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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.
We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
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.
eToro is a trading platform and crypto exchange. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins.
Deposits can be made quickly via bank transfer, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.
Your capital is at risk. We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Bitcoin isn't regulated in Saint Martin, so its citizens can buy and sell Bitcoin as they please. Unfortunately, due to the island nation's small population, there aren't many exchanges available to the country.
Although there probably aren't any sellers in Saint Martin, you can use LocalBitcoins to trade with others on the Bitcoin network all around the world, without having to verify your identity. Since Saint Martin doesn't have any Bitcoin ATMs, using LocalBitcoins is a great way to acquire Bitcoin privately.
Bitcoin mining is costly and a huge pain in the neck to get started, which is why the majority of Bitcoin mining takes place in countries with cheap electricity. Mining is only profitable at scale with the latest mining hardware, meaning the startup costs are far too high for most people.
Even if you have the capital to start a mining operation, Saint Martin is probably the last place you'd want to set up shop.
Like the majority of the Caribbean Islands, Saint Martin relies primarily on imported fossil fuels for its electricity. This reliance on imported oil is a bit odd, considering the Caribbean's abundance of blue skies, sunlight, and wind.
Environmental benefits aside, being self-sufficient would surely drive costs down. Renewable energy seems like a no-brainer, and yet the high startup costs have deterred most countries from investing in renewable energy.
As a consequence, the cost of electricity for most in the Caribbean ranges from $0.30 to $0.40 per kWh, which is astronomically high by global standards, much less for Bitcoin mining.
In contrast, most mining operations are in China, where electricity costs around $0.06 per kWh. Even with the best mining hardware, the price of electricity in Saint Martin makes mining profitability all but impossible.
According to our profitability calculator, using the newest ASIC miner would turn a profit of around -$9,292 per year. In other words, it's not profitable, and you'd lose a ton of money.
Bitcoin mining is no longer in its golden age when anyone and their grandmother could make money using a regular computer.
So, unless you want to mine for fun, buying Bitcoin directly from an exchange above is the best option.