Withdrawing cryptocurrency from an exchange involves converting your digital assets into fiat currency (like USD, EUR, etc.) and transferring them to your bank card. This process typically leverages third-party services such as cryptocurrency exchanges (like Binance, Bitget, and EXMO offer this functionality, but always verify their current offerings), payment processors, and peer-to-peer (P2P) platforms. Choosing the right method depends on factors such as fees, speed, and security.
Exchanges: Many exchanges offer direct fiat withdrawals to bank cards via partnered payment processors. This is often the most convenient option, but usually comes with higher fees than other methods. Check your exchange’s withdrawal limits and processing times.
P2P Platforms: These platforms connect buyers and sellers directly, allowing for more flexible options, potentially including lower fees. However, increased scrutiny of KYC/AML compliance is common, and there’s a higher risk of scams if you aren’t careful in choosing your trading partner. Always thoroughly research the platform and individual you’re dealing with.
Payment Processors: Several payment processors facilitate cryptocurrency-to-fiat transfers, often with bank card integration. These services often provide a bridge between crypto exchanges and your bank account, sometimes offering better exchange rates. However, research thoroughly to understand fees and security practices.
Security Considerations: Regardless of the method chosen, prioritize security. Use strong passwords, enable two-factor authentication (2FA), and be wary of phishing scams. Verify the legitimacy of any website or platform before sharing sensitive information.
Important Note: Regulations surrounding cryptocurrency vary widely depending on your location. Before initiating any withdrawal, ensure you are fully compliant with local laws and tax obligations.
How can I legally convert cryptocurrency into rubles?
Legally converting cryptocurrency to rubles in Russia presents challenges due to regulatory complexities. While direct fiat on-ramps are limited, several methods exist, each with varying levels of risk and convenience:
Peer-to-peer (P2P) platforms: These platforms act as intermediaries, facilitating direct trades between users. Security is paramount; choose reputable platforms with escrow services to mitigate risks of scams. Transaction fees and exchange rates vary widely, so comparison shopping is crucial. Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance is standard, requiring identity verification.
Physical cryptocurrency exchanges: These offer in-person trading, allowing for immediate conversion. However, their availability is limited, and the same security and regulatory considerations as P2P platforms apply. Verify their licensing and legitimacy before engaging.
Bank accounts in CIS countries: This indirect method involves transferring cryptocurrency to an exchange that supports fiat on-ramps in countries outside Russia, then wiring the funds to a bank account in a Commonwealth of Independent States (CIS) member state. This is a more complex process, with higher transaction fees and potential delays. Compliance with international sanctions and regulations is crucial, particularly with respect to the origin of funds.
Important considerations: Always research the reputation and regulatory standing of any platform or exchange before engaging. Be aware of potential tax implications; cryptocurrency transactions may be subject to capital gains tax. Maintain meticulous records of all transactions for compliance purposes.
Disclaimer: This information is for educational purposes only and does not constitute financial advice. The legal landscape surrounding cryptocurrency is constantly evolving; consult with a qualified legal and financial professional for personalized advice.
Is it possible to withdraw cryptocurrency to a Russian bank card?
No, you can’t directly send crypto like Bitcoin to a Russian bank card. This is because of laws and how the systems work.
Why not?
- Laws: Russia has regulations around crypto that make direct transfers to bank accounts difficult or impossible.
- Technology: Banks and cryptocurrencies are different systems. Banks use traditional finance, while crypto uses blockchain technology. They don’t talk to each other directly.
What can you do?
- Use a cryptocurrency exchange: Many exchanges let you sell your crypto for rubles (RUB). Then, you can withdraw the rubles to your Russian bank card.
- Use peer-to-peer (P2P) platforms: These platforms connect buyers and sellers of crypto directly. You could sell your crypto to someone who can pay you in rubles via bank transfer.
- Consider alternative payment methods: Some platforms might offer other withdrawal options besides bank cards, depending on your location and the exchange’s policies.
Important Note: Always be careful when using exchanges and P2P platforms. Make sure they are reputable and secure to avoid scams. Also, be aware of any fees involved in these transactions.
What is the cryptocurrency tax in Russia?
Russia’s cryptocurrency tax law levies a 13-15% personal income tax on cryptocurrency sales profits. This applies to realized gains, meaning the tax is triggered upon sale, not simply holding.
