If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or thought of doing so), a few questions likely reappear repeatedly: Is Bitcoin legal … and is Bitcoin safe?
These questions are understandable. The average person in Bergen County 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 countries. For tax considerations, Bitcoin and cryptocurrencies are viewed as property.
Of thousands of cryptocurrencies, Bitcoin is the most common and broadly held. Demand has increased so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Bergen 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 realm where you are in complete control. Bitcoin is not restricted by any government regulations, nor policies of third-party financial Bergen County institutions. It’s a decentralized, global currency used for transactions directly between two parties, with neither knowing 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 maintain. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet storing them.
The number of Bergen County businesses and organizations using Bitcoin grows gradually. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the register.
Anyone can buy and spend Bitcoin. Given that 25 percent of U.S. and Bergen 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 global network of complex computers using blockchain technology.
Transactions using Bitcoin are immediately finalized. There’s no hangups. The virtual cash is managed 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 exploring Bitcoin, perhaps open with a minimal amount. Visit a cheap local Bitcoin ATM near Bergen County and invest a few dollars’ cash. Gain an understanding of how a virtual wallet works, and how Bitcoin is utilized 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 industry, secured by more than 30 money transmitter licenses. Coinsource is among the most entrusted Bitcoin ATM companies worldwide.
You’ll probably have additional questions … and that’s rational. But the answer to the recurring one – “Is Bitcoin legal and safe?” – should be answered in short order.
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