Benefits of the Bitcoin:
It is necessary to know the advantages of Bitcoin before diving into it, as it needs effort on your part. These include:
– Accessibility: It’s a versatile currency as it only takes a little time to transfer bitcoins. Having a certain sum can allow you to make accessible purchases from places that accept the use of this cryptocurrency.
– Transparency: This allows the security against public tracking and fraud. In addition, only you have access to your wallet and the sum of bitcoins you have, and no personal information is required for the transactions.
– Independence: as mentioned previously, no control is done by any bank or government. Therefore, no taxation gives you autonomy over your account.
– High income: The cryptocurrency changes on a daily basis. It can go up and down, but the estimation value has a higher return potential. Therefore, you could have a high income as it is a promising currency.
Disadvantages of Bitcoin:
In addition to the previous section, you need to be aware of the disadvantages you might face before taking some drastic financial decisions, such as:
– Volatility: There are some uncertainties about its future value and the many factors that can affect it.
– No regulations: It is true that it can be beneficial to have an account with no control over it since this implies that things are not regulated, therefore, could face many scams.
– Irreversibility: In addition, that makes it less secure to use and irreversible, so if you make a mistake, you cannot take it back. Therefore, there is always a risk-off loss in case of a scam or virus.
– Limited usage: even though it is widely known, it is still not accepted everywhere.
Does Mexico Accept Bitcoin?
You need to know that its usage isn’t illegal. But, this cryptocurrency is not legal in Mexico, and financial institutions are prohibited to use such assets. Therefore, you can use it, and some are even acceptable as there are no restrictions to its use. However, you need to watch out for any transaction that could be associated with fraud or financing problems. In addition to that, there is some prohibition applied to cash, which is applied to cryptocurrency, as well. In fact, 2.5% own Bitcoin in Mexico. But it is also important to note that it is leading in another type of cryptocurrency: “Bitso”.
Some Exchanges to Buy Bitcoin in Mexico:
Now that you’re aware of all the crucial information, if you’re interested in investing in cryptocurrency, here are some exchanges you can buy bitcoin from:
– Coinbase: It is easy to buy bitcoin for new customers with high liquidity from a trusted reputation. However, be aware of its low security and privacy and its average speed of transactions.
– Coinbase Pro: Unlike Coinbase, its usage is not very easy, and it comes with low privacy. Nonetheless, it is trusted and has low fees to buy from.
– Gemini: It has the same characteristics as the first two, but the only inconvenience is its low speed and high limits.
– Bitcoin IRA: The interesting thing about Bitcoin IRA is that it has a fast speed for their transactions with easy usage. However, the bitcoins are not safe kept.
– Swan Bitcoin: it has a fast speed and a trusted reputation, but the first purchase might take some time, and you cannot sell anything on the platform.
If you’re interested in cryptocurrency, then exchanges are your best option to embark on this journey while in Mexico.
In addition to that, you should know that there are three types of digital wallets encouraged in Mexico:
– Software;
– Hardware;
– Cold-Storage like steel wallets, etc.
Conclusion:
Even if it is not a legal currency to use in Mexico, you can still make some transactions via some exchange platforms cited previously. You only need to know the obstacles you might face while you come up with your final decision. Therefore, we can say that Mexico may accept Bitcoin in future.
Is it worth it? It is a risky investment just like everything else. You only need to do some research and study the risks and the outcomes of such a decision, as you should know more about how Bitcoin works, what to know and what not to do.
