$44 Billion Deal Between Elon And Twitter
In what seem like one of his fancy jokes in April 2023, Elon musk made a proposal to buy the social media company “Twitter” and along the line he stroke a deal to pay $44 billion for the Twitter, which has created a lot of Elon and twitter controversies.
Ever since he struck the deal in April he has began to desist from buying the social media company on the basis that it is not worth what initially believed.
Elon musk and Twitter rift
Recently, a rift seems to have erupt between Elon and twitter when Mr. Musk said Twitter had most likely undercounted the amount of spam on its platform, making the company less valuable than he initially believed. He also cited whistle-blower claims from a former Twitter executive, who said the company had misled regulators about its security practices, as a reason to exit the deal.
Musk’s lawyers told the Associated Press that Twitter turned down Musk’s $44 billion offer to buy the social media company. This happened after it was said that Musk asked a judge in Delaware to delay the trial against him. On Monday, he said again that he wanted to buy the social networking site and gave more details about why he wanted to do so.
This controversy has made people wonder if Elon Musk and Twitter are just basically messing around. Elon has had a lot going on in this week, with topics ranging from
- Tesla Artificial Intelligence Day
- Update on production and shipping for the third quarter
- Tweets that are bad about Elon Musk
- S&P Investment Grade Status Was Raised
- SpaceX’s first trip to the space station with people
- The start of Starlink
- Manufacturing Tesla Semi-truck
It can be quite a herculean task for one to keep abreast of all these situations.
Why Elon Musk Wants To Buy Twitter
Elon Musk said on Tuesday, “Buying Twitter is a good way to speed up the process of making X, the app for everything.” The X-app can do everything. He also said that using Twitter will cut by three to five years the time it would take to make the new software (the everything app).
In an allegedly leaked chat between Elon Musk and one of his friends, it claimed that they will win every election and will never pay taxes again once he acquires Twitter.
James Murdoch and his wife Kathryn Murdoch, in particular, send and receive a lot of texts with Musk.
The Case Between Elon Musk And Twitter
On Thursday, a judge in Delaware is said to have told Twitter Inc. to stop suing Elon Musk until October 28 at 5 p.m. Eastern Time (or 9 p.m. GMT). Now, the billionaire can finish his deal to buy Twitter.
Musk had asked a judge to throw out the case that Twitter had filed against him, but Twitter had said no. The company said that Musk should finish buying the company for $44 billion next week and that the lawsuit should go to trial until the deal is done.
Musk said this week that he will buy Twitter for the price he agreed to in April, which is $54.20 per share. This deal, however, can’t happen until Musk gets the money he needs.
Earlier this week, the Associated Press reported that Twitter had said it would complete the purchase at the agreed-upon price. However, the trial between the two parties was still scheduled to take place in Delaware on October 17th. Elon Musk’s lawyers have asked for a delay in the trial so that the Tesla CEO has more time to find money.
Twitter Refuses To Conform To Elon Musk Timing
In a court filing, lawyers for Elon Musk said, “Twitter won’t take yes for an answer.”
It’s hard to understand why they’ve kept going back and forth about this dispute, putting the acquisition and the interests of their stockholders at risk.
The lawyer said that the upcoming trial would stop the deal from going forward if Twitter did not drop its lawsuit against the other party.
The lawyers say that the parties will keep focusing on finishing discovery and going to an unnecessary trial instead of getting the loan money they need to finish the sale and get ready for the business to be transferred.
The investors “have said that they are ready to keep their agreements,” Elon Musk’s lawyers said, and they hope to close the deal by October 28.
In the case that Twitter brought against Elon Musk, a judge said that he must turn over his private messages. The text makes it sound like some of Musk’s closest friends are conservative activists.
Forcing Elon Musk To Do What He Already Intends To Do
The petition says that the deal should close on or around October 28. It is said that a group of financial institutions is paying for it.
So, the lawsuit says, “There is no need for an accelerated trial to force defendants to do what they are already doing, so this action is pointless.”
Musk said in April that he wanted to buy Twitter, but he quickly took back what he said. The social media company then took Musk to court to force him to finish the deal.
People who know about the lawsuit say that talks have taken much longer than most people expected since Musk’s offer on Monday.
Dan Ives, an analyst at Wedbush, says that saying the talks between the two sides were useless “would be an understatement.” He said, “There is a lot of mistrust, and it’s clear why.”
