How to Buy Bitcoin or Other Cryptocurrency in Chicago

In recent years, the popularity of cryptocurrency has risen dramatically. Therefore, it shouldn’t come as a surprise that many people are interested in purchasing it. However, in terms of regulation, cryptocurrency isn’t equally accepted and adopted across the world.

Thus, before buying Bitcoin or any other crypto, it’s important to familiarize yourself with laws and regulations regarding cryptocurrency trading in Chicago, IL. Once you know you’re legally covered, you can proceed to buying your favorite tokens.

Is Bitcoin legal in Chicago?

To put it simply: yes, Bitcoin is completely legal in Chicago, so you can trade it without fearing prosecution. In fact, it could be said that the rise of the public interest in Bitcoin and cryptocurrency generally, urged the Illinois government to take steps towards making the state a cryptocurrency financial center.

For this reason, Illinois state representatives have passed a range of different laws in order to regulate cryptocurrency trade and investing. Back in 2018, they passed a law that enables residents to pay taxes in crypto. 24 hours after receipt, authorities convert crypto to USD.

Two years later, in 2020, the Illinois state legislature proposed another bill in which cryptocurrencies would be included in the list of assets regarded as discarded after five years, when there has been no interaction between the asset owner and the custodian.

In June 2021, the Land of Lincoln was reportedly positioning itself as a crypto financial center. Namely, the State of Illinois is considering turning the state and its capital Chicago into a crypto hub. By this Chicago Bitcoin Law, fintech companies located in Illinois will be allowed to hold cryptocurrencies. This law is expected to make Illinois the second state that allows such a practice.

There are many factors helping this idea become a reality. Firstly, in 2017, the Chicago Mercantile Exchange Group (CME) began trading bitcoin futures. Next, the state boasted one of the greatest mining facilities located in the Midwest, run by Sangha Systems and CoinFlip, the Bitcoin ATM operator based in Chicago.

All things considered, now could be the perfect time for citizens to start buying Bitcoins in Chicago.

Where can I buy Bitcoin in Chicago?

The easiest way to purchase Bitcoin is to find an exchange and create an account. However, given the fact that you provide your personal credentials and entrust it with your money, it’s essential to find a respectable and trustworthy Bitcoin exchange. CEX.IO is one of those exchanges that is suitable for both beginners and veteran traders. Therefore, we encourage you to start with this platform.

Upon registering and verifying your account, you’re all set to start trading. Prior to purchasing your favorite crypto, you can compare cryptocurrency prices. In addition to bitcoin, here you may find other altcoins worth your investment.

To buy Bitcoin, you can use a bank transfer, online wallet, or you can buy Bitcoin with a credit card. Alternatively, you can pair BTC and USD. You may buy Bitcoin instantly using a market order, or you have an option to set up the price and buy it via limit order. Everything you purchase will be stored in your Bitcoin wallet.

Bitcoin is notorious for its volatility. However, the unpredictability of its price could offer you great earning potential. In addition to buying, you’re also able to sell Bitcoin once the price reaches its high.

Should you prefer to buy Bitcoin locally, you have ATMs at your disposal. A Bitcoin ATM in Chicago functions like a traditional cash machine. The only difference is that, instead of getting cash at the end of the transaction, you will receive the requested amount of Bitcoin digitally.

To find an ATM in your vicinity, just Google “Bitcoin ATM near me” and you’ll get instant results.

How to buy Ethereum in Chicago

The main idea behind Bitcoin was to transfer funds quickly without any intermediaries, especially banks or financial institutions. It can’t be denied this has led to a revolution of payment systems in fintech companies.

Similarly to Bitcoin, Ethereum allows using blockchain networks for various automated digital solutions. Introduced in 2013 by Vitalik Buterin, Ethereum (ETH) token is the second-most popular cryptocurrency worldwide.

If you’re not a huge fan of Bitcoin for whatever reason, you might want to give ETH a chance and buy Ethereum via a crypto exchange. The process is quite straightforward and takes just a few simple steps.

Now that you have an account with a crypto exchange, select ETH from the list of available cryptocurrencies, and decide how you’d like to buy tokens. As previously mentioned, you can buy cryptocurrency with credit card, debit card, online wallet, or via bank transfer. Lastly, choose the amount you’d like to purchase and place your order. Your tokens will be in your wallet in minutes.