If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or thought of doing so), a few questions might pop up repeatedly: Is Bitcoin legal … and is Bitcoin safe?
These questions are understandable. The typical person in Knox County knows almost nothing about electronic cash, currency that exists in the virtual realm. 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 grown so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Knox 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 realm where you are in complete control. Bitcoin is not bound by any government regulations, nor rules of third-party financial Knox County institutions. It’s a decentralized, worldwide 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 kept in wallets you manage. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet holding them.
The number of Knox County businesses and organizations accepting Bitcoin grows steadily. 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 Knox County 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 unmatched, shielded by a global network of complex computers using blockchain technology.
Transactions using Bitcoin are instantly completed. There’s no paperwork. The virtual cash is stored in an online “crypto wallet,” unreachable to all but those who know its private “key.”
In short, Bitcoin is for those who seek a safe, private option to everyday money. If you’re interested in exploring Bitcoin, perhaps open with a minimal amount. Visit a cheap local Bitcoin ATM near Knox County and invest a few dollars’ cash. Gain an understanding of how a virtual wallet operates, and how Bitcoin is utilized 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 field, backed by more than 30 money transmitter licenses. Coinsource is among the most trusted Bitcoin ATM companies worldwide.
You’ll likely 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.