LiteCash Reviews is a Scam or Should I Invest

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Litecoin Cash: Scam or Legit?

The coin took off from $1.40 to $5 on the first day of trading.

Hard forks have become very common in the crypto space lately. Recently, a new coin – Litecoin Cash – has been launched after hard forking from the popular Litecoin blockchain.

Many in the crypto community raised their eyebrows at this project, as unlike with Bitcoin Cash and Ethereum Classic, there were no serious arguments within the Litecoin community. However, this type of split is completely legitimate and even very common in the crypto industry.

Tech specs: similar to Litecoin?

Late on Sunday, February 18th (EST), Litecoin Cash (LCC) was formed after a hard fork on the Litecoin blockchain at block number 1,371,111. Similar to other hard forks, each Litecoin holder is entitled to have LCC at a ratio of 10:1 i.e. 10 LCC for every 1 LTC.

Unlike Litecoin, LCC is using SHA-256 hashing algorithm similar to Bitcoin. This is probably to attract the miners with obsolete hardware, which are now outdated for mining Bitcoin. Litecoin uses Scrypt for hashing.

Moreover, with a view to prevent pool hopping, LCC has implemented DarkGravity V3 algorithm from Dash to recalculate the mining difficulty at every block.

The miners can mine the first 24 blocks with minimum difficulty, which will reduce the disproportionate advantage to the early miners. However, the devs have premined less than 1% of the circulating supply and kept them for development funds.

Similar to Litecon, the block creation time of LCC is mere 2.5 minutes, however, LCC team is claiming that LCC transactions will be 90% cheaper than LTC. Moreover, LCC has implemented Segregated Witness (SegWit) since its inception.

Is it a scam or legitimate?

Unlike forks on Bitcoin or even Ethereum, Litecoin had no need to conduct a hard fork, at least for now. So the announcement of Litecoin Cash on February 3rd created a lot of stir in the community, as the team did not offer an exact reason for the fork. Litecoin creator Charlee Lee himself tweeted that he and his team have nothing to do with the upcoming hard fork and warned about the possibility of it being a scam.

PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there!

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However, the LCC team is not doing anything wrong as far as the creation of a new coin by hard forking a previous one is concerned, as this is a very common practice.

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Moreover, LCC team took to Twitter to call out scammers and announced that LCC will never store or ask for private keys.

We will never ask you to enter private keys on the website!
This is not us. #SCAM

The team assured that they will soon put the source code of the project on Github for public display. The project is also getting support from the wallet platform Coinomi, however, the team is developing their own wallet.

Announcing support for $LCC Litecoin Cash, $LTC’s upcoming fork. To receive your free $LCC make sure you keep your $LTC inside you #Coinomi wallet at block 1,371,111. You will receive 10 #LitecoinCash for every $LTC you hold inside Coinomi during the fork! #litecoin #fork

At this initial stage, four crypto exchanges – Yobit, MercatoX, TradeSatoshi, MeanXTrade and CryptoBridge – listed the coin. Except for CryptoBridge, all will automatically credit LTC holders with LCC.

Though most of the development team has included their names and photos on the official LCC website, they did not share their public profiles. Though this does not in itself add or detract from the legitimacy of the project, with so many scam projects floating around, it has become crucial to be able to check the credibility of the team backing a project.

Final take

Since 2020, ‘initial fork offerings’ have become very popular in the crypto space. Many developers launch forked versions of already popular coins to get an initial boost in the market.

After the success of Bitcoin Cash, many side projects like Bitcoin Gold, Bitcoin Diamond and Bitcoin Candy have popped up. Litecoin also has its fair share of spin projects like Litecoin Plus and Litecoin Gold. Litecoin Cash seems to be one of these attention seeking stunts.

Litecash is the first fork of Beam, and it’s mineable too — What & How?

Litecash is the first fork of the mimblewimble privacy purposed coin Beam. If you’d like to learn more about Beam, please review our video guides on it here.

One thing is immediately obvious when it comes to Litecash, the concept and branding are kept very close to the coin they have forked off of, Beam. For example, the branding, color scheme, and the mimblewimble privacy protocol focus. This can be quickly realized by viewing their wallet fork of Beams and the unchanged colors.

Litecash aims for real-world adoption with merchants through the use of their mobile wallet app. In 2020 Litecash is aiming to become a payment option for several yoga studios and restaurants. Another key difference is that Litecash has removed the development fund % of each block reward that Beam has, which allows more coins to go to the miners of their blockchain.

First, to clarify, this article is entirely about Litecash (CASH) of Lite.Cash. This is not to be confused with Litecash LCH, a scammy failed ICO, in which you can reference their Bitcointalk announcement thread here.

So let’s get to the fun part!

How do you mine Litecash CASH?

