If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or wondered about doing so), a few questions probably reappear repeatedly: Is Bitcoin legal … and is Bitcoin safe?
These questions are valid. The average person in Coles County knows next to nothing about electronic cash, money that exists in the virtual arena. As of September 2020, Bitcoin and cryptocurrencies are legal in the U.S., Japan, Canada, the U.K. and most other developed nations. For tax considerations, Bitcoin and cryptocurrencies are viewed as property.
Of thousands of cryptocurrencies, Bitcoin is the most prevalent and widely held. Demand has grown so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Coles County, just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you convert money to Bitcoin, you enter a financial arena where you are in total control. Bitcoin is not controlled by any government regulations, nor rules of third-party financial Coles County institutions. It’s a decentralized, global currency used for transactions only between two parties, with neither aware whom the other is. So, that leads us to the question: Is Bitcoin safe?
Bitcoin and other cryptocurrencies should only be managed in wallets you maintain. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet holding them.
The number of Coles County businesses and organizations using Bitcoin grows steadily. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the register.
Anyone can obtain and spend Bitcoin. Given that 25 percent of U.S. and Coles County households are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other reason – is natural. Bitcoin security is unparalleled, safeguarded by a worldwide network of complex computers using blockchain technology.
Transactions using Bitcoin are instantly completed. There’s no hangups. The virtual cash is maintained in an online “crypto wallet,” impenetrable to all but those who know its private “key.”
In short, Bitcoin is for those who seek a safe, private alternative to everyday money. If you’re interested in checking out Bitcoin, perhaps start with a minimal amount. Visit a cheap local Bitcoin ATM near Coles County and invest a few dollars’ cash. Get a feel for how a virtual wallet operates, and how Bitcoin is employed to buy products and services.
You can feel safe doing so, too! Coinsource Bitcoin ATMs have one of the greatest levels of compliance in the market, supported by more than 30 money transmitter licenses. Coinsource is among the most entrusted Bitcoin ATM companies in the world.
You’ll probably have more questions … and that’s normal. But the answer to the recurring one – “Is Bitcoin legal and safe?” – should be answered in short order.