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How to buy Bitcoin in Lithuania
Is BTC a good investment in Lithuania?
Bitcoin has been a popular name over the last decade. The growth in Bitcoin’s popularity has made it a globally acknowledged currency and a valuable asset. In July 2010, Bitcoin began trading at US$0.0008. By mid-April of 2021, Bitcoin prices reached new all-time highs of over $60,000 but by the summer of that same year prices were down by 50%. Bitcoin later reached its all-time high above $68,000 in November 2021. In 2022, Bitcoin's price continued to gradually decline but this is a natural process, as we have seen it happen before. You should keep in mind that in the world of cryptocurrencies, every high has a low and after every low, there will be a high sometime. So, it is important to get the timings right. Understanding the nature of the market and analyzing the movements of Bitcoin can be a guide for investors. That is why people’s attention and interest in Bitcoin remains high yet cautious, regardless of its price. As a result, some crypto market experts have even predicted that Bitcoin’s price could reach around $79,000 by the year 2025. In simple terms, it is hard to reach a definite answer when it comes to crypto investments. But if you have a good crypto market outlook to some extent and Bitcoin fits within your risk tolerance prospects, then it could be a satisfactory investment on the long-term perspective.
What is Bitcoin ?
Bitcoin is a digital currency or a form of digital asset, which is of high market value. It is ranked 1st in the crypto market. Bitcoin is a decentralized digital currency that no one controls and anyone can use it in order to transfer monetary units of the network. Bitcoin has made it possible to send money to any part of the world easily and regardless of geographical borders and banking networks.
A very important function of Bitcoin is to maintain value. Because as we know, governments and central banks have the power to print money indefinitely and thereby reduce the value of their national currencies. In the Bitcoin network, although everyone can participate in the creation of new currency units, the total number of coins that can be created can be a maximum of 21 million units. The limited number of Bitcoin coins and the impossibility of creating more Bitcoins than what miners are allowed to mine are from the rules of the Bitcoin network which protect its value. This is one of the reasons that distinguishes Bitcoin as a long-term investment.
Is Bitcoin 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 Bitcoin 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 Bitcoin in Lithuania
Bitcoin is a kind of electronic money by which you can send money to any part of the world or sometimes use it to buy goods and services. Bitcoin's two main features of decentralization and freedom from printing more currency units are significant achievements over today's money. These Bitcoin features are paving the way for a new form of economic system in the future. You can consider Bitcoin as a payment token, use it to make currency transfers, and even order from online stores. But looking at the use of Bitcoin in today's world, it can be seen that most people buy Bitcoin as an investment. For this reason, another point of view has emerged according to which Bitcoin can be used as an asset in addition to being able to play the role of money; An asset that can maintain its value over time.
Who can buy Bitcoin 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
If we consider Bitcoin to have intrinsic value due to some of its features such as limitedness and unforgeability and use it as a tool that preserves value over time, perhaps it is an asset worth buying. Bitcoin can be presented as a type of investment that preserves the value of your savings in the long term. However, we recommend that before purchasing Bitcoin, study the ins and outs of the Bitcoin market and consult with professionals.
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.
You can purchase a small amount of Bitcoin, unlike stocks. The least amount of Bitcoin that you can likely purchase is equivalent to 1 Satoshi, or 0.00000001 Bitcoins, depending on its price of the day.
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.
Due to theft, computer malfunction, loss of access keys, and other reasons, users may lose Bitcoin and other cryptocurrency tokens. Although hot wallets are still practical for some users, cold storage (also known as offline wallets) is one of the safest ways to store Bitcoin because it cannot be accessed online. Consider using a hardware wallet for all of your long-term Bitcoin and cryptocurrency storage if you're looking for the safest storage option. For short-term investments, you can also keep your Bitcoins on our exchange wallet in order to trade more easily.If you want to hold Bitcoin long-term, although you can still keep your cryptocurrency in this wallet, it is better to not keep it in the exchange wallet nor the software one. The safest option would be a hardware wallet.