Cryptocurrency & Its Hype
According to speculations 2020 was supposed to be a big year for cryptocurrency; however, due to a lot of governments taking the pressure from the current pandemic, equity has seemed to hit a low. However, bitcoin is still considered as one of the best investment options as far a digital currency goes. While bitcoin has been equally praised and criticized, there is no doubt that it was the first of its kinds after being introduced in 2009 after its mysterious invention by Satoshi Nakamoto.
According to the bitcoin price index compiled by Statista.com, by the end of May 2020, one bitcoin amounted to $9,437. This figure is calculated using a bitcoin price index that offers an average of bitcoin prices across leading global exchanges. Over the years the circulation of bitcoins has also increased, and by January 2019 it reached over 17 million. The global value Bitcoin at the end of 2018 was estimated to be 66 billion US dollars. Considering its hype and fame, let’s take a quick look at some of the friendliest countries that accept the use of bitcoins:
Top 10 Countries That Accept Bitcoin
· Australia
A bitcoin in the land of the kangaroos can cost you 13,811.45 Australian dollars. As of December 2013, Australia is one of those countries where Bitcoin is considered legal. This comes as a decision by the governor of the RBA (Reserve Bank of Australia).
In Australia, you will find that the workings of Bitcoin usually entail a peer-to-peer network where each node verifies whenever a transaction occurs. With every new transaction, the record is sent to the network and mined into the blockchain. You will find the bitcoin community quite thriving in the country. However, it is important to know bitcoin in Australia is considered as an asset which means it can be taxed. Since acquiring a bitcoin is a capital gain. Therefore a CGT (capital gain tax) might be applied.
· Canada
In the land of the politest people on the planet, a bitcoin can cost you as much as 12,964.17 Canadian dollars. Furthermore, the Canada Revenue Agency agrees that while the act of buying or receiving a bitcoin should not be taxable, nevertheless the act of using a bitcoin is proposed by many to be made taxable. However, digital currencies such as bitcoin or other cryptocurrencies are not considered as a legal tender as only the Canadian dollar is considered the official currency of Canada.
Operators like BitBuy can help you sell Bitcoin in Canada, plus several exchanges are operating within the nation where you can buy bitcoins and invest in them to your heart’s content. As per the Library of Congress, people are legally allowed to use digital currencies in Canada plus the use of cryptocurrency to pay for goods or services is treated as a barter transaction.
· Denmark
Often known as the red and white dynamite, the Danish people inhabiting the nation named after the mythological King Dan love the bitcoin. Henceforth you will find that Danish authorities allow the usage of Bitcoin as a payment tool. 1 Bitcoin in Denmark equals to 64,060.81 Danish Krone. Bitcoin in Denmark is considered as both an asset and a good. However, it is not the legal tender. However, Bitcoin exchanges are to perform for any legal activity even though it is not considered as a part of any regulatory authority’s jurisdiction.
There are more than 20 popular exchanges available that allow you to buy Bitcoin in Demark quickly and without any hassle. At Copenhagen however, you can also find the first two-way Bitcoin ATM located at the Dubliner pub. Copencoin and Sirius Money jointly operate the machine.
· The Netherlands
Known for its flat landscapes, the Netherlands is a country located in the northwestern part of Europe. You can buy a Bitcoin for €8,572.29 in the country. Even though cryptocurrency is not considered as a legal tender, however in a 2018 Dutch court case, Bitcoin was considered a legitimate payment for a penalty case where a transfer of value was involved. Like all other European countries mentioned on this list, to buy Bitcoins, you first need to register your account with an exchange such as Coinbase.
Unfortunately, there is no record of a Bitcoin ATM machine operating within the region. For buying, selling, and exchange of Bitcoins in Sweden, you can use exchanges such as Binance, Cryptonit, and Paxful, to name a few. You can also purchase and sell Bitcoins online using cash. You can also take the help of professional essay writers to provide you with in-depth research regarding your concerns.
· Estonia
Bordering the Gulf of Finland and the Baltic Sea, Estonia is located in Northern Europe and has more than 1,500 islands. In this diverse terrain, you can buy a bitcoin for €8,604.14. Even though Bitcoin is not recognized as the legal tender, the government of Estonia considers all forms of cryptocurrency as “value represented in digital form”. In short, what they actually mean to say is that all Bitcoin buyers and sellers are welcome. Several exchanges in Estonia can help you buy Bitcoins such as Cryptsy, Coins-E, and even person-to-person Bitcoin trading sites such as LocalBitcoins to name a few.
