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How to buy Litecoin in Germany
Is LTC a good investment in Germany?
Litecoin has always been among the top 10 cryptocurrencies on the market. It entered the trading market in 2013 with a price of $4. At that time, the Litecoin price was equal to $0.03 Bitcoin. Litecoin experienced many ups and downs during its history. It reached $5 in November 2013 and stayed almost stable until March 2015, when its price suddenly dropped to $2. However, it could come to a higher price the same year and rise to $5.1. The fluctuations of Litecoin were 1 or 2 dollars lower or higher until it reached its peak price of $334 in 2017, which was a record. Litecoin fell to $34 in 2019 and again rose to $125 the same year. It has always shown that it could be a profitable investment if you buy it at the right time.
Litecoin's price was $78 in the late months of 2022. Its history shows that it could surprise its owners by rising to the highest price to dropping to its lowest. However, in every financial market, a price increase may have a price decrease so people can join the market again. Analysts have different opinions about the future of this coin. Most of them believe that Litecoin price may reach $270 in 2025. The next 5 years might be even better for LTC owners because most of the experts on this market expect Litecoin price to be around $1,450.85. However, you should always consider that these numbers are just predictions and are not %100 guaranteed. Therefore, frequently keep reading updates about the Litecoin market and price to ensure it’s the right time to buy or sell.
What is Litecoin ?
Litecoin is a peer-to-peer decentralized cryptocurrency that was launched in 2011. Thus, it is considered one of the earliest altcoins. Although Litecoin was inspired by Bitcoin, the main purpose of creating it was to complement Bitcoin and improve everyday use. Some of the problems that Litecoin aimed to solve were the cost and speed of transactions. Litecoin is almost 4 times cheaper, and the mining process is much quicker than Bitcoin. However, the transactions are smaller in size. Almost 14400 Litecoin tokens are mined daily. Like Bitcoin, Litecoin also uses a Proof-of-Work mechanism to verify and protect the transactions on its network.
Is Litecoin legal to buy in Germany
Germany is one of the countries where not only the buying and selling of cryptocurrencies is legal, but it also recognizes exchange providers and wallets in the category of financial services companies. From the moment that virtual currencies like Bitcoin emerged in the world, the German Financial Regulatory Authority accepted that as a legal trade. Furthermore, purchasing cryptocurrency is much easier in Germany compared to most countries, because people can buy Bitcoin and other valid digital currencies via bank, credit card, debit card, and even electronic payment. That shows how popular cryptocurrency is in this country. Almost 90% of people in Germany know what cryptocurrency is, and 25% of them own at least one coin as their digital asset. Therefore, Germans won’t face any legal rules or problems while buying digital currencies
Is Litecoin taxed in Germany
The German Federal Central Tax Office has recognized cryptocurrencies as private money, which means it is a legal asset that is not property or foreign currency. According to taxfix, cryptocurrency is considered tax-free, but there are some conditions. The first condition is the duration of ownership. If a crypto owner holds the tokens for one year and then sells them, this trade is tax-free if the sale profit is 600 EUR. Therefore, if they sell the tokens and gain even one euro higher than 600 EUR, they should pay tax for the entire profit. The sale profit of tokens holding more than one year is tax-free. Meanwhile, if they sell the coins for less than a year (11 months) and gain profit from selling them, they should pay its tax, which is the same as the regular income tax rate of 45% plus the 5.5% Solidarity Tax.
After you've bought Litecoin in Germany
Like any other currency, you can use LTC (Litecoin) to purchase something online. However, the company should accept this currency as a payment. Since Litecoin is a well-known crypto, you won’t have a problem finding companies and brands that support it. You can also transfer it from wallet to wallet with a P2P transaction. Buying Walmart or Amazon gift cards is also possible with Litecoin. Hence, if you buy this crypto and want to consume it, there are lots of ways you can spend LTC online.
Many people buy cryptocurrency as an investment. You can do the same with Litecoin. Buy it at a reasonable price and wait until it rises to a certain amount. It might seem risky, but the cryptocurrency world needs a higher risk tolerance. You can read the comments and predictions of top investors on the cryptocurrency market and learn how they think about the future of Litecoin. However, you should always know that all the predictions might not come true. Therefore, try to analyze the market and consider your risk tolerance. Especially if you are a beginner, start with a low amount of money so you won’t lose if the investment wasn’t as profitable as you had considered.
Who can buy Litecoin in Germany
Anyone with a valid identity and bank account can buy cryptocurrency in Germany. Many platforms and exchanges in Germany accept buying cryptocurrencies with a debit card or even Paypal. Therefore, consider which payment method you want to choose before purchasing any cryptocurrency and select the platform that accepts that method. Always choose a legal cryptocurrency exchange, such as Blocktrade, and a secure wallet to buy and keep your preferred coins.
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Frequently asked questions
Many crypto experts and analysts believe that Litecoin's price might be surprisingly high in the long future. However, in the short term, you might also see a good rise. Furthermore, Litecoin is a trusted and reliable crypto that you can use in many ways. Therefore, more and more stores and companies will accept this coin in the future. That shows you might not lose your money by buying LTC.
As mentioned, people can purchase bitcoin from banks. However, it is not the easiest and cheapest way to buy cryptocurrency in Germany. It is better to find a valid exchange that has the lowest trade fee. We offer you the BlockTrade, which is regulated in the EU and allows you to trade with zero fees.
Owning, buying, selling, trading, or purchasing goods with any type of cryptocurrency is legal in Germany. However, there are some rules about taxes that crypto owners should know.
Ethereum is considered the second generation of blockchains, which was supposed to perform better than Bitcoin. Therefore, it is more technologically advanced and attracts more investors to the market. Therefore, Ethereum is considered a better cryptocurrency.
Trading is allowed in Germany, people can easily buy and sell cryptocurrencies in this country.
Charlie Lee is the brain behind creating Litecoin. Charlie, known as Chocobo, was a former Google engineer and one of the first Bitcoin analysts. He designed the Litecoin network to solve the problems that the Bitcoin network had. However, he didn’t claim that Litecoin is supposed to compete with Bitcoin.