The rush for the cryptocurrency market continues unabated. More and more investors are acquiring Bitcoin, Ether, or Ripple – cryptocurrency seems to be the investment of the COVID-19 pandemic.
This raises the occasion to trace the development and increasing importance of a purely digital currency in the partially analog everyday life of people. For this purpose, the number and distribution of Bitcoin ATMs in German cities and in comparison with the EU, as well as the fees for buying and selling in German cities, were analyzed. On the following map, the distribution of the 48 so-called Bitcoin Teller Machines (BTMs) in Germany can be traced:
The fees for buying and selling Bitcoin vary depending on the provider and the current daily rate:
A simple tax return in 12 minutes?
Choose Taxando!
Austria currently has the highest number of Bitcoin ATMs within the EU. Germany is in the upper mid-range with 48 units. The distribution of the remaining BTMs in EU countries is shown in the following graph:
Tips on the taxation of cryptocurrencies – the name is misleading
Contrary to what the name suggests, cryptocurrencies are not considered currencies but are viewed as private assets. As a result, profits and losses can be relevant for tax declarations. This means that, for example, the sale of a cryptocurrency and the conversion back into euros are taxable transactions. However, only under the condition that the crypto coins were held for less than a year. If the holding period exceeds a year, the sale is generally tax-free – as long as the tax-free allowance of 600 euros per year for profits is not exceeded. In this case, only the interest income would need to be taxed.
To calculate profits from crypto transactions, investors can use various calculation methods, a widespread one being ‘FiFo’ (First in First out). In this case, it is assumed that the Bitcoins or other cyber coins acquired first are also the first to be sold. To keep track here, accurate documentation of the transactions is recommended. For this purpose, a transaction journal should record the cryptocurrency, its acquisition date, the acquisition quantity, the acquisition rate, and the transaction fees.
About the study
The locations of Bitcoin ATMs in Germany and the EU as well as the level of fees at German ATMs were determined based on the website https://coinatmradar.com/ The fees vary greatly depending on the rate and refer to April 26, 2021, between 12:30 and 1 PM.
Maciej Szewczyk
He gained experience as a consultant on IT projects for many international companies. In 2017, he founded the startup taxando GmbH, where he developed the innovative tax app Taxando, which simplifies the filing of annual tax returns.
Maciej Szewczyk combines technological expertise with in-depth knowledge of tax regulations, making him an expert in his field. In his private life, he is a happy husband and father and lives with his family in Berlin.