Getting The Money To Pay For The Purchase
Investors are less likely to take on leveraged financing because the Fed’s aggressive plan to raise interest rates has made the market more volatile. Large banks that promised to fund $12.5 billion may have to deal with big losses (about 28 percent of the deal).
Randy Frederick, the managing director of trading and derivatives at the Schwab Center, said, “There is still some worry about whether or not Elon will be able to get the money he needs to make the purchase.”
People have thought that Musk might sell more stock in his company that makes electric cars (Tesla) in order to pay for the deal, since he depends on wealthy investors for some of the money. Musk has made $15.4 billion this year by selling Tesla stock.
Can Elon Musk Make Twitter The Next Tesla Company
Compare how Twitter has changed over the last ten years to how Tesla has changed over the last ten years. Could he have spent too much on the social media company? To put it simply, yes. Still, he still has plans to make up to 10 times the amount he his intending to pay for the purchase.
Crypto tax evasion: how to and why you must avoid doing it
Crypto tax evasion has recent in years gained traction, due to the increase in the buying, selling, and trading of cryptocurrencies, which is indicative of the attractiveness of these transactions as an option for investment. But, as the use of cryptocurrencies increases, so does the necessity to regulate and tax them.
- What is crypto tax evasion
- How are crypto-currencies taxed
- Crypto tax evasion
- How people evade taxation on cryptocurrencies
- How Government track cryptocurrency taxes
- Why crypto tax evasion is dangerous
What is crypto tax evasion
Crypto taxation has emerged as one of the most important topics of conversation among investors, regulators, and tax officials as nations around the world attempt to determine how to handle this new kind of wealth.
Crypto taxation is not standardized across countries or jurisdictions because of their decentralized nature. The vast majority of governments, on the other hand, consider cryptocurrencies to be property for the purposes of taxation; as a result, transactions involving cryptocurrencies are taxed in the same manner as transactions involving property.
How are crypto-currencies taxed
The Internal Revenue Service (IRS) in the United States, for example, considers cryptocurrencies to be property and taxes its gains in accordance with the system used to tax capital gains on other types of property. This indicates that a capital gains tax will be levied on the difference between the cost basis, which is the price at which a cryptocurrency was initially purchased, and the price at which it is sold.
The capital gain also covers other events such as selling, staking and even losses. Yes losses too can be calculated in cryptocurrency taxes, since cryptocurrencies are taxed like regular property, the same law that binds the trading of property binds them.
According the IRS, you can write off crypto losses by deducting them from capital gain and if the capital gain can not offset the losses, you can trim up to $3000 from regular income.
Your loss is determined by deducting your selling price from your basis (the amount you paid for the asset originally). This amount is then reported on your tax return, both on Schedule D and Form 8949. If your bitcoin losses are more than your other investment profits and your monthly income of $3,000, you can carry the rest over to the next year. According to Greene-Lewis from the IRS.
Gains on cryptocurrencies that have been held for more than a year are subject to a lower rate of taxation, whereas gains on cryptocurrencies that have been held for less than a year are subject to the individual’s ordinary income tax rate.
A person’s tax return will benefit from careful record-keeping of their purchases and sales of bitcoin, which are alternately referred to as the “cost basis” and the “selling price.” This can be challenging to achieve for a number of reasons, including the unpredictability of the value of cryptocurrencies and the difficulty in determining an appropriate cost base. Yet, there are apps and services available that enable individuals to monitor their bitcoin transactions and calculate the amount of tax that they are required to pay.
Individual crypto taxation returns
Keep in mind that cryptocurrency is still in it’s infancy stage and so different nations are still trying to figure out how to handle cryptocurrencies as a form of wealth, which means that the rules and regulations around the taxation of cryptocurrencies may change in the future. Individuals need to consult with a tax expert or accountant so that they may accurately record their earnings from cryptocurrency and ensure that they are in compliance with the tax requirements that apply in their local jurisdiction.
Crypto tax evasion
Crypto tax evasion occurs when an individual or company either fails to record cryptocurrency income or gains on their tax returns or purposefully underreports the amount of income or earnings in order to decrease their tax liability. In general, tax evasion occurs when an individual or company fails to record income or gains on their tax returns.
