If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or thought of doing so), a few questions likely pop up repeatedly: Is Bitcoin legal … and is Bitcoin safe?
These questions are understandable. The average person in Ashmore knows virtually nothing about electronic cash, currency that exists in the virtual world. As of September 2020, Bitcoin and cryptocurrencies are legal in the U.S., Japan, Canada, the U.K. and most other developed countries. For tax considerations, Bitcoin and cryptocurrencies are treated as property.
Of thousands of cryptocurrencies, Bitcoin is the most popular and broadly held. Demand has increased so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Ashmore, 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 realm where you are in total control. Bitcoin is not restricted by any government regulations, nor rules of third-party financial Ashmore institutions. It’s a decentralized, worldwide currency used for transactions directly 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 manage. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet holding them.
The number of Ashmore businesses and organizations accepting Bitcoin grows roll. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the register.
Anyone can purchase and spend Bitcoin. Given that 25 percent of U.S. and Ashmore households are unbanked or underbanked, its attraction to those who don’t use banks – whether by choice or other reason – is understandable. Bitcoin security is unparalleled, safeguarded by a global network of complex computers employing blockchain technology.
Transactions using Bitcoin are instantly completed. There’s no complications. The virtual cash is kept 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 option to conventional money. If you’re interested in checking out Bitcoin, perhaps open with a small amount. Visit a cheap local Bitcoin ATM near Ashmore and invest a few dollars’ cash. Get a feel for how a virtual wallet operates, and how Bitcoin is utilized to purchase products and services.
You can feel safe doing so, too! Coinsource Bitcoin ATMs have one of the highest levels of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is among the most entrusted Bitcoin ATM companies worldwide.
You’ll probably have additional questions … and that’s natural. But the answer to the recurring one – “Is Bitcoin legal and safe?” – will likely be answered in short order.