31.5 C
Monday, May 27, 2024
HomeBitcoin NewsTrading or Selling Bitcoin Cash in Washington State is Problematic

Trading or Selling Bitcoin Cash in Washington State is Problematic


Related stories

It is evident Washington state is not a good area for cryptocurrency. More specifically, the region has its own set of regulations which drive businesses away. This has become even more apparent with the recent issuance of Bitcoin Cash tokens. Customers in Washington have a difficult time selling the currency right now. In fact, there is only one decent exchange they can use, and it doesn’t support BCH right now.

Dealing with Bitcoin Cash in Washington is a big problem. More specifically, getting the currency is not much of an issue if you took the necessary precautions. Trading or selling BCH, on the other hand, is impossible right now. All major exchanges no longer provide services in that part of the United States. People can thank the Washington state officials for this development. After all, they wanted to introduce harsh regulations which make dealing with cryptocurrency impossible as an exchange operator.

Washington is a Problematic Area for Cryptocurrency

Right now, there is only one major exchange servicing customers in Washington. Interestingly enough, they only support Bitcoin and Ethereum. There is no plan to add more currencies anytime soon. Anyone looking to buy, sell, or trade Bitcoin Cash from that platform will be sheer out of luck. It is evident a lot of exchanges do not like the region and that will not necessarily change. Regulation can hinder cryptocurrency growth even though no one can regulate Bitcoin or altcoins directly.

Considering how Washington state is home to Bill Gates and Amazon, one would expect a lot more. For some reason, local officials have no intention of supporting cryptocurrency in any way possible. Instead, they will keep things as they are right now, regardless of what consumers want or prefer. These rules are put in place to protect citizens from financial harm, which is somewhat understandable. However, the degree to which they are enforced leaves a lot to be desired.

One potential solution is to use Bittrex to exchange BCH for Bitcoin or whichever other currency they will allow. For now, the company has no plans to open up BCH deposits, though. It is unclear when that will happen exactly. The latest word on the street was two to three days from yesterday. So far, the BCH price is holding its own, even though yesterday’s price momentum could not be maintained. Some people are still deliberately trying to crash the Bitcoin Cash price, by the look of things.

Header image courtesy of Shutterstock

JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.


Latest stories