Buy Ethereum
in Austria

In its simplest definition, Ethereum is an open infrastructure based on blockchain technology on which decentralized computer programs can be run. The decentralization of Ethereum means that this system does not belong to anyone alone and it is not controlled by one or more specific people. Everyone can own this network and everyone can play a role in controlling it. Thanks to Ethereum's distributed and decentralized structure, once a program is implemented on the Ethereum network, it cannot be stopped or manipulated, even if the creator wants to.

Among the members of the digital currency community, the digital currency of the Ethereum network is also called Ethereum or Ether. Ether, like Bitcoin, is a digital currency that can easily transfer value. However, Ether's purpose is slightly different from Bitcoin's. This digital currency was created to pay for fees and as an incentive for contributors to continue working with Ethereum. Who would be willing to work as a miner or contributor to the network if Ether was not the key asset? This is why Ether is also called "the fuel of the Ethereum network". If Bitcoin is "digital gold", Ether is "digital oil".

The digital currency of the Ethereum network is called "Ether" and its abbreviated unit is ETH. This asset is considered the currency of the network as well as a way to pay fees and charges.

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.

Ethereum is a popular blockchain that has been used in various projects. Due to the success of Ethereum, many developers and projects use this chain to build their own products. Smart contracts on Ethereum have been able to bring blockchain technology applications to other levels. Smart contracts allow users to determine their desired conditions and rules. 

In smart contracts, it is possible to include detailed conditions for each contract. This feature has made it possible for Ethereum to host various blockchain-based financial services. Some examples of Ethereum services you can benefit from include: Loaning, Decentralized Insurance, Decentralized Exchanges, Stablecoins, Profit Cultivation, Investing, Computer Games (Betting), and Non-Fungible Tokens (NFT).

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.