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How to buy Litecoin in Poland
Is LTC a good investment in Poland?
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 Poland
Yes. According to an official statement by the Polish Financial Supervision Authority (KNF)
which was published to clarify the status of cryptocurrency activities and trading, the authorities
of KNF stated that exchange in cryptocurrencies, as well as trading in cryptocurrencies are not
prohibited and is therefore legal in Poland. The KNF office also warned entities operating in the
cryptocurrency space that they will have to abide by anti-money laundering and terrorism
Is Litecoin taxed in Poland
Yes. According to the details of settlement of Personal Income Tax by the Polish Government,
in line with the Article 30B(1A) of the Income Tax Act, gains from selling virtual currencies are
classified as revenue from property rights and are subject to 19% rate taxation under the Polish
Personal Income Tax Act. According to the above-mentioned settlement, transactions resulting
in the creation of tax revenues are (1) exchange of a virtual currency into a legal tender (fiat
currency), (2) payment of virtual currency for a good, service or property, where this property
rights do not have the form of a virtual currency.
After you've bought Litecoin in Poland
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 Poland
Anyone. The choices are endless in Poland, including crypto ATMs, over-the-counter brokers,
P2P marketplaces and the easiest of them all, crypto exchanges. All you need to do is create an
account, meet the conditions required to start trading, and start your crypto transactions. With
the help of an exchange and the many payment services that are accessible in Poland you can
purchase crypto assets easily. Such payment services include: Apple pay, Google pay, Credit
Card, Debit Card, Bank Transfer and PayPal. Our exchange supports all of the mentioned
payment methods and provides you with quick, secure and free of charge cryptocurrency
transactions in Poland.
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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.
Yes. You can easily sell your crypto assets by the help of exchanges in Poland. Also note that
according to the details of settlement of Personal Income Tax by the Polish Government, your
annual tax return should include your sale records of cryptocurrencies in a given year.
Yes. Buying cryptocurrency is possible through the exchanges in Poland. Yet note that
according to the details of settlement of Personal Income Tax by the Polish Government, the tax
return should be filed even if you only bought cryptocurrencies.
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.
It is estimated that over 900 thousand people, 2.50% of Poland’s total population, currently own
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.