Coinbase has no instantaneous plans to add Litecoin Contant (LCC)
A duo of weeks back the Litecoin (LTC) blockchain split te two to form the fresh Litecoin Specie (LCC) hard fork. But despite some requests from users, it shows up that leading cryptocurrency exchange desk Coinbase has no instant plans to add Litecoin Contant trading pairs on its toneelpodium – at least not for the time being.
“We’re always monitoring potential forks from a security/stability standpoint, core developer roadmaps and customers perspective.” a spokesperson for Coinbase told TNW. “Ultimately, wij want to do what’s best for customers while still being secure and practical.”
While the company refrained from providing more details on its plans for the forked currency, it did not rule out the possibility it might get listed on the exchange desk, telling that it is actively “tracking” LCC’s progress.
To give you some background: Litecoin Contant aims to substitute Litecoin’s Scrypt encryption protocol with SHA-256. The tweak will make it possible to leverage old Bitcoin mining hardware to mine LCC, according to the developers behind this undertaking.
The Litecoin Metselspecie team has promised to distribute LCC to Litecoin holders te a Ten to one ratio. This meant that if you were holding Ten LTC, you would have bot entitled to 100 LCC. Unnecessary to say, users were finding it difficult to decline an chance to score some free tokens.
Spil pointed out by Inverse , the only way to rechtsvordering LCC (assuming you store your LTC on Coinbase) wasgoed to stir your funds to a private wallet like Litecoin Core or Jaxx. This way you will have access to your private keys – and thus to your LCC freebie.
The reason is that Coinbase has a stringent policy against sharing private keys with users.
“Our hot wallet/cold storage is not setup te a way where wij can release private keys,” Coinbase explained to TNW . “This is standard for exchanges.”
Indeed, Coinbase has clarified thesis terms on its support pagina, telling “ it’s not feasible to provide the private keys to individual wallet addresses.” The company further notes that “[t]his not only ensures your security but it also permits us to reduce the cost of sending digital currency to another Coinbase account.”
Meantime, several less known exchanges have already opted to list LCC trading on their platforms. The list so far includes YoBit, CryptoBridge, SouthXchange, and Trade Satoshi.
Despite some rente from the cryptocurrency community, Litecoin creator Charlie Lee has come forward to dismiss the Specie hard fork and its founders a “scam.”
Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Specie, Litecoin Plus, Litecoin *… all scams attempting to confuse users into thinking they are Litecoin.
This also applies to all Bitcoin forks attempting to confuse.
The statement is somewhat ironic, since Litecoin itself forked off from the Bitcoin blockchain. Still, his concerns are not entirely groundless.
Lee has rightfully warned that the Litecoin Specie developers ended a pre-mining session ahead of the hard fork, accounting for about one procent – or toughly Five.Five million LCC – from the entire supply. For setting, LCC stands at $0.91 at the time of writing, according to Coin Market Cap.
Last December, Coinbase announced support for Bitcoin Metselspecie – a popular hard fork of the main Bitcoin blockchain – after the currency surged up to crack the top five fattest cryptocurrencies by market share. However, the company took several months to green light this budge.
But spil Coinbase already made it clear: the decision will ultimately come down to how the larger crypto-community fares ter on Litecoin Metselspecie. It remains unclear if users that held LTC when the hard fork took place will receive any LCC, if this happens.