Common Question of People in McDonough County: Is Bitcoin legal? Is Bitcoin Safe?

Find a Local Bitcoin ATM


Find a Local Bitcoin ATMIf you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or wondered about doing so), a few questions likely pop up repeatedly: Is Bitcoin legal … and is Bitcoin safe?


These questions are understandable. The average person in McDonough County knows almost 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 McDonough County, just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.


When you change money to Bitcoin, you enter a financial realm where you are in complete control. Bitcoin is not controlled by any government regulations, nor policies of third-party financial McDonough 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 maintained in wallets you control. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet holding them.


The number of McDonough County 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 obtain and use Bitcoin. Given that 25 percent of U.S. and McDonough County households are unbanked or underbanked, its attraction to those who don’t use banks – whether by choice or other reason – is reasonable. Bitcoin security is unparalleled, safeguarded by a worldwide network of complex computers employing blockchain technology.


Transactions using Bitcoin are instantly completed. There’s no paperwork. 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 seek a safe, private option to everyday money. If you’re interested in checking out Bitcoin, perhaps start with a small amount. Visit a cheap local Bitcoin ATM near McDonough County and invest a few dollars’ cash. Get a feel for how a virtual wallet operates, and how Bitcoin is utilized 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 field, backed by more than 30 money transmitter licenses. Coinsource is among the most entrusted Bitcoin ATM companies globally.


You’ll likely 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.


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