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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.
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.
Bitcoin IRA Buy Now
Bitcoin IRA offers a tax-advantaged way to invest in Bitcoin and Ethereum using your 401k or other retirement savings.
Bitcoin IRA is a US licensed IRA custodian, so you know your crypto or Bitcoin IRA is in full compliance with the Federal Government.
Gemini Buy Now Gemini is a New York-based Bitcoin exchange, open to residents of the United States, UK, Canada, Hong Kong, Japan, Singapore and South Korea. Deposits can be made via wire transfer, SEPA or ACH transfer.
Swan Bitcoin Buy Now Swan Bitcoin is a dollar cost averaging Bitcoin exchange, where users can set up recurring Bitcoin purchases to be drafted from their bank account or credit card every month or week.
Get $10 in free BTC when you make your first purchase.
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%.
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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. Additionally, the state's natural abundance of renewable energy sources makes it an attractive location for commercial miners.
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.
Downtown Albuquerque's Vetco also accepts Bitcoin. “We figure Bitcoiners have pets, too,” said the pet supply store’s marketing director.
These are just a couple of the many crypto-friendly businesses in New Mexico and show how strong the grassroots interest in the cryptocurrency is.
It's no passing fad, either. The state's Bitcoin community had a big win back in 2014 when the first ever Bitcoin ATM in the U.S. was installed in a cigar bar in Albuquerque.
For another New Mexico first we'll need to head out of the cigar bars and onto a college campus. 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.
Another option is to use LocalBitcoins, which is a peer-to-peer marketplace where you can organize trades with other individuals who are looking to buy or sell Bitcoin. This means that you can use any payment method you on which you both agree. PayPal, bank transfers, and gift cards are some of the most common on the site.
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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New Mexico has access to many large Bitcoin and cryptocurrency exchanges.
Take a look at our favorites below:
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There are three main types of Bitcoin wallet and all of them are supported in New Mexico:
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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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.
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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. It’s a good idea to make sure that the Binance US coin support list shows the coin you want to buy.
User in New Mexico can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
Users in New Mexico can use all of Gemini’s products and services.
Users in New Mexico can use all of Coinmama's products and services.
Users in New Mexico can use all of Kraken’s products and services.
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.
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.
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.
