The world is obsessed with cryptocurrency. Whether it’s a big news story celebrating the success of an individual making thousands from their investment or a piece on how some of the world’s favourite brands are considering venturing into the electronic currency, cryptocurrency is everywhere. 58% of Amazon’s Prime customers are keen to use Amazon coins, if available, when buying from the global giant, proving that cryptocurrency is a leader in the technology market. It’s also a money-making and money-saving tool if you invest right, so if you’ve already delved into the market and are reviewing your cryptocurrency tax liabilities, here’s how you can enhance your profits in the future in ways you might not have thought of.
Buying and selling property
One of the largest property builders in Northern Ireland has recently announced that it will accept cryptocurrency as a method of payment, while, in England some of the first homes paid for by Bitcoin are due to complete by the end of the month. This method of buying and selling property is a new prospect in the housing market, but there’s the potential to save a fair bob on your investment. One of the biggest savings is likely to be from not needing to pay out for bank transfer fees which are usually incurred when a buyer’s deposit and final payment, (if paying solely in cash) is transferred to the seller’s solicitor.
Fees and charges
Cryptocurrency is available to anyone, anywhere in the world. Therefore, if you do your research and keep an eye on exchange rates, businesses and individuals can save on conversion fees when transferring money from one country to another. As part of an EU law implemented in January 2018, credit card transaction fees can no longer be charged to customers, however, this isn’t the case in The States where American banks are reaping in cash accumulated by credit card payments. Cryptocurrency can eradicate so many of these unnecessary fees and there are big savings to be made by using bitcoin, as transaction fees are low compared to other payment sources.
Business bank accounts and even some personal bank accounts charge account holders a fee for the privilege of storing their money there. Cryptocurrency wallets are a low cost way to store your coins safely and securely and can considerably reduce the amount individuals shell out to banks in pointless charges which only benefit the financial institution. After all, does anyone really want to pay their bank a €24 maintenance fee each year?
Cryptocurrency is a great money-saving tool if used correctly. Therefore, individuals should invest wisely and research the areas in which monetary gain can be made.
By Jocelyn Brown, who is a professional freelancer writer and mother. She loves the freedom that comes with freelancing and the versatility it allows her in covering many different topics and themes. When not at work she enjoys running, hikes in the country and making the most of family time.