Buy and store Litecoin safely and easily with the lowest fees in the Netherlands. Monitor Litecoin price in EUR on crypto platform Finst.
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Litecoin, often referred to as the silver to Bitcoin's gold, is a decentralized cryptocurrency that was created by Charlie Lee, a former Google engineer, in October 2011. It was designed as a peer-to-peer digital currency that operates on an open-source blockchain network. Like Bitcoin, Litecoin is based on the principles of cryptographic technology, enabling secure and verifiable transactions without the need for a central authority. However, Litecoin differs from Bitcoin in several key aspects. It utilizes a different hashing algorithm called Scrypt, which favors high-speed random access memory (RAM) rather than raw processing power, making it more accessible to a wider range of individuals and computers. Litecoin also has a faster block generation time of approximately 2.5 minutes, compared to Bitcoin's 10 minutes, which allows for quicker confirmations and a higher transaction throughput. Additionally, Litecoin has a larger maximum supply limit of 84 million coins, four times that of Bitcoin's 21 million, which contributes to its greater affordability and broader distribution.
The functioning of Litecoin is based on a distributed ledger called the blockchain, which records all transactions and ensures their security and integrity. When a user initiates a transaction on the Litecoin network, it is broadcasted to all nodes in the network. Miners, who contribute their computational power to the network, compete to solve complex mathematical puzzles to validate and bundle these transactions into blocks. This process is known as mining, and it involves finding a hash that meets certain predefined criteria. Once a miner successfully mines a block, it is added to the existing blockchain, and the transactions within it are considered confirmed. Miners are rewarded with a fixed amount of newly minted Litecoins, as well as transaction fees included in the block. This incentivizes miners to participate in the network and secure its operations. Litecoin also implements a feature called Segregated Witness (SegWit), which optimizes the use of block space by separating transaction data from the witness data, increasing transaction capacity and reducing fees. Overall, Litecoin aims to provide a fast, low-cost, and accessible digital currency solution for everyday transactions, complementing the store of value aspect offered by Bitcoin.
With Finst it's easy to invest in LTC and other cryptos.
Create a free account in 3 minutes to buy, sell and store Litecoin with no minimum amount. Your Finst account is accessible worldwide via mobile and desktop.
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Buy and sell over 110 digital assets and pay only 0,15% transaction fees. Store your LTC in your secure Finst wallet.
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Read more Finst is an Amsterdam-based cryptocurrency exchange led by a team of investment professionals who have previously helped build one of the largest retail investment platforms in Europe. Finst offers the lowest transaction fees in Europe for a wide range of cryptocurrencies through a unique and highly secure platform.
Leveraging decades of combined trading, security and engineering experience, Finst aims to create a level playing field for all crypto investors and remove the high entry barriers associated with investing in cryptocurrency.
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