Cryptocurrency can also be used for charitable purposes
26.03.2022
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There is no doubt that there is a lot of stigma in connection with cryptocurrency.…
Cryptocurrency is gaining a foothold in iGaming
In recent years, we have seen an explosion in the number of cryptocurrencies, but the uses for these have still been very limited. Now, however, it seems that a number of stack coins have become the new preferred payment method for betting companies around the world. Why this can be good news for Norwegian players, as well as what benefits this brings, we will look more closely in this article.
The advantage of decentralized payment
English e players have experienced more and more problems with payment through english e banks to various betting sites . This is because the Norwegian authorities are actively putting sticks in the wheels of the gaming companies in an attempt to protect the state monopoly. One way they have done this is by banning transactions to foreign betting companies from Norwegian banks.
This is where decentralized payment in the form of cryptocurrency comes in with its benefits. These are not linked to any bank, but rather to your digital wallet (such as Revolut, Binance, PayPal and Coinbase). This means that you can transfer money without the transaction having to be approved by the bank. In other words, you can send and receive money across national borders completely independent of the Norwegian banking system.
How Norwegian players can make use of cryptocurrency
For Norwegians, there may be several practical reasons why one should choose cryptocurrency as a deposit and payment method for online games. First and foremost, it is a fast and efficient way to transfer funds, but it can also be far cheaper than traditional bank transfers. For example, Neteller and Skrill, which have previously been two popular payment methods in Great Britain – have transaction fees of up to 5% of the amount you transfer.
Not least, it can be useful to have the freedom to transfer money in a few minutes seven days a week. When you pay with cryptocurrency, you do not have to wait until the bank has booked the transaction, or wait until the next working day. As part of a decentralized system, you can easily transfer money at any time of the day, to a recipient anywhere in the world.
Tax on cryptocurrency
When trading cryptocurrency , it is important to know the various tax guidelines. The same applies when you use cryptocurrency as a payment method, but here it is important to remember that you have not made an investment. This is because it affects how you handle taxes on your cryptocurrency holdings. In the last year, the tax authorities have increased their search for hidden fortunes in cryptocurrency, but this does not mean that you are doing anything wrong if you have a lot of cryptocurrency values.
The only thing you need to know is that these must be reported in your tax return in the same way as a bank account you have cash in. The difference is that you can risk a far better return on your cryptocurrency portfolio compared to the minimum interest rate you receive in a savings account today. Thus, in many cases it will be far more attractive to have gains standing in cryptocurrency, than to have them in Norwegian kroner in a foreign account
