If you have ever wondered, it is quite easy and straightforward to buy cryptocurrencies in Alabama. There are several methods to choose from but we will cover two of them in this article. Cryptocurrency has been gaining popularity in recent years, with coins like Bitcoin and Ethereum at the forefront.
There are different options for buying cryptocurrencies in Alabama which include using a registered crypto exchange and Bitcoin ATMs. According to CoinATMRadadar, there are about 440 Bitcoin ATMs in Alabama.
The locations with the most registered ATMs are Birmingham (114 ATMs), Huntsville (85 ATMs), Montgomery (49 ATMs), and Mobile (41 ATMs). According to reports from TheFintechTimes, the most popular cryptocurrency in Alabama by Google search is Terra Classic (LUNC) as of October 2022.
Meanwhile, the average household income in Alabama is $76,150 according to income statistics from the US Census Bureau. This means an average household earns an equivalent of 2.50 BTC (with Bitcoin price at press time), so choosing the right exchange and crypto to purchase is a big decision.
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Follow the steps below to buy cryptocurrency in Alabama.
How Alabamians can buy cryptocurrency
1. Cryptocurrency exchanges
Cryptocurrency exchanges are online marketplaces where you can buy, sell, and in some cases store digital assets. There are so many crypto exchanges available out there, but not all of them are regulated to operate in the United States and subsequently in Alabama. Crypto exchanges differ in terms of the tokens and wallets they support. Also, they can vary in terms of deposit method and transaction fees.
You first have to confirm that the cryptocurrency you want to buy is listed on your exchange of choice and if the exchange operates in Alabama. Some of the exchanges you can buy cryptocurrencies from in Alabama includes but are not limited to:
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Gemini
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Crypto.com
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Uphold
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Kraken
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CoinSmart
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Paxful
No matter the crypto exchange you choose, you first have to sign up and complete your KYC (Know Your Customer) requirements which involves providing your name and proof of identification. The general steps involved in signing up with a crypto exchange include:
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Create an account
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Verify your identity by completing your KYC
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Connect a digital wallet
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Deposit funds into your exchange account.
The steps involved in buying cryptocurrency include:
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Choose a crypto exchange
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Sign up and verify your account
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Deposit the amount of cash you are willing to invest
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Place your cryptocurrency order
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Select a storage method.
Note: You don’t have to buy a whole coin, you can buy fractions of cryptocurrencies.
2. Bitcoin ATMs
Bitcoin ATMs or sometimes referred to as BTMs are Kiosks where customers can buy and sometimes sell cryptocurrencies. These ATMs are owned and operated by third-party companies like Bitcoin Depot and Coinme.
Source: Shufti Pro
Customers can use Bitcoin ATMs by inserting cash or a debit card to exchange a local fiat currency with Bitcoin. As earlier stated, there are about 440 Bitcoin ATMs in Alabama state and you can locate the closest ATM to you by visiting the CoinATMRadar website.
It is important to note that while using Bitcoin ATMs can be easy and stress-free, there are also risks associated with them including:
1. High transaction fees – Bitcoin ATMs can charge as much as 5 to 20% per transaction depending on some factors.
2. A frequent target for scammers – According to an FBI report in 2021, there was an increase in scammers directing their victims to withdraw money or send money using Bitcoin ATMs.
3. Limited crypto options – Like the name implies, users are only allowed to perform Bitcoin transactions using Bitcoin ATMs. If you are interested in buying other crypto exchanges aside from Bitcoin, you might have to stick to using cryptocurrency exchanges.
Conclusion
It is easy and straightforward to buy cryptocurrencies in Alabama just like in most states in the United States. You can either choose to purchase using crypto exchanges which are online marketplaces that list cryptocurrencies for buying and selling, or you can decide to use Bitcoin ATMs. There are about 440 Bitcoin ATMs in Alabama that can easily be located using Bitcoin ATM maps on websites like CoinATMRadar.
Disclaimer: This content is for educational purposes and should not be taken as investment advice. Investing in cryptocurrencies is speculative and you can lose all your money with poor information. Please do your own research or consult an investment expert before investing your hard-earned money in cryptocurrencies.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.