Like Bitcoin before it, Litecoin will see a hard fork from its blockchain, creating Litecoin Cash - a SHA256 Litecoin alternative. The opportunity for free coins for Litecoin holders has sparked a surge in Litecoin’s price, increasing as much as 32% in light of the news. Simply put, cryptocurrency investors are buying up Litecoin in order to get free Litecoin Cash.
Claiming your Litecoin Cash is easy, but there are a few important steps that cannot be missed.
Step 1: Ensure that you own Litecoin before the fork. The fork is expected when block 1371111 is completed. At the time of this writing, there are 1248 blocks remaining, putting the fork on track to occur on Sunday, February 18th at 21:15:36.
Step 2: Before the fork occurs, move your Litecoin to a temporary wallet. Claiming Litecoin requires you to import your LTC wallet private key into the Litecoin Cash wallet. Since you are giving a third-party your private keys, you should consider this wallet compromised, so you do not want to use your main wallet for this.
Step 3: Wait for the fork to occur. You can see a countdown clock here, but it should happen sometime on Sunday, February 18th as mentioned above.
Step 4: Empty the temporary wallet, sending your LTC to your main personal wallet, an exchange, etc. We recommend cold storage via the Ledger S Nano.
Step 5: Visit https://litecoinca.sh/ and use the private key from the now-empty temporary wallet to claim your LCC.
Note: It is important you do not use the old temporary wallet, as a third-party will have access to the private key.
Litecoin holders will receive 10 Litecoin Cash for each full Litecoin they own.
Once you have your LCC, plan on holding onto them for a while, as it will take some time before LCC is listed on exchanges for you to sell or trade them. Bitcoin Cash, a fork of Bitcoin, is currently valued at $1519 at the time of this writing. While LCC is not expected to reach the same valuation as Bitcoin Cash, it is worth noting that Bitcoin owners received BCH for free also - so it is worth the extra effort to take these steps and claim your LCC.