If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or wondered about doing so), a few questions likely reappear repeatedly: Is Bitcoin legal … and is Bitcoin safe?
These questions are legitimate. The average person in Industry knows almost nothing about electronic cash, money 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 countries. For tax considerations, Bitcoin and cryptocurrencies are treated as property.
Of thousands of cryptocurrencies, Bitcoin is the most popular and extensively held. Demand has expanded so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Industry, just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you convert money to Bitcoin, you enter a financial realm where you are in total control. Bitcoin is not bound by any government regulations, nor policies of third-party financial Industry 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 manage. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet storing them.
The volume of Industry businesses and organizations taking Bitcoin grows steadily. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the list.
Anyone can acquire and use Bitcoin. Given that 25 percent of U.S. and Industry households are unbanked or underbanked, its attraction to those who don’t use banks – whether by choice or other reason – is natural. Bitcoin security is unsurpassed, protected by a global network of complex computers using blockchain technology.
Transactions involving Bitcoin are immediately finalized. There’s no paperwork. 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 want a safe, private alternative to traditional money. If you’re interested in checking out Bitcoin, perhaps open with a minimal amount. Visit a cheap local Bitcoin ATM near Industry and invest a few dollars’ cash. Gain an understanding of how a virtual wallet works, and how Bitcoin is employed 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 market, secured by more than 30 money transmitter licenses. Coinsource is among the most entrusted Bitcoin ATM companies globally.
You’ll probably have additional questions … and that’s reasonable. But the answer to the recurring one – “Is Bitcoin legal and safe?” – will likely be answered in short order.