Best Bitcoin Card for Germany
There are still people today who try to spread fake news. This starts when you look at the sales arguments or the personal image of certain people. However, you should always ask yourself what these people want to achieve. So the myth and the answer to the question: “Is Bitcoin’s possession illegal?
First of all, the word Bitcoin stands for all crypto currencies and accordingly also for Ethereum, Ripple, Litecoin and NEO. As mentioned at the beginning, some people want to achieve something and don’t shy away from lies and others to achieve the goal. Here are five lies that you can read in posts and forums about a ban.
The possession of Bitcoin is illegal!
You can also give the all-clear at this point. So no, the possession of Bitcoin and other crypto currencies is not illegal. Besides one must say also that so far no country makes efforts that Bitcoin or other crypto currencies are forbidden. Here also rumors were scattered concerning the G20 summit 2018. However, these can only be found on blogs that could not prove these sources or a YouTube video with a few PowerPoint slides.
A clear distinction must be made between the ban, i.e. criminalising Bitcoin, and regulation. The central banks, states and their representatives have so far only initiated a regulation, but not a ban. Moreover, it is questionable whether some states, such as Venezuela, can be compared to the West. But think about it, in some American states the use and sale of cannabis is legal, but it is regulated. This is to control consumption and not promote illegal activities, such as SCAMS. But under the last point “buying and selling” a little more about this.
You cannot pay with Bitcoin!
If the possession of Bitcoin is not illegal, then the use is, right? No, that is not prohibited at the moment. That will probably not be forbidden either. This is because similar models have been around for years. Here is just one example: the Chiemgauer, a traditional regional currency. This has existed in Germany for years alongside the euro. A ban has not been pronounced here either.
In addition, the legislator is simply not interested in how you do your shopping. Theoretically you can also pay with gummy bears, alcohol, gold or cigarettes. On the one hand, this has often been the case historically and is still not forbidden today. I have already written something here about tax issues.
So you can use Bitcoin as a means of payment both as a customer and as an entrepreneur and receive payments in Bitcoin or other currencies. The risk of exchange rate fluctuations is ultimately borne by you.
Bitcoin has to be reported!
This is also another lie that has been put into circulation by some people. In Germany, nobody cares about your property unless it is tax relevant, dangerous or prohibited. As an example, the possession of weapons is allowed in Germany, but you have to take an exam here. The same applies to the handling of poisonous or dangerous animals. In Germany nothing prevents you, but you have to report it.
But with the Bitcoin it is different. Your stocks of Bitcoin, Ethereum or Litecoin do not interest anyone. Here some people take themselves too important and don’t understand that the state simply doesn’t care if you own Bitcoin.
Buying and selling Bitcoin is forbidden!
Here you have to insert a little “it depends”. Trading in crypto currencies is not prohibited. You can trade for yourself, so buy and sell as you like! In this sense you don’t have to worry. There is also no maximum amount you can buy at BTC, LTC or ETH. You can buy as many BTC as your wallet allows.
The only exception is that it is not allowed in Germany to offer the purchase. For this you need a license from BaFin. This means that you cannot open a shop and run a bureau de change with it. Accordingly, you should not do that. Especially here it can come to high fines if you do it deliberately or repeatedly. This is also the reason why there are no Bitcoin vending machines in Germany.
ICO are forbidden in Germany!
That’s half true. There are some ICO which are not carried out in Germany. That is however due to the defaults. Here many companies fail to fulfill the conditions of the BaFin and cannot act with it legally. However there were also in Germany and Austria already numerous ICO which functioned and today are still successful.
An ICO is forbidden only then, if it is clearly recognizable that here a fraud is to take place. Here the BaFin has already proved several times that it takes its task seriously. This was the case, for example, with OneCoin. In this case, BaFin pointed out the fraud early enough and blocked all accounts at the end. In this case, the fraudsters can presumably hope for a refund if everything is settled.
So you shouldn’t lump everything together, even if the regulations in Germany are sometimes overflowing, we have it relatively well and the system is working as it should.
Unfortunately, in the end you have to disappoint the conspiracy theorists. The Bitcoin and other crypto currencies are not forbidden in Germany, this concerns both the possession, the trade and also the participation in ICO. There are certain regulations that must be observed, but then you can live very well with the profits.