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New Mexico is home to a strong community of Bitcoin enthusiasts. The Land of Enchantment was also home to the United States' very first Bitcoin ATM in Santa Fe in October 2020. As of May 2022, there are 22 Bitcoin ATMs in the Santa Fe city center and over 300 in the state of New Mexico.

Additionally, the state's natural abundance of renewable energy sources makes it an attractive location for commercial miners. LUXXFOLIO Holdings Inc operates a 15 MW mining operation inside New Mexico's Navajo Nation reservation.

So, is New Mexico paradise for Bitcoiners? Read on to find out all about how to buy and where to spend Bitcoin in New Mexico, as well as the state laws pertaining to the cryptocurrency.

A number of local businesses have been accepting Bitcoin since as far back as 2011, such as David Edwards' New Mexico Tea Co. Edwards is not content to just profit off his early adoption of the cryptocurrency (though he has certainly done that) – he also acts as a Bitcoin evangelist and encourages anyone with questions to reach out, whether they're buying tea or not.

NM Tea Co.'s Bitcoin payment interface using Bitpay

In 2018, Central New Mexico Community College became the first higher-education institution in the country to issue student diplomas on a blockchain.

This initiative gives "students lifelong power to manage their own hard-earned credentials from the palm of their hand."

Not content with just that, CNMCC also announced that it would be accepting Bitcoin as payment for tuition. The blockchain era is coming, as they put it, and any institution not at the forefront of it will be left behind.

These institutions can benefit not only from New Mexico's strong grassroots community, but also from the state's natural resources.

New Mexico is home to some of the cheapest renewable energy in the U.S., making it an attractive location for any large-scale Bitcoin miners looking to set up shop.

2019's Energy Transition Act increased the state's target to 100 percent of electricity sales from carbon-free generation by 2045. The Act gives incentives to users and producers, such as favorable tariffs and predictable pricing structures.

So, does all this combine to make New Mexico the best state in the U.S. for Bitcoin?

Unfortunately not. The state government has shown little interest in Bitcoin or blockchain technology, with no laws specifically promoting or clarifying the legal status of the technology.

New Mexico is one of the handful of U.S. states that requires those transacting in cryptocurrency to obtain a money transmitter license.

Requirements and processing fees for money transmitter licenses are relatively onerous. Additionally, the Regulation and Licensing Department requires that "money transmitters maintain a minimum surety bond of $300,000 or 1% of the total yearly dollar volume of money transmission business within the State of New Mexico."

This process, however, was greatly streamlined in 2020 when the Conference of State Bank Supervisors (CSBS) announced that money transmitter businesses in 48 states would have their license recognized by the others.

New Mexico has great potential for Bitcoin and blockchain, but so far this potential has gone untapped.

Still, Bitcoin is fully legal in New Mexico and there is enough local support in the state to make sure you won't be alone in your endeavors.

If you're looking to buy Bitcoin in New Mexico, exchanges are the easiest way to do so. See below for our review of the best U.S.-based and international options.

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. Similar to craigslist, this does introduce a degree of risk,. You can minimize that risk by conducting all business on the platform, making use of its escrow services, and only trading with users who have a good reputation.

Bitcoin ATMs allow you to purchase Bitcoin using cash. A Bitcoin ATM transaction takes just a matter of minutes, making it one of the quickest ways to turn cash into cryptocurrency in your (virtual) wallet.

Regardless of how you obtain your Bitcoin, you'll need to store it securely. If you lose your funds, Bitcoin's trustless and decentralized nature means there's no one you can turn to. This means that storing it safely in a wallet is important. Read on to find out more about the best Bitcoin and cryptocurrency wallets.

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

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

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New Mexico, being home to no major crypto exchanges, has so far escaped from being the location of any crypto hacks.

This doesn't mean that Bitcoin investors should ignore the threat of any of the Ponzi schemes or phishing attacks out there.

Spotting a Scam

The Better Business Bureau has compiled a list of common Bitcoin and cryptocurrency hacks and scams. It's worth reading over and checking any investment you're considering against it.

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Chapter 7

FAQ

Does Binance Work in New Mexico?

Yes, Binance is available for customers in New Mexico.

However, you cannot simply go to binance.com and sign up for an account.

Binance has a special website for US based customers at Binance.us

Due to US regulations, Binance US is more strict about handling KYC and AML of new customers.

This just means that verification may take a little longer than it would on regular Binance.

The biggest difference between Binance US and regular Binance is the coin support as well as some of the features available to users.

Because of this, you shouldn’t just look at the supported coins listed on binance.com and assume Binance US will sell it to you.

Does Coinbase work in New Mexico?

User in New Mexico can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:

• Bank Account
• Deposit
• PayPal
• Credit Card

Does Gemini work in New Mexico?

Users in New Mexico can use all of Gemini’s products and services.

Does Coinmama work in New Mexico?

Users in New Mexico can use all of Coinmama's products and services.

Does Kraken work in New Mexico?

Users in New Mexico can use all of Kraken’s products and services.

Does Kucoin work in New Mexico?

As of now, Kucoin does not accept customers from any US state, including New Mexico.

Where Can I Find a Bitcoin ATM in New Mexico?

The best way to find a Bitcoin ATM in New Mexico is to use our Bitcoin ATM finder tool.

Here, you can filter by any of the most popular cryptocurrencies and find ATMs that support buying, selling, or both.

How do I cash out of Bitcoin in New Mexico?

Any exchange listed above will allow you to sell your Bitcoin for fiat currency.

Another way to sell Bitcoins in New Mexico 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.

And, as mentioned previously, you can also use LocalBitcoins.

You could also use a service like eGifter to sell your Bitcoin for gift cards.