Bitcoin and other cryptocurrencies are gaining more attention as days pass. Aside from the advantages that cryptocurrencies
have like anonymity and easy international transactions, people are
enticed by the fact that it can become a good investment. Apart from
trading bitcoins for cash, you can also use bitcoins to buy gift cards,
book flights, and hotels, buy furniture, or even buy real estate
properties. Bitcoin purchases are not taxed at the moment since there is
no way for third parties to identify, track, or intercept transactions
that use bitcoins. Transaction fees are considerably lower as well
compared to credit card transactions or services like Paypal.
Although there are many advantages in using bitcoin or other
cryptocurrencies, just like any other investments, you should always be
careful with your transactions. Since cryptocurrency is not regulated,
many unscrupulous people have taken advantage of this and incidents of
fraudulent cryptocurrencies, and other types of scam related to
cryptocurrency have happened. One example of this is Prodeum, a
cryptocurrency start-up that scammed its investors in just one weekend.
Because of these scams, law firms have now been involved in helping
the victims. Cryptocurrency litigation has now become something that
some lawyers specialize in. There are a lot of factors to consider when a
cryptocurrency dispute arises. Aside from fraudulent Initial Coin
Offering (ICO), lawyers could get involved if the cryptocurrency was
used to launder money or hide assets; they could also get involved when
there is an issue with the company, commercial, or intellectual property
laws being violated in relation to cryptocurrency.
Click here to learn what you can do as a cryptocurrency user to avoid being scammed.
Source: Hogan Injury
No comments:
Post a Comment