Key aspects to note:
- Capital Gains Tax: The tax is considered a capital gains tax, similar to how stocks are taxed in many jurisdictions.
- Mining Exemption (partially): While mining itself isn’t subject to VAT (Value Added Tax), corporate mining entities face a 25% corporate income tax on their profits.
- Reporting Requirements: Details regarding reporting requirements and the specific calculation methods for determining taxable gains remain somewhat unclear and subject to interpretation, potentially leading to complexities for taxpayers.
- Definition of Cryptocurrency: The legal definition of “cryptocurrency” within the framework is crucial and its breadth could influence tax implications for different types of digital assets.
Areas of potential complexity:
- Determining the cost basis: Accurately calculating the cost basis of your cryptocurrency holdings for tax purposes can be challenging, especially with multiple transactions and varied acquisition methods.
- Stablecoins and other digital assets: The tax treatment of stablecoins and other digital assets (NFTs, DeFi tokens, etc.) is not explicitly defined, potentially leading to uncertainty.
- International transactions: Tax implications for cross-border transactions involving Russian individuals and cryptocurrency require further clarification.
- Enforcement and compliance: The practical implementation and enforcement of this legislation remain uncertain, affecting taxpayer compliance and potential penalties.
Disclaimer: This information is for general knowledge only and does not constitute financial or legal advice. Consult with a qualified tax professional for personalized advice regarding your specific situation.
Is it possible to lose money in cryptocurrency?
Cryptocurrencies are inherently volatile; treat them as high-risk, high-reward assets, not a get-rich-quick scheme. The potential for significant losses is very real. Many investors underestimate the market’s cyclical nature, experiencing euphoria during bull markets and panic during bear markets. Emotional decision-making often leads to poor investment choices, exacerbating losses. Diversification across various cryptocurrencies and asset classes is crucial to mitigate risk. Thorough due diligence, including understanding the underlying technology and the project’s team, is essential before investing. Never invest more than you can afford to lose. Consider the total cost of ownership, including transaction fees and potential tax implications. The crypto space is unregulated in many jurisdictions, adding another layer of risk.
Think of your crypto holdings as a speculative investment, similar to venture capital. A portion of your portfolio might be completely wiped out, while another portion could yield enormous returns. Only allocate funds you’re comfortable losing entirely. Regularly rebalance your portfolio to manage risk and capitalize on market fluctuations. Focus on long-term strategies rather than short-term trading. This requires patience and discipline to weather the inevitable market corrections.
Remember, past performance is not indicative of future results. The crypto market is influenced by a complex interplay of factors, including technological advancements, regulatory changes, and market sentiment. Stay informed about these factors, but understand that accurate prediction is extremely difficult, if not impossible.
How do I withdraw USDT to my card?
Withdrawing USDT to a bank card typically involves a third-party exchange or payment processor. Direct withdrawal is usually not supported by most platforms due to regulatory complexities and security concerns associated with linking bank accounts directly to cryptocurrency wallets.
The process generally involves these steps:
1. Choose a reputable exchange or platform: Select an exchange that supports both USDT and your desired fiat currency (e.g., USD, EUR). Verify the platform’s legitimacy and security features before proceeding. Note that fees vary significantly between exchanges.
2. Transfer USDT to the exchange: Send your USDT from your wallet to your exchange account. Ensure you use the correct USDT network (e.g., ERC-20, TRC-20, BEP-20). Incorrect network selection will result in irreversible loss of funds.
3. Initiate a withdrawal: Within the exchange, navigate to the withdrawal section and select your preferred fiat currency. You will likely need to provide your bank account details (IBAN, account number, etc.), and potentially verify your identity (KYC/AML).
4. Wait for processing: Processing times vary depending on the exchange and your bank. Some exchanges offer expedited withdrawal options at an extra cost.
5. Monitor transaction status: Track the status of your withdrawal within the exchange. If you encounter issues, contact the exchange’s customer support.
Important Considerations:
• Fees: Factor in transaction fees on both the blockchain (for sending USDT to the exchange) and the exchange itself (for withdrawal to your bank). These can significantly impact your final amount.
• Security: Use a strong and unique password for your exchange account and enable two-factor authentication (2FA) for enhanced security.
