How To Buy Bitcoin in Colorado?

If you’re a Colorado resident who has been curious about cryptocurrencies like Bitcoin but didn’t know where to begin, you’re not alone. The world of digital assets can seem complex at first glance. However, buying and owning cryptocurrency is simpler than most assume.

We’ll provide recommendations for secure crypto wallet options to store your new holdings. With cryptocurrency use and investment on the rise in Colorado, learning the fundamentals can help you take advantage of this emerging financial technology. By the end, you’ll have the knowledge to begin your journey into the captivating world of crypto.

Let’s get started with an overview of how to purchase Bitcoin and other cryptocurrencies directly from within Colorado.

Crypto Regulations in Colorado

Here are some key crypto regulations and guidelines in Colorado:

  • Cryptocurrency is legal to own and use for purchases and investments. There are no bans or restrictions on individuals holding or transacting with cryptocurrency.
  • Businesses engaged in crypto commerce must comply with state money transmitter laws. This means obtaining a license from the Colorado Division of Financial Services if engaging in activities like exchanging crypto for fiat currency.
  • Crypto exchanges and other trading platforms need to be licensed if they conduct business with Colorado residents. Licensed money transmitters have compliance and reporting requirements.
  • Crypto mining operations are legal and regulated like other businesses. They need applicable licenses and permits for things like electricity usage. Local zoning rules may also apply.
  • Colorado recognizes crypto as personal property for taxation purposes. Gains from sales of crypto assets are treated like capital gains for state income tax purposes.
  • Colorado does not currently have any alternative currency like the ColoradoCoin. Crypto is not treated as legal tender.
  • Some cities like Denver have considered plans to accept crypto for certain city services and taxes, but none have implemented it yet.

Colorado has taken a generally permissive approach to crypto with some baseline regulations for commerce and taxation. But individuals can freely own, use and transact in cryptocurrencies.

Easiest and cheapest ways to buy crypto in Colorado

Getting bitcoins in Colorado is not an easy task as not all popular crypto exchanges are available to Colorado citizens. This is a current list of bitcoin exchanges that allow users from Colorado to buy crypto. They all support buying crypto with credit/debit cards but some of them offer other payment methods as well.

Regulated & high liquidity
coinbase

Coinbase

👛 Ease of Use – Easy
👛 Fees – Average
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – EUR, USD, and 50+ more

If we want to mention the biggest cryptocurrency exchanges in the world, Coinbase is most likely the first name that comes to our mind. Coinbase is a very powerful crypto platform, especially in the US.
More info +
Regulated & very safe
How To Buy Bitcoin in Colorado?

Coinmama

👛 Ease of Use – Easy
👛 Fees – High
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, CAD, AUD

Coinmama is one of the oldest centralized cryptocurrency exchanges on the market. It was founded in Israel in 2013. Today, Coinmama’s head office is in Dublin, Ireland. Using this crypto exchange, you can easily and quickly buy and sell 10 different cryptocurrencies.
More info +
Regulated & high liquidity
How To Buy Bitcoin in Colorado?

CoinSmart

👛 Ease of Use – Easy
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – CAD

CoinSmart is a crypto exchange that was launched back in 2018 by Justin Hartzman and Jeremy Koven. The main purpose of launching the exchange was to make crypto more accessible to the common person in all parts of the world.
More info +

Best Bitcoin Wallets in Colorado

It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body, etc). That is why you should use one of the wallets we list below to store your digital assets.

But, which bitcoin wallet is available in this country?

The safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.

Bottom Line
Pros
Cons
ZenGo
ZenGo
Mobile
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Bottom Line
ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes less than 20 seconds.
Pros
extremely safe as it uses biometrics for security
you can buy crypto directly from it
has savings and staking account
Cons
No major flaws
Exodus
Exodus
Desktop
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Bottom Line
Electrum is one of the oldest and most popular desktop multi-currency wallets which is compatible with Windows, Mac, and Linux
Pros
One of the oldest wallets in the market
you can buy and stake directly from the wallet
supports all major coins and blockchains
Cons
Not completely open source
Ledger Nano X
Ledger Nano X
Hardware
Visit Now
Bottom Line
Ledger Nano X is a leading and most secure cold storage wallet that connects to your device via Bluetooth.
Pros
Safest wallet in the market
competitive price
supports a lot of coins
you can buy directly from the wallet
stake directly from the wallet
Cons
Small display
complicated to setup for newbies

Read also:

Established & high liquidity
paxful

Paxful

👛 Ease of Use – Easy
👛 Fees – Average
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, CAD, AUD + more

Founded back in 2015, with its headquarters in New York, United States, a cryptocurrency exchange platform Paxful offers its services to nearly 5 million users around the globe.
More info +
Regulated & high liquidity
uphold exchanges

Uphold

👛 Ease of Use – Easy
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, GBP, EUR + more

Launched in 2015 in New York, Uphold represents an exchange platform that supports crypto, precious metal, US equities, Forex trading, and commodity trading.
Uphold has gained popularity through its Anything-to-Anything feature that enables users to trade different types of assets. There are more than 50 cryptos supported, including majors, alt-coins, stablecoins, and emerging tokens.
More info +
Regulated & high liquidity
How To Buy Bitcoin in Colorado?

Changelly

👛 Ease of Use – Easy
👛 Fees – Average
👛 Verification – 1 day
👛 Reputation – Trusted
👛 Supported fiat – USD, JPY

Changelly offers a platform to sell, store, and trade cryptocurrencies. As a decentralized exchange (DEX), it empowers users to trade directly from their personal wallets, eliminating the need for any intermediaries. This positions Changelly as a peer-to-peer platform, facilitating direct cryptocurrency trades between users.
More info +
Established & high liquidity
Localbitcoins

LocalBitcoins

👛 Ease of Use – Easy
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, and more

Founded in 2012 in Finland by Nikolaus Kangas, LocalBitcoins represents one of the largest P2P (peer-to-peer) marketplaces online. Nicknamed as the “Craigslist” of Bitcoin, users can communicate and trade directly on the platform with one another. Bitcoin is the only currency supported by LocalBitcoins.
More info +

Frequently asked questions about buying Bitcoin in Colorado

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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