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So you’re from Alabama, and want to purchase some Bitcoin.
Lucky for you, we’ve assembled the ultimate guide to buying Bitcoin in Alabama.
For most of you, Coinbase will be your best option.
Keep reading to learn about others.
Based out of San Francisco, California, Coinbase is considered by many to be the most reputable beginner-friendly exchange. Since 2012, they’ve made it simple for any crypto newbie to buy and sell Bitcoin through their gorgeous user interface. Just make an account, link your preferred payment method, and start purchasing.
Please note that if you are based in the United States, most credit card purchases are disabled. For AML reasons, Coinbase, like most exchanges, requires users to submit a picture of their ID and other information for verification purposes.
When it comes to fees, this will depend on the payment method used. Bank purchases charge 1.49% and on credit and debit purchases expect 3.99%. Purchase limits depend on your accounts verification level, with the highest tier of verification allowing $50,000 to be purchased daily.Visit Coinbase Read Review
Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.
Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!
Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily, and $20,000 monthly.Visit Coinmama Read Review
Headquartered in London, UK, CEX.io offers security, high liquidity, and cross-platform trading. They support an extremely wide array of countries making them available to most people.
CEX.io appears to have little no fees at first glance. They are able to do this by charging a premium on the Bitcoin price. We estimate this comes in around a 7% premium on average.
When it comes to purchasing limits, it really depends on your accounts verification tier. The first level has daily deposits of $500 and $100 withdrawals while the highest tier has unlimited in each category. Payment methods include cards, bank transfers, and more.Visit CEX.io Read Review
eToro USA is an investing platform that allows its users to purchase CFDs for Bitcoin, cryptocurrency, and even stocks.
One of eToro's most notable feature is their support for copy trading. Also known as social trading, this will allow users to view the top trader's exact moves, letting them replicate as little or as much of their strategies as they'd like.
At press time, the service supports 40 US states and several other US territories.
eToro has a few different fees that you should be aware of. When trading any crypto to crypto, you'll pay a .1% fee. If fiat is converted to the cryptocurrencies below, you'll also pay the spread mentioned below.Visit eToro USA Read Review
LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange. Due to the nature of the exchange, it's available in pretty much every country.
On the exchange, users to trade among themselves. Due to the nature of the transactions on the exchange, there is a resolution and feedback system.
It also allows users to post a quick buy or quick sell ad on the exchange platform. It is one of the best cryptocurrency exchanges for peer to peer trading.
LocalBitcoins is one of the better exchanges for users concerned with their privacy. Bitcoin can be purchased in person without linking an identity to an exchange.Visit LocalBitcoins Read Review
For cash transactions, there are plenty of Bitcoin ATMs in Alabama.
Huntsville, known as a tech center for NASA and defense research, currently hosts physical Bitcoin exchanges at CryptoFlip Cryptocurrency Exchange.
There are also CryptoFlip exchanges in Tuscaloosa, Birmingham, and Montgomery.
Always remember to do thorough research on a Bitcoin business before making a transaction.
Recently, the Alabama Security Administration (ASC) has taken regulatory action on Bitcoin services.
During “Operation Crypto-Sweep”, the ASC sent five cease-and-desist orders to fraudulent cryptocurrency businesses in order to protect Main Street investors in Alabama.
The Alabama Monetary Transmission Act came into law in 2017 to replace the 1961 Sale of Checks Act.
This law regulates businesses that exchange cryptocurrency, debt management services, or any non-banking entity that processes checks and money transfers.
Electricity costs are an essential factor in determining mining profitability, and the average electricity cost in Alabama per kilowatt-hour is $0.124/kWh.
This is $0.0045 lower than the national average, a good sign for mining profitability.
According to NiceHash, that is roughly $7.90/day with a BitFury B8 49 TH/s ASIC miner. Not bad if you have the power and infrastructure up and running.
Setting up your own mining equipment can be a costly headache in any state.
In Alabama, tornados and storms can damage power lines and cause outages that compromise 24/7 mining operations.