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Austin Jacob • May 14th, 2020

Buy Bitcoin in Colorado

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We know why you’re here.

You’re from Colorado, and want to purchase some Bitcoin.

That’s where Bitpremier comes in.

For most of you, look no further than Coinbase.

If you’d like to learn about some of the other options, keep reading.

Coinbase Home

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

 

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

 

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

 

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

 

Bitcoin Exchanges in Colorado

Bitcoin purchases are very accessible in Colorado.

As with many Western and Northeastern states, Colorado has a significant number of Bitcoin ATMs.

As of May 2019, there are 94 Bitcoin ATMs in Colorado. There are also physical Bitcoin exchanges in Denver, Colorado Springs, and Colorado City.

Bitcoin Regulations in Colorado

The Colorado Digital Token Act came into effect in 2020 and introduced favorable regulations for cryptocurrency businesses.

Namely, the act exempted cryptocurrency businesses from requiring securities registration and licensing.

This is good news for anyone looking to start a cryptocurrency business in Colorado. Licensing and registration for special financial products can be expensive and time-consuming.

This legislation was drafted in response to the emergence of questionable tokens that were examined under previous securities laws.

Although Colorado provides a favorable business environment for cryptocurrency entrepreneurs, it does not tolerate shady business practices by cryptocurrency companies.

Bitcoin Mining in Colorado

The average residential cost of electricity in Colorado is $0.1146/kWh. This is relatively near the national average, so Colorado does not have a specific advantage or disadvantage for mining operations.

The greatest ongoing cost in cryptocurrency mining operations is electricity costs, and every fraction of a cent counts when you are running your machines 24/7.

Colorado may not have prohibitively expensive electricity, but Colorado residents can still choose cloud mining contracts as an alternative to residential or commercial mining operations.

Cloud mining contracts do not require the investor to spend anything on electricity or mining hardware. Instead, a premium is paid to a cloud mining service in order to rent computing power from a data farm.

These contracts provide a good deal to Colorado residents looking to minimize costs.

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