Bitcoin: some call the world’s best-known cryptocurrency a fad, others call it the future. Whichever it turns out to be, there’s no denying it presents a fascinating alternative to traditional currency.
Sweden has enthusiastically embraced bitcoin and is marching at the forefront of the cryptocurrency revolution.
“Sweden is among the leaders in the global bitcoin market,” confirms Claire Ingram Bogusz, a researcher at Stockholm School of Economics specialising in bitcoin and other cryptocurrencies.
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Want to buy bitcoin (BTC) but don’t know how? If you’re new to the world of cryptocurrency, understanding exactly how bitcoin works and how and where you can buy bitcoin in Sweden is a pretty big challenge.
To help you make sense of the jargon and safely get your hands on some of the world’s most well-known digital currency, we’ve put together this beginner’s guide to buying bitcoin in Sweden.
This is our quick guide to just one way to buy bitcoin. Compare some other options in the table below.
Bitcoin is the world’s oldest and biggest digital currency by market cap.
The Swedish Enforcement Authority, Kronofogden, is once again auctioning off cryptocurrency that has been allotted for public sale. The online auction, which is the second of this kind the government agency conducts, starts on Friday, October 11.
The office of Sweden’s bailiff, the government debt collecting organization, offers potential buyers to acquire 4.59 BTC valued at around 370,000 Swedish krona, or approximately $37,700, according to the current exchange rate. That’s close to $8,200 per coin, while BTC is trading on cryptocurrency markets just below the $8,400 mark at the time of writing.
Kronofogden first auctioned bitcoins it had in its custody about two years ago, when the highest bid was placed at 43,000 Swedish krona.
You might have read the headlines.
“Sweden could be the first economy to introduce its own cryptocurrency” (Business Insider) or “Sweden’s Very Own Bitcoin” (Bloomberg). But why would a country issue a cryptocurrency, their “own Bitcoin”, when the major selling argument of such a currency is that it is decentralized and not controlled by an authority? The confusion is understandable, especially since the Riksbank (the Swedish central bank) made a number of references to cryptocurrency in their first report, a little more than a year ago. Media is to blame for much of this confusion though because of their usual tendency to create clickbait headlines using the most recent buzzwords.
The truth is that what the Riksbank is trying to achieve has little in common with Bitcoin.
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You’ll need a Bitcoin wallet before you buy since some exchanges require one.
Don’t have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
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Sweden’s reserve bank has warned that the individuals and firms purporting to sell the electronic version of the national currency, the e-krona, are fraudsters as the digital currency project ‘has not been concluded’. According to Riksbank, ‘no decision has been…
Sweden’s reserve bank has warned that the individuals and firms purporting to sell the electronic version of the national currency, the e-krona, are fraudsters as the digital currency project ‘has not been concluded’.
According to Riksbank, ‘no decision has been taken on issuing e-kronas’ and therefore claims to the contrary were false. Riksbank pointed out that the scam was being perpetrated online as well as via phone calls:
… on certain websites and in social media, claims have been made that it is possible to purchase e-kronas.
A fake article suggests that Sweden is adopting the token of Kryptonex Research Group as a national currency.
A clickbait article copying the layout of Coindesk has made the rounds, suggesting that Sweden has approved a niche digital asset as a national currency.
In true fake news style, the article reads, “It’s finally happened.
A major worldwide government has just bestowed a huge vote of confidence and legitimacy onto the world of cryptocurrencies. Sweden, in an unprecedented move, just announced that they are officially adopting a certain cryptocurrency as Sweden’s official coin!”
The piece even goes on to offer a corroborating quote from Sir Richard Branson.
The story, however, is a shilling piece to sell tokens. The fake article claimed the Sweden Coin could be bought for 0.33 euro, but the site showed later a price of 0.91 euro.