• Regulatory Compliance: Be aware of the regulations surrounding cryptocurrency transactions in your jurisdiction. Failure to comply can lead to legal issues.
• Exchange Reputation: Research the exchange thoroughly before using it. Look for reviews and ratings to ensure it is reliable and trustworthy.
• Network Congestion: Network congestion on the blockchain can result in delays and higher transaction fees.
Which cryptocurrency wallet doesn’t report to the IRS?
Trust Wallet’s decentralized nature means it doesn’t directly report user activity to the IRS. This offers a degree of privacy, but remember, you’re still personally responsible for accurate tax reporting on all crypto gains and losses. The IRS is increasingly scrutinizing crypto transactions, so meticulous record-keeping is crucial. Consider using tax software specifically designed for crypto to simplify the process and avoid costly penalties. Remember, while a non-custodial wallet like Trust Wallet offers greater privacy compared to centralized exchanges, it doesn’t provide anonymity. All on-chain transactions are publicly viewable on the blockchain, and sophisticated analysis can still link transactions to individuals. Therefore, while Trust Wallet doesn’t actively report, maintaining accurate transaction records remains paramount for compliance.
Furthermore, diversifying your crypto holdings across various wallets and exchanges can help minimize risk. Consider using a hardware wallet for storing larger amounts of cryptocurrency for enhanced security. Always prioritize security best practices such as strong passwords and two-factor authentication regardless of the wallet you use.
How do I withdraw cryptocurrency from exchanges?
To withdraw cryptocurrency from exchanges, navigate to your exchange account’s withdrawal section, usually found under “Transactions,” “Balances,” or “Wallet.” Select the cryptocurrency you wish to withdraw. Crucially, verify the selected network (e.g., ERC-20 for Ethereum, TRC-20 for Tron, BEP-20 for Binance Smart Chain). Using the incorrect network will result in irreversible loss of funds. Double-check the recipient address; mistakes here are equally disastrous. Consider the associated network fees; these can vary significantly depending on network congestion. For larger withdrawals, it’s often more cost-effective to withdraw in batches. Always prioritize security; utilize two-factor authentication (2FA) and regularly review your account’s security settings. Withdrawal limits may apply, depending on your verification level and the exchange’s policies. Finally, keep transaction IDs for record-keeping and dispute resolution.
Important Note: Some exchanges offer different withdrawal options (e.g., lightning network for Bitcoin) that can offer faster and cheaper transactions. Explore these options for potential savings and efficiency. Be aware of scams; legitimate exchanges will never request your private keys or seed phrases.
Is cryptocurrency trading prohibited in Russia?
Russia’s stance on crypto is… complicated. While they’ve publicly flirted with crypto, even passing a law last summer allowing digital currency payments in international trade, domestic use, particularly in something as sensitive as oil trading, remains largely uncharted territory. This isn’t a blanket ban, but more a cautious approach, a “wait and see” strategy if you will.
Key takeaway: There’s no explicit prohibition on *all* crypto trading within Russia, but the regulatory landscape is undeniably murky. The lack of clear guidelines, coupled with the government’s focus on controlling its financial system, suggests a high degree of uncertainty for anyone involved in domestic crypto transactions. Think of it as a high-risk, high-reward scenario, heavily reliant on keeping a close eye on evolving regulations.
Consider this: The recent law allowing international crypto payments is a significant development, suggesting a potential future shift toward wider acceptance. However, the lack of concrete domestic regulations for now leaves ample room for interpretation and potential legal challenges.
For those interested in the energy sector’s involvement: The connection between crypto and oil trading in Russia is almost entirely speculative at this point. While blockchain technology *could* theoretically improve transparency and efficiency in energy transactions, the current regulatory environment makes large-scale implementation a distant prospect.
Do I have to pay taxes on cryptocurrency?
There’s no specific crypto tax in Russia. Cryptocurrencies are treated as property.
This means you pay tax on profits, not on the crypto itself. So, if you buy Bitcoin for $100 and sell it for $200, you’ll only pay tax on the $100 profit.
Here’s what you need to know:
- Capital Gains Tax: This is the tax you’ll likely pay on your crypto profits. The exact rate depends on your overall income and other factors.
- Reporting: You’ll need to report your crypto transactions to the tax authorities. Keep meticulous records of all your buys, sells, and trades, including dates and prices.
