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Adam S. Tracy Explains The State of Incorporation (Fallacy) Decision

Transcribed from:
Where should I incorporate? What state? I get this question five times a week. What state is better, what state helps me? What state has a better tax regime? Why should I incorporate in Nevada versus Delaware? Right? And the reality is the answer is completely over hyped. There couldn’t be a bigger misunderstanding in terms of what states have certain rights and privileges that others don’t. Your traditional states are like Delaware, Nevada. And then recently you had places like Wyoming and even Florida that have kind of come on, and almost offered cheaper incorporations as sort of a revenue stream for the state in question. But when you’re talking about running a crypto related business, what’s really relevant isn’t what state you incorporate in, but it’s what state you reside and operate from. So, obviously New York has the BIT license requirement. If you’re talking about state money transmitter laws, like Wyoming, which is a popular state to incorporate in, has some different capital requirements for operators of Bitcoin related businesses typically exchanges, right? But at the same time Wyoming is a very small state, and you’re probably not operating from there, statistically speaking. So, you really don’t have to worry about the laws. So the reality is you can incorporate in like a Wyoming and then operate from Illinois, and you have to worry about the laws of the state that you are actually operating from. Right? And if you want to operate in another state then you’ll have to worry about the laws pertaining to cryptocurrency or money transmission in that state, right? But if you can find your activity to a certain state or the nature of your activities such that you can deem every transaction you effectively encounter to occur in that state, which by contract you definitely can, then you only really need to concern yourself with the laws of that state. So to answer the question, you know, I’m a big proponent of cost, right? Like when I look at Delaware, you’re looking at almost $1,100. When I look at Nevada, they hit you with this business list, which takes their $150 Corporation and makes it almost $800, and you don’t really get a great deal of benefit from that. Right? I mean, there’s some speed and convenience elements to Nevada that make it very cogent, like in terms of having a robust online platform and quick turnarounds of formations which to a large extent can make it worthwhile. But, you know, from a legal perspective, you look at a state like Wyoming, which is really just pattern, its corporations code against the Nevada code, which in turn was an amalgamation of Delaware — the original sort of corporate Hub — and then all the case law that has developed which makes Delaware an attractive place to incorporate. But if you’re looking for convenience and sort of speed, Nevada’s great. If you’re looking for the same legal protections and not keen to pay thousands of dollars a year, especially when you start increasing number of shares in your paid-in capital or the tax your yearly franchise tax can go through the roof, then look at Wyoming. You can incorporate online immediately. It’s $100 cost, and you get the same protections and privileges as Nevada. So, you know, but at the end of the day, any state is pretty much on par with all others. I think the difference is very overstated, and I think you have certain states that have a reputation, but the reputation is a bit overstated for what they really get. So when you’re talking about a crypto-based entity, look first at what the particular cryptocurrencies (if there are any) laws are in that state and even to the extent and how they’ve interpreted things like money transmission license applications for exchanges in bitcoin ATM networks, things like that, look into those which a lot you can get with a simple Freedom of Information Act request that sends to the right Bureau. They’ll give you copies of the application, you get a sense of it, but don’t let the alleged preference of one state over another guide your decision for a crypto-based entity because there’s simply nothing compared to it. We’ve got to rely on the state that you’re from.
If you have any questions regarding where to incorporate, be sure to contact attorney Adam S. Tracy.
A former competitive rugby player, serial entrepreneur and, trader, attorney, Adam S. Tracy offers over 17 years of progressive legal and compliance experience in the areas of corporate, commodities, cryptocurrency, litigation, payments and securities law. Adam’s experience ranges from commodities trader for oil giant BP, initial public offerings, M&A, to initial coin offerings, having represented both startups to NASDAQ-listed entities. As an early Bitcoin adapter, Adam has promoted growth of cryptocurrency and offers a unique approach to representing crypto-clients. Based in Chicago, IL, Adam graduated from the University of Notre Dame with dual degrees in Finance and Computer Applications and would later obtain his J.D. and M.B.A. from DePaul University. Adam lives outside Chicago with his six animals, which is illegal where he lives.
Primary website: Twitter: Youtube: Linkedin: Facebook: Instagram: @adamtracyattorney Telegram: @adam_tracy Skype: @adamtracyesq Email me: [email protected]
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USA-bitcoins offers Bitcoin ATM in chicago

We now are offering a bitcoin atm in chicago!
HAPPY LIQUORS 7901 S Cottage Grove Ave, Chicago, IL 60619
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Review of Robocoin ATM at the Merchandise Mart in Chicago

I wanted to share the experience I had today using a Bitcoin ATM, my first time using one. It was a Robocoin ATM operated by Zenbox ( They had it re-skinned in orange so it didn't say Robocoin anywhere unless you started to use it.
Location: at the 2nd floor of the Merchandise Mart in Chicago IL. It was located near a food court positioned right next to a Redbox machine. Across the walkway from 3 bank ATMs. Decent foot traffic.
The experience: Nobody was using the machine so I went to use it. I planned to buy $10 USD worth of bitcoin. I started by entering my phone number, then it asked me to create a PIN, scanned my palm 4 times, took a picture of me standing in front of the kiosk, and scanned my government ID. I chose my drivers license but it could have been a passport too. Then Robocoin immediately texted me saying they were reviewing my application and they would get back to me in about 5 minutes. I went to get lunch and about 15 minutes later received a text saying I was able to use Robocoin ATMs anywhere in the world. I went back to the machine and entered my phone number, PIN, and scanned my palm and it was ready to accept USD to buy bitcoin. It did not tell me how much of a operator fee I was paying, I assume this was baked into the BTC price. It asked if I wanted to provide a bitcoin address or create a new one (I chose to create a new one, in which case it spat out a receipt with a private key on it). Then I fed the machine my $10 bill and it printed a confirmation receipt. Done.
Other observations: - I stood around the area a short time while waiting for Robocoin to activate my account and took note of whether anyone else used the machine or if they noticed it. It kind of sticks out since it is all orange. - Of the steady stream of people only 3 groups seemed to notice it. One guy started to use it but did not follow through. Another pointed and laughed with his friends and another studied it from a few feed away before leaving. - This was lunch hour, so at one point there was an enormous line in front of the Chase / Bank of America ATMs across the walk way.
Surprises: - It took 15 minutes to confirm my account creation. In comparison to a bank this is fast, but I was a bit surprised it took more than the 5 minute expectation they set. - I was surprised they would print out a private key on a receipt, but they did. I guess I could have chosen to give my own address, but I went the path of less work for me in the moment.
Overall an interesting experience that I wanted to share.
submitted by cfdbit to Bitcoin [link] [comments]

