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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.
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Paybis Buy Now Paybis is a popular & cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
Coinbase Pro Coinbase's exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.
Bitpanda Pro Buy Now Bitpanda Pro is Bitpanda's traditional exchange product, where users trade with each other instead of buying directly from Bitpanda. This means lower fees and more advanced trading options than Bitpanda's main brokerage service.
Bity Buy Now Bity is a Bitcoin exchange and ATM operator, based in Switzerland. Their 5 ATMs allow for a quick first purchase and only require phone verification for an initial buy limit of 1,000 EUR or CHF. Their online service accepts wire transfers, SOFORT and online bank transfers.
Bitstamp Buy Now BitStamp is one of the world's largest and most well-known Bitcoin exchanges. Deposits can be made through bank transfer, SEPA transfer, international bank wire, and now even credit cards.
Bitcoin ATMs Buy Now 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%.
Bitfinex Buy Now Hong Kong-based Bitfinex has long been one of the largest USD Bitcoin exchanges in the world. Bitfinex accounts may be funded by bank wire only, their fee on accepting such transfers is low at only 0.1%.
In August 2016, however, it was hacked and lost around 30% of its users funds. While Bitfinex can be helpful for buying large amounts of bitcoins, it is probably best to not use the exchange until it fully compensates affected users.
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After joining the World Trade Organization in 1996 and European Union in 2007, Bulgaria has managed to attract great foreign investments, experiencing significant growth. The Bulgarian economy is based on free market principles, and the energy, mining, mettalurgy, agriculture and tourism sectors are the most profitable for the country.
Bulgarians are the 2nd largest Bitcoin owners per capita in the world. Some say that even Bugarian government is holding as many as 213,000 Bitcoins. A regulatory framework regarding the crypto sector is likely coming in the near future. And in terms of taxation for trading with crypto, there is a 10% tax for profits from these transactions.
One of the easiest ways to buy Bitcoin in Bulgaria is through the cryptocurrency exchanges outlined above.
That's why there are more than 20 exchanges on our list to buy from in Bulgaria. Some popular options include Coinbase and Coinmama, but you can choose the exchange that best fits your criteria.
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.
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Another way to buy Bitcoins in Bulgaria 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 Bulgaria using our Bitcoin ATM Map.
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Bulgaria has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
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There are three main types of Bitcoin wallet and all of them are supported in Bulgaria:
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.
Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
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Ruja Ignatova, a Bulgarian entrepreneur (named the “Cryptoqueen”) created OneCoin, the largest cryptocurrency scam in history. Her declared gaol was to bury Bitcoin. The Crypto queen even won Bulgaria's “Entrepreneur of the year” award in 2014.
Over the years, she managed to garner $15B in investment in the OneCoin scam. But, in 2015 the dream shattered when the Bulgarian Commission of Financial Supervision doubted the authenticity of the coin.
Soon after, Ignatova dissapered along with most of the money invested.
She is still at large, with thousands left bankrupt in her wake.
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Bitcoin mining is a pain in the neck. It requires a large upfront investment, not to mention time and energy (no pun intended).
For those that want to acquire Bitcoin as quickly as possible, buying it from an exchange or another peer on the network is the best idea.
But some have their heart set on mining Bitcoin - if that's you, pay attention:
Bulgaria has relatively expensive electricity prices compared to other countries in Europe, on par with that of the United States.
Since electricity is one of the leading factors in determining Bitcoin mining profitability, going where energy is cheap is crucial.
You can't control the price of Bitcoin, but you can control the hash rate/power consumption ratio of your mining operation to maximize profits.
Using the best Bitcoin mining hardware on the market like the Antminer S19 in Bulgaria will barely turn a profit. The average price of electricity in Bulgaria is 0.22 Bulgarian Lev ($0.12) per kWh.
According to our Bitcoin mining profitability calculator, even using the latest Antminer S19 is barely profitable. By the time you pay off your initial investment, you'd need a new ASIC anyway.
Unless you're mining as a hobby or for fun, buying from an exchange is recommended.
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Citizens of Bulgaria can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
Bulgaria offers several ATMs for its citizens to buy Bitcoins with Cash all over the country.
The current price of Bitcoin in Bulgaria is BGN58,212.81, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Bulgarian lev trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has BGN trading pairs for many popular coins.
Another way to sell Bitcoins in Bulgaria 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 Bulgaria 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.
Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet's most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.
To learn more about Jordan, see his full bio.
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