If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or thought of doing so), a few questions likely pop up over and over: Is Bitcoin legal … and is Bitcoin safe?
These questions are reasonable. The average person in Coles County knows virtually nothing about electronic cash, currency 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 purposes, Bitcoin and cryptocurrencies are treated as property.
Of thousands of cryptocurrencies, Bitcoin is the most prevalent and widely held. Demand has increased 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 switch money to Bitcoin, you enter a financial world where you are in total control. Bitcoin is not bound by any government regulations, nor rules of third-party financial Coles County institutions. It’s a decentralized, worldwide currency used for transactions directly between two parties, with neither cognizant of whom the other is. So, that leads us to the question: Is Bitcoin safe?
Bitcoin and other cryptocurrencies should only be stored in wallets you maintain. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet storing them.
The number of Coles County businesses and organizations using Bitcoin grows gradually. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the list.
Anyone can purchase and use 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, shielded by a worldwide network of complex computers employing blockchain technology.
Transactions using Bitcoin are instantaneously finalized. There’s no complications. The virtual cash is managed in an online “crypto wallet,” impenetrable to all but those who know its private “key.”
In short, Bitcoin is for those who want a safe, private alternative to traditional money. If you’re interested in exploring Bitcoin, perhaps open with a small 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 obtain products and services.
You can feel safe doing so, too! Coinsource Bitcoin ATMs have one of the greatest levels of compliance in the market, secured by more than 30 money transmitter licenses. Coinsource is among the most trusted Bitcoin ATM companies worldwide.
You’ll probably have additional questions … and that’s normal. But the answer to the recurring one – “Is Bitcoin legal and safe?” – will likely be answered in short order.