It utilizes BeamhashI, which is the original Beam mining algorithm. This means that Nvidia graphics cards will be best for mining Litecash, and AMD graphics cards (following the 2020–2020 mining trend) will not be effective or efficient mining Litecash, although its still possible to mine Litecash with lolminer.

Utilizing the latest version of Gminer, which you can download here, you’ll be able to mine Litecash with your Nvidia graphics cards, or GPUs. You can mine on Linux or Windows, this tutorial will focus on Windows GPU mining, but the concept is the same for both operating systems. You’ll download the miner, extract the files, and then right click, edit, on a any .bat file. Once you have completed this you will need to enter this into the .bat file.

You can simply copy and paste the above, and then swap in your litecashaddress.yourworkername so that you will be credited with your mining rewards, to your wallet address.

Currently, there is only one mining pool for Litecash, You may be wondering about the 34% unknown block distribution, these are blocks being mined by private solo miners.

Give your miner a window of 15 minutes once you have started the mining program and it shows successful mining progress with shares being submitted, then it will show on the mining pool dashboard you are using. You can navigate to your results by simply entering in your wallet address. As shown above, you can see a balance confirmed (from older mining rewards), balance unconfirmed (from newer mining rewards), along with other information like your current hashrate. Your poolside hashrate is what you will be paid off of, via the mining pool. This is true for mining any cryptocurrency.

Very quickly you will notice your mining rewards begin to rise, this is the fun part about mining a smaller, newer, and higher quantity blockchain. It is more gratifying to acquire 100 coins vs 0.0004 of one coin, for example.

Currently, Litecash is only being traded on one cryptocurrency exchange, Citex. This is a newer development, and the volume is currently very low. At the time of this article being researched and written, the normal daily trading volume does not average more than $500 a day.

If you’re looking for more information about Litecash, you should review their official website here. If you have direct questions for the Litecash team, you should join their official Discord server here and ask them, they’re very responsive in their Discord server. If you’re looking for more information on mining, please ask either in their Discord server or join ours here! If you’re looking for more information on mimblewimble such as what it does and why its so interesting, Binance recently published a recent article explaining it in detail. Thanks for taking the time for reading our article on Litecash, if you’d like to see a video review and guide, please let us know!

VoskCoin is for entertainment purposes only and is never intended to be financial investment advice. VoskCoin owns or has owned cryptocurrency and associated hardware. VoskCoin may receive donations or sponsorships in association with certain content creation. VoskCoin may receive compensation when affiliate/referral links are used. VoskCoin is home of the Doge Dad, VoskCoin is not your Dad, and thus VoskCoin is never liable for any decisions you make.

Pay Attention to These 7 Bitcoin Scams

Bitcoin – the possible Pandora’s Box of the currency world – has never been short of controversy. Whether it be aiding the black market or scamming users out of millions, bitcoin is no stranger to the front page.

Still, the jury is out on the legality and usefulness of bitcoin – leaving it in a proverbial grey area. Bitcoin’s price has fluctuated throughout its history, falling and rising, currently hovering near $10,000. Perhaps you’ve found bitcoin while it looks to be on the rebound and find yourself interested in it as an investment.

However, there have been several legitimate bitcoin scams that have become infamous, and you need to know about them – but, what are the top 7 bitcoin scams? And how can you avoid them?

What Is a Bitcoin Scam?

For most cases, it may be pretty obvious what a scam is – but with bitcoin, and cryptocurrency in general, things become murkier. Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It’s basically like a moneybag with a lock on it – the code of which is given to the recipient of the bitcoin (an analogy drawn by Forbes in 2020).

Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday.

Top 7 Bitcoin Scams

There have been (and undoubtedly will be) nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date. Take note.

1. Malware Scams

Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself.

Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.

“This type of malware, called CryptoCurrency Clipboard Hijackers, works by monitoring the Windows clipboard for cryptocurrency addresses, and if one is detected, will swap it out with an address that they control,” wrote Lawrence Abrahams, computer forensics and creator of Bleeping Computer.

The malware, CryptoCurrency Clipboard Hijackers (which reportedly manages 2.3 million bitcoin addresses) switches addresses used to transfer cryptocoin with ones the malware controls – thus transferring the coins to the scammers instead. And, according to Asia Times, even MacOS malware has been connected to malware scams involving cryptocurrency investors using trusted sites like Slack and Discord chats – coined “OSX.Dummy.”

2. Fake Bitcoin Exchanges – BitKRX

Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that’s exactly what scammers in the bitcoin field are doing.

South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange (KRX), and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.

BitKRX claimed to be a branch of the KRX, a creation of KOSDAQ, South Korean Futures Exchange, and South Korean Stock Exchange, according to Coin Telegraph.

BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in 2020.

3. Ponzi Scheme – MiningMax

“Ponzi bitcoin scam” has got to be the worst combination of words imaginable for financial gurus. And, the reality is just as bad.

Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.S. Securities and Exchange Commission, promised to provide investors with daily ROI’s in exchange for an original investment and commission from getting others to invest (basically, a Ponzi scheme). Apparently, the site was asking people to invest $3,200 for daily ROI’s over two years, and a $200 referral commission for every personally recruited investor, reports claim.

MiningMax’s domain was privately registered in mid-2020, and had a binary compensation structure. The fraudulent crypto-currency scam was reported by affiliates, resulting in 14 arrests in Korea in December of 2020.

Korea has long been a leader in technological developments – bitcoin is no exception. However, after recent controversy, it seems as though this is changing.

“But a lot of governments are looking at this very carefully,” Yoo Byung-joon, business administration professor at Seoul National University and co-author of the 2020 research paper “Is Bitcoin a Viable E-Business?: Empirical Analysis of the Digital Currency’s Speculative Nature,” told South China Morning Post in January. “Some are even considering putting their currencies on the blockchain system. The biggest challenge facing bitcoin now is the potential for misuse, but that’s true of any new technology.”

4. Fake Bitcoin Scam – My Big Coin

A classic (but no less dubious) scam involving bitcoin and cryptocurrency is simply, well, fake currency. One such arbiter of this faux bitcoin was My Big Coin. Essentially, the site sold fake bitcoin. Plain and simple.

In early 2020, My Big Coin, a cryptocurrency scam that lured investors into sinking an alleged $6 million, was sued by the U.S. Commodity Futures Trading Commission, according to a CFTC case filed in late January.

The CFTC case further details that the suit was due to “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC),” further charging the scam with “misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.”

Among other things, the site fraudulently claimed that the coin was being actively traded on several platforms, and even mislead investors by claiming it was also partnered with MasterCard, according to the CFTC case.

Those sued included Randall Carter, Mark Gillespie and the My Big Coin Pay, Inc.

5. ICO Scam – Bitcoin Savings and Trust and Centra Tech

Still other scammers have used ICO’s – initial coin offerings – to dupe users out of their money.

Along with the rise in blockchain-backed companies, fake ICOs became popular as a way to back these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for fraud.

Most ICO frauds have taken place through getting investors to invest in or through fake ICO websites using faulty wallets, or by posing as real cryptocurrency-based companies.

Notably, $32 million Centra Tech garnered celebrity support (most famously from DJ Khaled), but was exposed for ICO fraud back in April of 2020, according to Fortune. The company was sued for misleading investors and lying about products, among other fraudulent activities.

The famous DJ wrote his support in a caption on Instagram back in 2020.

“I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the ultimate winner in Cryptocurrency debit cards powered by CTR tokens!” Khaled wrote.

The U.S. Securities and Exchange Commission even issued a warning in 2020 about ICO scams and faux investment opportunities, brought on by a slew of celebrities who promoted certain ICOs (like Paris Hilton and Floyd Mayweather Jr. to name a few).

“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC wrote in an Investor Alert in 2020. “A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.”

Another example is Bitcoin Savings and Trust, which was fined $40.7 million in 2020 by the SEC for creating fake investments and using a Ponzi scheme to scam investors. According to Coin Telegraph, Trenton Shavers, the organization’s leader, allegedly scammed investors into giving him 720,000 bitcoins promising a 7% weekly interest on investments – which he then used to pay back old investors and even fill his personal bank accounts.

6. Bitcoin Gold Scam –

Nothing catches the eye of the naïve quite like the promise of gold – bitcoin gold, of course.

That is exactly what did to unsuspecting bitcoin investors.

According to CNN, the bitcoin gold (BTG) wallet duped investors out of $3.2 million in 2020 by promising to allow them to claim their bitcoin gold. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows.

Before the scam was done, the website managers (slash scammers) was able to get their hands on $107,000 worth of bitcoin gold, $72,000 of litecoin, $30,000 of ethereum, and $3 million of bitcoin, according to CNN.

Bitcoin Gold, the site’s wallet used in the scam, began investigating shortly after, but the site remains controversial. Still, firm released a warning to bitcoin investors.

“It’s worth reminding everyone that it will never be truly safe to enter your private key or mnemonic phrase for a pre-existing wallet into any online website,” Bitcoin Gold wrote. “When you want to sweep new coins from a pre-fork wallet address, best practice is the same as after other forks: Send your old coins to a new wallet first, before you expose the private keys of the original wallet. Following this basic rule of private key management greatly reduces your risk of theft.”

7. Pump and Dump Scam

While this type of scam is certainly not relegated to just bitcoin (thank you for the education, “The Wolf of Wall Street”), a pump-and-dump scam is especially dangerous in the internet space.

