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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries.
Deposits can be made via bank wire, SEPA, ACH and SWIFT. Users can buy bitcoin, ethereum, dogecoin and dozens of other coins.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
Bitt is a Bitcoin exchange based in the Caribbean. It has received over $10 million in venture capital funding. You can trade many currencies on the Bitt platform, including BBD, TTD, JMD, USD, EUR, and GBP.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Bitcoin is legal in Barbados, and its citizens are free to buy and sell Bitcoin as they please.
There are several exchanges available to the island nation, including Coinmama, one of the biggest Bitcoin exchanges in the world.
If you'd prefer to buy Bitcoin without revealing your identity to a mainstream exchange, LocalBitcoins is another excellent option.
LocalBitcoins matches buyers and sellers, facilitating private Bitcoin transactions without having to reveal your identity. Barbados also has a Bitcoin ATM on the island, which is by and large one of the most private ways to buy Bitcoin.
Barbados is a small island nation in the Carribean isles, boasting beautiful white sand beaches but also tons of outstanding debt.
It got so bad, in fact, that in May of 2018, the debt reached a whopping 1.7 times annual national GDP and the government defaulted.
It's a good thing Bitcoin is legal in Barbados, because it has offered a way for citizens to opt out of a financially irresponsible government.
One of the easiest ways to buy Bitcoin in Barbados is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Barbados, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
Another way to buy Bitcoins in Barbados is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. You can locate Bitcoin ATMs in Barbados using our Bitcoin ATM Map.
Barbados has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
There are three main types of Bitcoin wallet and all of them are supported in Barbados:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.
As of January of 2021, we could find no exchange hacks or significant scams affecting Barbados or its citizens. We will update this page if/when any news of scams or exchange hacks occur in Barbados.
Bitcoin miners consume electrical energy to power their mining hardware, which verifies transactions on the network. As a reward for their energy (literally), they are awarded Bitcoins as a block reward.
Unfortunately, Bitcoin's block difficulty is one the rise, meaning it's continuously getting harder to mine Bitcoin as time goes on, not to mention the block reward halving every so often.
Mining isn't what it used to be - it's nearly impossible to turn a profit these days, especially if you're not mining on a large scale, with the newest mining hardware and dirt cheap electricity.
For most, buying it directly from an exchange is the best option, especially in Barbados. The Caribbean relies primarily on imported oil for their electricity, driving prices sky-high.
The only island not suffering from ungodly electricity prices is Trinidad and Tobago, because they have an abundant supply of natural gas on the island.
Barbados doesn't have the same luxury -their average electricity price is approximately $0.28 per kWh. Barbados' electricity is somewhat high on the global scale but astronomically high for Bitcoin mining especially.
According to our mining profitability calculator, you'd lose nearly $6,000 per year, per miner, not to mention the grotesque startup costs.
Instead, do yourself a favor and buy Bitcoin from one of the exchanges above.
Citizens of Barbados can convert cryptocurrencies with fiat.
Barbados offers only 1 Bitcoin ATM, located in the Bitt office in Bridgetown on Hastings Plaza.
The current price of Bitcoin in Barbados is BBD70,094.82, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Barbados Dollar trading pair will allow you to sell your Bitcoin for fiat currency. Caribbean-based exchange Bitt has BBD trading pairs for many popular coins.
Another way to sell Bitcoins in Barbados is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private. You can locate Bitcoin ATMs in Barbados using our Bitcoin ATM Map.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.