Litecoin Cash: Beware today's "free coins"

This afternoon – or maybe just a tiny bit later – Litecoin owners will be given free Litecoin Cash. It's not quite that simple, but that's the basis for the recent jolt in price of Litecoin across several exchanges. The point at which each Litecoin will be worth a certain amount of Litecoin Cash is at block height 171111 – but what's that mean?

Transactions are made with Litecoin using blockchain technology. As each trasaction is made, a new block height is reached. When this article was first written, Litecoin was recorded at block height 1369920. Once block height 171111 is reached, something magical is supposed to happen.

Apparently if you've got all your Litecoin held in a Litecoin Cash wallet, only one of which is available to download, you get some Litecoin Cash. Even IF those that are promoting Litecoin Cash mean to give blockchain-based coins to users this afternoon, the circumstances with which they've done business thus far are highly suspect.

As I wrote back on Valentine's Day, I believe Litecoin Cash is a scam. Not one single major exchange has announced support for Litecoin Cash, and the creators of this coin suggest that users will only get said coin if they use their Litecoin Cash wallet. For that reason – and the rest of the reasons I listed in that Valentine's Day article, I believe Litecoin Cash is a scam.

Meanwhile Litecoin price continues to climb – until this afternoon, more than likely. Be careful what you do, whatever you do. Especially if what you're doing has anything to do with Litecoin or Litecoin Cash. OF NOTE: Litecoin and Litecoin Cash are run by different people, and are not associated directly. If you lose all your Litecoin in a Litecoin Cash wallet, don't blame Litecoin, blame Litecoin Cash.

As it is with all SlashGear articles, this article is not meant to be investment advice and/or financial advice. Any action any reader takes before, during, or after reading anything on SlashGear is the responsibility of the action taker – the reader – the you. Stay safe out there!