How people evade taxation on cryptocurrencies
Crypto tax evasion is a broad subject, and and the subject has been evolving, people are devising more ways to bypass taxing, some of these methods are enumerated below;
Crypto mining/staking taxes
Some people may decide not to report earnings from cryptocurrency mining, staking, or other activities on their tax returns in order to avoid having to pay taxes on those earnings.
Crypto sales tax evasion
On tax returns, gains made from the sale of cryptocurrency may be underreported. This may be the case either because the transactions themselves were not reported at all or because the gains reported were significantly lower than the gains that were actually made.
Anonymous wallet/ Offshore savings
People may try to conceal their cryptocurrencies by storing them in wallets that are anonymous or that are located offshore. This makes it more difficult for tax authorities to identify and track these crypto holdings.
With the anonymity crypto transactions provide, people can easily avoid paying taxes or hide from authorities. Cryptocurrencies are also being utilized for nefarious activities like money laundering and the distribution of illegal drugs.
How Government track cryptocurrency taxes
Companies involved with cryptocurrencies, such as exchanges and payment processors, have the opportunity to evade paying taxes by either not reporting any income at all or reporting a substantially lower amount of income than they actually made.
Tax evasion is a serious crime that carries severe repercussions and can result in incarceration, in addition to substantial fines and other punishments. Investors and businesses who deal in cryptocurrencies must be certain that they are in accordance with the tax legislation of their respective jurisdictions in order not to fail prey of the other side of the law.
The government has access to a number of resources, which it can use to track down individuals who cheat on their crypto tax obligations.
Monitoring of Transactions
The government has the ability to monitor transactions on the blockchain and identify those who are concealing the income they have earned from such transactions.
The government compels cryptocurrency exchanges to report all trades to the authorities, including the identity of the purchasers and sellers in each transaction. The government is able to perform a cross-reference between the income reported on tax returns and the transactions recorded by the exchanges as a result of this.
By exchanging information with one another regarding the transactions conducted using cryptocurrencies, governments are able to identify individuals who may be evading taxes in one jurisdiction.
Audits are able to be carried out by the relevant tax authorities in order to confirm the income and transactions that have been reported by individuals and companies.
Anyone who is aware of any illegal tax practices can “blow the whistle” and inform the government thereby receiving a reward from the government in exchange for giving such information.
Why crypto tax evasion is dangerous
The importance of people and organizations disclosing their cryptocurrency transactions and profits in order to steer clear of the legal and financial repercussions that are associated with tax evasion can not be overemphasized.
Avoiding paying taxes with cryptocurrencies has a variety of significant drawbacks, none of which should be disregarded.
Tax evasion is a criminal offense that is punishable by the law. Those who are found guilty of tax evasion face the possibility of being subjected to severe consequences, such as monetary fines and possibly even jail term.
Some of the most feasible of these dangers are;
Damage to ones reputation
A conviction for tax evasion can have catastrophic implications on an individual’s reputation, which may, in turn, hinder their access to better work opportunities and other benefits in the future.
Problem with accessing monetary aide
Challenges in obtaining financial aid and credit cards If a person is found guilty of evading taxes, they may have problems in the future obtaining financial services such as loans and credit cards.
Individuals who are suspected of evading taxes may be subjected to a higher level of scrutiny from tax inspectors, which may be both time-consuming and distressing for the suspects.
A person who has been found guilty of tax evasion may be required to pay back taxes as well as penalties, there is a possibility that they will lose their property as a result of their conviction.
Tax evasion has the potential to cause irreparable damage to the reputation of the whole crypto economy, which will make it significantly more difficult for honest traders to turn a profit.
As a result, avoiding taxes in the cryptocurrency industry is not only against the law but also loaded with substantial risks that can have far-reaching implications not only for individuals but also for the industry as a whole.
Taxing Crypto: A Guide to Cryptocurrency Tax Laws
Is a tax imposed on cryptocurrency purchases only? Do I need to pay tax if all I do in Europe is buy and hold cryptocurrency ? If you happen to have any of these questions, then join me as we dive into the exciting world of crypto taxing.
How Did Crypto Taxing Come About
The use of cryptocurrencies is increasingly moving beyond the confines of their previously exclusive niche market and into the mainstream financial systems of nations all over the world. Because of this surge in popularity and utilization, there has been a concomitant increase in the number of laws and taxes. The legislation and tax laws that surround cryptocurrencies are likely to continue to develop alongside the industry as a whole.
