Is Trading Cryptocurrencies Legal? Cryptocurrencies are virtual or digital money used as a medium of exchange in transactions. It uses a method called cryptography that maintains a database that consists of all the records of transactions made, and it secures the payment. This allows them to create and process digital currencies and transactions.
Cryptocurrencies consist of encryption techniques that are used to secure the network and communications. Cryptocurrencies allow making a secure payment online in terms of virtual “tokens”. And one can use these tokens have a monetary value. And these tokens are used in the exchange of goods or services.
Cryptocurrencies are generally not used by any central authority or any central banking system, and there is no intervention of government in it.
Cryptocurrency allows the transfer of funds directly between two parties without the need for a third party like financial institutions or banks. Generally, these banks or financial institutions charge an extra amount whenever there is a transaction of a huge amount of funds. But, in cryptocurrencies, you don’t have to pay any fee on transactions.
As of February 2020, Bitcoin was legal in most of the developed countries like US, UK, Canada, Japan, etc. The US issued guidelines for taxpayers who are using bitcoins. In the US, Bitcoin addresses do not require personal information of users.
Disadvantages of Bitcoins:
On the flip side of a coin, there are some disadvantages to using cryptocurrencies for trading online. Due to the anonymous nature of these transactions, cryptocurrencies attract various illegal activities. Reasons are numerous. Mainly due to the evasion of a large amount of taxes, charges, etc.
Even though Bitcoin is popular, it creates a permanent record of all transactions made by users. Therefore, the shift of attention is now on other cryptocurrencies for those who conduct illegal activities.
In many countries, respective governments issued notices about the risks of investing in cryptocurrency markets. Central banks of various countries issued notices to educate its citizens about the differences between physical and digital currencies.
So, if you’re a resident of the United Kingdom, it’s the right time to invest in Bitcoin trading and gain huge profits. If you’re looking for a legal and genuine bitcoin trading platform, then “Bitcoin Fortress” is for you.
All you need to do is to invest €200, and leave the rest to Bitcoin Fortress. It is an automated platform and helps you to gain massive profits without taking any risks. The Bitcoin and cryptocurrency business sees a promising outlook for 2020. Despite the uncertainty of geopolitical expectations, the maturation of ecosystems, and new players’ entry. So, sign up today on the Bitcoin Fortress and raise your bank balance.