Ever since Bitcoin was launched as the world’s first cryptocurrency back in 2009 many others have appeared. But even this proliferation has so far failed to get them acknowledged and accepted as truly viable alternative to fiat currencies like the dollar. Yes, Bitcoin, Ethereum, Ripple and others have proven to be lucrative investment opportunities for people who got in at an early stage, but in terms of them being used to buy goods and services, there’s still a long way to go.
However, in some parts of the world cryptocurrencies are beginning to become more widely accepted and Arizona is one of the states in the US that is starting to lead the way.
One of the most obvious signs that Bitcoin, in particular, is starting to make some serious inroads into the lives, and pockets, of Arizonans is the sheer number of ATM that have sprung up in recent times. These aren’t quite like traditional ATMs in that they are more like currency exchanges. All allow you to buy Bitcoin using a credit or debit card and some even allow you to cash in your cryptocurrency for dollars. Unsurprisingly, you’ll find the majority of these in Phoenix. But anyone looking to get their hands on Bitcoin in Tucson, Peoria, Glendale or Mesa will be able to as well.
As to where you can spend the cryptocurrency in Arizona, it’s an ever expanding list of places covering many different sectors. So if you’re after anything from dog training for a pet to dental care for yourself you’ll find at least one business that will provide it for Bitcoin. And, although it’s mainly small, independent businesses at present, other larger ones ranging from Microsoft to Starbucks also accept the currency.
Of course, there’s still great interest in the profits that can be made from speculating on Bitcoin’s well-known volatility and many people, not just Arizonans, are now using programs like Bitcoin System to do this. According to review site LearnBonds, it’s an automated trading system that uses Artificial Intelligence to predict value changes in the currency and either buys or sells according to the market movement.
A couple of years ago, it also seemed like Arizona was going to be a real trailblazer in the acceptance of Bitcoin. That’s because there were moves to make it legal to pay taxes using Bitcoin. Even the Senate Finance Committee passed one of the measures in January 2018. However, by May of the same year it was a very different picture. By the time that the law came to be passed, all references to cryptocurrencies had been excluded as there were concerns that the volatility of their value could end up losing the state finances thousands of dollars.
But there’s nothing to say that, as Bitcoin and other cryptocurrencies become more widely accepted and their values start to stabilize, this won’t be an idea that’s reintroduced. Then, if you can even settle your debts with the IRS with Bitcoin, cryptocurrencies really will have truly found a home in Arizona.