Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Bitcoin, for example, can be used to purchase items from Overstock.com, Expedia, and other merchants.
Cryptocurrencies are often viewed as investments, and their prices can be volatile. Bitcoin, for example, has been known to experience price swings of over 10% in a single day.
Some countries have taken a positive view of cryptocurrencies and have made them legal tender. Japan, for example, recognized Bitcoin as a legal payment method in April 2017. Other countries are taking a more cautious approach, and some have outright banned cryptocurrencies.
Cryptocurrencies are still in their infancy, and their long-term viability is uncertain. However, they have the potential to revolutionize the way we transact business.
There are a growing number of countries that are accepting crypto currency as a legal tender. This means that the crypto currency can be used to purchase goods and services within these countries. Here is a list of some of the countries that have made this move.
Switzerland
Switzerland has been a leader in the crypto currency space for a number of years. In February of this year, the Swiss Federal Council released a report that said crypto currency should be treated like any other asset. This means that it can be used for payments and be subject to wealth and income tax.
Japan
In April of this year, Japan passed a law that made crypto currency a legal payment method. This means that businesses in Japan can now start accepting crypto currency as payment.
Germany
Germany is another country that has been open to crypto currency. In March of this year, the German government released a report that said crypto currency should be treated like other forms of payment. This means that it can be used for payments and be subject to tax.
The Netherlands
The Netherlands is another country that is embracing crypto currency. In October of last year, the Dutch Central Bank issued a report that said crypto currency should be treated like other forms of payment. This means that it can be used for payments and be subject to tax.
These are just a few of the countries that are accepting crypto currency as a legal tender. As the crypto currency space continues to grow, more and more countries are likely to follow suit.
Jay Brady is a news media and fitness professional with a strong experience in online journalism as well as he is a well-known fitness instructor. Jay strength includes knowledge of sports, health, yoga, meditation, and proficiency. From a young age, Jay has interest in Football and he is TheDial Contributor.
