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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.
Currently, Bitcoin and other cryptocurrencies are legal in Bosnia and Herzegovina, and its citizens are free to buy and sell crypto as they please.
The lack of Bitcoin exchanges in Bosnia and Herzegovina is probably due to a lack of popularity rather than harsh regulation. Bosnia and Herzegovina is a developing country with bigger fish to fry than cryptocurrency, like raising the poverty line.
There isn't a private way to buy Bitcoin in Bosnia and Herzegovina, because the country doesn't have any Bitcoin ATMs, and exchanges like Coinmama require ID verification before trading Bitcoin.
Before you buy Bitcoin, make sure you have a secure hardware wallet like the Ledger Nano S. Using cold storage is the only way to protect your investment from theft.
If you're a resident of Bosnia and Herzegovina, buying Bitcoin directly from an exchange is the easiest way to acquire Bitcoin. It's fast, direct, and does not require a large upfront investment (which you probably won't make back).
Still, for those who are hell-bent on Bitcoin mining, pay attention:
One of the main factors used to determine Bitcoin mining profitability is the cost of electricity, as it's the main overhead in a mining business (aside from investing in mining hardware).
The lower the electricity costs are the better.
Bosnia and Herzegovina have modest electricity prices, coming in it $0.97 per kWh. While their electricity is lower than that of the United States, it's still a bit too expensive for profitable Bitcoin mining.
According to our mining calculator, even using the best mining hardware on the market, like the Antminer S19, wouldn't be profitable in Bosnia and Herzegovina.
If you want to mine for fun or as a hobby, that's one thing - but for those who think they can strike it rich, think again. Bitcoin mining profitability is far from what it once was.
Most people are better off buying Bitcoin directly from an exchange available in Bosnia and Herzegovina or buying it from a peer on an exchange like LocalBitcoins.