RockItCoin's 11th Bitcoin ATM is LIVE!!! 2 way BUY & SELL at Beverly Hills Food Mart 2156 W 95th Street in Chicago

RockItCoin's 11th Bitcoin ATM is LIVE at Beverly Hills Food Mart, 2156 W 95th St, Chicago, IL 60643. This a 2 way ATM you can BUY & SELL Bitcoin!!! Open Monday - Saturday 7am - 9pm Sundays 7am - 6pm
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RockItCoin has 4 new locations!

RockItCoin announces 4 new Bitcoin ATMs added in August! Chevron - 7264 Tara Blvd Jonesboro, GA 30236 - open 24/7 Zen Wine & Spirits 1803 W North Ave Chicago, IL 60622 Stop & Shop Market 1123 Vine St Los Angeles, CA 90038 Green Discount 400 E 103rd St Chicago IL 60628 find all our locations at
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RockItCoin opens 10th Chicago area Bitcoin ATM at Amstar Gas Station in Aurora! OPEN 24/7!!!

RockItCoin is excited to announce our 10th and newest Chicago area Bitcoin ATM at Amstar Gas Station, 12 Hill Avenue in Aurora IL. This location is a one way Bitcoin ATM (user can buy bitcoin) and is open 24/7!!!
submitted by rockitcoin to Bitcoin [link] [comments]

Operating a Bitcoin ATM Business: Tales from the Front ... Bitcoin ATM Near Me - YouTube How does a Bitcoin ATM work? Bitcoin Atm deposit Demonstration - Withdraw/Deposit cash for Bitcoin How to buy Bitcoin from the ATM at Denny's with LibertyX in Melrose Park, IL, 24/7/365!

Illinois Bitcoin ATM Locations Find your nearest Illinois Bitcoin ATM location below. Buy ALL ATMS. Buy and Sell. DJ Wine And Spirits. 6109 West Diversey Avenue Chicago IL USA. Hours of Operation Sun - Thu11:00 am - 12:00 am Fri - Sat11:00 am - 1:00 am. Buy Kiosk. Supported Coins BTC - BCH - LTC - ETH. Get Directions Get Directions. Wilmette Food Mart. 531 Green Bay Rd Wilmette IL USA. Hours ... We have listed out all of the cities below in Illinois, where we have Bitcoin ATM locator listings. RATING HYIP NEWS FEEDS ... Chicago, IL - 60653 Direction: Fiat → Crypto ATM type: General Bytes Limit: Unknown Hours: Mon-Wed: 8:00am - 8:00pmThu-Fri: 8:00am - 10:00pmSat: 8:00am - 6:00pmSun: Closed Details. BP - RockItCoin Bitcoin ATM. 3159 W Chicago Ave Chicago, IL - 60622 Direction: Fiat ... Find A Bitcoin ATM in Chicago, Illinois. 10+ locations available. Buy Bitcoin instantly. Low fees, support available 7 days a week. Visit us now! The closest Bitcoin ATM or “Bitcoin machine” might be next door! Bitcoin of America has local BTC locations in the same places you would usually find a cash ATM. We are adding new locations every month as cryptocurrency becomes more widespread; check our website for an updated list of Bitcoin locations in Chicago, IL. Bitcoin of America is the best place to buy Bitcoin both online and locally. Chicago, IL Bitcoin ATM Locations Find your nearest Chicago, IL Bitcoin ATM location below. Buy ALL ATMS. Buy and Sell. The Blockchain Institute. 4649 North Broadway Chicago IL 60640 United States. Hours of Operation Temporarily Closed. Buy and Sell Kiosk. Supported Coins BTC - BCH - LTC - ETH. Get Directions Get Directions. Falcon Fuel. 8301 S Cottage Grove Ave Chicago IL USA. Hours of ...

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Operating a Bitcoin ATM Business: Tales from the Front ...

Peace Family this is another video from the Chicago crypto hustler showing you how to create an account at a BTC ATM and convert your USD (United States Doll... Starting Mining Bitcoin Now: Step 1. Become a member $100 Step 2. Invest $500 into the first mining pool Step 3. Start doing referrals and rack up mining profits you will be in the mining pool ... A bitcoin ATM is an Internet enabled machine that allows users to exchange bitcoins and cash. Unlike ... The Bitcoin ATM market is booming and every day a new BTM is being installed. You can easily find a Bitcoin ATM near you by simply logging into the Bitcoin of America website, where you will ... Buy bitcoin instantly by downloading the LibertyX App! With a simple verification, you can buy up to 3000/day from thousands of locations nationwide!