Cryptocurrency: What is the Litecoin price in Uganda today?
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Cryptocurrency has continued to pique investors’ interest as we saw a notable surge in one of the most prominent forms of digital currency, Bitcoin in 2020. However, there exist other forms of cryptocurrency that are also great in value despite not being as dominant. One of these is known as Litecoin.

Litecoin could be a good alternative to Bitcoin, which is prone to regular volatility. We take a look at what Litecoin is and the Litecoin price in Uganda today.

Also read: Uganda Blockchain Association agrees with creation of Crypto Regulations

Since the founding of Bitcoin in 2009, however, hundreds of other cryptocurrencies have entered the market. Although it has proven increasingly difficult for digital coins to stand out given the crowded field, Litecoin (LTC) is one non-Bitcoin crypto that has managed to stand up to the competition.

LTC currently trails behind Bitcoin as the 6th-largest digital currency by market cap. The Litecoin price in Uganda today is UGX 605,698.81.

Litecoin was launched in 2011 by former Google engineer Charlie Lee, who announced the debut of the “lite version of Bitcoin” via a posted message on a popular Bitcoin forum.

From its founding, Litecoin was seen as being created in reaction to Bitcoin. Indeed, Litecoin’s own developers have long stated that their intention is to create the “silver” to Bitcoin’s “gold.”

Some key differences between Bitcoin and Litecoin.

Market Capitalization

One area in which Bitcoin and Litecoin differ significantly is in their market capitalization, the total dollar market value of all the outstanding coins.

As of March 2021, the total value of all bitcoins in circulation is around $1 trillion, making its market cap more than 70 times larger than Litecoin, which has a total value of $13.7 billion. Thus, the fact that Bitcoin enjoys a significantly higher value than Litecoin is in itself not a surprise, given that Bitcoin is so much larger than all other digital currencies in existence at this time.

Distribution

Another of the main differences between Bitcoin and Litecoin concerns the total number of coins that each cryptocurrency can produce. This is where Litecoin distinguishes itself. The Bitcoin network can never exceed 21 million coins, whereas Litecoin can accommodate up to 84 million coins.

Read also: Reasons why Bitcoin and other cryptocurrencies are on the rise again

Transaction Speed

Although technically transactions occur instantaneously on both the Bitcoin and Litecoin networks, time is required for those transactions to be confirmed by other network participants. Litecoin was founded with the goal of prioritizing transaction speed, and that has proven an advantage as it has grown in popularity.

According to data from Blockchain.com, the Bitcoin network’s average transaction confirmation time (the time it takes for a block to be verified and added to the blockchain) is currently just under nine minutes per transaction, though this can vary widely when traffic is high.

The equivalent figure for Litecoin is roughly 2.5 minutes. This could make Litecoin more attractive in comparison to Bitcoin.

Where to buy Litecoin in Uganda

List of exchanges including where to buy Litecoin (LTC) or other altcoins. Most of these exchanges have large trading volumes.

  • Binance -Binance has over 100 payment options to deposit money and purchase your Litecoin. Easily select your preferred currency (in your case from Uganda probably Uganda Shilling) and the payment option you want to use. Of course they also provide the most used payment options like Credit Card, Bank Transfer & PayPal.
  • FTX
  • Kucoin
  • Bitfinex
  • Crypto.com
  • Coinbase
  • Huobi

Read more: Tanzania embraces cryptocurrency after President Samia urges for further research

Read more: Uganda National Museum to participate in a digital exhibition on the Binance NFT marketplace

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