- The information below details how you can buy Bitcoin in New York easily.
To start with, Bitcoin or BTC is the leading digital currency with a market valuation of about 335 billion. The cryptocurrency is volatile in price, meaning that the value can rise and fall significantly at any time. Amidst the price volatility, however, Bitcoin has grown to become a very attractive and investible asset for retails and institutional investors. There will only be 21 million Bitcoin that will be created/minted/mined, of which 18.5 million are currently in circulation.
For this reason, many people had recommended buying and hodling Bitcoin now as there are chances that the cryptocurrency will skyrocket in the future as the supply rate continues to decline. However, it is worth noting that investment in Bitcoin can be risky and may not yield any profit for the investors, especially for those looking to hold the cryptocurrency for a short term. That said, the information below is how and where you can buy Bitcoin in New York, USA.
Two Valid Ways to Buy Bitcoin in New York 2020
There are two easy ways you can buy Bitcoin in New York; they are:
- Exchanges
- Bitcoin ATMs
Exchanges You Can Buy Bitcoin and Crypto in New York Easily
Not all the US-based cryptocurrency exchanges can allow residents and investors to buy Bitcoin in New York. This is due to local regulations in the states, which require digital currency exchanges to obtains a special permit or license from the local authorities. In the case of New York, the license required for exchanges is known as “BitLicense.” Due to this, there are a limited number of crypto exchanges you can buy Bitcoin and other cryptocurrencies from. They include:
Coinbase
Coinbase is one popular and regulated cryptocurrency exchange that will allow you to buy Bitcoin in New York easily. It is headquartered in San Francisco and supported a huge number of digital currencies, which, besides Bitcoin (BTC), included Ether (ETH), Ripple (XRP), and many other popularly-traded digital currencies in the crypto market.
Coinbase Pros:
- Coinbase is a beginner-friendly exchange for buying Bitcoin and other cryptocurrencies.
- The exchange also features high liquidity and buying limits.
- You will also get an option for buying Bitcoin instantly in New York with your debit card.
- Coinbase allows you to buy Bitcoin in New York through several payment methods like bank transfer, debit cards, SEPA transfer, and so on.
Coinbase Cons:
- Buying Bitcoin from Coinbase via bank transfer can take more than 24 hours to be completed.
- As a centralized exchange, Coinbase can be able to monitor your Bitcoin transaction.
Gemini
The Winklevoss-owned Gemini exchange is another regulated platform where you can buy Bitcoin in New York. In fact, the cryptocurrency exchange itself is based in the New York state and also serves other USA residents in different states. The exchange also supports a large number of cryptocurrencies for users to purchase.
Gemini Pros:
- Gemini supports different payment methods, including SEPA, wire transfer, and ACH transfer.
- The services on Gemini are trusted and regulated.
- The crypto exchange charges low fees for users.
- It also supports an instant buying process for Bitcoin.
Gemini Cons:
- Gemini is not entirely beginner-friendly.
Buying Bitcoin with ATMs in New York
Bitcoin automated teller machines (ATMs) are one other viable method to buy Bitcoin in New York easily. Not just Bitcoin, residents in the states can equally purchase and sell other digital currencies using the machines. Transacting from the machine gives you a similar experience as that of the bank ATM except, in this case, you are dealing with cryptocurrencies.
Using Bitcoin ATMs can be easy, and there are about 115 of them installed across New York, according to the data from Coin ATM Radar.
Bitcoin ATMs in Brief and how you can buy Bitcoin With Them
One of the most viable and easiest methods to buy Bitcoin in New York and other US states today is the Bitcoin ATMs (BATMs) technology. These are kiosks that allow people to buy Bitcoin using an automated teller machine. More like a terminal, Bitcoin ATMs allow people to buy Bitcoin (BTC), Ether (ETH), and other cryptocurrencies using a bank card or cash.
Most importantly, these machines allow the conversion of Bitcoin to cash and verse visa, without the need for online crypto exchanges. Thus, they eliminate several exhausting steps and procedures that might be encountered when using crypto exchanges and other methods for buying Bitcoin.
