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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.
Paybis Buy Now Paybis is a popular & cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
Kraken Buy Now Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries.
Deposits can be made via bank wire, SEPA, ACH and SWIFT. Users can buy bitcoin, ethereum, dogecoin and dozens of other coins.
LocalBitcoins Buy Now Read Review LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
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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Buying Bitcoin in Uzbekistan is easy, thanks to the government's blockchain-friendly legislation. Cryptocurrency trading and exchanges are legal in Uzbekistan, but an order issued last December allows citizens to trade only with licensed exchanges.
As a consequence, there aren't a plethora of exchanges to choose from in Uzbekistan, but there are still some great options. Coinmama is one of them, a popular exchange in Uzbekistan and around the world. eToro is another good choice.
Both exchanges require identity verification before facilitating a transaction, which may be an issue for those who want to preserve their privacy.
Uzbekistan doesn't have any Bitcoin ATMs, by and large, the most private way to buy Bitcoin.
Instead, using an exchange like LocalBitcoins is a better idea. LocalBitcoins matches buyers and sellers on the Bitcoin network - both in Uzbekistan and abroad - facilitating trade between peers without ID verification.
Whatever route you choose to buy Bitcoin, you should always store it on a secure, cold storage hardware wallet. Most people opt for the Ledger Nano X because of its security and ease-of-use. Check out our favorite below!
COMPARISON
When you have a functional hardware wallet and an exchange in mind, buying Bitcoin in Uzbekistan is easy. Verify your ID (if necessary), connect a payment method, and buy Bitcoin.
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Uzbekistan has access to many large Bitcoin and cryptocurrency exchanges.
Have 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 Uzbekistan:
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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As of September 2020, we can find no evidence of scams or exchange hacks occuring in Peru or targeting Peruvian citizens. As soon as we learn of any, we will update this section to keep all readers up to date on any scams or dangers they should be aware of.
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Electricity prices are one of the leading factors used to determine mining profitability - if you earn more Bitcoin than you pay in electricity costs, you're profitable.
Using mining hardware with an excellent hash rate to power consumption ratio is a great way to increase profitability. But even with the best mining hardware on the market, you won't make a dime with expensive electricity cost.
That's why the majority of large scale mining operations are in countries with dirt-cheap electricity (approximately $0.05 per kWh or less).
Uzbekistan has some of the cheapest electricity in the world, coming in at a mere $0.035 per kWh. According to our Bitcoin mining profitability calculator, Bitcoin mining in Uzbekistan would be profitable, if it weren't for legislation there.
Legislation passed in December of 2019 by Uzbekistan's government drastically increased the rate of electricity for domestic crypto mining operations, effectively making mining in Uzbekistan entirely unprofitable.
For that reason, buying Bitcoin directly from a supported exchange in Uzbekistanis the best option for most people. Buying from an exchange - or another peer on the network, if you choose that route - doesn't require an enormous upfront investment, from which you probably won't see a profit.
With that said, the National Agency for Project Management an Uzbek government agency has announced that they are going to start their own mining pool and mining operation, as well as their own local crypto exchange. Miners who want to use thier pool will get access to cheaper electricity rates, so that could be an option going forward if mining in Uzbekistan is something you are interested in.
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Coinbase does NOT support customers in Uzbekistan as of September of 2020.
The current price of Bitcoin in Uzbekistan is UZS 110,667,165, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a UZS trading pair will allow you to sell your Bitcoin for fiat currency. Coinmama has UZS trading pairs for many popular coins.
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.
Unfortunately, there are very few sellers on localbitcoins because the government cracks down very harshly on non-licensed Bitcoin sellers.
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.
