Buy 1inch Network
in Austria

The 1inch token was released to the market in late 2020 with an initial price of $1.60. 2021 was a great year for this token because very soon, its price mounted to $7.87, which was the highest value of all time; and a fabulous profit for investors on this coin. However, it didn’t last long, and the price started to fall again until it ended the year with a value of $2.39. 2022 was disappointing for the crypto world, almost all the cryptocurrencies experienced a downhill. The price of 1inch dropped to $1.19 at the beginning of 2022 and crashed to its lowest price of $0.5178 in June of the same year.  

1inch was a profitable investment at the beginning and could bring a high profit to its investors for one year. But how to know if it’s still a good investment? Although a coin’s history can’t guarantee a profit in the future, it still can give investors some predictions about its future. First of all, everything depends on your risk tolerance because the cryptocurrency world is volatile. However, analysts and experts on this field check different stats and give predictions about the future price of a coin. Bear in mind, these predictions are not 100% guaranteed. Nevertheless, the predictions can be useful. The analysts believe that the price of 1inch won’t rise so much until 2025, which might be around $1.53. But it will have better performance for the next 5 years and might reach $3.61 by 2030.

1inch is a cryptocurrency platform that was released in 2019 as a decentralized exchange aggregator. The main goal of this platform is to find the lowest cryptocurrency price for traders. In the 1inch platform, you can easily connect Ethereum-based coins (known as ERC-20 tokens) to ETH or any other cryptocurrency that works on Ethereum. The transaction fee on 1inch is significantly lower than Ethereum.

In Austria, cryptocurrency is accepted as an intangible asset. According to Global Legal Insight website, there is no specific regulation against buying or trading crypto in this country. Therefore, it is considered legal. However, the country’s financial authorities announced in 2020 that it has set a fine of up to 200,000 Euro for individuals or businesses related to cryptocurrency who don’t follow anti-money-laundry laws. By 2022, almost 2% of Austrians had at least one cryptocurrency as their digital assets. They also have stated in the digital currency laws in Austria that these cryptocurrencies are not considered a means of payment or supported by this body. Businesses related to digital currencies must obtain a license from the financial organization.

According to the Federal Ministry, Republic of Austria Finance, dgital currencies are exempt from value-added tax (VAT). But, if these cryptocurrencies are used as a payment method or in exchange for a product, they will be taxed and dealt with according to the laws of payment instruments.

Crypto tax laws were reformed on March 1, 2022. Previously, crypto owners in Austria only had to pay income tax on short-term crypto gains. This means that if they sold, spent or traded the cryptocurrency in less than a year, they would have to pay income tax. But if they kept this digital currency for more than a year, even if they made a profit by selling it, they would not pay any tax. New laws changed this situation. From now on, all crypto transactions will be subject to a 27.5% tax rate, whether the crypto owner sells it for less than a year or holds it for a long time. However, the new rules only apply to coins purchased after February 28, 2021. Any digital currency purchased before this date will be operated with the previous rules.

While buying crypto, always consider its uses because there are several ways you can take advantage of cryptocurrency. 1inch can be used for staking, spending, trading, or keeping as an investment. One of the major uses of 1inch is voting inside the network for an update to its protocols. You can also swap 1inch with other coins on the exchange. It can be done if you think the future of another token might be better than 1inch. Furthermore, 1inch can be used as a payment inside games.

One reason that most people would like to buy a coin is to keep it as an investment. 1inch might be a good investment too. However, after buying 1inch, you should always check its price to ensure you are not losing money. It is better to consider an exit point for your investment to avoid any loss. Additionally, you should know that the cryptocurrency world is risky. Thus, never invest money you can’t afford to lose, especially if you are a beginner in this world.

Everyone can buy cryptocurrency in Austria. However, people need to have a valid identity and bank account while buying cryptocurrency on any exchange. They will be authenticated, then they can start buying coins. Although people can buy cryptocurrency anonymously, it is not recommended to people, especially beginners because it is not a secure way of buying cryptocurrency, and people will be more prone to be hacked or losing their assets. If you want to buy cryptocurrency in Austria, sign up on Blocktrade and select the coin you want to buy. It is a safe and cheap way of purchasing cryptocurrency in Austria.