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Learn More about buying LRC in Slovakia
How to buy Loopring in Slovakia
Is LRC a good investment in Slovakia?
LRC was released in 2017 with an initial price of $0.05. It started 2018 with a surprisingly high price of
$2.59 but quickly fell to $0.25. This token was almost asleep for two years because its price didn’t
change significantly until 2021, when it set a record all-time high price of $3.81. However, it recessed
again and dropped to $0.21 at the end of 2022.
It is common for people who want to buy a coin to be curious about its future, especially for investment.
However, the future of cryptocurrency is not predictable. But you can read about price predictions
because these are the analyses that experts in this field have done. Therefore, the LRC price prediction
can give you a hint about the probable fate of this coin. Crypto analysts think the LRC price would go
higher than $1 in 2026 and might continue to grow and reach $3 by 2030. Considering these predictions,
it might be better to think about LRC as a long-term investment.
What is Loopring ?
Loopring is a decentralized exchange (DEX) based on Ethereum that launched in 2017. It is considered
the second layer solution of Ethereum called Loopring L2, which allows users to do their transactions
with higher speed and lower fees compared to Ethereum. Loopring L2 is more than a decentralized
exchange, it acts more like a payment software that allows users to send their ERC-20 tokens to any
Ethereum address quickly, securely, and with lower costs. The Loopring users can also create new
exchanges on this protocol.
Is Loopring legal to buy in Slovakia
Yes. According to the National Bank of Slovakia (NBS), crypto activities are regulated to an extent harmonized with EU legislation; NBS defines cryptocurrencies as digital assets that are based on cryptography, decentralized and usually use blockchain technology. According to Methodological Guideline No. MF/10386/2018-721 issued by the Ministry of Finance of the Slovak Republic, a cryptocurrency means a digital carrier of value which is neither issued nor guaranteed by any central bank or public authority; is not necessarily linked to any legal tender; has no status of a currency or money but is accepted by some natural or legal persons as a means of payment; and can be transferred, stored, purchased and sold electronically.
Is Loopring taxed in Slovakia
Yes. According to Act No. 595/2003 Coll. on Income Tax, any income (earnings) resulting from a sale of virtual currency is considered taxable income for individuals and income from the sale of cryptocurrencies is listed under “other income” in personal income tax return. If the income is less than €38,000, the tax rate is 19% and if the income is higher, the tax is 25%. These taxes apply to individuals who earn money using cryptocurrency in Slovakia.
After you've bought Loopring in Slovakia
LRC is mainly used on the Loopring protocol for creating decentralized exchanges. It doesn’t have any
uses outside of this platform yet. However, it might be consumed for purchasing things in the future.
But right now, it is very useful for developers on the blockchain.
Like other cryptocurrencies, LRC can be a good investment too. You don’t need to consume your coins
on the Loopring protocol, you can buy LRC and keep it until its price gets higher. For this purpose, you
need to choose a secure wallet to keep your tokens in a safe place for a while. Furthermore, since the
cryptocurrency world is so volatile, it is better to read more about LRC and its predictions. If you are a
beginner in this world, start with a minimum amount of money and choose an exit point for your
investment so that you will not lose your money.
Who can buy Loopring in Slovakia
Anyone. Buying cryptocurrency in Slovakia is much faster and more convenient with the help of exchanges.There are different means for purchasing cryptocurrencies that are supported in Slovakia such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange provides secure transactions through all of these services.
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Payment methods to buy Loopring in Slovakia
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Frequently asked questions
The Loopring coin (LRC) is available on most exchanges. You can also buy this crypto from the Loopring
exchange itself. However, it would be a good option if you purchase this coin on a more affordable
exchange like Blocktrade. Since you don’t need to pay any processing fee on this platform, it would be
more cost-effective for you to buy LRC on Blocktrade.
There are two factors that affect the cost of cryptocurrency purchase. The price of the cryptocurrency itself and the exchange commission. Our exchange is practically one of the cheapest means to buy crypto since it charges ZERO exchange fees for transactions.
According to the National Bank of Slovakia (NBS), crypto assets can be categorized as: Virtual assets, Utility tokens, and Investment tokens.
The loopring is a Chinese-based company founded by a software developer called Daniel Wang.
However, the Loopring protocol was registered in Singapore.
It is estimated that over 140 thousand people, 2.57% of Slovakia’s total population, currently own cryptocurrency.
Loopring is a protocol that makes it possible for its users to create their own exchanges on this network.