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- Best Bitcoin & Cryptocurrency Wallets. With the above information in mind, here are the best cryptocurrency wallets to consider today. Commercial, Trading, and Storage Hot Wallet. Pros: Best in class for entry-level functionality with an all-in-one solution.
- Two-factor authentication (2FA) is a way to add additional security to your wallet. The first 'factor' is your password for your wallet. The second 'factor' is a verification code retrieved via text message or from an app on a mobile device. 2FA is conceptually similar to a security token device that banks in some countries require for online banking.
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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
- Popular Exchanges to Buy Bitcoin & Crypto in Hawaii
- Gemini
- Clean platform for advanced traders
- Supports all US states
- Trusted exchange
- Kraken
- Great liquidity and low fees
- Supports most countries
- Trusted exchange, started in 2011
Gemini is a New York-based Bitcoin exchange, open to residents of the United States, UK, Canada, Hong Kong, Japan, Singapore and South Korea. Deposits can be made via wire transfer, SEPA or ACH transfer.
- Trustworthy and regulated exchange
- Instant deposit lets you buy coins quickly (but not withdraw them)
- Some of the lowest fees in the US and Canada
- Somewhat confusing to use for new buyers
- Not yet available in all US states
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries.
Deposits can be made via bank wire, SEPA, ACH and SWIFT. Users can buy bitcoin, ethereum, dogecoin and dozens of other coins.
- Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
- Very low maker fee, falling to 0% with sufficient trading volume
- Highly-rated for security and data protection
- Requires ID verification, so not private
Swan Bitcoin is a dollar cost averaging Bitcoin exchange, where users can set up recurring Bitcoin purchases to be drafted from their bank account or credit card every month or week.
- Easy to set up
- Automated dollar cost averaging
- Very low fees
- First purchase takes awhile
- No way to sell on platform
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy
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Chapter 1
Bitcoin & Cryptocurrency Trading in Hawaii
Every year Bitcoin becomes more and more accessible and practical in everyday life. Major companies like Microsoft and Overstock have all begun accepting Bitcoin for some purchases.
While one of the primary purposes of Bitcoin was to empower users, governments have been trying their best to regulate the digital currency. This has caused unfriendly Bitcoin laws and has discouraged exchanges from doing business with people living under certain regulations.
Unfortunately, Bitcoiners in Hawaii among others, have fallen victim to these unfriendly regulations and rules.
As a result, Coinbase and other major exchanges have stopped dealing Bitcoin to Hawaiians.
Purchasing Bitcoin in Hawaii is still perfectly legal. However, it’s become more complex.
The History of Bitcoin in Hawaii
To understand the struggle of buying bitcoin and cryptocurrency in Hawaii, you need some brief history first.
Up until 2016, users could buy Bitcoin in Hawaii, just like most other states. In September of 2016, Hawaii lawmakers created a law that would make it mandatory for exchanges to hold cash reserves for collateral.
If a Hawaiin Bitcoiner owns $10,000 worth of BTC, the exchange would need to hold $10,000 of cash for the customer as well.
Exchanges that adhered to this new law would be sacrificing a magnitude of dollars just to comply with an incomprehensible rule.
Coinbase, one of the biggest exchanges, was discouraged by the law’s impracticality — calling the regulation “untenable.”
Exchanges are still seeking a better deal with legislators to pass fairer laws regarding digital currency. To no avail, news bills and efforts have all stalled in the Hawaiian House and Senate as of October 2019.
However, in August of 2020, regulators granted a special license-free status to 12 firms on a pilot program to see how things go in the state, so hopefully this will show regulators they do not need to stifle the growth of these firms in their state.
How to Buy Bitcoin in Hawaii
What this all means is that, while there is hope, if you’re a Hawaiian, you might have a few more struggles than the average Bitcoiner, but that shouldn’t stop from getting in on the action. There are a handful of ways for you to trade, just beware of fees and make secure trades.
