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Learn More about buying LINK in Austria
How to buy Chainlink in Austria
Is LINK a good investment in Austria?
LINK crypto was released in 2017 with an initial price of $0.11. Its price didn’t have a salient change until mid-2019 when it finally could reach $1 per token and continued to grow and ended the year with a price of $4. 2020 was more surprising for this coin because it could mount up to $14 and become a wonderful investment for its owners. LINK could reach its highest price of $37 in February 2021. Although it might seem that LINK didn’t have a great beginning, its price suddenly surprised everyone. However, 2022 wasn’t a great year for this crypto because the LINK price dropped to $19.60 in January, and ended the year at $7.
Like many cryptocurrencies, LINK also had fluctuations. People who want to invest in this crypto would like to know if it will end up profitable. No one knows the answer to this question, but some factors can help investors decide on buying this crypto. One of them is LINK price predictions. Some crypto analysts believe that LINK price may continue to fall until 2027, but then it might increase to $70 and may continue to grow and be around $169 in the next ten years. Therefore, they expect LINK to be a good long-term investment. However, predictions are just some expectations that might not come true. It is better to check the news about this crypto, read its whitepaper, and investigate the price of the day to decide whether it is the best time to buy LINK.
What is Chainlink ?
Chainlink is a decentralized oracle network announced in 2017. It runs on the Ethereum blockchain and is used to support advanced smart contracts. Generally, smart contracts are automated agreements on blockchain. But, sometimes, they need to connect to the real world to make some processes possible. Chainlink makes this possible and acts like a bridge between blockchains and external data sources or what is known as off-chain.
Is Chainlink legal to buy in Austria
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.
Is Chainlink taxed in Austria
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.
After you've bought Chainlink in Austria
LINK coin is mainly used on the Chainlink network as a payment fee or for voting on different processes. It can’t be used as a payment method outside this network. Therefore, it is not possible to use it as a real currency to purchase goods or transfer money. However, this might be possible in the future. You can trade or swap the LINK coins with Eth or XRP and then use it to purchase goods or even use it in gaming or other processes.
Meanwhile, most people buy a cryptocurrency for investment. In this case, the usage is not that important because you only need to keep your coins in a wallet and wait until the right time to sell. Investment needs you to be aware of the crypto market and check the coin price every day. If you are new to this world, we recommend you choose an exit point for your investment. Thus, if the price of LINK reaches that amount, you can easily sell it to get a profit. In the end, we also suggest investing as much as you can afford to lose because cryptocurrencies are volatile, and nothing is predictable in this world.
Who can buy Chainlink in Austria
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.
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Frequently asked questions
The Chainlink network is one of the first networks that make it possible to link blockchain with off-chain or the world outside of the blockchain. Therefore, it is very useful, especially when working with advanced smart contracts. It is believed that this network and its coin will act as well in the future.
Lots of exchanges are available in Austria that support lots of cryptocurrencies. You can easily find the right platform for buying your preferred coin. Blocktrade is one of the best exchanges regulated in the EU. You can find several coins on this exchange and trade with zero fees.
There is no rule against buying, investing in, selling or even mining cryptocurrency in Austria.
LINK tokens are available on most exchanges. Blocktrade is one of the exchanges that support this crypto. This exchange has the lowest trading fee and is regulated in the EU. Therefore, you can simply sign up on this exchange and buy the crypto you want.
It is allowed to buy and sell cryptocurrency in Austria, but you need to know that this country has strict rules against money laundering. Therefore, check the rules to prevent any fines regarding selling crypto.You can sell your coins on the BlockTrade exchange easily and quickly.
Sergey Nazarov, a Russian entrepreneur is the founder of Chainlin and Steve Ellis is the CTO at this company. The headquarters of Chainlink is in the Cayman Islands.