcoin of course. Right now, the main use case listed the Litecoin Cash website is that they’re “working with The American College of Academic International Medicine to investigate medical uses for blockchain technology.” That is actually pretty impressive, but I would like to see something more tangible, like some iOS payment apps, a social media site partnership. What they’ve done with Tipsy.Rocks is an excellent start, and I wish they would let more people know about it.
C. A little bit more marketing. Their twitter account isn’t updated very often, and there could be more of an effort made to inform the wider crypto world of positive developments and important news relating to this coin. For example, I’m an active participant in the LCC community, and I was completely unaware that Litecoin Cash was listed on the non-custodial exchange platform, Instaswap. These are things people need to know. Also, some of my longtime crypto trading friends had never even heard of Litecoin Cash when I brought it up to them. The silver lining to this is that it means a lot of people out there just haven’t heard of LCC yet. That’s better than if they had known about it and simply weren’t interested. There are plenty of people out there to get the word out to, just waiting to be reached.
I can’t predict precisely what the future holds for Litecoin Cash, but I will say that I think it is both undervalued and much more interesting than I initially expected. The coin has already lasted for three years and is still active. Whether or not the Litecoin Cash survives or increases in value will be determined by forces and events entirely outside my control. As always, do your own research. This is one of those “underdog” coins that’s make or break. The best kept secret about it, is that it has one of the better altcoin communities on Discord. They even host a Saturday Night Hive “virtual dance party,” where you can hang out and earn prizes. I can tell you first hand that they are fairly generous with the tipbot compared to other chatrooms I’ve been in. I don’t plan on holding too much of this cryptocurrency, but I like to keep a clip of Litecoin Cash on hand, cause you never know when it might prove worthwhile.
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