As we unravel more and more of 2021, buzzwords like “cryptocurrency” are becoming increasingly common, bringing variations like Bitcoin to the forefront.

The currency became legal in the United States this year as a “money services business.” Locally, as bitcoin becomes more and more commonplace, bitcoin-friendly banks and ATMs are popping up across the country, including multiple in Lakeland.

Before we delve into the world of cryptocurrency and where to bank your bitcoin in Lakeland, let’s review 4 key vocabulary words, so we’re all on the same page:

Cryptocurrency: Aka digital currency, cryptocurrency bases its security on cryptography — this level of security ensures your digital currency won’t be counterfeit + helps users eliminate “double-spending.”
Blockchain technology: Another buzzword in the world of cryptocurrency, blockchain tech is a database that stores data in blocks which are then chained together, hence the name. In terms of digital currency, blockchain technology is utilized as a roadmap of your transactions listed in chronological order. Bitcoin’s blockchain, for example, is permanent, leaving transactions as public knowledge.
Coins vs. Tokens: The differences between coins and tokens get pretty dicey, but to sum it up, coins are the currencies, while tokens are the value.
Bitcoin: The most popular and widely-used form of cryptocurrency is Bitcoin. There is no physical form of bitcoin, it’s all cataloged via a public ledger (remember blockchain tech), and is not associated with or backed by any banks or government. It can be used as a form of payment at participating stores and retailers but is not yet a universal form of tender.

Want to know where you can “bank your bitcoin?” Check out 25+ bitcoin-friendly ATMs + where to find them in Lakeland.

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