As a means of injecting money back into the economy, a number of nations are exploring the possibility of taxing cryptocurrency users on their gains. But to what extent do some of these tax regulations go too far ? While some are more user-friendly; nevertheless, it is difficult to tell which is which.
Let’s investigate a few of Europe’s most notorious tax havens and hells together. A tax haven is a region where an individual stands to be shielded away, partially or totally from taxation. Some of the know tax haven are cited below;
When it comes to cryptocurrency, Germany is not a tax haven; nonetheless, the country’s cryptocurrency taxes are simple to sidestep. Because cryptocurrency is regarded as private money rather than a capital asset, holders who keep their coins for more than a year do not need to pay taxes on them. If you do decide to cash out after the first year has passed, you won’t have to pay taxes on your earnings unless they are more than €600.
For staking earnings to be exempt from taxation, the asset in question must be held for a period of more than ten years. If your employer pays you in cryptocurrency or if you mine cryptocurrency for a living, you could be subject to crypto income tax. Aside that, Germany is quite supportive of cryptocurrencies, and the country has few tax restrictions that cut into revenues.
France is one of the countries that taxes cryptocurrencies, but the country has recently taken efforts to figure out how to do it in a way that is beneficial to both cryptocurrency users and France itself. The tax rate on income made from the sale of cryptocurrencies was modified by the French State Council, resulting in a reduction from up to 45% to 19%. The purchase and sale of cryptocurrency have been recategorized as sales of movable property rather than capital profits.
As of 2018, Portugal was a tax-free sanctuary for digital currency investors. Taxes can apply to you if you run a company that deals in cryptocurrencies or if you are a trader who does it professionally. There is no taxable income associated with the sale or purchase of cryptocurrencies. At this time, neither investment nor income tax is taken into consideration for it.
No value-added tax, income tax, or tax on capital gains will be imposed in Portugal on individuals who are not engaged in commercial or professional trading. The government of Portugal considers cryptocurrencies to be a currency in its own right, rather than merely an asset. If you want to live somewhere with plenty of sunshine and no income tax, Portugal might be the place for you.
The Federal Tax Administration of Switzerland has published a working paper for the year 2019 that reaffirms the tax-free status of the selling of cryptocurrency by private parties. This means that you can invest in cryptocurrencies without having to worry about paying capital gains tax on the earnings that are achieved. Those that invest professionally will be subject to taxation.
If you are looking for a place that offers favorable tax conditions, consider moving to Slovenia. Individuals in Slovenia will not be subject to taxation on income made from the sale of cryptocurrencies, according to a recent announcement made by the Slovenian Financial Administration. If you engage in commercial or professional activity, you could be subject to taxation.
In Norway, the selling of cryptocurrencies is considered a type of capital gain and will be subject to a tax rate of 25%. Mining cryptocurrency is seen as taxable revenue in Norway as well because of this perception. Companies will be required to pay corporate income taxes on any profits made from bitcoin sales in addition to the standard VAT rate of 25%.
You will be required to file and pay income tax on capital gains if you sell bitcoin in the United Kingdom. As a taxpayer, you can wind up having to pay a rate that is 20% or greater, in addition to any other applicable rates. If your capital gains are less than £12,300, you are eligible for the tax-free allowance exemption.
Taxes on the fictitious gains made by users of cryptocurrencies are levied at a rate ranging from 0.54 to 1.58 percent in the Netherlands. This rate is considered to be relatively low. Hence, even if you do nothing except sit on your gains, you will still have to pay taxes on them at some point. Staking, mining, and trading are examples of the kind of activities that are subjected to this kind income taxation.
Tax evasion is taken very seriously in Spain, the country mandates that all of its people reveal any earnings they make from trading cryptocurrencies. Profits from transactions with a short time horizon, often less than a year, may be subject to a tax rate ranging from 24 to 52%. Profits from long-term commerce could be subject to a tax rate of up to 23%.
The Italian tax authorities have reached the conclusion that cryptocurrencies are analogous to other countries’ currencies. A substitutive tax will be levied on any income earned from exchanges involving cryptocurrencies or involving the conversion of cryptocurrencies into traditional currencies. On all of your sales, you will be responsible for paying a flat amount of 26% in tax.
When it comes to the taxation of cryptocurrencies in Europe, Malta is a very fascinating region to look at. Despite the fact that they are an island, they are nonetheless members of the European Union. Although most people assume Malta to be a crypto tax haven, the country actually has some very stringent tax rules in place.
