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Austin Jacob • May 19th, 2020

Buy Bitcoin in Pennsylvania

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

That’s what we’re here for.

Due to it’s extremely beginner friendly interface, Coinbase is going to be the best option for many of you.

That being said, keep reading to learn about some of your other options.

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

 

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

 

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 Pennsylvania

Pennsylvania residents will find an abundance of options for buying Bitcoin in person.

As of May 2020, there are 230 Bitcoin ATMs in Pennsylvania. Most are found in the Philadelphia metropolitan area, but there are also ATMs located in Pittsburgh and Erie.

These ATMs are your only option for physical Bitcoin exchanges in Pennsylvania. As of writing, there are no traditional currency shops offering cryptocurrency transactions in the state.

Bitcoin Regulations in Pennsylvania

Pennsylvania’s legislature, namely the Department of Banking and Securities, has specifically defined cryptocurrency as outside their money transmission laws.

This is good news for cryptocurrency businesses and consumers in Pennsylvania. The lack of money transmitter licensing means more opportunities in the state.

Much like Oregon, Pennsylvania has made a point to highlight blockchain technology in the health care sector.

The state designated April 30, 2019 as a special holiday for health care information technology.

The state’s official “Pennsylvania Health Care Information Technology Awareness Day” highlights the role of blockchain innovation as a driver in health care spending growth.

Bitcoin Mining in Pennsylvania

Pennsylvania has an average residential electricity rate of $0.1278/kWh. This makes Pennsylvania the 16th most expensive state for electricity costs.

The relatively high electricity cost in the state makes it a bit more difficult for cryptocurrency mining operations to turn a profit.

Many other areas in the Northeast megalopolis have high electricity costs that may prohibit profitable mining operations.

Pennsylvania residents looking to get into cryptocurrency mining should consider specialized ASIC mining rigs to maximize efficiency against local electricity costs.

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