How to Buy Bitcoin in Hawaii: The Easy Way!
in Bitcoin (BTC)
Due to regulations, it’s not always easy to buy Bitcoin in the US. Unfortunately, it can be especially hard in Hawaii, where the laws for buying and selling cryptocurrency have traditionally been quite strict.
That being said it’s still possible to buy Bitcoin in Hawaii and in this article we’ll show you how!
Is Bitcoin Illegal in Hawaii?
Bitcoin isn't illegal in Hawaii. However, local regulations make it hard for Bitcoin businesses to operate there, making it hard for Hawaiians to do things like buy and sell Bitcoin.
How Do I Buy Bitcoin in Hawaii? (Where to Buy Bitcoin in Hawaii)
For people who want to know how to buy cryptocurrency in Hawaii, the best option is Kraken. According to Kraken’s website, the only two states that can’t trade on their platform are New York and Washington.
The reason that Kraken is one of the best platforms for Hawaiian traders is simple, Kraken is one of the oldest cryptocurrency exchanges still around.
Many exchanges have been hacked or closed down and having a long track record speaks well to Kraken being a reliable exchange. Although Kraken doesn’t support debit card purchases of Bitcoin, they do allow for bank transfers as well as wire deposits.
Bitstamp is another option for anyone in Hawaii who wants to buy Bitcoin. Having been founded in August of 2011, Bitstamp is often regarded as the oldest cryptocurrency exchange in the world that’s still around.
Although Bitstamp is based in Europe, they allow traders from all over the world to access their platform. One of the advantages of signing up for Bitstamp is that you can use a debit card or credit card to buy Bitcoin. While this will incur a 5% surcharge, this is a fairly typical fee and there are other exchanges that charge even more.
Another option, one that’s been gaining in popularity recently, is the Cash App. As the name would suggest, the Cash App only works on your phone and you can only use it to buy Bitcoin and not other cryptos. Limited functionality, true, but it does work in Hawaii!
One of the main advantages of the Cash App is that it has a relatively low 1.75% fee for Bitcoin purchases. This makes the Cash App one of the most affordable ways to buy Bitcoin in Hawaii.
Does Coinbase Work in Hawaii?
Coinbase is a popular place for US citizens to buy Bitcoin. Unfortunately, it doesn't work in Hawaii - at least for now! See Coinbase's post for more information.
Buy Bitcoin in Hawaii Uphold
The good news is that Hawaiian crypto enthusiasts can use Uphold to buy Bitcoin. Nowhere in Uphold’s terms of service does it say that Hawaiian users cannot register on the platform.
While fees can change at any time, currently Uphold charges a 3.99% fee to buy Bitcoin using either a debit or credit card. Also, if you already have dollars on their platform you can convert those to Bitcoin for a 1.05% fee.
Can You Buy Bitcoin from Robinhood in Hawaii?
Unfortunately, Hawaiians cannot use Robinhood to purchase Bitcoin. While Robinhood crypto is available in most states, Hawaii is one of the few exceptions.
That being said, Robinhood is continually adding support for new states and at some point they will probably begin allowing Hawaiians to use their platform.
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How to Keep Your Bitcoin Safe (Bitcoin Wallet)
One of the best features of crypto is that you can hold your own Bitcoin (as opposed to e.g. entrusting it to a bank). As long as you keep your private keys and secret recovery phrase safe, nobody can take your coins. Not a hacker, a random person you’ve met on the internet, or even the government.
However, that puts the responsibility on you to secure your own Bitcoin. One of the best ways to keep your coins safe is with the Exodus Bitcoin wallet. Available for both desktop and mobile, Exodus is a popular choice among Bitcoin users thanks to some key features:
- Support for 100+ crypto assets
- Focus on premium design and ease of use
- Is the only wallet to support desktop, mobile, and hardware wallet (Trezor) integration
- Gives you the ability to exchange cryptos for other cryptos right from your wallet - without creating an account! (desktop guide, mobile guide)
- Supports the best decentralized applications like Compound Finance
- Allows you to stake some of the hottest cryptos for crypto passive income
- Lets you sync your wallet between desktop and mobile
- and has 24/7, fast human support if you ever need help
New Regulations in Hawaii
Traditionally, Hawaii has been one of the least crypto friendly states in the US (right after New York). Indeed, it’s never been easy to buy Bitcoin in Hawaii. However, that seems to be changing.
Hawaiian regulators have announced their intention to create a digital “sandbox” which will allow crypto firms to operate in the state without having to adhere to a strict set of regulations. These regulations are the main reason that so many crypto firms stopped servicing Hawaiian investors.
Hopefully, this easing of regulations will give Hawaiians a greater range of options for both investing and trading in the future!
Information provided is for informational purposes only and should not be considered financial advice. Investing in crypto assets is speculative and carries a high degree of risk; you may lose some or all of the money that is invested. Past performance is not indicative of future results.