If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or thought of doing so), a few questions might pop up over and over: Is Bitcoin legal … and is Bitcoin safe?
These questions are reasonable. The typical person in Vermilion County knows virtually 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 countries. For tax purposes, Bitcoin and cryptocurrencies are treated as property.
Of thousands of cryptocurrencies, Bitcoin is the most prevalent 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 Vermilion 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 arena where you are in complete control. Bitcoin is not bound by any government regulations, nor policies of third-party financial Vermilion County institutions. It’s a decentralized, global currency used for transactions directly 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 stored in wallets you maintain. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet storing them.
The volume of Vermilion County businesses and organizations accepting Bitcoin grows gradually. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the list.
Anyone can obtain and use Bitcoin. Given that 25 percent of U.S. and Vermilion County households are unbanked or underbanked, its allure to those who don’t use banks – whether by choice or other reason – is reasonable. Bitcoin security is unmatched, guared by a global network of complex computers utilizing blockchain technology.
Transactions involving Bitcoin are instantaneously completed. There’s no hangups. 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 begin with a small amount. Visit a cheap local Bitcoin ATM near Vermilion County and invest a few dollars’ cash. Get a feel for how a virtual wallet works, and how Bitcoin is used to obtain products and services.
You can feel safe doing so, too! Coinsource Bitcoin ATMs have one of the maximum levels of compliance in the field, secured by more than 30 money transmitter licenses. Coinsource is among the most entrusted Bitcoin ATM companies globally.
You’ll likely 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.