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Austin Jacob • May 20th, 2020

Buy Bitcoin in Greece

You may have heard that purchasing Bitcoins in Greece can be difficult…

You heard wrong.

It’s pretty simple to do especially after reading this ultimate guide.

For most of you reading this guide, look no further than Coinbase.

Comparison

coinmama
Fees Established Countries
5.9% 2013 Nearly All
bitpanda
Fees Established Countries
~4% 2014 Europe
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

 

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

 

Bitpanda, called by some the Coinbase of Europe, is a popular brokerage that sells. Bitcoin, Ethereum, Ripple, and more for US Dollars, Euros, British Pounds, and Swiss Francs.

Just like Coinbase, Bitpanda has a very simple user interface, making it easy for beginners to successfully purchase in cryptocurrency.

The exchange has several payment methods such as bank transfers, credit cards, debit cards, Skrill, Neteller and more. Depending on which method is used, there may be differing deposit fees.

Fees and Limits

When it comes time to transact on the exchange, Bitpanda charges 1.49% for buys, and 1.29% on sells making them an extremely competitive option.

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

 

Bitcoin Adoption in Greece

Greece has not adopted any formal legislation regulating Bitcoin, so it’s neither legal nor illegal in the country. Greek citizens are free to buy and sell Bitcoin at will, assuming they don’t use Bitcoin for anything illegal.

If you want to buy Bitcoin, use one of the exchanges listed above, as mining isn’t a great idea (more on that below). However, most popular exchanges require you to verify your identity prior to facilitating trade. There are other, more private ways to buy Bitcoin in Greece. LocalBitcoins is one option, and there are more than 65 Bitcoin ATMs around the country, which are by and large the most private way to buy Bitcoin.

Mining Bitcoin in Greece

Most will opt to buy Bitcoin directly from an exchange, and for good reason. Bitcoin mining is cumbersome, expensive, and often not worth the time or the money. However, some tech-savvy Bitcoin enthusiasts may want to mine instead. If that’s you, here’s what you need to know:

The cost of electricity is one of the leading factors in determining mining profitability. If you mine more Bitcoin than you spend on electricity, you’re profitable. Using mining hardware with a good hash rate to power consumption ratio is key, but mining in a country with cheap electricity is equally as important.

Greece has modest electricity costs compared to other nations, especially in Europe, but it’s still too high for profitable mining. Citizens of Greece pay roughly $0.20 per kWh, which is higher than that of the United States. Even the best mining hardware will not be profitable. In fact, you’ll most likely lose several thousand dollars per year, on top of the startup cost.

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