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Learn More about buying AVAX in Lithuania
How to buy Avalanche in Lithuania
Is AVAX a good investment in Lithuania?
Avalanche is an open-source platform for building custom and interactive blockchains, decentralized applications and smart assets. According to the platform's claim, in addition to high speed, strong security and significant scalability, Avalanche offers other features that can distinguish this network from other decentralized platforms. Among these features, we can mention the creation and management of custom blockchains, the possibility of specifying a set of specific validators, as well as the storage and trading of digital smart assets.
Like Bitcoin and Ethereum, Avalanche introduces new paradigms to the blockchain world. Unlike other blockchain networks that only have one blockchain and one set of validators, Avalanche is a heterogeneous network of many blockchains and different sets of validators. Just as Ethereum allows people to create decentralized applications defined by a smart contract, Avalanche allows people to run decentralized applications defined by a virtual machine. But unlike Ethereum, in Avalanche, each decentralized application runs on its own independent blockchain, and each blockchain is checked and validated by a subnet; A subnet is a dynamic, customized set of validators. Using this feature, private blockchains can be created.
Avalanche is not only a platform for creating custom decentralized applications, but also supports the creation and trading of smart digital assets on its platform. This means that anyone can create their own token for their blockchain. In this network, an asset can have a complex and customized set of rules that define its properties (for example, a token that cannot be traded until next year). This feature allows users to achieve their desired efficiency and performance and continue working within the framework of the rules.
What is Avalanche ?
AVAX is the symbol by which the token used in the Avalanche blockchain network is traded in the cryptocurrency market. This symbol is universally accepted as the sign for Avalanche cryptocurrency. Any information regarding Avalanche trading can be found and done by searching the AVAX symbol on different exchange platforms.
Is Avalanche legal to buy in Lithuania
Yes. According to the AML/CTF Law, the Lithuanian government allows legal financial transactions with cryptocurrency and offers transparent authorizations for the use of virtual currencies. According to the Bank of Lithuania (LB), cryptocurrency also known as virtual currency is non-regulated digital money that can be used as means of payment, and this money is issued and guaranteed by a non-central bank. It is estimated that over 70 thousand people, 2.58% of Lithuania's total population, currently own cryptocurrency.
Is Avalanche taxed in Lithuania
Yes. According to Art. 2 (14) of Lithuania Law on Personal Income Tax (PITL), the Lithuania State Tax Inspectorate (VMI) states that virtual currency is considered as property; therefore, when income from sales of a virtual currency is received, it is taxable the same as other income from sales of assets or other transfer into ownership. In this case, the difference between sales and the acquisition price is taxed, and the Personal Income Tax rate is 15% on such an income. Also, VMI indicates that according to Art. 17 (1) (27) of Personal Income Tax Law, if taxable profit received from a non-regular sale of cryptocurrency during 12 months is less than EUR 2500, Personal Income Tax is not applied on such a profit.
After you've bought Avalanche in Lithuania
On the network, AVAX is employed for staking, on-chain governance, and transaction fees. AVAX is also necessary to establish or join a subnet. A validator must stake at least 2,000 AVAX in Avalanche. Delegators can choose to stake with an existing validator by committing a minimum of 25 AVAX if they want to take part in staking. To make AVAX scarcer, all processing fees on Avalanche are burned. In conclusion, AVAX can be used to participate in the governance of the Avalanche ecosystem or it can be used as an investment. You can choose to buy and hold it or sell and trade it for other cryptocurrencies. The choice of what you would do with your Avalanche investment is in your hands.
Who can buy Avalanche in Lithuania
Anyone. Buying cryptocurrency in Lithuania is much faster and more convenient with the help of exchanges. In Lithuania, different purchase means such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal, are supported. Our exchange provides safe and fast transactions with no transaction fee through all the mentioned methods.
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Frequently asked questions
The market price of AVAX may be impacted by a wide range of factors, such as project news and developments, the movement of assets on exchanges, public opinion, and new economic trends in the larger crypto and global economies. AVAX is a scarce asset like Bitcoin because its maximum permitted supply of tokens is capped at 720 million. Also, AVAX is used to pay transaction fees on the network, meaning there is further demand from dApps built on Avalanche and their users. As the ecosystem develops and more users join it, this demand ought to rise. Therefore, the cost of AVAX might increase as more projects deploy on Avalanche.
When buying cryptocurrency, there are two factors that could affect the cost: 1.The price of the cryptocurrency itself, and 2.The exchange commission. Our exchange is practically one of the cheapest means to buy cryptocurrncy in Lithuania since it charges no exchange fees for the transactions.
Yes. But note that according to Lithuania Personal Income Tax Law, if the taxpayers generate income from the sale of cryptocurrencies, the difference between sales and the acquisition price is taxed and they are obliged to file a personal income tax return. If you are selling your crypto asset in Lithuania, keep in mind that our exchange charges no fees for transactions.
There is no standard minimum amount you need to buy Avalanche. Using your preferred choice of payment service, you can buy a minimum of $10 worth of AVAX through our exchange, and the transaction will be processed and added to your crypto portfolio.
According to the Finance Minister Gintarė Skaistė, the Lithuanian Ministry of Finance and the Bank of Lithuania are taking proactive steps to strengthen regulation at national level in preparation for subsequent decisions at EU level.
Cryptocurrency users risk losing their AVAX coins and other digital assets due to a variety of reasons, including computer failure, theft, and loss of private keys. You can use digital wallets to store crypto tokens such as AVAX. Another method is to download a wallet application and store your AVAX tokens on a personal computer. You can also benefit from our exchange’s hot wallet, through which you are able to trade your AVAX much more conveniently. Keep in mind that cold storage or offline storage is considered one of the safest ways of storing AVAX coins. They are safe because they are not connected to the internet. As they are gadgets that encrypt and hold your digital assets offline. However, many people still favor hot wallets because they can quickly connect to a variety of protocols.