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You'll need a Bitcoin wallet before you buy since some exchanges require one.
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- Popular Exchanges to Buy Bitcoin in Hawaii
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Kraken- Great liquidity and low fees
- Supports most countries
- Trusted exchange, started in 2011
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LocalBitcoins- Support for nearly every country
- Wide range of payment methods accepted
- Trusted exchange around since 2012
LocalBitcoins Popular Buy Bitcoin Read Review
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Kraken Buy Bitcoin Read Review
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.
- Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
- Very low maker fee, falling to 0% with sufficient trading volume
- Highly-rated for security and data protection
- Requires ID verification, so not private
Every year Bitcoin becomes more and more accessible and practical in everyday life. Major companies like Microsoft and Overstock have all begun accepting Bitcoin for some purchases.
While one of the primary purposes of Bitcoin was to empower users, governments have been trying their best to regulate the digital currency. This has caused unfriendly Bitcoin laws and has discouraged exchanges from doing business with people living under certain regulations.
Unfortunately, Bitcoiners in Hawaii among others, have fallen victim to these unfriendly regulations and rules.
As a result, Coinbase and other major exchanges have stopped dealing Bitcoin to Hawaiians.
Purchasing Bitcoin in Hawaii is still perfectly legal. However, it’s become more complex.
Ways to Buy Bitcoin in Hawaii
Hawaiians aren’t able to use all of the same exchanges that the rest of America is privileged with, but they do have options.
If you’re a Hawaiian looking to get your virtual hands on some Bitcoin, don’t stress.
There are 3 main ways to get Bitcoin on the island:
You can use the limited amount of online exchanges that still work for Hawaii.
You can join Bitcoin and cryptocurrency community groups via Facebook or Meetup.com to do some private trading.
You can visit 1 of 7 of the physical Bitcoin ATMs available on the islands.
The History of Bitcoin in Hawaii
To understand the struggle of buying bitcoin and cryptocurrency in Hawaii, you need some brief history first.
Up until 2016, users could buy Bitcoin in Hawaii, just like most other states. In September of 2016, Hawaii lawmakers created a law that would make it mandatory for exchanges to hold cash reserves for collateral.
If a Hawaiin Bitcoiner owns $10,000 worth of BTC, the exchange would need to hold $10,000 of cash for the customer as well.
Exchanges that adhered to this new law would be sacrificing a magnitude of dollars just to comply with an incomprehensible rule.
Coinbase, one of the biggest exchanges, was discouraged by the law’s impracticality — calling the regulation “untenable.”
Exchanges are still seeking a better deal with legislators to pass fairer laws regarding digital currency. To no avail, news bills and efforts have all stalled in the Hawaiian House and Senate as of October 2019.
Coinbase and other exchanges are keeping their fingers crossed for a policy change that would encourage Hawaiin-Bitcoin exchanges in the future.
Hawaii is puzzled as to how to handle digital currencies, the trend looks gloomier with every restriction that is passed.
Conclusion
If you’re a Hawaiian, you might have a little more struggles than the average Bitcoiner, but that shouldn’t stop from getting in on the action. There are a handful of ways for you to trade, just beware of fees and make secure trades.
