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How to buy Kusama in Germany
Is KSM a good investment in Germany?
Kusama was released in 2019 with an initial price of $1.71. It experienced a price drop very soon after its release, but it never dropped less than $1. Kusama crypto owners might have been disappointed with this price, but 2020 was a surprising year for them because the Kusama price suddenly mounted to $14 in July and ended the year at the price of $60. The Kusama price continued to rise until May 2021, when it reached its highest record of $624.78. That shows how profitable Kusama was in only two years. Kusama had many fluctuations in 2022 and dropped to $28 at the end of the year.
The history of Kusama shows it was a profitable investment. However, it won’t guarantee its profitability in the future. Therefore, you need to check other factors to decide if Kusama is a good investment. One thing that can help you have a broader overview of the future of this coin is checking the price predictions that are made by analysts and crypto experts. Most of them believe Kusama might have good days to come, and its price may go up to $225 by 2025. They also predict that in the long-term it might rise more and mount to $600 again by 2030. However, you should notice that these are just predictions. Your decisions shouldn’t be only on these numbers. Check the news about Kusama the day you decide to purchase it.
What is Kusama ?
Kusama is a decentralized cryptocurrency network created in 2019. The main purpose of creating such a network was to enable developers to have their dedicated blockchain on this network. It means the Kusama network is a platform for developers to test the projects that are going to run or implement on the Polkadot network. That’s why Kusama is known as the “Canary of Polkadot network.” Although the codes of both look the same, Kusama is much faster than Dot (Polkadot). Kusama and Polkadot are two completely separate networks that work in parallel. One of the benefits of this network is that users can vote for changes on the platform.
Is Kusama legal to buy in Germany
Germany is one of the countries where not only the buying and selling of cryptocurrencies is legal, but it also recognizes exchange providers and wallets in the category of financial services companies. From the moment that virtual currencies like Bitcoin emerged in the world, the German Financial Regulatory Authority accepted that as a legal trade. Furthermore, purchasing cryptocurrency is much easier in Germany compared to most countries, because people can buy Bitcoin and other valid digital currencies via bank, credit card, debit card, and even electronic payment. That shows how popular cryptocurrency is in this country. Almost 90% of people in Germany know what cryptocurrency is, and 25% of them own at least one coin as their digital asset. Therefore, Germans won’t face any legal rules or problems while buying digital currencies
Is Kusama taxed in Germany
The German Federal Central Tax Office has recognized cryptocurrencies as private money, which means it is a legal asset that is not property or foreign currency. According to taxfix, cryptocurrency is considered tax-free, but there are some conditions. The first condition is the duration of ownership. If a crypto owner holds the tokens for one year and then sells them, this trade is tax-free if the sale profit is 600 EUR. Therefore, if they sell the tokens and gain even one euro higher than 600 EUR, they should pay tax for the entire profit. The sale profit of tokens holding more than one year is tax-free. Meanwhile, if they sell the coins for less than a year (11 months) and gain profit from selling them, they should pay its tax, which is the same as the regular income tax rate of 45% plus the 5.5% Solidarity Tax.
After you've bought Kusama in Germany
Most people buy cryptocurrencies to keep them as an investment. Kusama is not an exception. You can keep them in a secure wallet and sell them whenever their price rises. However, this is not as simple as it is in theory. You need to check its price every day to make sure it is growing or find out when it is the right time to sell. If you are a beginner in this world, we suggest you invest as much as you can afford to lose because the cryptocurrency world is volatile and unpredictable. Furthermore, it is better to consider an exit point for your investment to avoid losing money in case the coin didn’t do as well as you thought.
As mentioned earlier, investment is not the only thing you can do with Kusama coins. KSM is a governance token; KSM owners can use their coins to validate the network, vote on changes on the platform, and nominate validators. In addition, the KSM cryptocurrency can be used for linking to support new parachains.
Who can buy Kusama in Germany
Anyone with a valid identity and bank account can buy cryptocurrency in Germany. Many platforms and exchanges in Germany accept buying cryptocurrencies with a debit card or even Paypal. Therefore, consider which payment method you want to choose before purchasing any cryptocurrency and select the platform that accepts that method. Always choose a legal cryptocurrency exchange, such as Blocktrade, and a secure wallet to buy and keep your preferred coins.
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Frequently asked questions
Many analysts have predicted a bright future for Kusama. They believe its price may rise, and it could be a good investment for people who buy it when the price is dropped. Its history also shows it was a profitable investment before. However, Kusama is a volatile and unpredictable crypto like other cryptocurrencies; anything may affect its future.
As mentioned, people can purchase bitcoin from banks. However, it is not the easiest and cheapest way to buy cryptocurrency in Germany. It is better to find a valid exchange that has the lowest trade fee. We offer you the BlockTrade, which is regulated in the EU and allows you to trade with zero fees.
Owning, buying, selling, trading, or purchasing goods with any type of cryptocurrency is legal in Germany. However, there are some rules about taxes that crypto owners should know.
The Kusama coin was released in October 2019, the same time as its network was created.
Trading is allowed in Germany, people can easily buy and sell cryptocurrencies in this country.
Gavin Wood is the founder of Kusama and Polkadot. He was one of the co-founders of Ethereum, who left the company in 2015. Therefore, he was completely familiar with the cryptocurrency world. He created the Kusama network in 2019.