Good morning cryptopeople! Litecoin forked a week ago. If you had some Litecoin in your wallet at that time, you are eligible for 10:1 ratio Litecoin cash airdrop (exchange wallets don't count, because you need your private key for this). Let me do the trials for you and endure the hardships of looking how to redeem your precious Litecoin Cash for any other cryptocurrency.
How to claim your LCC tokens? You need your Litecoin wallet private key - if you don't have it already, look for guides at your wallet provider, on how to export the key(s). Step 2 - export the key, and ditch the wallet. Yep, make sure you don't have any live funds in your wallet before you enter your key into some new wallet. This is called safe forking.
Step 3 - download the Litecoin Cash wallet here on their website and start it up. It took me a few hours to sync the whole chain but after the synchronisation is done, it gives you the option to import your Litecoin (the original) wallet key. Of course it crashed on me as well, but after restarting and small resyncing, the precious Litecoin Cash are in my wallet.
Now, one more time - before you do it, make sure you don't have any live funds in your Litecoin wallet. Once you have imported your LTC wallet key, you should immeditely be granted 10x the amount of Litecoin Cash.
So, what to do with our freshly-gained LCC? Let's see if we can move it to any exchange. Currently there aren't yet too many exchanges, that support trading LCC. The Litecoin Cash website points out 4 of them. So let's check it out.
YoBit.net seems like a cool place, so lets head on to the exchange. Yep, LCC is fully trading there and at a nice price oif $6.5 per LCC at the moment of writing this post! That means, that if you got, for example, 100 free Litecoin Cash in the airdrop, you could sell it for a cool 650 dollars. Alas, trying to deposit to the LCC wallet greets us with a notice, that deposits to LCC wallet are currently switched off.
Ok, not a problem. CryptoBridge announced in a recent tweet on Feb 22th, that they now offer LCC trading as well.
The CryptoBridge announcment
Heading to the CryptoBridge DEX, i have to manually go to the LCC/BTC market. For those of you not familiar with the URL structure, this link will take you directly to the LCC/BTC market. Unfortunately, as it appears, YoBit prices were much more favorable. Here one can get approximately 0.011 BTC for 100 Litecoin Cash, which makes around $100. So, 1:1 exchange. Not bad, if you consider, thet you got it via a free airdrop.
At tradesatoshi.com, one can unload 100 Litecoin Cash for approximately anywhere between $0.50 and $4. Hmm, doesn't look so appealing, now that we have visited CryptoBridge, where i can get a 100 solid dollars for it right meow.
The 4th exchange linked on the Official Litecoin website - Mercatox, doesn't yet allow trading LCC at all.
So, it seems we have two possibilities to sell our fresh-minted LCC - either for modest profit on CryptoBridge or for pennies on tradesatoshi.com. I'll be taking door number 3 and wait it out. Once the exchanges fully allow LCC deposits and trading picks up, we might see dump or pump, it's anyones guess. But if you don't need the pennies, the best option is to wait it out and see.
In time, many more exchanges might list Litecoin Cash and that is where we see, is there real interest behind this or is it another dead-in-the-water coin.
If you have your own tips or experiences to share about Litecoin Cash - please share in the comments below.
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