Is it Legal to Buy Bitcoin in New York Using ATMs?
Lately, there were uncertainties with buying Bitcoin in New York when the state’s virtual currency license (“Bitlicense”) was enacted in 2015. However, there are now over a dozen Bitcoin ATM providers currently operating in the state the required Bitlicense. Liberty X is reportedly the first Bitcoin ATM company to receive the New York virtual currency license in early 2019 alongside Robinhood.
Following recent information from Statista, there were only about 7,000 Bitcoin ATMs available all over the world during the start of 2020. However, the number has significantly increased since the year to 13,660 installed Bitcoin ATMs, according to CoinATMRader. More than 75 percent of these machines are located in Northern America, and at least 130 Bitcoin ATMs are presently available in the city of New York, and around 60 of them in Brooklyn alone.
How to Locate and use a Bitcoin ATM in New York
Despite the dominance of exchanges like Coinbase and Gemini, appearing to be the commonest and easy-to-use method to buy Bitcoin in New York, sometimes people prefer to buy cryptocurrencies using cash due to some certain reasons. This also makes them practice peer-to-peer crypto trading, where you find someone locally and in-person to either purchase or sell Bitcoin.
This requires more work than most people would enjoy and also expose you to fraudsters and more susceptible to related scams. Ideally, this throws a big bonus for Bitcoin ATM adoption, as they appear to be the most convenient and easiest way to buy Bitcoin, aside from exchanges. Finding the nearest Bitcoin ATM in your location is no longer a challenge – thanks to platforms like Coin ATM Radar.
The global cryptocurrency ATM tracker maps over 1,200 Bitcoin ATMs located around the world, pinpointing the available and nearest Bitcoin ATMs to use in New York. Note that the process of buying cryptocurrencies with crypto ATMs might vary due to the different type/manufacturer of the machine. On a general note, most of these machines follow quite a similar buying process.
AML/Security?
Just so you know, these machines check against money laundering with cryptocurrencies and legitimacy of transactions by requesting identity verification. Hence, Bitcoin ATMs list among other secured and safest ways to buy Bitcoin with ease. This kind of convenience opens up a new market for cryptocurrencies in New York City. Unlike the popular platforms like Coinbase, which requires users to purchase Bitcoin through their bank account online, these ATMs allow anyone with cash or other payment methods to buy Bitcoin in New York within a short time.
The pros of Bitcoin ATMs
- Speed:
Bitcoin ATMs bring the required Bitcoin sum to your digital wallet within a few minutes after the transaction.
- Availability:
The ability to find and locate Bitcoin ATMs is becoming easier day by day due to the increasing rate of installation across the globe, thereby giving users a wide range of choices to make.
- Security:
There’s no need to worry while using these ATMs as they usually ask the user to verify his/her identity. Hence, no room for unauthorized transactions.
- Convenience:
The similarities of the Bitcoin ATM to the traditional bank ATM make it comfortable for users as they easily become familiar with it. Thus, make them use it without stress.
The cons of Bitcoin ATMs
- High transaction fees:
Most often, crypto ATMs have a higher charging rate, which ranges from 10-20 percent of the transacting amount. These fees vary and depend on the machine used.
- Technical issues:
Sometimes, these machines are faced with some technical issues that will hinder the efficiency of the machine.
- It could be unavailable in your location:
Despite the increasing number of Bitcoin ATMs, there are some areas lacking in such machines, and therefore, residents of such areas may find it difficult to use the machines.
Conclusion
Local regulation made it challenging for investors and residents to buy Bitcoin in New York, as the medium/exchanges are limited. However, Coinbase and Gemini are the most trusted platforms that will allow you to purchase both Bitcoin and other cryptocurrencies in the state easily. Holding/investing in Bitcoin for the long-term can be worth it, as several predictions suggest that the crypto will surpass $100,000 as time goes on.
However, the cryptocurrency is quite risky due to its price volatility. So, it’s advisable to invest only the amount you can afford.