- Tax Year: Understand the tax year in Russia and when you’re required to file your returns.
Important Note: Crypto tax laws can be complex. It’s highly recommended to consult with a tax professional specializing in cryptocurrency to ensure you’re complying with all applicable regulations and avoid penalties.
Things to consider beyond basic taxation:
- Mining: Income from mining is taxable as well.
- Staking: Rewards from staking are considered income and are taxable.
- AirDrops & Forks: The tax implications of receiving free crypto through airdrops or forks can vary and should be examined carefully.
How can I safely cash out cryptocurrency?
Cashing out your cryptocurrency securely requires a multi-faceted approach. While there’s no single foolproof method, diversifying your withdrawal strategies significantly reduces risk. Three primary avenues exist: cryptocurrency exchanges, payment processors, and online exchangers.
Exchanges: Reputable exchanges offer various withdrawal options, often including bank transfers and debit cards. Prioritize exchanges with robust security measures like two-factor authentication (2FA), cold storage for a significant portion of their assets, and a proven track record. Always verify the exchange’s legitimacy and read user reviews before using them.
Payment Processors: Services like PayPal or similar platforms sometimes facilitate crypto-to-fiat transactions. However, be aware of associated fees and potential limitations on transaction amounts. Furthermore, verify that the processor is officially supporting crypto transactions to avoid scams. Check their security protocols and user feedback to gauge their reliability.
Online Exchangers: Peer-to-peer (P2P) exchanges and other online exchangers provide another option, often with competitive rates. Nevertheless, exercise extreme caution when using these platforms. Thoroughly investigate the exchanger’s reputation, look for escrow services to protect your funds, and always meet in person (if possible) for local transactions to minimize fraud risks. Favor those with strong KYC/AML compliance.
Regardless of your chosen method, prioritize security. Never share your private keys or seed phrases with anyone. Use strong, unique passwords for each platform, and enable all available security features. Regularly monitor your accounts for any suspicious activity.
Remember, the convenience of home-based transactions shouldn’t overshadow the importance of security. Diligent research and careful selection of platforms are crucial for safely converting your cryptocurrency into fiat currency.
Which cryptocurrency exchange operates in Russia?
While Binance operates globally and is accessible to Russian traders, it’s crucial to understand the regulatory landscape in Russia regarding cryptocurrency trading. The legal status is constantly evolving, and users should independently verify the current legal implications and risks before engaging in any activity. Binance offers a wide array of cryptocurrencies, competitive fees, and a user-friendly interface catering to both beginners and experienced traders. However, consider its limitations regarding fiat on-ramps for rubles, which may require using third-party services and potentially incurring additional fees or complexities. Advanced trading features like margin trading and futures are available, but carry substantial risk, demanding a high level of understanding and risk management. Security is a major concern; utilize two-factor authentication (2FA) and strong, unique passwords. Remember that all cryptocurrency investments are inherently risky, and potential losses can be significant.
Why is it better not to store cryptocurrency on an exchange?
Keeping cryptocurrency on an exchange isn’t ideal because, legally speaking, in Russia, crypto is considered an asset. This means it can be seized by authorities if a court orders it. That’s a big risk.
Another huge problem is security. Exchanges hold massive amounts of user funds, making them prime targets for hackers. A successful hack could mean losing all your crypto. Think of it like keeping all your cash in a single, easily accessible bank – incredibly risky!
While exchanges offer convenience for trading, they don’t offer the same level of security as self-custody solutions like hardware wallets. A hardware wallet is a physical device that stores your private keys offline, significantly reducing the risk of theft. It’s like having a safe in your house – much safer than keeping your valuables in your pocket.
Essentially, exchanges are great for trading but not for long-term storage. If you’re holding crypto for the long haul, consider using a hardware wallet for significantly better security.
Can you lose real money because of cryptocurrency?
Yes, you can absolutely lose real money with cryptocurrency. Bitcoin’s volatility is legendary. While you can profit from trading, lending, holding, or mining Bitcoin, it’s crucial to understand that no returns are guaranteed. A falling market can wipe out your investment faster than you can say “blockchain”.
Think of it like this: Bitcoin isn’t a get-rich-quick scheme; it’s a high-risk, high-reward asset. Your potential for profit is directly proportional to your risk tolerance. Many successful Bitcoin investors employ strategies to mitigate risk:
- Diversification: Don’t put all your eggs in one basket. Spread your investments across different cryptocurrencies and asset classes.
