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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.
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.
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.
Kriptomat Buy Now Kriptomat is a Bitcoin & crypto exchange based in Europe. It offers quick verification and the ability to buy bitcoin, ether, litecoin and other coins. Buyers can get coins using a credit card, debit card, SEPA, Skrill, Sofort and other payment methods.
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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The Republic of Estonia is known for its low taxes compared to other EU members. Cryptocurrency is popular in Estonia, especially Bitcoin. Like most nations, the Estonian government does not acknowledge virtual currencies such a Bitcoin to be official tender.
Estonia’s government considers cryptocurrencies as “value represented in digital form”. More recently, a governamental plan was made to introduce a national cryptocurrency known as “estcoin”. But, the European Union opposed this initiative, so the Estonian government had to step back.
Despite the uncertainty regarding Bitcoin's future legislation in Estonia, the government does not restrict Bitcoin and other cryptocurrencies, making it easy to buy and sell Bitcoin.
One of the easiest ways to buy Bitcoin in Estonia is through the cryptocurrency exchanges outlined above. There are more than 20 exchanges available to Estonian citizens, including some popular options like Coinbase and Coinmama. Most exchanges require identity verification due to the legislation in their country of origin, which may infringe on your privacy if you don't want to reveal your personal information.
If that's the case, LocalBitcoins is a great way to privately trade Bitcoin with people in Estonia, without having to reveal your identity.
Estonia also has several Bitcoin ATMs, including five in Tallinn. Bitcoin ATMs are by and large one of the most private ways to buy Bitcoin.
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.
COMPARISON
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Estonia 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 Estonia:
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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The E-residency program in Estonia was launched in 2014 and whoever wanted to get Estonian citizenship was able to get it, no matter where they actually lived. 70,000 persons are registered as Estonian e-residents
But lately, this program has been under close surveilance of the local police’s Financial Intelligence Unit, because some of the e–residents, who were holding companies abroad and who were helped by Estonian firms, have been suspected of cryptocurrency frauds through ICO scams.
The Estonian police want to bring justice to this case so that the e-residency program can regain its credibility once again.
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Electricity costs roughly EUR 0.15 per kWh in Estonia, which is a bit more expensive than electricity in the United States.
Even using the best Bitcoin mining hardware is not profitable in Estonia, considering their relatively high electricity prices.
Estonia electricity costs are actually on the lower end compared to other European nations, but it's high on the global charts. China's electricity costs roughly EUR 0.04 per kWh, in comparison.
According to our Bitcoin mining profitability calculator, you'd lose roughly EUR 3,000 using the Antminer S19, which is one of the best mining ASICs on the market.
In comparison, mining in Estonia with the same ASIC would make roughly EUR 900 per year.
If you want to turn a profit mining Bitcoin, think again - profitable mining is reserved for large companies that can mine at scale in countries with cheap electricity, like China.
For the average person, buying Bitcoin directly from an exchange is the best method to acquire cryptocurrency.
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Citizens of Estonia can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
Estonia offers several Bitcoin ATMs for its citizens to buy Bitcoins with Cash.
The current price of Bitcoin in Estonia is €28,023.18, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Euro trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has EUR trading pairs for many popular coins.
Another way to sell Bitcoins in Estonia 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 Estonia 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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