Cryptocurrency trading and investment have been gaining significant traction since the outbreak of COVID-19 pandemic. As people found themselves locked down and jobless, seeking for any additional source of income became a pressing need.
Choosing cryptocurrency might sound a great idea for both short-term profits and long-term investments, however, there are a lot of scammers in the industry striving to take away one’s money. So one needs to take all precautions before putting in a penny.
After many Bitcoin traders experienced financial markets for the first time, they came to love the thrill of the trade, and how it feels to book each profitable position and show success for their skills gained over the years.
A lot of cryptocurrency users, especially new investors have been scammed left right and center to invest their funds in fake projects related to digital currencies. There is an ongoing cryptocurrency project called “The Billion Coin” that has or continues to milk massive profits from innocent investors.
The Russian Ministry of Economics criticized the recent law on digital assets adopted by the State Duma. It practically bans the use of cryptocurrency within the country, however, such an attitude might cause Russia huge losses.
On May 4th, Bitcoin declined slightly from the previous day, recording around $8,700 at various exchanges including Upbit, Binance, BitMEX and Bithumb. Nevertheless, it is relatively stable these days with only insignificant fluctuations.
Recently, it was discovered that a digital currency scam called the "Bitcoin Era" goes on to attract many targets with new techniques, including the use of the names of Tesla founder Elon Musk and Hollywood star Daniel Craig, according to Business Insider.
Some tax experts in South Korea suggested that they first adopt low-level transaction taxes for the practical application of cryptocurrency taxation, and then gradually switch to applying capital gains tax. In the absence of a cryptocurrency-related bill, it is difficult to track all of the trading profits of investors, so it is reasonable to initially introduce a trading tax that proves only the existence of a transaction.