In general, Malta has a highly bullish stance toward digital currencies and blockchain technology. They think of it as a unit of account, a medium of trade, and a store of wealth all rolled into one. There is also no tax on capital gains for income made over a lengthy period of time, which enables you to hodl without worry.
Those who engage in day trading will, however, be subject to taxes that are of an extremely high severity. Day traders are categorized similarly to stock or share traders in Malta, and as a result, they are subject to the same levels of income tax as businesses. Day traders may be required to pay a maximum tax rate of 35%.
Depending on the percentage of profit you made and your citizenship status, you can be eligible for a tax break. This is an exceptionally punitive measure taking into consideration that a day trader may make approximately €800 per day, but they would be required to pay an additional €280 in tax. Then there is the matter of the losses that they most likely incurred as a result of the turbulent markets.
Why Is Crypto Asset Taxed?
If there is one reason we have seen so much fear, uncertainty, and doubt (FUD) pushed by governments and authorities, it’s probably because cryptocurrency is destabilizing their economies. The value of national fiat currencies is determined by the performance of their respective economies, but the price of a cryptocurrency is determined by the economy of the project in addition to supply and demand. Users would need to change their fiat currency, such as US dollars or Euros, into Bitcoin or Usdt in order to purchase cryptocurrency.
People move money out of their country and into another economic system when they invest it in cryptocurrencies like Bitcoin or one of the many other cryptocurrencies available. Because of this, governments lose direct control over the value of the money that is being converted, which directly affects the funds that they have available. The growth of cryptocurrencies has a direct and negative influence on the government; as a result, the government is actively working to regain power and is attempting to tax you on the success of cryptocurrencies.
Regulation and taxation of cryptocurrencies are still in their infancy, and the majority of nations have not yet begun to comprehend what blockchain technology is. Even one of the most well-known tax havens in the world, such as the Cayman Islands, nevertheless has certain inefficiencies in its system. There is a possibility that we will still have to wait a little while longer before other countries’ governments adopt global currencies like we have seen in El Salvador.
There are several nations in Europe that now have excellent crypto tax rules, and there is nothing keeping you from enjoying your winnings while you are in any of those countries because of this fact. We hope that this article was helpful in providing you with further information about Europe’s crypto tax.
As we are not certified financial advisors, please do not mistake the information presented in our publications for actual financial guidance. It is totally up to you to decide how to allocate your money. Before you make any big financial decisions, you should educate yourself and talk to an approved financial advisor.
4 ways of Sending and receiving money across borders
Sending and receiving money across borders has become a need for many individuals and businesses in an increasingly linked world. Fortunately, with the development of web 2.0 and 3.0 technologies, international money transfers have become more streamlined, efficient, and safe than ever before.
- How sending and receiving money across borders has improved with technology
- Factors that influence money transfer method
- Popular means of Web 2.0 Transfers
- Decentralized finance
How sending and receiving money across borders has improved with technology
From peer-to-peer transfers to international wire transfers, there are numerous web-based platforms and services that provide dependable and simple solutions for moving money around the world. In this post, we will look at some of the most popular web 2.0 and 3.0 methods for sending and receiving money, as well as advice on how to choose the best platform for your unique needs.
Web 2.0 and web 3.0 technologies have brought a great deal of new insights to money transfer. There have been several development in web 2.0 and 3.0 technologies in bank transfers and international wire transfer methods.
International transfers can now be processed in as little as a few seconds compared to days it used to take for banks or wire transfer methods to complete such processes.
While these development have been astonishing it’s yet does not satisfies everyone’s to desire on how they want to transfer their money.
Factors that influence money transfer method
Some of the factors that are being considered when choosing a method of how to transfer your money are the speed of transaction, technical knowledge of the method with which you are sending the money, and your understanding of the platform in which you are doing the transfer.
The transactions charges involved which is the transaction fees and the exchange rate of platform which you are using.
For the speed of transaction the web 3.0 method of transferring money which include the use of blockchain are actually the fastest means of money transfers. But the technical know-how of how to use this platform is where the majority of the problem lies. Web 3.0 is a recent technology and its adoption is merely in its infantry stage.
