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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 the Bulgarian government is holding as many as 213,000 Bitcoins. If true this makes Bulgaria the first nation to hold more Bitcoin than gold reserves.

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.

Sofia - the capital of Bulgaria

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.

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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There are three main types of Bitcoin wallet and all of them are supported in Bulgaria:

• Software (desktop or mobile - iOS and Android wallets
• Hardware wallet
• Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.

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Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Bulgaria that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.

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Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.

About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.

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Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Bulgaria that allow you to buy litecoin and other crypto assets for good exchange rates.

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The Bulgarian “Cryptoqueen”

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.

She achieved this through clever use of propaganda like this fake Forbes magazine she had printed with her on the cover.

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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Does Coinbase work in Bulgaria?

Citizens of Bulgaria can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:

• Bank Deposit
• PayPal
• 3D Secure Credit Card
• Debit Card
• Credit Card

Where Can I Find a Bitcoin ATM in Bulgaria?

Bulgaria offers several ATMs for its citizens to buy Bitcoins with Cash all over the country.

You can use our Bitcoin ATM finder tool to find one near you.

What is the price of Bitcoin in Bulgaria?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

How do I cash out of Bitcoin in Bulgaria?

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.