Buy Bitcoins In Hawaii

Buying Bitcoin in Hawaii is possible, legal, but slightly less diverse in terms of available exchanges. This is due to strict regulations in place that make it difficult and impractical for exchanges to obtain licences. However, starting last year Hawaii launched a new program that allowed participating members to operate their crypto exchange services without the need of a money transmitter license[1].

The companies participating in this program are: Apex Crypto, bitFlyer USA, Blockfi Trading, CEX.io, Cloud Nalu, Coinme, ErisX, Flexa Network, Gemini Trust Company, Novi Financial, River Financial and Robinhood Crypto.

With that being established, let’s take a look at some commonly asked questions and discussed topics about Bitcoin in Hawaii.

At the present, no, Coinbase is not available in the state of Hawaii, stating that the regulatory policies set in place by the Hawaii Division of Financial Institutions render Coinbase operations impractical, costly and inefficient[2]. Next best place to buy crypto in Hawaii is Crypto.com. Below are other options at your disposal:

Uphold is an online exchange where users can trade crypto, stocks, metals and currencies; although available in the US, it does not currently support Hawaii and the US Minor Outlying Islands[3]. While some users may suggest using a VPN to bypass this issue, it is generally recommended to not misrepresent personal information to online exchanges, especially to one that has KYC requirements.

Please note, as clearly outlined in this article published by Uphold, you cannot move your funds without a verfied account, which requires, among a government ID and a live selfie, your current residential address.

CEX.io is one of the exchanges that was accepted into Hawaii’s latest cryptocurrency program[1], allowing residents of Hawaii to buy and sell Bitcoin and a variety of other crypto using payment methods such as Visa, Mastercard, Bank Transfer and Cryptocurrency[4]. 

Visit CEX.io Now

LocalBitcoins is a P2P (peer-to-peer) Bitcoin trading site, that connects buyers and sellers by allowing them to post ads on ther webpage. Users can use search functions to find specific amounts available at specific prices and through specific payment methods.

Due to its P2P nature, it allows for a lot of flexibilty, and can work in almost any country in the world, including the US state of Hawaii. 

Visit LocalBitcoins Now

Here are the simplest ways Hawaiian users can buy XRP:

Through Exchanges:

Through P2P:

You can sell Bitcoin on an exchange such as the Crypto.com App, CEX.io, or Gemini, or on some of the other exchanges that are part Hawaii’s cryptocurrency program.

For a more flexible option, you can sell Bitcoin on LocalBitcoins in a P2P fashion where you can set the price and payment method of your choice.

No, Bitcoin and cryptocurrencies are not illegal in Hawaii. You can buy, sell and trade cryptocurrencies as you please, provided you pay your taxes.

Due to strict regulations required to hold a money transmitter license in the state of Hawaii, a lot of cryptocurrency exchanges found that abiding by these regulations were not worth it, as it added to costs, making trading in Hawaii difficult.

Seeing many popular exchanges not operate in the state of Hawaii may lead many to believe that the state has banned cryptocurrency, but that is not the case.

Despite these regulations, things don’t necessarily look so bad for Hawaii. As mentioned earlier, Hawaii is exploring the world of digital currency with their latest cryptocurrency program with DCIL; the data collected from this program will be utilized to develop local legislation for digital currency[1].

Yes, Hawaiians can buy Bitcoin and other cryptocurrencies on Robinhood as it is one of the 12 participants of DCIL[1].

However, it should be noted that unlike other exchanges, you CAN NOT withdraw your Bitcoins or other coins from your Robinhood account. You can sell them for fiat that you can later withdraw, but the coins themselves cannot be withdrawn. Similarly, you cannot deposit Bitcoin or any other crypto into your Robinhood account either[6].

Coinbase is one of the biggest online cryptocurrency exchange platforms, but it is currently not available in Hawaii for regulatory reasons.

What makes Coinbase one of the most popular exchanges in the world is its simplicity, the variety of coins, and the ability to deposit and withdraw your cryptocurrency.

With those strengths being established, here are some Coinbase alternatives and how they compare with the crypto exchange giant:

While other exchanges do exist that support Hawaii, they lack in one or more areas where Coinbase shines, and for that reason, cannot be considered a good enough alternative.

References:

[1] cca.hawaii.gov

[2] Help.coinbase.com

[3] Support.uphold.com

[4] Cex.io

[5] Help.crypto.com

[6] Robinhood.com

[7] Cex.io/buysell

[8] Help.coinbase.com/cryptocurrencies

[9] Crypto.com/app

[10] Gemini.com/prices

The post How to buy crypto (BTC, XRP etc) in Hawaii [2021]? Is crypto banned in Hawaii? appeared first on CaptainAltcoin.

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