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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.

Panama may be joining countries like El Salvador in making Bitcoin legal tender. In September 2021, Panamanian Congressman Gabriel Silva introduced a bill designed to provide "legal, regulatory, and fiscal certainty to the use, holding and issuance of digital value and crypto assets in the Republic of Panama.” Silva believes the bill has the potential to create jobs, attract investment and foster greater government transparency.

Panama City - the capital of Panama

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, allow you to 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 that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, 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.

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

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

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Crypto Capital and QuadrigaCX

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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Does Coinbase work in Panama?

Coinbase ONLY allows crypto to crypto conversions for Panamanian residents as of September of 2020.

Where Can I Find a Bitcoin ATM in Panama?

There are several Bitcoin ATMs in the major cities of Panama, esepcailly in the Capital, Panama City.

You can use our Bitcoin ATM finder tool to find the one nearest you.

What is the price of Bitcoin in Panama?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

How do I cash out of Bitcoin in Panama?

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.

Which stores accept Bitcoin in Panama

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.

The colored sections indicate areas where there is heavier acceptance of Bitcoin