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Learn More about buying ATOM in Lithuania
How to buy Cosmos in Lithuania
Is ATOM a good investment in Lithuania?
Cosmos, which is introduced as "Blockchain Internet", tries to bring different blockchains together in one unit and from the very beginning solve several main problems that plague this technology. ATOM is the core cryptocurrency on top of the Cosmos platform, which is designed to facilitate communication, scaling and collaboration between independent blockchains. The projects launched in the Cosmos network allow the exchange of their tokens as well.
In addition, Cosmos presents itself as a set of tools, with its modular and adaptable features, available to developers who are ready to start working on the decentralization of the Internet and related financial infrastructure. In other words, Cosmos, known by its founding team as the Internet of Blockchain, aims to create a cryptographic network united by open-source tools to simplify transactions between them. It is this focus on customization and interoperability that sets Cosmos apart from other projects.
What is Cosmos ?
The native staking token for Cosmos platform is called ATOM. This currency forms the foundation of the token economy of the Cosmos network. The ATOM symbol is widely and commonly used on exchanges in order to address the Cosmos currency. You can easily find information about this cryptocurrency by searching its symbol, ATOM.
Is Cosmos 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 Cosmos 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 Cosmos in Lithuania
ATOM has three main use cases: A spam-prevention system, a voting system for governance, and staking. Users can “stake” their ATOMs (lock them up in a smart contract for a period of time) to earn rewards. “Staking” is similar to investing money earning a return on investment. The process is similar to depositing cash into a bank account to generate interest over time. Stakers earn the rewards for their work securing the network.
Who can buy Cosmos 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 value of Cosmos is impacted by numerous factors. One of which is that it was generated with a fixed supply, similar to many cryptocurrencies. In this regard, it won't experience inflation and its price hikes could result from its scarcity. Also, all payment processes, transaction fees, rewards, etc. are paid through this digital currency. This has caused a great demand for ATOM digital currency. This demand, in turn, has caused its price to experience a good growth. In such a way that this currency has experienced a growth of 528% in the last two years.
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 are able to purchase the minimum order size of $10 in order to buy ATOM on our exchange. Additionally, you can choose from a number of payment methods that our exchange offers to finalize your purchase transaction. Then, on your portfolio of cryptocurrency assets, the attained ATOM units will be visible.
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.
After buying ATOM digital currency, you must transfer it to a wallet in order to keep it safe and secure. Cryptocurrency wallets are mainly divided into the two categories of hardware and software wallets. Hardware crypto wallets are the most secure, but software wallets usually have more features and a better user interface. Our exchange offers you a personal online wallet, which, because it can quickly connect to a wide range of trading options, greatly simplifies your trading of ATOM cryptocurrency.