Many consider Estonia to follow the path of becoming the cryptocurrency capital of the world. The digital currency is popular here that Estonia has issued over 900 licenses to companies specifically dealing with cryptocurrency.
· The United Kingdom
A bitcoin in the UK goes for £7,619.51. In the UK, several measures have taken to manage cryptocurrency within the country accordingly to avoid conflicts. The government of the UK doesn’t approve of cryptocurrency as a legal tender. However, cryptocurrencies can be exchanged and traded through the help of registration requirements upfront. Plus if there is any gain from buying and selling of cryptocurrencies, then the government of the UK is viable to deduct capital gain tax from such transactions.
To buy bitcoins in the UK, you first need to set up your Bitcoin wallet. This will allow you to save your Bitcoins. Secondly, you need to approach a trustworthy and credible website that offers you exchange a Bitcoin with your own currency. UK offers around 269 locations where Bitcoin ATM machines are located.
· The United States
Bitcoins are considered legal in the US, and you will find a lot of Bitcoin as well as other types of cryptocurrencies readily available in the US. Many US businesses, in fact, accept Bitcoins and other cryptocurrencies as an acceptable form of payment. Moreover, you can find nearly as much as 3,187 venues within the country that offers you a Bitcoin ATM machine. Plus in the state of Ohio, state tax payments can also be made using Bitcoins.
· Finland
Often called as the Land of the Thousand Lakes even though there almost an equal number of islands as well, nonetheless Finland has approved laws where cryptocurrency is actually regulated by the country’s financial authority. The Fin-FSA (Finish Financial Supervisory Authority) has the power over not only crypto trading but exchange registration as well. In Finland, you can buy 1 Bitcoin for €8,607.52 which is a couple of euros more than Estonia.
To buy Bitcoin in Finland, you have to register an account with an authorized exchange. By 1st November 2019, around five crypto service providers were offered registration by the FIN-FSA including Localbitcoins, Tesseract Group, Prasos Cash Management, Northcrypto, and Prasos. It is essential to know that all virtual currency providers have to follow regulatory requirements in Finland. Otherwise, they can be fined by the authorities.
· South Korea
Located at the southern half of the Korean Peninsula and sharing one of the most heavily guarded borders in the world with North Korea, South Korea is one of the largest Bitcoin markets. In fact, South Korean financial regulatory bodies have already indicated that it would support cryptocurrency trading a while back. Hence all cryptocurrency is fully legal in South Korea, and the passing of amendments signifies that cryptocurrency would be officially traded and held as a part of the legal system by their government.
One bitcoin in South Korea equals to 11.58 million South Korean won. To buy Bitcoins in South Korea however you need to have a registered account with exchanges such as Korbit. However, new regulations are bent on banning foreigners from outside South Korea to trade in Bitcoins through South Korean exchanges.
· Sweden
Occupying the fourth largest land area in Europe, Sweden is the place where you can use the crypto regulation by the government to check first whether it is safe to invest in digital currency. While it is unfortunate that the country doesn’t support any Bitcoin ATM machines as such, however, you can easily buy Bitcoins in Sweden using a registered account with an exchange that supports trading in virtual currency.
You can buy one bitcoin for 89,212.98 Swedish Krona. Popular exchanges to buy Bitcoin in Sweden include Bitpanda, Coinbase, and Coinmama, to name a few. However, each exchange has its own pros and cons. So even though Bitpanda offers you terrific ease of use, fast/speedy service, credible reputation, and high limits, it still fails to provide adequate privacy that some would prefer to have.
Conclusion
While the legal status of Bitcoin across the planet and amongst various countries may differ, as of February 20202 Bitcoins are considered legal in Canada, Japan, the UK, and the United States. In general, Bitcoins are considered as an asset that has considerable value. For tax purposes, many Bitcoins may be asked to pay taxes which strikingly resemble property taxes. Furthermore, even in many Bitcoin-friendly countries, Bitcoin is never nor given the power of becoming a legal tender.
