The Best Ways to Buy Bitcoin as a Florida Resident (2024)

FAQs

The Best Ways to Buy Bitcoin as a Florida Resident? ›

Our top pick: Kraken Cryptocurrency Exchange

LibertyX offers several bitcoin buying options for Florida residents. You can purchase bitcoin by: 1) using cash at a participating chain retailer store (e.g. CVS) 2) using cash at a participating independent retailer store or 3) using your debit card at a participating traditional ATM enabled with LibertyX.

What has not changed is that Bitcoin can currently be purchased outright in Florida online through online exchanges such as LibertyX or Coinbase. What is new is that Floridians along with everyone else nationwide can purchase ETFs tied to the value of Bitcoin on the open market like any other stock or security.

However, there is no tax for simply owning cryptocurrency. What states have no crypto tax? Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming have no state income taxes (although New Hampshire and Tennessee tax interest and dividends while Washington taxes capital gains).

The easiest way for an individual to buy bitcoin is through a crypto exchange, such as Kraken or Binance.US. Online stockbrokers, such as Robinhood, also offer their customers the ability to buy bitcoin and other cryptocurrencies. Tip: You'll need a crypto wallet to store your coins.

Widely accepted wallets in Florida include ZenGo, Ledger, MetaMask, Trust Connect and Atomic Wallet.

Paydepot ATMs are located in the most popular places in Florida, so you can easily choose Bitcoin machines close to stores, malls, gas stations, hotels, the airport and other popular locations.

Florida tops the list as the most crypto tax-friendly state in the US, thanks to no state income tax and supportive crypto regulations. New York and California are among the least favorable states for crypto taxation, with high-income tax rates and strict regulatory regimes.

While federal regulations apply across the United States, Florida doesn't impose state income tax. This means you won't have to pay state-level taxes on your Bitcoin gains. However, it's essential to stay informed about any changes in state regulations that could impact your tax obligations.

Is Binance illegal in Florida? ›

In January, the OFR issued a non-final emergency order suspending Binance's license. The crypto exchange was licensed in the state under BAM Trading Services Inc. "There were other less severe options that OFR had to choose from," Parker said.

The IRS treats cryptocurrencies as property for tax purposes, which means: You pay taxes on cryptocurrency if you sell or use your crypto in a transaction, and it is worth more than it was when you purchased it. This is because you trigger capital gains or losses if its market value has changed.

Move to a low-tax state or country

While it may seem like an extreme step to take, some investors do choose to relocate to low-tax states. Currently, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming have no income taxes (though New Hampshire taxes interest and dividends).

1 USD equals 0.000017 BTC. The current value of 1 United States Dollar is -0.76% against the exchange rate to BTC in the last 24 hours. ​ The current Bitcoin market cap is $1.16T. ​Create a free Kraken account to instantly convert USD to BTC today.

Visit a cryptocurrency exchange website. Create an account and verify your identity as required. Follow the website's instructions to buy your bitcoin (BTC) or other digital asset. Your bitcoin will appear in your exchange account.

If you invest $100 into Bitcoin today, don't expect to make a fortune. However, you could still make some solid gains if your bet on Bitcoin pays off. Many people who are interested in crypto would like to get started with smaller amounts, which is entirely reasonable given that cryptocurrencies are risky investments.

Allows customers to use cash to purchase Bitcoin at select Coinstar kiosks inside more than 200 Walmart locations across the United States. You can also use Walmart2Walmart money transfers to buy Bitcoin. Remember though, each purchase incurs a transaction fee of 4% and a cash exchange fee of 7-11%.

Download the LibertyX app and create an account. Enter the Bitcoin address you want the Bitcoin sent to and tap “Start purchase” Select the retailer you will be purchasing with, and tap “Add cash now” The cashier will scan your barcode at the store.

While Walmart itself may not sell Bitcoin, select Walmart stores have introduced an exciting development for cryptocurrency enthusiasts. Through a partnership with Coinme, a Bitcoin ATM company, some Coinstar kiosks located within Walmart stores now offer the ability to purchase Bitcoin.