Bitcoin is only recognized as legal tender in a few countries, including Japan. The tax on bitcoin trading was abolished in 2017, and Japanese financial regulators began issuing licenses to cryptocurrency exchanges. Bitcoin is traded on platforms on the internet where buyers and sellers meet. These platforms are also called crypto exchanges, because trading is similar to conventional exchanges: buyers and sellers place bids on them and you close the trade if price expectations match.nThe BISON app is a new offering that organizes trading with Bitcoin with an app on the smartphone. In the BISON app, you buy Bitcoin at a fixed price, which is determined from current price values on international crypto exchanges. Therefore, buying good-natured goods and services with Bitcoins is completely legal. Several large and small online marketplaces and service providers such as Overstock, Shopify, and OkCupid accept cryptocurrencies as payment. In addition, bitcoins can be used to pay for goods and services in stores and restaurants in the United States. Bitcoin was created as a decentralized currency, with no third-party control. It is doubtful, however, that it is a currency in the classical sense of the term. Recently, the famous fintech Scalable Capital has created its own zone for crypto trading. Investors can buy so-called exchange-traded products (ETPs).
Although the abbreviation is similar to that of ETFs (Exchange Traded Funds), they are – as with ETC – debt securities. ETPs are backed by the respective cryptocurrency, says Scalable. Savings plans with FTEs are also possible. On trading platforms, it is usually not possible to trade Bitcoin for free. These crypto exchanges provide a service with the trading system. For this service, they retain a small commission on each transaction made on the platform. According to Hong Kong`s Financial Services and Finance Secretary, current laws do not explicitly regulate bitcoin and other similar digital currencies, but they do provide consequences for illegal behavior related to electronic currencies, such as fraud and money laundering. But there is a catch: although cryptocurrencies can be traded there easily and cheaply, a payment of Bitcoin to an external wallet is not possible. The private key, which grants exclusive access to where cryptocoins are stored, remains in the hands of an external custodian. Exchangers and administrators, on the other hand, are considered transmitters of funds and must meet FinCEN requirements. The guide describes “exchangers” as those who trade bitcoins and other digital currencies professionally, while “administrators” are professionally engaged in putting virtual currencies into circulation.
The Bundesverband Digitale Wirtschaft expressly advised against its use. This was justified by the lack of state control. This would encourage illegal activities such as money laundering and tax evasion and could cause damage to society as a whole. The EU central bank locates the greatest danger when it comes to Bitcoin, in the low price stability. It would also erode the necessary trust in banks. The Central Bank of Malaysia stated in 2014 that Bitcoin was not legal money and had no intention of regulating it. The Stuttgart Stock Exchange also offers cryptocurrency trading. With the Bison app, a limited selection of other cryptocurrencies can be traded there in addition to Bitcoin and Ethereum. Since November, savings plans can also be concluded via the app.
Bison creates a wallet for the user in the background. Purchased cryptocurrencies can also be transferred to your own wallet. As costs, the application sets a “spread”, i.e. the difference between the buy and sell rates, of 0.75% of the purchase amount. Bitcoins are neither financial instruments nor units of account. Bitcoin has no representable or comparable value per se. It is therefore not a currency or a means of payment in the classical sense, even if Bitcoin is accepted as a means of payment by some economic operators. Its value crucially depends on the value that users attach to it. It is therefore subject to strong fluctuations, unpredictable or calculable. Trading the oldest cryptocurrency Bitcoin works on the principle of supply and demand. On trading platforms where Bitcoin and other cryptocurrencies are traded on the internet, buyers and sellers meet.
Sellers place their offer, which is matched to potential buyers` offers to purchase. If two trading partners meet identical expectations for quantity and price, the transaction is settled. Since the amount of tradable Bitcoin is limited by the Bitcoin software algorithm – there are currently around 18 million Bitcoin, an amount that will increase to 21 million by 2040 – the supply of Bitcoin does not arbitrarily increase. Therefore, an increasing or falling demand for Bitcoin has a direct effect on the price of Bitcoin traded. 5. Trade Bitcoin with the BISONn principle, when you trade Bitcoin in the BISON app, you perform the same steps. However, there is one crucial difference that makes trading Bitcoin on the BISON app so easy. Because in the BISON app you buy or sell your Bitcoin to EUWAX AG, also a subsidiary of the Stuttgart Stock Exchange.
Due to this circumstance, the BISON app is very simple. You can see the currently valid purchase and sale prices in the app. Under these conditions, you can then manage your trading activity. In addition, you do not need a private key in the BISON app. This is provided by the BISON app. To this end, a multi-level security concept has been implemented. When you place a transfer order, it is executed by the BISON application. If a Bitcoin software is offered for download, it is the offer to be part of the network. Since Bitcoin became popular, four popular systems have been established, all referring to the same blockchain.