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Colorado has some of the most favorable Bitcoin and cryptocurrency laws in the United States.

The state's governor - Jared Polis - was the first U.S. representative to accept campaign donations in Bitcoin. In 2019, he signed into law Colorado's Digital Tokens Act. The Act clarifies many uncertainties relating to cryptocurrency business dealings and exempts them from the state's securities regulations as long as they are intended for a "consumptive purpose." This means that transacting in Bitcoin is not subject to securities regulation, though speculative trading and investment remain governed by those laws.

Colorado's pro-crypto laws and consumer protections means that it's a great state in which to do business.

The best way to buy Bitcoin in Colorado is by using one of the many great exchanges available in the state, which are reviewed below.

You can also use Bitcoin ATMs if you're looking to turn your cash into crypto quickly.

LocalBitcoins is another alternative. It's a peer-to-peer marketplace that supports many different payment methods, from cash in person, to bank transfers, and a range of gift cards, including Steam and Amazon.

No matter where you buy your Bitcoin, you're going to need to store it somewhere. Exchange wallets are the riskiest option, and there are much more secure options out there that suit a range of needs, from easy to use software wallets to top of the line hardware wallets.

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Despite the state's favorable attitude to Bitcoin, there have been a number of cryptocurrency-related scams in Colorado by people looking to make a quick buck.

One notable case occured in 2018, when the Colorado Department of Transport was hit by a ransomware attack. Ransomware typically involves hackers gaining access to an organization's internal computer systems, encrypting all their files, and demanding payment in cryptocurrency in order to unlock the files.

This particular ransomware attack - named SamSam - encypted files and renamed them "I'm sorry." A hospital in Indiana paid $55,000 to the hackers in order to regain access to their documents.

A spokeswoman for the CDoT said that they didn't plan on paying a single cent of the requested ransom, and that the Department had robust backup measures to counter this sort of attack. Over 2,000 computers were affected, though service was restored after McAfee released a patch for their security software that addressed the ransomware virus.

In another scam that netted a whole lot more than $55k, three men including a Coloradan were arrested over what authorities allege was a $722 million Ponzi scheme.

The co-conspirators ran a mining pool called BitClub Network from April 2014 through to December 2019. But instead of being a legitimate mining operation, Bitclub Network was a classic Ponzi. It had all the hallmarks: promising outsized returns (up to 12% daily) and offering rewards for signing up new investors.

Bitclub Network funded the men's lavish lifestyles for more than five years, until they were charged with conspiracy to offer and sell unregistered securities and conspiracy to commit wire fraud. The first charge carries up to five years in federal prison, while the wire fraud charge could land the men behind bars for up to 20 years.

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Mining has been a mainstay of Colorado's economy for more than 100 years. While the western half of the state is rich on gold and silver deposits, a new kind of mining has taken hold in Colorado in the last decade.

MGT Capital Investments, LLC. announced in 2019 that they would be relocating 6,300 S9 Antminer Bitcoin mining rigs from their previous home in northern Sweden to a new facility in Colorado Springs.

The Colorado Springs facility began operations with an initial capacity of 10 MW, and MGT plans to expand that by another 30 MW to a total of 40 MW.

MGT joined 3G Ventures - a California-based company whose operation is also located in Colorado Springs - as the largest Bitcoin miners in the state.

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Does Binance Work in Colorado?

Yes, Binance is available for customers in Colorado.

However, you cannot simply go to binance.com and sign up for an account.

Binance has a special website for US based customers at Binance.us

Due to US regulations, Binance US is more strict about handling KYC and AML of new customers.

This just means that verification may take a little longer than it would on regular Binance.

The biggest difference between Binance US and regular Binance is the coin support as well as some of the features available to users.

Because of this, you shouldn’t just look at the supported coins listed on binance.com and assume Binance US will sell it to you. It’s a good idea to make sure that the Binance US coin support list shows the coin you want to buy.

Does Coinbase Work in Colorado?

Yes, Coinbase is open for business in Colorado.

Does Gemini Work in Colorado?

Gemini is available in Colorado.

Does Coinmama Work in Colorado?

Yes, Coinmama is available to Coloradan Bitcoiners.

Does Kraken Work in Colorado?

Kraken - the U.S.'s second largest exchange - is open for business in Colorado.

Where Can I Find a Bitcoin ATM in Colorado?

The best way to find a Bitcoin ATM in Colorado is to use our Bitcoin ATM finder tool.

Here, you can view the closest Bitcoin ATMs to you, and even view live prices for supported digital assets.