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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.
Panama Bitcoins Buy Now Panama Bitcoins connects you with bitcoin brokers across the Republic of Panama. They charge a flat 1% fee. You can get in touch with them using the 4 methods of contact on their website.
SatoshiTango Buy Now SatoshiTango is a South American Bitcoin exchange. Users in Brazil, Colombia, Chile, Peru, Uruguay, Argentina, Costa Rica, Ecuador, El Salvador, Honduras, Panama and Nicaragua can use SatoshiTango to buy bitcoin.
Payment methods include bank transfer, bank wire, cash deposit in Buenos Aires or through a coupons from PagoFacil, RapiPago, BaproPagos, CobroExpress or ProvinciaPagos.
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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Panama is one of the most Bitcoin-friendly countries in the world. For example, the Balboa Boutiques Strip Mall in Panama accepts Bitcoin. People can pay for clothing, craft beers, and food with cryptocurrency there.
Bitcoin's popularity in Panama extends further than shopping. Set to take place back in March (before COVID-19 canceled it), Blockchain Summit Latam (BSL) was going to be an excellent Bitcoin event.
One of the easiest ways to buy Bitcoin in Panama is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Panama, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
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.
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Another way to buy Bitcoins in Panama is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. You can locate Bitcoin ATMs in Panama using our Bitcoin ATM Map.
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Panama 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 Panama:
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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In 2018, one of Canada's largest crypto exchanges, QuadrigaCX, had its wallets drained of 26,350 Bitcoins. It is presumed that many of the coins were actually stolen by the founder of Quadrgia Gerald Cotten, who soon after died on his honeymoon in India.
Where does Panam come into play here?
It is beleived that many of the stolen coins may be in the custody of a Panamanian shadow bank called Crypto Capital. Though no one really knows for sure.
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Though most will opt to buy Bitcoin directly from one of the exchanges listed above (and rightly so), more tech-savvy Bitcoin enthusiasts may mine Bitcoin instead.
Mining is not profitable for most people, and has fallen far from its golden age, when anyone could turn a profit with a simple graphics card.
Nowadays, the majority of Bitcoin mining takes place in countries with cheap electricity (not Panama) to keep costs down, as electricity is one of the leading factors in calculating mining profitability. If you mine more Bitcoin than you spend on electricity, you'll be profitable.
Panama has pretty expensive electricity, coming in at roughly $0.16 per kWh.
On a global scale, it's average and comparable to that of the United States. But unfortunately, it's still too high for profitable Bitcoin mining, especially with Bitcoin's block difficulty on the rise. That means you'll mine less Bitcoin with the same hash rate.
According to our Bitcoin mining calculator, mining Bitcoin in Panama is not a good idea unless you're strictly doing it for fun. Using the best mining hardware isn't enough, as our calculator projects a loss of more than $2,500 per year, on top of the initial investment in Bitcoin mining hardware.
If you want to acquire Bitcoin, buying it from an exchange available to Panama or another peer on the network is a smarter idea than mining.
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Coinbase ONLY allows crypto to crypto conversions for Panamanian residents as of September of 2020.
There are several Bitcoin ATMs in the major cities of Panama, esepcailly in the Capital, Panama City.
The current price of Bitcoin in Panama is PAB 36,876, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Panamanian Balboa trading pair will allow you to sell your Bitcoin for fiat currency. Panama Bitcoins and Satoshi Tango has PAB trading pairs for many popular coins.
Another way to sell Bitcoins in Panama 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 Panama 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.
Bitcoin is accepted at lots of stores and service providers all over Panama. So many, in fact, that we couldn't possibly list them all here. However, you can find specific kinds of services and goods filterable on a map over at coinmap.org.
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.
