If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or considered doing so), a few questions might pop up over and over: Is Bitcoin legal … and is Bitcoin safe?
These questions are legitimate. The typical person in Livingston County knows next to nothing about electronic cash, money 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 viewed as property.
Of thousands of cryptocurrencies, Bitcoin is the most prevalent and widely held. Demand has expanded so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Livingston 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 arena where you are in complete control. Bitcoin is not controlled by any government regulations, nor rules of third-party financial Livingston County institutions. It’s a decentralized, global currency used for transactions solely 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 hold. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet storing them.
The volume of Livingston County businesses and organizations taking Bitcoin grows record. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the register.
Anyone can obtain and use Bitcoin. Given that 25 percent of U.S. and Livingston 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 utilizing blockchain technology.
Transactions involving Bitcoin are instantaneously finalized. There’s no complications. The virtual cash is kept in an online “crypto wallet,” unreachable to all but those who know its private “key.”
In short, Bitcoin is for those who desire a safe, private alternative to traditional money. If you’re interested in checking out Bitcoin, perhaps start with a minimal amount. Visit a cheap local Bitcoin ATM near Livingston County 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 maximum levels of compliance in the marketplace, backed by more than 30 money transmitter licenses. Coinsource is among the most trusted Bitcoin ATM companies worldwide.
You’ll probably have more questions … and that’s normal. But the answer to the recurring one – “Is Bitcoin legal and safe?” – will likely be answered in short order.