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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.
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
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.
Bitt is a Bitcoin exchange based in the Caribbean. It has received over $10 million in venture capital funding. You can trade many currencies on the Bitt platform, including BBD, TTD, JMD, USD, EUR, and GBP.
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%.
Despite the Jamaican government warning its people about investing in Bitcoin due to its volatility, Bitcoin is legal in Jamaica to buy and sell, provided you're not using it for an illicit purpose.
Unfortunately, there aren't any Bitcoin ATMs in Jamaica, which is by and large the most private way to buy Bitcoin. Most popular exchanges like Coinmama and eToro require users to verify identity prior to facilitating trade.
This requirement isn't an issue for most, but if privacy is a concern for you, LocalBitcoins is your best bet.
LocalBitcoins is a platform that matches buyers and sellers on the Bitcoin network, facilitating private peer to peer transactions without needing a centralized exchange or identity verification. Just make sure you follow their rules and use the platform responsibly, so you don't get scammed.
Speaking of which, Jamaica isn't without its share of criminal activity (like all other nations). Storing your Bitcoin on a cold storage hardware wallet like the Ledger Nano X is the best way to protect your investment.
Leaving it on an exchange is asking for trouble, as they're subject to hackers and theft. You should store your Bitcoin on a hardware wallet, especially if you're investing a large amount.
With your wallet situation squared away and your exchange of choice in mind, buying Bitcoin in Jamaica is easy. Connect your payment method and trade away.
Jamaica has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
There are three main types of Bitcoin wallet and all of them are supported in Jamaica:
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.
As of October of 2020, we could find no exchange hacks or significant scams affecting Jamaica or its citizens. We will update this page if/when any news of scams or exchange hacks occur in Jamaica.
If you want to mine Bitcoin in Jamaica, think again.
Hardware is expensive enough, not to mention electricity cost, which in Jamaica is an arm and a leg. Jokes aside, Jamaican citizens pay a lot for their electricity. The average electricity price in Jamaica is approximately $0.39 per kWh, which is absurdly high.
Caribbean nations - Jamaica included - import most of their oil (nearly all of it), which means they pay top dollar for electricity.
Keeping electricity costs as low as possible is crucial for mining profitability, as electricity is your main overhead, eating away at your profits. $0.39 is nearly eight times higher than the cost of electricity where most mining operations reside.
According to our mining calculator, you'd lose around $10,000 per year, per miner, on top of the startup cost.
If you want to acquire Bitcoin, buying it directly from an exchange is your best bet.
Coinbase ONLY allows crypto-to-crypto conversions for Jamaican residents as of October of 2020.
The current price of Bitcoin in Jamaica is JMD 1,512,601, however this amount changes every minute, so always check the value on your local exchange.
Sending Bitcoin to someone in Jamaica is the same as it is for anyone outside of Jamaica.
Both you and the person you want to send Bitcoin to should get a wallet.
Once the recipient has a wallet, they will give you a sending address.
You will create a Bitcoin transaction in your wallet (which you already have some Bitcoin in), and you will input their address as your destination.
This video shows you in more detail what this process might look like since almost all wallets look and act more or less the same.
You can get Bitcoin debit cards in Jamaica by using Pursa.co, which makes it simple to get all sorts of debit cards in many variations of fiat and Bitcoin.
If you were using a top of the line Antminer S19, mining at 95TH/s and pulling 3,250 watts, it would cost you approximately $87,000 to mine a whole Bitcoin.
That's because the cost per Kw/h is $0.39.
You would mine about 0.1257 BTC a year and you'd pay $10,951 to do it. If we divide 1 Bitcoin by .1257, we get 7.955 years to mine a whole Bitcoin. If we multiply that number by $10,951 cost per year to run the miner, we get $87,115 for a single Bitcoin.
This does not include the cost of buying the Antminer S19, which is currently ~$4,500.
Obviously, this is insanely unprofitable, which is why no one is mining Bitcoins in Jamaica.
Any exchange with a Jamaican Dollar trading pair will allow you to sell your Bitcoin for fiat currency. Bitt has JMD trading pairs for many popular coins.
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.