Common Question of People in Sciota: 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 considered doing so), a few questions might reappear over and over: Is Bitcoin legal … and is Bitcoin safe?


These questions are legitimate. The average person in Sciota knows next to 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 nations.  For tax purposes, Bitcoin and cryptocurrencies are viewed as property.


Of thousands of cryptocurrencies, Bitcoin is the most common 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 Sciota, 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 rules of third-party financial Sciota institutions. It’s a decentralized, global currency used for transactions only 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 kept in wallets you manage. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet storing them.


The number of Sciota businesses and organizations using Bitcoin grows continuously). Household names such as Microsoft, Best Buy and Dish Network are on the {roster. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the list.


Anyone can obtain and spend Bitcoin. Given that 25 percent of U.S. and Sciota 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 utilizing blockchain technology.


Transactions using Bitcoin are instantaneously finalized. 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 alternative to standard money. If you’re interested in exploring Bitcoin, perhaps begin with a small amount. Visit a cheap local Bitcoin ATM near Sciota and invest a few dollars’ cash. Gain an understanding of how a virtual wallet works, and how Bitcoin is used 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 market, backed by more than 30 money transmitter licenses. Coinsource is among the most entrusted Bitcoin ATM companies in the world.


You’ll probably have more questions … and that’s natural. But the answer to the recurring one – “Is Bitcoin legal and safe?” – will likely be answered in short order.


near Sciota, IL