Common Question of People in Montgomery 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 over and over: Is Bitcoin legal … and is Bitcoin safe?


These questions are understandable. The average person in Montgomery County knows almost 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 viewed as property.


Of thousands of cryptocurrencies, Bitcoin is the most popular and widely held. Demand has increased so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Montgomery 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 policies of third-party financial Montgomery County institutions. It’s a decentralized, worldwide currency used for transactions only 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 maintained in wallets you manage. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet storing them.


The number of Montgomery County businesses and organizations taking 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 acquire and use Bitcoin. Given that 25 percent of U.S. and Montgomery County 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 worldwide network of complex computers employing blockchain technology.


Transactions involving Bitcoin are instantaneously completed. There’s no paperwork. The virtual cash is managed in an online “crypto wallet,” impenetrable to all but those who know its private “key.”


In short, Bitcoin is for those who desire a safe, private alternative to everyday money. If you’re interested in checking out Bitcoin, perhaps open with a small amount. Visit a cheap local Bitcoin ATM near Montgomery County and invest a few dollars’ cash. Gain an understanding of how a virtual wallet operates, and how Bitcoin is used to obtain products and services.


You can feel safe doing so, too! Coinsource Bitcoin ATMs have one of the highest levels of compliance in the field, secured by more than 30 money transmitter licenses. Coinsource is among the most trusted Bitcoin ATM companies in the world.


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


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