Understanding the platform
Having an understanding of The platform in which you are about to do your transfer is very critical and very crucial to the transfer you about to make. If you lack the understanding of the mechanism of operations of a particular means of transfer you may end up sending money to a wrong address or lost the money to a non-refundable address and you may not recover the money especially with the use of web 3.0 technologies.
In web 3.0 technologies, transactions are decentralized and one way, if your transact to the wrong address, there is no customer helpline that can help you get your money back.
This is another important aspect a very few set of people consider, for transactions that you want to hide under the nose of everyone (unnoticed) web 3.0 methods of transfers are your go-to. Web 3.0 transfer method are the most secure means of sending and receiving money fast and unnoticed by the general populace. The only public thing people can get to know about a transfer you make is your wallet address for that particular chain which reveals nothing about you.
Transaction charges is also another important aspect to look into when choosing a means of transfer. Most people pay a gruesome amount to transaction charges without giving proper considerations to alternative means or blockchains as the case may be in web 3.0.
Transactions performed on blockchain are also charged a fee that varies from blockchain to blockchain. As transactions performed on web 2.0 services depends on the amount being transferred.
The exchange rate of the platform which you want to use is also another important factor worth considering. Several wire transfer, banking and web services that do international transfer reap customers by selling their virtual money for a high price to the customer who wants to send it to another person far away. And when the money gets to the recipient, the also charge higher to withdraw the money into their customary bank accts.
But this very different in the cryptocurrencies economy where transactions are usually based on black market rates of a country’s currency. And this is usually to the advantage of everyone when both parties involved (the sender and the recipient understand how crypto works)
Popular means of Web 2.0 Transfers
One of the most popular means of transfer that is still popularly in use today is the use of wire transfers which involves banks and intermediary agents.
Wire transfer could be used to send a certain amount of money through an intermediary agents to another person in a far-distant continent but the disadvantage of wire transfers and bank transfers or international transfer are the exorbitant fee which they charge.
Western Union and MoneyGram
Western Union and MoneyGram are also means of wire transfers that is readily available to almost every country. Every country in the world accept MoneyGram but Western Union is common to the Western European parts of the world.
International bank transfer may cost a transfer fee of up to 20 or 15% or 10% of the amount which you want to send. This is a very significant amount or a dent to the amount which you want to send.
In the early 2000s, some group of people came up with the idea of creating a payment apple which was the PayPal app. Since it’s inception, it has been a very successful and a fast means of transaction and is most widely used in many countries. Although PayPal have a few restriction in some of the African countries and some other countries.
Aside from paypal you can also use transferwise or world remit to send or receive money from your relatives or friends or customers around the World in no distant time.
Decentralized finance is the branch of cryptocurrency which has made it easier for people to send and receive money without much knowledge of the cryptocurrency networks.
There have been huge advancement in this field and has led to the development of several networks such as the Remitano, Request network and OmiseGo.
This payment options that made it easier to transact money from one region of the world to another in new distant time and in as little as the speed of a second request money and receive it in the other end.
Other forms of cryptocurrency payments involves the use of popular crypto-currencies such as Bitcoin or ethereum to make transactions. You can receive or send money through is any of this network in a few seconds or minutes (depending on the Blockchain) and when money arrives at the destination, The person just need to sell the crypto and get the money into his own account.
Stablecoins can also be used as a means of payment or means of transfer for assets or funds. Stablecoins are usually cryptocurrency except that are pegged to a fiat currency.
The most popular stablecoin is the USDT, which is pegged to the United States dollar 1 years. It is equivalent to the one United States dollar. Another popular stablecoin is the BUSD which is a stable coin of the binance exchange.
DAI is also a stablecoin used by some major exchanges but the most popular is the USDT, and has the widest acceptability.
Advantages of sending and receiving money across borders with Web 3.0
Advantages of these transactions involve;
- Lower transaction charges
- Decentralized transactions,
Cryptocurrency transaction are fast, and less expensive compared to centralised and wire transfers and they are highly accessible to everyone. Anyone with the technical knowledge of how to transfer crypto assets can easily make a transfer and they are the most secure means of transaction presently.
Disadvantages of sending and receiving money across borders with Web 3.0
These benefits come at a cost, the security and accessibility provided by cryptographic transactions come at a cost especially for people who don’t have much technical know-how of how these schemes operate if you fall prey of sending a transaction to the wrong address they are totally irreversible. Or West you when you fall victim of a scam transaction, there is no one you can complain to, to get your money back.
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