Litecoin Cash (LCC) is off to a Slow Start
The recent fork of the litecoin blockchain has been completed without any glitch, but the new cryptocurrency called litecoin cash of LCC is not having such a great start. The new blockchain began working on February 20, when its price quickly surged to $9.2. Right now, however, its token is trading for about $5 and the daily trade volume was measured at about $1 million. This puts the new digital currency at less than 2 percent of the price of litecoin, which is now the fifth biggest cryptocurrency and one of the most respected ones.
The lackluster reception LCC got was completely expected based on the previous few weeks. One of its biggest opponents was and still is Charlie Lee, the creator of litecoin. He was furious at the team developing LCC because they chose to keep the “litecoin” name. The purpose of this was to confuse the potential buyers, at least according to Lee and other analysts. By keeping the name and adding “cash”, the LCC developers went the same route as the recently made bitcoin cash (BCC) cryptocurrency.
But, unlike BCC which was the product of deep-rooted divisions inside of the bitcoin community, the developers of LCC are still unknown. Also, Lee pointed out that the new cryptocurrency does not provide any actual benefit that would ask for a forking process. Instead, the venture is designed to provide its creators with a coin token that sounds very similar to litecoin. This should, according to Lee, result in market confusion where first-time buyers would confuse litecoin and litecoin cash.
Being that Lee is a much-respected figure in the blockchain development community, the message clearly did not fall on deaf ears. After its launch, LCC provided a weak showing on the markets, in spite of the fact that it received so much publicity in both specialized crypto media and the mainstream news providers.
This was one of the reasons why so many compared it with bitcoin gold, another cryptocurrency that continues to struggle in spite of its flashy name. At the present moment, it looks like the litecoin cash team should have listened to Lee and chose a different name altogether.