Bitcoins are not inherently illegal and like fiat currencies, they aren’t illegal if used correctly.
However different countries around the world will have different rules.
Only at a bitcoin trading broker can you buy bitcoin for US dollars.
It’s more of a local peer to peer marketplace, but it’s one way.
This means that the bitcoin market doesn’t operate by your physical location, therefore it’s not as susceptible to regulation.
The primary risks with getting bitcoin are purchasing bitcoin from the wrong places, or from authorities.
How to Protect Your Bitcoins Against Theft
Investing in bitcoin is risky business.
This article assumes the reader already has an understanding of the risks involved and is not retreading old ground.
First of all you should only purchase bitcoin from reputable broker, that is one who has been and is registered with financial authorities.
Secondly, when you’re storing your bitcoin either in a physical bitcoin wallet or through an online bitcoin wallet provider, make sure you delete the private keys as if someone else gets a hold of them they can steal them.
Signing a digital signature when trading with Bitcoin exchanges is one of the safest ways to store your coins.
For household locks you should only leave your bitcoin there for savings purposes.
An encrypted USB key is a good option for better security and making it more unlikely anyone will steal your coins. Why not combine everything with a cell phone contract, making it really difficult to access your bitcoin.
The final way is to use a VPN, it creates an encrypted connection that can’t be intercepted. It’s perfect for people who want the highest level of secure transportation.
The alternative is to purchase a local Virtual Private Network.