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Cyprus's economy is based on a free and open market, tourism being an important aspect, since the country is a connection between the East and West.

In the last decades, Cyprus has gained stability and economic growth due to the transition from an agricultural period to a modern economy. This has lead to the Cypriot citizens reaching a high level of prosperity.

Cyprus has a relatively crypto-friendly regulatory environment despite its government issuing a warning to its citizens about investing in Bitcoin. Cyprus doesn't regulate Bitcoin, and it allows blockchain startups, ICOs, and exchanges.

There is even a univerisity that accepts Bitcoin as payment for students fees.

Nicosia - the capital of Cyprus

One of the easiest ways to buy Bitcoin in Cyprus is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Cyprus, allowing you to 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, certain exchanges might require buyers to purchase a wallet for use with their exchange. Even if an exchange does not require a wallet it is recommended that you purchase one of your own for security reasons (and 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.

As of January of 2021, there are unfortunately no Bitcoin ATMs in Cyprus.

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

• 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 Cyprus 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 Cyprus that allow you to buy litecoin and other crypto assets for good exchange rates.

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The Cyprus Data Hacker

Joshua Polloso Epifaniou, a Cyprus citizen is wanted in the United States for wire fraud and attempted wire fraud after he stole personal informations from several US based companies and hacked their networks to steal $56,000 worth of Bitcoin.

His victims included a game publisher in California, a hardware company in New York, and an online employment website in Virginia. Epifaniou also installed ransomware on ripoff report's database for $90,000 in Bitcoin.

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Mining Bitcoin in Cyprus is anything but a good idea, at least if you want to make even a sliver of profit.

Electricity is one of the leading factors of Bitcoin mining profitability, in conjunction with your mining hardware's hash rate.

Maximizing the hash rate to power consumption ratio is key for profitable BTC mining. They're the only two factors you have control over, as the price of Bitcoin is always on the move.

If you do invest in mining hardware, Cyprus is probably one of the last places you'd want to set up shop.

The island nation's electricity prices are high, approximately double that of the United States.

Coming in at 0.22 Euro cents per kWh, even the best Bitcoin mining hardware wouldn't be profitable in Cyprus.

According to our Bitcoin mining profitability calculator, the S19 miner would lose around $5,000 per year, per miner. And that's after you invest around $2,000 for each ASIC in the first place.

It's been a while since Bitcoin mining's golden age when nearly anyone could make a profit.

Profitably mining is still possible now, but only with cheap electricity in a country like China, where most large mining operations reside.

In conclusion, if you want to buy Bitcoin as quickly and efficiently as possible, buy it from an exchange. Mining is reserved for large companies with the financial muscle to operate at scale, with cheap electricity, profitably.

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Does Coinbase work in Cyprus?

Citizens of Cyprus 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 Cyprus?

At this time, there are no Bitcoin ATMs in Cyprus.

You can use our Bitcoin ATM finder tool to check back in occasionally and see if one has opened.

What is the price of Bitcoin in Cyprus?

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 Cyprus?

Any exchange with a Euro trading pair will allow you to sell your Bitcoin for fiat currency. Coinbase has EUR trading pairs for many popular coins.

As of January of 2021, there are unfortunately no Bitcoin ATMs in Cyprus.

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.