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Pro and Contra
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Best Bitcoin Card for Lithuania

Lithuania is a small country in Eastern Europe. With no more than 2.8 million inhabitants, the country has an unusually high density of ICOs.

According to the ICO Watchlist, 4.05% of the world’s ICOs take place in Lithuania. This seems to be a phenomenon, because not even 2.8 million people live there. Almost 578,000 people live in the capital Vilnius. Up to 3.5 million people live in Berlin alone, which shows how small the country is. Lithuania has been a member of the European Union since 2004 and joined the Eurozone in 2015. In Germany, just under 2.1% of ICOs take place. It is amazing that a small country like Lithuania manages to hold twice as many ICOs.

The founder of Bescouted, Deividas Leilonas, sees the foundation stone of Lithuanians’ affinity for the tech industry in the period after Lithuania’s independence in 1991. Since the country’s independence, many Lithuanians have been working in software development. This was due to the development of software solutions for Western companies. Many capable software engineers have been created as a result. The Lithuanian government supports this trend by actively participating in the development of a good IT infrastructure in the country. At times, the country had the fastest Internet in the world. This naturally led to the support of FinTech start-ups, which developed products and services related to crypto currencies. The government specifically promoted FinTech companies. Today, Lithuania is known for providing a sound legal framework for FinTech companies.

Lithuania – promotion by FinTech

The country is taking advantage of blockchain technology. It has a strategically unfavourable position within Europe because it is located between Western European countries and Russia. Furthermore, the gross domestic product, at 42.7 billion in 2016, cannot compete with that of other industrialized countries. Germany’s GDP last year amounted to 3,685 trillion US dollars. In the area of blockchain technology, however, none of this plays a role. Lithuania has a strong crypto community that takes advantage of the equality within the Internet. Only the team, the technology and the idea behind a project count. This explains the high density of ICOs.

About Lithuania

Lithuania is located in Northern Europe and belongs to the three Baltic states. It is the southernmost of the three Baltic states. It borders the Baltic Sea to the west and shares borders with Latvia, Belarus, Poland and the Russian oblast of Kaliningrad. In the course of EU enlargement in 2004, Lithuania became a member of the European Union and a member of NATO. Lithuania has been the 19th member of the Eurozone since 1 January 2015.

The climate in Lithuania is a temperate continental climate. The prevailing westerly wind on the coast carries warm and humid air from the Baltic Sea inland.

The warmest month is July with an average temperature of 17 °C, the coldest month is January with an average temperature of -5.1 °C. The warmest month is July with an average temperature of 17 °C and the coldest month is January with an average temperature of -5.1 °C. The average annual temperature is 6.2 °C. The average annual rainfall is 661 mm, significantly higher in the southwest and lower in the north.