My plan for Litecoin Cash

in cryptocurrency •  7 years ago  (edited)

litecoincash.png

I had 6.8% Litecoin in my portfolio. Percentage increased significantly due to recent rise.

The rise is partly because of Litecoin Cash fork on February 18. I don't know how Litecoin Cash will perform, but since I hold some Litecoin, I plan to claim the forked Litecoin Cash SAFELY.

litecoin_chart.png

Here is webpage for Litecoin Cash:
https://litecoinca.sh/

You'll be given 10 Litecoin Cash for each Litecoin you hold. But you need to have access to your private key. So if you hold them in an exchange, it's highly likely you won't get your Litecoin Cash. If you use a hardware wallet, you technically don't know your private keys. So until your manufacturer supports the fork, you won't get your Litecoin Cash. There is way to get your private key from your 24 recovery words but it's not recommended for security reasons.

I hold my Litecoin in a hardware wallet. Here's what I'll do to get Litecoin Cash. Order of execution is very important.

1. Send Litecoin to your eXodus desktop wallet(https://www.exodus.io/). If you are actively using eXodus wallet, use a different address to receive coins. You can export your litecoin addresses. The first one in the list is the main address. Use a different address to receive and hold during the fork.

litecoin_export_address.jpg

2. Wait until fork is complete. Make sure the fork really happened. Monitor the website, block explorer and also community sites to make sure the fork(snapshot) really happened. Forks have been postponed before.

3. Send all Litecoin back to hardware wallet. You can't trust anybody. The wallet provided by the fork may have malicious code. It could steal all your litecoin with your private key. So it is very important you empty your wallet before entering your private key to the forked wallet.

4. Export private keys from eXodus wallet. Delete the exported file after use and empty your Trash. You can use shredder apps to delete files safely. I'm on a Mac, and use srm(https://sourceforge.net/projects/srm/) to do it. Save it in a secure encrypted drive if you need to.

litecoin_export_privatekey.jpg

5. Use private key to claim Litecoin Cash using wallet provided from https://litecoinca.sh/ . Since wallet is not released yet, I'll update the post when it's available.

After your private key is used to reclaim, don't reuse the Litecoin address. If your eXodus wallet is empty, you can generate a brand new wallet. I plan to create a new eXodus wallet after the fork just to be safe.

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Great information for ltc folk!

Thank you for the upvote. Hold on to your LiteCoin securely.

I'm using Jaxx and exodus on the same computer. If you check, jaxx generates more than one Ltc addresses. So I'm going to sacrifice one of those jaxx addresses.

Good idea. Don't use your main address for forks.

I have Jaxx also, I wish I had seen this comment before trying some of the other wallets.
Just got it setup and will start transferring my Litecoin in a few minutes.
Thanks for the info.

I didnt know that. I think I might buy a litecoin just to get that 10 litecoin cash

Not sure that's a good idea. Litecoin will definitely fall after the fork. And there isn't strong support from exchanges yet. So I'd be careful entering the market.

Heard a lot of people talking about it candles look good I might have waited too long to buy. Never seen that wallet is that strictly for Litecoin cash?

When(if) it becomes popular, there will be support from third party wallets. You can't trust anybody, so the steps are required to safely claim your forked coins.

Thanks for the heads up I'll wait for some sort of dip. That 10 extra litecoin is a huge incentive to buy it only makes sense. You have a new follower :)

Ltc cash say they'll have a wallet ready in march

If I keep my litecoin in my exodus wallet anyway then I just need to do step 5, right?

No, you don't want to expose your private key for the main address. I would transfer to a different address of your eXodus litecoin wallet. And after the fork, resend it to your main address after the fork. Then only expose your private key for the other address (which should not hold any LTC when you expose). Basically steps are same except that hardware wallet is replaced by your eXodus main address.

After LCash forks then someone should fork LPlatinum which can finally fulfill the role of being the platinum to Litecoin which is the silver to Bitcoin's gold.

haha. last years forking craze is coming back. hold on to your private keys!

"Litecoin prices skyrocket after major LitePal announcement

I heard about LitePay but not LitePal. Thanks.

Sorry for my mistake...it's LitePay
Litecoin is launching "LitePay", February 26, 2018! This is a HUGE Game changer for LTC

To any Exodus users on windows, to access your private keys this way, you need to open the App, and press CTRL+SHIFT+D to enter developer mode, and you can pretty much follow the same steps in this post to do this.

I've also written a guide on how to safely claim your Litecoin Cash from a litecoin core wallet.

Would appreciate if you share and comment on it guys.

How to safely and securely claim your Litecoin Cash from the upcoming fork

Thanks for the post, upvoted and resteemed.

Really appreciate it, thanks.

Nice little walkthrough on how to safely claim your Litecoin cash. I have been following the Litecoin breakout myself, so thanks for sharing it mate.

I’ve given you a follow and will hopefully see you around :)

Thank you for the nice comment. See you around ;)

I would never give up my private keys 🤨

Me too. only when I'm not reusing the address again.

stackin you are so 😃😃

Interesting article! Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!

Thank you. Let's learn from each other :)

Looking forward to it :)

I really don't know what to think about the upcoming fork.

Anyway, always be careful to whom you are giving your private keys.

The crypto markets have begun the week on a positive note, with the total market capitalization of all currencies consolidating around $430 billion.

Excellent, yes, please come over to litecoinca.sh or visit our discord community here:
https://discordapp.com/channels/406306237618061313/432309343405211658

I'm using Electrum Wallet, no installation is required, just run the .exe
https://electrum-ltc.org/

Easy to Read!

Wondering where the heck the wallet is for LCC? I looked on there website nothing. How is LCC on some exchanges already if there is no published wallet?

If my litecoin is in my exodus wallet am I good to claim the Lcash even if I wait until April?

If I left it on my trezor during the fork how can I claim my Litecoin Cash? Would I have to use my seed to get my private key then claim them that way? If so how?

Also, would I then need a new trezor because I exposed the key?

Well the fork seems to have turned out okay. It will be interesting to see where the price levels out to.
I've just finished claiming my LCC and then found your post. Happy to report I almost matched your process exactly.

ehhh, and i missed my chance to buy ltc few weeks ago, i really wanted to, but then my other income was delayed a bit and i didn't have the possibility.... :/

hoping for the prices to drop again though, heh

I do think buying litecoin now is high risk. You'll have other opportunities.