- Dollar-Cost Averaging (DCA): Invest a fixed amount at regular intervals, regardless of price fluctuations. This helps to reduce the impact of volatility.
- Technical Analysis: Learn to read charts and understand market trends to make informed trading decisions. This is essential for active traders.
- Fundamental Analysis: Research the underlying technology and adoption rate of different cryptocurrencies to identify potentially strong investments. This is crucial for long-term holders.
- Risk Management: Only invest what you can afford to lose. Set stop-loss orders to limit potential losses.
Furthermore, be aware of:
- Scams and Fraud: The crypto space is rife with scams. Thoroughly research any investment opportunity before committing your funds.
- Regulatory Uncertainty: Government regulations are constantly evolving, which can impact the market significantly.
- Security Risks: Losing your private keys means losing your cryptocurrency. Invest in secure storage solutions.
Profiting from Bitcoin requires knowledge, discipline, and a strong understanding of risk. Don’t gamble; invest wisely.
What’s the best way to cash out cryptocurrency?
Cashing out crypto, specifically Bitcoin, involves several strategies, each with its own pros and cons. While using a centralized exchange like Coinbase for smaller amounts is straightforward due to its user-friendly interface and “buy/sell” functionality, it’s crucial to consider the fees and potential security risks involved. High trading volumes can lead to significant fees eating into your profits.
For larger sums or more complex strategies, consider these alternatives:
- Peer-to-Peer (P2P) Exchanges: These platforms connect buyers and sellers directly, often offering better privacy and potentially lower fees. However, they involve a higher degree of risk due to the lack of centralized oversight. Thorough due diligence on the counterparty is paramount.
- Decentralized Exchanges (DEXs): DEXs provide greater control and anonymity, as transactions are executed directly between users without intermediaries. However, they typically require a higher level of technical expertise and may have lower liquidity compared to centralized exchanges.
- Crypto ATMs: Convenient for immediate cash withdrawals, but typically charge hefty fees and often have lower transaction limits. Use only reputable and well-established ATMs.
Factors influencing the optimal method:
- Transaction Fees: Compare fees across different platforms and methods. These can vary significantly.
- Speed of Transaction: Consider how quickly you need access to your funds.
- Security: Prioritize platforms with robust security measures to protect your assets.
- Regulatory Compliance: Be aware of the legal and regulatory implications in your jurisdiction.
- Tax Implications: Understand the tax consequences of selling crypto in your region. Consult a tax professional if necessary.
Disclaimer: This information is for educational purposes only and not financial advice. Always conduct thorough research and consider your individual circumstances before making any investment decisions.
Is cryptocurrency trading allowed in Russia?
There’s no explicit legal prohibition against cryptocurrency trading in Russia for individuals or businesses. However, the Central Bank of Russia (CBR) views cryptocurrency transactions with suspicion, classifying them as neither explicitly permitted nor forbidden. This ambiguous legal landscape creates uncertainty and significant risk.
Practical implications: This lack of clear regulation means there’s no legal framework for resolving disputes, protecting investors, or enforcing contracts related to cryptocurrency trading. Banks are generally hesitant to process transactions related to crypto, making it difficult to deposit or withdraw funds. This effectively pushes trading into the unregulated grey market, increasing the likelihood of scams and fraud.
Taxation: The tax implications are also unclear, creating further uncertainty. While profits from cryptocurrency trading may be taxable as income, the specific methods for calculating and reporting these profits are not well-defined.
Regulatory Developments: The CBR’s stance is evolving, and future legislation may bring more clarity (or potentially stricter regulations). However, currently, engaging in cryptocurrency trading in Russia carries significant legal and financial risk.
Risks: Besides the legal uncertainty, the usual risks associated with cryptocurrency trading – market volatility, scams, and platform failures – are amplified by the lack of regulatory protection in Russia.
Should I withdraw my cryptocurrency from exchanges?