The basic idea is that investors hype up (or “pump up”) a certain bitcoin – that is usually an alternative coin that is very cheap but high risk – via investor’s websites, blogs, or even Reddit, according to The Daily Dot. Once the scammers pump up a certain bitcoin enough, skyrocketing its value, they cash out and “dump” their bitcoin onto the naïve investors who bought into the bitcoin thinking it was the next big thing.

Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.

While “stackin’ penny stocks” may sound like an appealing way to earn an extra buck (thanks to its glamorization by Jordan Belfort), messing in bitcoin scams is nothing to smirk at.

How to Avoid Bitcoin Scams

With the inevitable rise of bitcoin in current and coming years, it is becoming increasingly important to understand and be on the lookout for bitcoin scams that could cost you thousands. As more people become interested in Bitcoin, more people are also likely to try and pull off a scam.

There is no one formula to avoiding being scammed, but reading up on the latest bitcoin red flags, keeping information private, and double checking sources before investing in anything are good standard procedures that may help save you from being duped. Cryptocurrency can be a confusing topic even for the experienced Bitcoin enthusiast, so the more you read up on the world of Bitcoin, the more prepared you can be. After all, knowledge is power.

Beware of These Top 5 Bitcoin Scams

The value of bitcoins goes up, and then it comes back down. The press is all over the story. Pundits and market watchers all have their opinion and voice it loudly across the airwaves and the Internet.

Bitcoin has taken us all on quite a rollercoaster ride. Only time will tell whether this cryptocurrency, which has been controversial since its introduction in 2008, will continue booming or if the bubble will burst and prompt more people to short-sell Bitcoin.

One thing is certain: Bitcoin’s meteoric rise has attracted a lot of attention. People may not understand the technology or philosophy behind Bitcoin, but they do see stories of early adopters and savvy investors who turned a few thousand bucks into millions when Bitcoin’s value increased.

And they want to be one of them.

Unfortunately, that puts them in a position—along with veteran investors—to be victims of opportunistic con artists and hackers who perpetrate Bitcoin scams. One of the benefits of cryptocurrency is that it’s unregulated by the government and very private. But that also makes it ripe for fraud.

Let’s check out the top five Bitcoin scams you need to look out for:

Bitcoin Scam 1: Fake Bitcoin Exchanges

In 2020, South Korean financial authorities and the local Bitcoin community exposed one of the most insidious Bitcoin scams: a fake exchange called BitKRX. It presented itself as part of the largest trading platform in the country and took people’s money. To avoid this, you should stick with popular, well-known Bitcoin exchanges and Bitcoin forums so you get news of fakes quickly.

Bitcoin Scam 2: Ponzi Schemes

Bernie Madoff is perhaps the most well-known Ponzi schemer. He did it with mainstream investments. But the principle of a pyramid scheme, in which you take money from new investors to pay previous investors, can be applied to Bitcoin scams. MiningMax, one such scheme, brought in $200 million before 14 fraudsters were arrested. As you can imagine, the investors never got any returns on their Bitcoin investments.

Bitcoin Scam 3: Fake Cryptocurrencies

A common scam is to present a new cryptocurrency as an alternative to Bitcoin. The idea is that it’s too late to cash in on Bitcoin and that you need to invest in one of these up-and-coming cryptocurrencies. My Big Coin was shut down for this reason. The fraudsters behind My Big Coin took $6 million from customers to invest in the fake cryptocurrency and then redirected the funds into their personal bank accounts.

Bitcoin Scam 4: Old School Scams

If somebody emailed or called and said they were from the IRS and that you owed back taxes that had to be paid immediately, would you send them money? Many people do. Instead of having the victim wire money via Western Union or transfer funds to a bank account, con artists are contacting victims and demanding that victims transfer bitcoins. The best way to avoid this scam is to be skeptical of phone calls or emails that say they’re from a government agency. Legitimate authorities wouldn’t contact you that way, and they won’t ask for bitcoins.

Bitcoin Scam 5: Malware

Malware has long been a way for hackers to get passwords needed to access computer networks or steal credit card and bank account numbers. Now they’re using it to conduct another one of the most common Bitcoin scams. If your Bitcoin wallet is connected to the Internet, they can use malware to get access and drain your funds if you’re not protecting yourself from malware.

You can download malware by clicking links in your email. You can also download it from websites and social media. There might be a post, for example, where someone claims a certain program allows you to mine bitcoins for free. Download it, and you get malware.

When in Doubt, Verify

If you’re not sure of a website or email’s legitimacy, contact the company involved directly. If you can’t find the company’s contact information easily on social media or on its website, that’s a red flag.

Don’t Fall Victim to Bitcoin Scams

Bitcoin is a volatile enough investment as it is. Don’t increase your chances of losing money by falling prey to these Bitcoin scams. Stay alert for potential fraudsters and trust your instincts. If something seems too good to be true, it probably is.

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