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Bitcoin price (BTC)
Bitcoin is undoubtedly the largest digital currency and has revolutionized the financial sector by introducing an independent, decentralized transaction network. High fluency, market capitalization and a devoted community make the exchange of BTC/EUR a perfect investment alternative for securities.
Although the volume of the Bitcoin/Euro pair is much lower than the American counterpart, BTC/EUR exchange trading is steadily growing. This is mainly due to the increasing number of citizens of the European Union interested in cryptocurrencies. Long before the emergence of the first exchanges supporting transactions in Euro, the first users made purchases on the Bitcoin Talk forum, setting rates individually. The exchange of Euro for Bitcoin and vice versa currently represents around 4-5% of the global volume of transactions with BTC.
The Euro is the official currency of the European Union, which has been adopted by 19 of the 28 Member States forming the Eurozone: Austria, Belgium, Cyprus, Estonia, Finland, France, Greece, Spain, the Netherlands, Ireland, Lithuania, Luxembourg, Latvia, Malta, Germany, Portugal, Slovakia, Slovenia and Italy. Countries with a low GDP have just as much active participation in the exchange of currency FIAT for Bitcoin and vice versa as countries with a high GDP - only motivations differ, which consistently co-create the cryptocurrency market.
The first online bitcoin exchanges serving the Euro/BTC pair appeared in 2011, paving the route for transactions in the EU currency. These platforms continue their activities, taking pioneering steps in the development of the European cryptocurrency market. One of the first was Bitstamp, which in 2016 obtained a license from a payment institution from Luxembourg, becoming the first "official" Bitcoin exchange in the European Union. It was a huge step in the process of popularizing Euro/Bitcoin exchanges.
The biggest challenge for the EU is properly sanctioning cryptocurrencies and regulating their use. Due to the relatively anonymous transactions of digital currency, the European Parliament is struggling with money laundering and tax evasion. Ultimately, Bitcoin is to act as an independent currency and will be subject to Eurocontrol by the authorities to ensure that the cryptocurrency is used to conclude legal transactions both independently and in a BTC/EUR pair. The European Union is financing numerous projects investigating the connection between blockchain technology and cybercrime. This in the face of the growing popularity of Privacy Coins, guaranteeing encrypted and anonymous transactions in the block chain.
Despite the guidelines issued by the European Commission, the European Union Member States retain a considerable degree of autonomy in the field of cryptocurrencies. The decisions belong to the local authorities, which allows some Member States to adopt bitcoin exchanges at different paces. At the moment, Bitcoin is legal in every Member State. It is not prohibited to trade or exchange, and the differences between countries are primarily based on the taxation of revenues from transactions using digital currencies. Some Member States do not yet have any rules regarding cryptocurrencies.
German law defines Bitcoin as "private money", which means that it is neither foreign currency nor electronic money, which makes it taxable. Although Slovenia does not provide a tax on capital gains on the Bitcoin exchange, it imposes tax on the extraction of cryptocurrencies. Companies selling goods or services in exchange for Bitcoins are also taxable. Interestingly, Spanish legislation treats transactions of BTC as barter transactions, devoting a separate legislative entry to them.
Wordpress was very important when Bitcoin was introduced to the global market. Unlike the services provided by PayPal, Bitcoin is global. Wordpress noticed the business and PR opportunities in the introduction of fees in the digital currency. By accepting payments in BTC, one of the most popular domains in the network opened up to over 60 potential countries, and clients from all over the world.
An unquestionable milestone was the agreement signed by the Cypriot Government and the European Union to save the country's finances from 2013. A one-time fee of 6.75% to 9.99% for saving the state budget was to disappear from Cypriot bank accounts. At the time of making this information public, people started looking for a way to save their finances. A large number of those with funds in Cypriot banks decided to buy Bitcoins.
Another important piece of news that increased interest in digital currency was the announcement by Dell, in July 2014, that dell.com was accepting payments in Bitcoins. Thanks to this event, more and more enterprises began to take this form of payment, including Microsoft. In April 2016, Steam joined them. The platform began accepting fees for games and other media in BTC. This has once again strengthened Bitcoin's position on the stock exchange.
Since August 2017, BTC has twice passed a hard fork, resulting in Bitcoin Cash and Bitcoin Gold. The creation of the BTC/Euro exchange was an important step; at the moment, the most important aspect is its development and the careful observation of changes - market and legal.
As of January 2018, the market value of Bitcoin amounted to EUR 190,258,548,559.