Everything in the world is turned into digitalizing in the same way money is also converted into digitalizing, so they named that digital money as the cryptocurrency.
Many Entrepreneurs are like to start their crypto business because it is a decentralized digital currency, So the world is ready to accept this cryptocurrency business method and some governments accept and adapt to this crypto for their economic growth.
Here I listed some of the countries accepting the cryptocurrencies are United States, UK, Russia, Canada, Germany, South Africa, Singapore, Malta, South Korea, Brazil, Malaysia, UAE and more.
From this list of countries, the USA is one of the earliest adopters in utilizing cryptocurrencies and also it defines as an excellent reputation for several cryptocurrency start-ups.
In this article, we have to see how cryptocurrency plays a major role and how cryptocurrency gets more popularized in the USA.
Table of the content:
The USA is one of the top destinations for Bitcoin and other cryptocurrencies and It is the most progressive well-established country for the cryptocurrency development and adoption of blockchain technology. Experts say that Bitcoin will gain more popularity and utility in the U.S.A over the coming years. In the USA Bitcoin usage is increasing day by day, So some of the largest companies in America have started to accepting payment in digital currency such as Microsoft, Subway, Overstock and more.
Cryptocurrency is becoming an increasingly important aspect of local economics. California, New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada, and Massachusetts are the Top 10 US states for the percentage of the population that owns cryptocurrencies for their financial aspects.
The USA is home to most of the largest Bitcoin companies, so that is easy to buy bitcoins in the united states by using any payment method like Cash, Credit card or bank transfer.
How to buy Bitcoin in the USA
Coinbase is probably the fastest and easiest way to buy bitcoins in the USA, Coinbase charges 3.99% fees for debit card purchases this is helpful to get your coin instantly. It is an easy way for newcomers to get bitcoins.
US customers using bank accounts to buy their coins but it can be delivered by after five days.
Coinmama allows customers in almost every county to buy bitcoin In the USA with a credit or debit card, they charge a 6% fee on each purchase.
There are Multiple market places that enable US citizens to buy cryptocurrencies, they are Kraken, Exmo, Spectrocoin, Xapo, itBit, Paybis, and more…
Bitcoin ATMs in the USA
A Bitcoin ATM that allows a person to purchase bitcoin by using cash or debit card, it also helps you to convert your fiat currency into digital currency and vice-versa. Some of the Bitcoin ATMs in the USA actually allow you to withdraw bitcoins.
Bitcoin enabled ATMs are traditional ATMs connected to a bank account that allows you for the cashless purchase of bitcoins. No KYC is required to transact using Bitcoin in ATM which means it is actually a way to secure your identity and privacy. These ATMs typically charge between 7-10% for buying/selling bitcoins.
There are around 2000 Bitcoins ATMs located across united states here I listed top 10 US locations with the highest number of bitcoin ATMs
Coinme is the first Bitcoin ATM provider in Belltown Seattle, Washington
How does Cryptocurrency Tax work in the USA?
In the USA, The Internal Revenue Services(IRS) states that transactions using cryptocurrency be reported in U.S. dollars. The amount of tax depends on how much capital gain/losser there has been on the asset for example if a person is holding the bitcoin for investment purposes it will most be considered a capital gain taxed at 20% if it is held for more than one year. If it is less than one year, then it is still a capital gain, but taxed at ordinary taxes. Using cryptocurrency to buy goods or services, and Cryptocurrency exchanges are considered by taxable events.
What are the benefits of paying with a cryptocurrency like Bitcoin in the USA?
USA Banks supports cryptocurrency payments between corporate customers, Among them Standard Bank one of the popular bank in USA, launched a blockchain-based payment system for its customers after receiving approval from New York state regulators, According to the bank system, customers with account balance of at least $250,000 to send payments each other in real-time it offers 24hours a day, without transaction fees, most of the customers, entrepreneurs, start-ups using Stablecoin for their trading.
There are no restrictions for buying or exchanging the cryptocurrency in the USA. if you want to make transactions on bitcoin exchanges first you have to deposit USD to your account. In 2013 US treasury declared that Bitcoin as a decentralized virtual currency and also bitcoin as taxed property.
USA regulations and money laundering:
The U.S. Securities and Exchange Commission(SEC) announced to launch the Strategic Hub for innovation and Financial technology(Finhub or Fintech) on October 18,2018 to resolve issues relating to the regulation of bitcoin, blockchain technology and other cryptocurrencies, the aim of Securities and Exchange Commission(SEC) is to prevent from Money laundering and also protect more security to improve investor protection.
Commodity Futures Trading Commission (CFTC) has great potential with blockchain technology, Financial industry is getting more benefit from this.
California and New York both are the home to a large number of crypto businesses, the USA is one of the most progressive countries for Cryptocurrency and blockchain technology.
Bitcoin price prediction in the USA 2020:
In USA crypto traders said that they believe Bitcoin would jump above its all-time high of $20,000 in early 2020, But the present active fundamental and technical catalysts, Bitcoin would break the consolidation area to the upside, an action that would take the price above the $25,000 level.
Now you all are cleared about why the cryptocurrency is more important in the USA, and how the U.S. Government helps for the start-ups and entrepreneurs who are all ready to launch their crypto business in the global market.
Finally, we have known some real facts about how cryptocurrency and blockchain-based businesses getting more popularized in the United States. But if you want to know what are the cryptocurrency-based business models are arriving in the upcoming year? then start to find out here - cryptocurrency business revenue model 2020!
If you are a startup or business entrepreneur, looking for the best cryptocurrency business solutions? Or want to create your own cryptocurrency or cryptocurrency-based business like cryptocurrency exchange/trading platform then you are in the right place!
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