If you’ve ever dabbled in Bitcoin or cryptocurrencies in general (or considered doing so), a few questions probably pop up repeatedly: Is Bitcoin legal … and is Bitcoin safe?
These questions are reasonable. The typical person in Essex 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 treated 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 Essex 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 realm where you are in total control. Bitcoin is not limited by any government regulations, nor rules of third-party financial Essex County institutions. It’s a decentralized, global currency used for transactions solely 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 kept in wallets you maintain. Bitcoin and cryptocurrency are secure, yet only as secure as the wallet storing them.
The volume of Essex County businesses and organizations accepting Bitcoin grows steadily. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are also on the register.
Anyone can purchase and use Bitcoin. Given that 25 percent of U.S. and Essex County households are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other reason – is understandable. Bitcoin security is unmatched, protected by a global network of complex computers using blockchain technology.
Transactions involving Bitcoin are instantaneously finalized. There’s no paperwork. 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 desire a safe, private alternative to standard money. If you’re interested in exploring Bitcoin, perhaps begin with a minimal amount. Visit a cheap local Bitcoin ATM near Essex County and invest a few dollars’ cash. Get a feel for how a virtual wallet operates, and how Bitcoin is used to buy products and services.
You can feel safe doing so, too! Coinsource Bitcoin ATMs have one of the maximum levels of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is among the most trusted Bitcoin ATM companies worldwide.
You’ll likely have more questions … and that’s normal. But the answer to the recurring one – “Is Bitcoin legal and safe?” – should be answered in short order.
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