Hawaiians aren’t able to use all of the same exchanges that the rest of America is privileged with, but they do have options.
You can use any of the exchanges outlined above. There are several exchanges offering Bitcoin in Hawaii, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
COMPARISON
Ledger Nano X
- SCREEN:
- RELEASED: 2019
- PRICE: $119
Ledger Nano S
- SCREEN:
- RELEASED: 2016
- PRICE: $59
TREZOR T
- SCREEN:
- RELEASED: 2018
- PRICE: $159
TREZOR One
- SCREEN:
- RELEASED: 2013
- PRICE: $59
Another way to buy Bitcoins in Hawaii is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. This makes them more private than exchanges.
Local Bitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. Local Bitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
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Chapter 2
Top Bitcoin & Cryptocurrency Exchanges in Hawaii
Hawaii has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
- Popular Exchanges to Buy Bitcoin & Crypto in Hawaii
- Gemini
- Clean platform for advanced traders
- Supports all US states
- Trusted exchange
- Kraken
- Great liquidity and low fees
- Supports most countries
- Trusted exchange, started in 2011
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There are three main types of Bitcoin wallet and all of them are supported in Hawaii:
- Software (desktop or mobile - iOS and Android wallets
- Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.
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Best for Security
Ledger Nano X
Secure storage for any cryptocurrency
Visit WebsiteThe Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
Temporary Wallet
Zengo
Best for storing crypto for short period of time
Learn MoreZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.
Best for Desktop
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Electrum
Simple yet powerful desktop wallet
Learn MoreElectrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
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Fake Electric Company Threats
In August of 2018, various Hawaiian businesses began reporting calls from scammers claiming to be from various Hawaiian electric companies.
In the call, the scammers would claim the business was delinquient on their electric bill and demand payment in Bitcoin immedietely or lose their electricity.
However, no Hawaiian electric company accepts Bitcoin as a form of payment so anyone who receives a phone call like this one should just hang up and ignore it.
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Does Coinbase work in Hawaii?
Users in Hawaii cannot use any of Coinbase’s services.
Does Gemini work in Hawaii?
Users in Hawaii can use all of Gemini’s products and services.
Does Coinmama work in Hawaii?
Users in Hawaii cannot use any of Coinmama’s services.
Does Kraken work in Hawaii?
Users in Hawaii can use all of Kraken’s products and services.
Where Can I Find a Bitcoin ATM in Hawaii?
There are 5 Bitcoin ATMs in Hawaii: * 1 on the island of Kauaʻi at the GreenteaHAWAII in Kapaa city. * 3 in Honolulu. * 1 at Vape Kings in Kapolei.The best way to find a Bitcoin ATM in Hawaii is to use CoinATMRadar.com.
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Here, you can filter by any of the most popular cryptocurrencies, find ATMs that support buying, selling, or both, and find stores and merchants that offer crypto services.
Why doesn’t square sell Bitcoin to Hawaii users?
Hawaii is one of the excluded states for Bitcoin buying in Square's Cash App because of the rules in Hawaii involving sales of crypto. Square would need to hold the equivalent dollar amount of USD that you, as the user, hold in Bitcoin on their platform. This makes the service impossible to offer since the company would lose money.
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How can I Buy Bitcoin in Hawaii?
The best way to buy Bitcoin in Hawaii is to create an account on one of the exchanges listed above and make a purchase on their platform, or create a profile on LocalBitcoins.com and look for offers.
How do I sell Bitcoin in hawaii?
Just as with buying, the best way to sell Bitcoin in Hawaii is to create an account on an exhcange platform that supports Hawaiians or create a profile on LocalBitcoins.com and make an offer.
Is Bitcoin illegal in Hawaii?
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Bitcoin is not illegal in Hawaii. It is just very hard for exchanges to operate in the state of Hawaii because of the reserve restrictions required by law. This makes purchasing Bitcoin more difficult than it is in other states. You are, however, allowed to own, buy, and sell Bitcoin if you can find others to trade with.