Exchanges, while convenient, introduce custodial risk. They’re vulnerable to hacks and regulatory freezes, leaving your funds potentially inaccessible. Self-custody via a hardware wallet offers superior security. Consider the trade-off: convenience versus control. Hardware wallets, though requiring a steeper learning curve, provide significantly enhanced protection against theft and unauthorized access. The process involves generating a private key, securely storing it, and using the wallet to send and receive cryptocurrency. Remember to diversify your holdings across multiple wallets and employ robust security practices like strong passwords and two-factor authentication (2FA). Research reputable hardware wallet providers thoroughly before making a purchase. The cost of a hardware wallet is a small price to pay for peace of mind knowing your crypto is safe.
Furthermore, understand the implications of tax laws in your jurisdiction. Withdrawing cryptocurrency might trigger taxable events, depending on your region and the specifics of your transactions. Consult a tax professional familiar with cryptocurrency regulations for personalized advice.
Don’t overlook the importance of regularly backing up your seed phrase. Losing this phrase means losing irretrievably access to your funds. Multiple secure backups, stored separately, are crucial.
Why transfer cryptocurrency from an exchange to a wallet?
Moving your crypto off exchanges and onto self-custody wallets is a non-negotiable best practice for serious investors. Exchanges, while convenient, are inherently vulnerable to hacks and regulatory seizures. You don’t own your keys, you don’t own your crypto. Self-custody, whether through a hardware wallet or a well-secured software wallet, puts you in complete control. This significantly reduces your risk profile. Consider the recent collapses – were your assets on an exchange, you were likely affected. With self-custody, you’re the sole custodian of your private keys, making your assets far more secure.
Think of it like this: an exchange is like a bank. Banks are insured (to a degree), but your assets are ultimately not under your direct control. A self-custody wallet is like having a personal safe; only you hold the combination. While there’s a learning curve, mastering self-custody is an essential skill for anyone serious about long-term crypto investing. The peace of mind far outweighs the initial effort. Remember, not your keys, not your crypto.
Furthermore, diversification across multiple self-custody wallets is a prudent strategy. Don’t put all your eggs in one basket, even if that basket is a highly secure hardware wallet. Spread your holdings across different devices and even different wallet types to further mitigate risk.
How can the tax authorities find out about cryptocurrency?
For businesses (LLCs and IPs) involved in cryptocurrency mining, it’s mandatory to register with the MinTsifry’s special register (https://rmo.nalog.gov.ru/rmo/) and report mined digital assets to authorities, including Rosfinmonitoring. This is the primary way tax authorities detect cryptocurrency mining activity. However, individual investors engaging in trading or staking generally aren’t obligated to report unless they generate significant taxable income. This income threshold varies and depends on factors like total gains and applicable tax laws. Information sharing agreements between exchanges and tax authorities globally also pose a risk. While many exchanges operate in jurisdictions with strong privacy protections, others readily provide user data if legally compelled. Furthermore, on-chain activity is publicly visible on the blockchain, although tracing specific individuals requires sophisticated analysis which is not always cost-effective for tax authorities. Ultimately, the level of scrutiny depends on the scale of your cryptocurrency operations. Significant transactions and large holdings become more likely targets for tax investigation.
Is it possible to make money trading cryptocurrency?
Profits in the cryptocurrency market are achievable through strategic trading, capitalizing on price fluctuations. This involves initially investing in cryptocurrencies, depositing them onto an exchange platform, and then executing trades to exploit favorable price differentials. Successful trading requires a deep understanding of market dynamics, technical analysis, and risk management. Different trading strategies exist, including day trading (short-term), swing trading (medium-term), and long-term holding (investing). Day trading demands constant monitoring and quick decision-making, while swing trading allows for more relaxed approaches. Long-term investing focuses on holding promising cryptocurrencies over extended periods, aiming to benefit from anticipated growth. Diversification across various cryptocurrencies can mitigate risk, and thorough research into projects, their underlying technologies, and market sentiment is crucial. Remember that the cryptocurrency market is volatile; losses are a real possibility, and appropriate risk management, including setting stop-loss orders, is paramount.
Beyond trading, several other avenues exist for generating income within the crypto space. Staking allows users to earn rewards for locking up their cryptocurrency to support the network’s security. Yield farming involves lending or providing liquidity to decentralized finance (DeFi) protocols, earning interest or trading fees. Participating in airdrops, where projects distribute tokens to early adopters or community members, can provide additional opportunities. However, each approach carries its own set of risks and requires careful consideration before engagement. Thorough due diligence and understanding of the associated risks are essential regardless of the chosen method.
