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How to buy Bitcoin Cash in Norway
Is BCH a good investment in Norway?
Bitcoin Cash crypto (known as BCH) was released in 2017 with an initial price of $440. At the very beginning, BCH surprised everyone with its price rise to $621 in only a few months. Surprisingly, BCH set a record for the all-time highest price of $2,940 in December of the same year. It was shocking for BCH owners because, in less than a year, their investment had delivered almost 6 times the profit. However, 2018 wasn’t that good for people who decided to invest in BCH at the end of 2017, because every month the price dropped until it reached $81 per token in December of 2018. The next year wasn’t so fluctuating for BCH and almost passed with a stable price between $300 to $400. The same happened in 2020. In 2021, the BCH price again climbed and reached $1,454 per coin, and became a highly profitable investment for its owners.
BCH had ups and downs, like any other cryptocurrency. It had shown many times that it could be a profitable investment. However, no one knows what may happen to its future. Therefore, when you want to purchase this coin, you may wonder if it will be a good investment. To answer this question, you need to check several things to understand if BCH might be on growth or may fall. One of them is BCH price predictions. Crypto analysts and experts analyze the performance of crypto and other factors to forecast its future. Most analysts believe BCH's price might reach $2000 by 2030, which means it may be a good long-term investment.
What is Bitcoin Cash ?
Bitcoin Cash was released in 2017 as a hard fork of Bitcoin, which means it was split from the original protocol to solve the problems regarding scalability, low speed, and high fees that Bitcoin had. Bitcoin Cash is technically and structurally similar to Bitcoin, but it can pack 4 to 8 times larger data into each block. It can also process 116 transactions per second, which means blocks are bigger, and yet the speed is higher compared to Bitcoin. Furthermore, due to its fees, Bitcoin wasn’t suitable for everyday purchases anymore. Thus, Bitcoin Cash was created as an alternative to Bitcoin for everyday use.
Inform about the latest updates on Bitcoin Cash official website.
Is Bitcoin Cash legal to buy in Norway?
Yes. According to the Norwegian Government’s strategy document for cooperation with the EU, the government states that the usage of blockchain technology is an area of importance for Norway and that the government is working to ensure secure storage and use of digital personal data. Also, in a recent report by the Central Bank of Norway, it was stated that the development of digital currencies may help to give crypto assets a greater role in ordinary domestic and cross-border payments.
Is Bitcoin Cash taxed in Norway
Yes. According to the Norwegian Tax Administration, cryptocurrencies in Norway are treated as assets and must be declared in yearly tax returns. Almost all of your crypto transactions are subject to tax in Norway. According to the above-mentioned tax regulation, if your crypto holdings are above NOK 1,500,000, they are subject to a wealth tax of 0.7%. Any gains on cryptocurrency transactions are also subject to a capital gains tax of 22%. For income earned in cryptocurrency, you have to pay an income tax of 22% as well as a bracketed tax. For more information on bracket tax see the guide by the Norwegian Tax Administration. As stated in the Norwegian crypto tax regulations, you can also claim a tax deduction for transaction costs linked to trading and income from virtual currency.
After you've bought Bitcoin Cash in Norway
BCH is a transactional coin, which means it can be used to purchase goods, as payment, exchange, or anything you use the money for. Therefore, BCH is somehow equal to your cash, but in your e-wallet. Furthermore, Bitcoin Cash supports smart contracts. Hence, people can use BCH to create smart contracts on this network.
Like other cryptocurrencies, BCH can be used as an investment. In the past, BCH has shown that it could be a profitable investment for its holders. However, nothing is guaranteed for the future. If you want to keep BCH as an investment, it is recommended to check different things, read its white paper, check the news about the cryptocurrency world, or follow top investors on social media to know their opinion. In the end, remember that anything might affect the future of crypto. Therefore, check new regulations and BCH price of the day to have a better perspective on the future of this coin.
Who can buy Bitcoin Cash in Norway?
Anyone can easily buy cryptocurrency in Norway through cryptocurrency exchanges. There are different means of payment when it comes to purchasing crypto assets in Norway. The country provides payments through: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. But you must also consider if the exchange you choose supports these payment methods. Our exchange offers access to all these payment services while charging zero exchange fees for offering you secure and fast transactions.
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Frequently asked questions
Most investors still prefer BTC over BCH because Bitcoin is more popular and known by people. Furthermore, for people who want to spend their coins, more markets are accepting BTC. Therefore, most people might think that buying Bitcoin is better than Bitcoin Cash. However, if you want to keep your coins as an investment, it is better to compare the price and news about both to find out which one to invest in.
Yes. According to the virtual currency taxation by the Norwegian Tax Administration, selling cryptocurrency will require you to declare capital gains tax whether it’s at a profit or loss. Note that it’s important to calculate the selling price in local currency at the time of sale.
Yes. According to the virtual currency taxation by the Norwegian Tax Administration, buying digital currency has no tax consequences at the time of purchase. You do not need to declare the costs attributable to the purchase until you sell, but when you sell your crypto asset, you must know how much you paid. As a result, you should keep documentation of the date of purchase, transaction costs, and market value as of the date of purchase.
No one can tell you if a coin will be profitable in the future. It depends on many considerations. However, since Bitcoin Cash is a fork of Bitcoin, and even has better performance, it will probably be more usable in the future. Therefore, as long as cryptocurrency exists, Bitcoin Cash will be there.
It is estimated that 420,000 Norwegians, approximately 10 percent of the total population, own cryptocurrency.
Many exchanges support Bitcoin Cash and let you purchase via debit or master card. One of them is BlockTrade, an exchange regulated in the EU that accepts many coins. You can do trading without any fee on this exchange. Thus, it will be the cheapest exchange you can find to buy BCH.