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Which American States Are Cryptocurrency Friendly?

Although cryptocurrency seems fairly new, many states have the foresight to know that this could be a highly profitable mode of currency. Soon, a Digital Czar will be appointed to regulate the currency. However, beginner investors may wish to know exactly what states have already become cryptocurrency friendly.

An Introduction to Cryptocurrency

While almost eighty percent of American adults have at least heard of cryptocurrency, only about ten percent of that same group actually own some assets in cryptocurrency. Even so, about forty percent of American adults are still a little skittish when it comes to the idea of crypto investing.

The old adage says “knowledge is power,” and this is true where cryptocurrency is concerned. It’s important to understand that cryptocurrency is based on Blockchain technology, which is also known as a distributed ledger. This means that every transaction made with cryptocurrency is stored within a network. As a result, fraudsters can’t falsify the transaction record unless they control the majority of network computing resources.

A cryptocurrency coin is made by the process of mining, which means computers compete to be the first to complete adding a new “block” of transactions on the “chain.”

Therefore, those who want to invest in or begin using cryptocurrency don’t need to trust a third party to create wealth, but trust mathematics and computing to get the job done.

Is Cryptocurrency a currency or an investment?

The value of cryptocurrency has surged in recent months, but it hit an all-time high in December 2017. Even though the current high is lower than that of December 2017, people are becoming millionaires and billionaires simply by holding cryptocurrency. However, some holders will use their currency as an investment.

Bitcoin is only one of many types of cryptocurrency, but it is one of the most widely accepted cryptocurrencies in the world. Bitcoin can be seen as currency because now there is an infrastructure in place for trading the currency.

What are the top ten states that are considered cryptocurrency friendly?

  1. California

With Silicon Valley providing a wealth of tech jobs, California would certainly be one of the first to accept and even embrace cryptocurrency. The interest in cryptocurrency is highest in the Golden State, and there are at least 500 establishments across the state that accept Bitcoin as a form of payment.

  1. New York

New York is the financial hub of the United States, so it’s also quite understandable that this state is highly cryptocurrency friendly. New York state is also a big hub for tech companies as well.

  1. New Jersey

The Garden State is home to the most educated populace in the United States, and many of the citizens of New Jersey work in New York and have knowledge of cryptocurrency due to that fact. Although Bitcoin is highly popular in other states, Ripple is #1 for New Jersey.

  1. Washington

Like other states on the list, Washington is also a state with lots of employees in tech jobs. For the most part, the reason cryptocurrency is so popular here is due to a widely held interest in tech innovation.

  1. Alaska

Alaska is considered crypto-friendly because the state had the highest keyword search volume for the term “cryptocurrency.”

  1. Nevada

Nevada’s proximity to California and the tech companies there likely spurn interest in cryptocurrency in this state.

  1. Florida

Some experts believe that the retirees in Florida are interested in the term “cryptocurrency” due to the potential for investments and large returns.

  1. Utah

Utah’s citizens have expressed a great interest in one particular cryptocurrency, Bitcoin.

  1. Connecticut

Another state with a large tech industry, Connecticut also has numerous citizens who might commute to the Big Apple and perhaps work on Wall Street.

  1. Colorado

Colorado is another state that has a growing tech industry, which likely lends to its interest in cryptocurrency.