Home Articles Florida Is the Best-Prepared US State for Widespread Crypto Adoption

Florida Is the Best-Prepared US State for Widespread Crypto Adoption

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Cryptocurrencies have revolutionized the world of finance, empowering high-speed transactions between accounts across the globe, foregoing fees and commissions, and opening financial opportunities to everyone. Bitcoin remains the most popular cryptocurrency ever created, although other digital assets have more appealing traits, such as not requiring mining.

Non-Bitcoin cryptocurrencies are referred to as altcoins and represent a splitting of a blockchain that isn’t compatible with the original chain. The Bitcoin price is $21,770.28, a change of -0.28% over the past 24 hours. The Ethereum price is closely correlated to Bitcoin but is somehow more volatile, so there’s no guarantee you’ll see your returns. 

Since blockchain technology is relatively new, authorities, not to mention large sections of the public, don’t know what to do with cryptocurrencies. As digital assets become more commonplace (and more understood), more people will want to invest and use cryptocurrencies to buy goods and services whenever possible.

Cryptocurrency enthusiasts may wish to move to Florida, which is largely considered one of the most crypto-friendly states in the US. According to the analysts at Invezz, who regularly conduct research into cryptocurrency, Florida is the crypto capital of America owing to its active engagement with the flourishing economy. 

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What Does Crypto-Ready Mean, Anyway? 

A radical shift has occurred in less than a decade, with an ever-increasing number of people viewing cryptocurrency through an optimistic lens. Skepticism is regarded as a knowledge problem. The crypto ecosystem is maturing, and industry growth is propelled by increased utility and accessibility.

Even if not every jurisdiction has made cryptocurrency adoption a priority, some nations have surpassed expectations by legalizing cryptocurrency and encouraging innovation as far as digital assets are concerned. Florida’s new legislation became effective on January 1, 2023, cementing its position as the most crypto-ready US state. Whether you have Bitcoin or Ethereum, it’s an outstanding bill. 

The question now is: What does crypto-ready mean? It’s a straightforward question, but the answer isn’t simple. Crypto-ready implies that a country is ready to use cryptocurrency regularly or daily, which significantly improves the society people live in. Validating cryptocurrency as a means of payment involves legislation explicitly allowing its use.

It’s believed that it won’t take long until the US (and other states) unanimously accept cryptocurrency as a medium of exchange, recognized by the law as satisfactory payment for any private debt or financial obligation. Only time will tell what the future holds. 

Factors Contributing to Florida’s Rank as The Most Crypto-Ready US State 

Not only does Florida expand definitions and access to cryptocurrency users and providers, but also actively encourages the use of assets like Bitcoin. Here’s why Florida is positioned as the most crypto-ready country:

Highest Numbers of Crypto ATMs Is Recorded in Miami  

There are two kinds of crypto ATMs: basic ones, which allow users to acquire Bitcoins, and complex ones, which enable users to buy and sell digital assets. Considerably more crypto ATMs are found in Miami than elsewhere in Florida, with 14.63 per 100,000 people, so finding a machine is as easy as turning on a computer or smartphone. Roughly 3200 crypto ATMs are available in key locations throughout Florida, which helps promote cryptocurrency in the mainstream. There’s no better option for a beginner than to use an ATM to buy and sell Bitcoin; the only thing necessary is a digital wallet. 

Florida Contributes to The Global Bitcoin Hash Rate

Mining is required to maintain the ledger of transactions upon which Bitcoin is based. The blockchain relies on miners to record and validate transactions, who use their computers to listen for transaction requests across the entire network. The hash rate is the speed at which mining is being carried out, and Florida makes a significant contribution to the global Bitcoin hash rate. It accommodates some of the most extensive Bitcoin mining facilities worldwide, which rely on cheap electricity prices and the proximity to major trading markets. Bitcoin mining has led to the creation of new jobs, most of which are high-paying positions that have made Florida a more attractive place to live in. 

Florida Aims at The Progressive Implementation of a Regulatory Climate 

Florida presents a favorable regulatory environment for cryptocurrency, reducing restrictions on the industry. On May 12, 2022, governor Ron DeSantis signed Bill CS/HB 273 which amends the money services businesses statutes regarding cryptocurrency, defining virtual currency and addressing transactions involving virtual currency. Regulatory controls around financial transactions represent an important part of crypto adoption, while the government’s perspective on digital assets is an essential part of the country’s crypto readiness. Lobbyists are struggling to clear the way to cryptocurrency market growth, which can revolutionize banking, e-commerce, and even art and music. 

Many regard cryptocurrencies as the future of finance, paving the path to a more equitable system, but they also agree appropriate regulation is necessary. Florida has always been famous for its beaches, beautiful people, and glamorous nightlife, yet most recently, the nation grabbed attention for scoring the highest position as the best-prepared US state for widespread cryptocurrency adoption.

There’s no income tax for individuals, and, therefore, no capital gains tax, meaning that profits made from crypto investments are tax-free. If you acquired Bitcoin from mining, that value isn’t taxable, so profits are higher than in many other states. Finding a crypto ATM near you is easy by using an interactive map. 

Owing to renewable energy sources, miners will be incentivized to stop contributing to the destruction of the planet, the most obvious impact. Miami’s support of crypto businesses is more than evident; everywhere you look, you’re likely to see a billboard advertising NFTs. While driving around the city, it’s impossible not to come across a Bitcoin ATM. And let’s not forget about the never-ending crypto conferences attracting Bitcoiners from all over the world.  

For now, there’s an avalanche of questions. What’s sure is that Florida has the biggest blockchain ambitions.