President Trump is featuring media headlines across the globe daily but how often have we heard officials of the USA talk about bitcoin in a positive light? We will leave this estimate to all of you to make, however, while we are on the subject why not take a closer look at what are some of the regulations, bitcoin exchanges and online gambling platforms available to you as a citizen of the United States of America. Keep reading for some general information regards bitcoin in the USA.
Bitcoin Regulations in The United States of America
Oh boy, where do we start? As of right now, bitcoin is not accepted as a legal tender form in any of the states but this does not make it exactly illegal, heavily taxed though. As we just mentioned then IRS does recognize virtual currencies while not accepting them as actual money, this doesn't stop them from taxing and reaping some gains on the virtual currency transactions! Exchange platforms must keep track of profits and losses for each and every virtual currency transaction and present that information to the tax revenue officials. Cryptocurrency traders must submit their revenue and pay tax accordingly. Not the most convenient laws for your typical bitcoin traders but there is a small ongoing battle that is trying to change the legal status of bitcoin in the country, will they be successful only time can tell.
USA Bitcoin Exchanges
Now one of the good things that come along with tax authorities recognizing virtual currencies is that this paves relatively smooth and safe road for the digital currency exchange platforms in the country. Being a resident of USA brings you the convenience of having access to by far the most of the different bitcoin exchanges all around the world. Keep in mind that all of the bitcoin exchanges that provide services to any US citizen must also follow KYC policy which means that you will have to go through a standard verification process of your identity and living address. One of the most popular and customer-friendly interface bitcoin exchange comes from Coinbase, while many users have recently started complaining about relatively high fees then CB also usually has the quickest processing times and price on the market. We don't think there is anything wrong with paying a little extra but receiving a perfectly stellar service in return, however, there are many other exchanges that one could use if Coinbase does not fit their needs. GDAX and BitStamp are two popular exchanges that allow US citizens to perform bitcoin purchases and sells. The good thing about the both is that they also support other digital currencies such as Ethereum and Litecoin. Another popular bitcoin exchange platform in the USA is definitely Kraken but there is much more while we have listed the most popular ones.
Online Gambling in USA
Online gamblers from the USA have had the struggle to go through some nasty abuse from the game providers and government the same time but while the fight had a noble cause then, in reality, a lot of the people still got hurt and had to totally restructure their lives overnight. Yes, we are talking about the Black Friday and how long it took to settle up all of the player's accounts, while better late than never is certainly applicable here. There is no federal law that restricts online gambling in general but there are a lot of conservative states which go very aggressively against the whole notion while states like New Jersey have publicly embraced and support online gambling on the platforms that are registered in the state. We advise you to check out your state law before going ahead and playing online from the USA but bitcoin sites is a good place to start because of their anonymity and fast withdrawals! Take a look at our good bitcoin casino reviews to find a suitable house for you!