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Sending bitcoin

The short answer is that it varies from country to country. It goes without saying that spending Bitcoins on illegal goods or services, or using them for illicit activities is definitely not legal. Currently, the majority of Sending bitcoin countries, the United States, Canada, Hong Kong, Australia, Columbia, Brazil, Argentina, Turkey, South Africa, Japan, South Korea to name but a few, have taken a permissive stance on the use of Bitcoin. Some countries have taken a more cautious stance, in these countries Bitcoin may be in the confusing position of not being recognised as an official currency while not being banned either.

Countries which have explicitly banned Bitcoin are Iceland, Bolivia, Ecuador, Vietnam and Kyrgyzstan. If in doubt, always check with a legal adviser who is well versed in your country’s currency laws. Can I send Bitcoins to someone in another country? Yes, this is one of the most common uses of Bitcoin as it carries some advantages over bank to bank transfers or other money transfer services. Sending Bitcoins is both faster than a bank transfer and cheaper than using a money transfer service. How can I keep my Bitcoins safe? While the Bitcoin network keeps careful track of all Bitcoin transactions and the amount of Bitcoin held in each wallet.

If someone manages to get hold of your keys then they have control of your Bitcoins. It is therefore extremely important to keep your keys and passwords safe. Keep your computer’s antivirus software up to date, as this is a common way for keys and passwords to be stolen. It’s dangerous to leave them stored on your computer or in an email account or some other cloud storage service. If you’re considering keeping hold of large amounts of Bitcoin, then look at using a hardware wallet which helps ensure that your keys are kept well away from the reach of hackers. In addition to keeping your keys away from attackers, you should also backup your wallets and keep an offline record of their recovery phrase in a safe place.

Some also provide insurance against loss. A key difference between using Bitcoin and using a conventional form electronic payment such as a credit card, is that there is no intermediary bank or financial institution controlling the transaction. Sending to the wrong address This means that if you send Bitcoins to the wrong address, or send the wrong amount, there central authority to call up and ask to reverse the transaction or give you a refund. That said, if you were buying a coffee in your local coffee shop and you accidentally paid too much Bitcoin for your cappuccino, there’s nothing stopping the shop owner from sending the extra Bitcoin back to you, just as you would if you had accidentally given them the wrong amount in cash. Where extra care needs to be taken is while purchasing high value items online. Always make sure you’re dealing with a reputable seller. Always carefully check the bitcoin address you’re sending Bitcoins to.