And at this point, we come to the last weakness of the cryptocurrency – its vulnerability to the actions of the authorities of countries and international organizations that do not look at its spread with a favorable eye. An example of a lack of acceptance for Bitcoin is China, which announced that the currency will not be convertible in local banks. In turn, Her Majesty’s Revenue and Custom, an important financial body in Great Britain, declared Bitcoin to be private money, so that the need to tax multiple transactions with the VAT will disappear. Cryptocurrency has obtained a similar status in Germany, where it can be used to trade and pay taxes. In Poland, Bitcoin has not become a legal means of payment, moreover – according to the interpretation of the Ministry of Finance – profits from its turnover are taxed in the same way as profits from property rights. As you can see, every state is a different regulation – so it’s difficult to predict if Bitcoin will ever gain the trust of all major governments in the world in the future.
Bitcoin in e-commerce
At the end of the article, bitcoin it is worth saying a few words about how you can use Bitcoin transactions in online commerce. The first step is to set up the wallet you need to collect them – you can do this using the website or application. Another thing is to place a Bitcoin micropayment module on the e-store website. To date, many such services have been created that closely resemble long-known solutions, such as PayPal. BitPay, BIPS, and BTC Merch are the best known. These services differ from each other primarily in the technologies used that allow them to be successfully implemented on an e-business website. Also, there are differences in the fees charged for each transaction. It seems that betting on Bitcoin payments in e-commerce is a bold and risky move. Waiting for things to happen is a good decision – the cryptocurrency has many weaknesses that cannot be underestimated.