There’s talk of a fork of Litecoin this coming weekend… I wanted to start with: this is not an official fork. See, Bitcoin and Litecoin differ on this… Litecoin has a core developer (Charlie Lee) and group of developers that are basically “in charge” of all Litecoin code. Now, because Litecoin is open source, anyone can still fork the coin but there are “official” forks whereas Bitcoin is completely open source and volunteer driven. BTC is more “democratic” in this way, however BTC tends to take longer to make changes. LTC can still fork but what I’m getting at is this: if you believe in LTC you believe in the “official” developers and therefore this fork is not “official”.
On the other hand, being “official” doesn’t matter so much to whether the fork has value or not. Therefore for those wanting access to their forked coins, the advice is simple and repeating:
a) make sure you store your LTC on a wallet you control the keys to… trezor, ledger nano, coinomi – all good choices. storing your coins on an exchange does not give you access to your private keys so you will not have access to your forked coins until the exchange decides to support the fork and give them to you – yes, GIVE them to you… this is why I scream to store your coins yourself, but I digress…
b) wait a while before you try to claim your coins – DO NOT ENTER YOUR PRIVATE KEY ANYWHERE (WEBSITE OR APP) TO TRY AND CLAIM YOUR COINS – scams are going to pop up, a lot, don’t fall victim. give it a week or to, let’s figure out which are scams and which are not, let’s see if your wallets will support the coins without you having to take a risk on entering your key somewhere
As always, if you find a suspicious website that’s asking for your keys, send me the link. I’ll be happy to check it out and let you know what I find.
Ready to finally put all of this cryptocurrency stuff together and see the big picture? My cryptocurrency course breaks down every aspect of the technology and helps you feel confident in investing.