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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.

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Bitcoin is legal in Brazil, and there are no restrictions on individuals buying, selling, or using cryptocurrencies for non-criminal purposes.

Brazil's Central Bank has twice outlined its regulatory position on Bitcoin and other digital assets. The Bank warned of the speculative nature of cryptocurrency trading (particularly pertinent in November 2017 when the second statement was released) and the risks inherent to self-custody of funds.

The Brazilian authorities are warning users that crypto is an "at your own risk" type of game. If you're willing to accept the risks in exchange for the independence and opportunities that Bitcoin offers, read on to find out more about Bitcoin in Brazil.

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There are three main types of Bitcoin wallet and all of them are supported in Brazil:

Best for Security

Ledger Nano X

Secure storage for any cryptocurrency

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The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.

Temporary Wallet

Atomic Wallet

Best for storing crypto for short period of time

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Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features.

Best for Desktop

Electrum

Simple yet powerful desktop wallet

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Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.

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As with any new and easily misunderstood technology - especially one that has shown tremendous investment returns over the last decade - there have been a range of scams and hacks in Brazil relating to Bitcoin.

One recent scam involved fraudsters contacting their marks via social media, who they then attempted to convince to invest in Bitcoin. The scam's 5,000 victims were promised daily returns of three to four percent - too good to be true. When the "investors" tried to withdraw their funds, the scammers simply disappeared.

Police allege that they stole as much as BRL$1.5 billion (US$ 350 million). Perhaps that's why they took 50 SWAT officers, 20 vehicles, and a helicopter with them when they arrested the alleged scammers in December 2019.

In light of the rampant cryptocurrency scams in Brazil, the government opened a formal inquest into the problem in October 2018.

A contributing factor was the August 2018 hack of Atlas Quantum, at the time Brazil's largest crypto exchange. The hack exposed the personal information of more than 264,000 customers, including names, phone numbers, mail addresses, and account balances.

User funds, however, were not touched. Atlas Quantum released a statement on Facebook confirming the hack and promising to initiate a full investigation.

Still, the hack did little to improve consumer confidence in an industry that has faced its fair share of obstacles in Brazil.

These exchange hacks and crypto scams underscore the importance of doing your due diligence on exchanges and investment opportunities, as well as holding your own private keys. Centralized exchanges all have centralized points of failure, an ironic feature considering that Bitcoin is built on a model of trustless decentralization. Allowing others to purchase cryptocurrency for you, especially cold-callers you have never met, is a surefire way to lose your money.

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Does Coinbase work in Brazil?

Coinbase - one of the world's largest exchanges and up there with the best for beginners - is available in Brazil.

However, Brazilian users can only convert between cryptocurrencies on Coinbase. It is not currently possible to buy or sell using fiat currency.

See above for a list of platforms that function as fiat on/off-ramps as well as cryptocurrency exchanges.

Where Can I Find a Bitcoin ATM in Brazil?

Bitcoin ATMs are a convenient way to buy and sell Bitcoin and other cryptocurrencies for cold hard cash. This method usually incurs relatively high (~5-10%) fees, but that's the price to be paid for the convenience of getting cash for your Bitcoin in less than half an hour.

Many ATM operators publish live prices for their machines, so you can see the exact rate you'll get before even visiting the ATM.

Some will require you to complete identity verification, though for many this is as simple as confirming a phone number.

Sometimes, you'll need to do a little more digging to find a Bitcoin ATM close to you.

Coinwise, a Brazillian company, has three Bitcoin ATMs open to the public in Brazil:

• Recife: Shopping Paço Alfândega, at CoinWISE headquarters.
• Fortaleza: Shopping Aldeota, in the Arte & Papel store.
• Camaçari: Boulevard Shopping Camaçari.

Coinwise is expanding and plans to have more ATMs available soon.

Airbitz has a list of Bitcoin ATMs and businesses that accept BTC and other cryptocurrencies as payment. It lists a further two Bitcoin ATMs in Brazil, one at the co-working space Lab89 in São Paulo, and another at Shopping Nações Unidas at the World Trade Center, also in São Paulo.

What is the Price of Bitcoin in Brazil?

The current price of Bitcoin in Brazil is R$60,040, however this amount changes every minute, so always check the value on your local exchange.

The best way to check the price of Bitcoin in Brazil is to go the your exchange of choice and check the price in your local currency that Bitcoin last sold for. The price of an asset is just this - the value of the compensation for which it was most recently exchanged. This price differs across markets, i.e. one exchange may have a slightly lower or higher price depending on varying barriers to entry and liquidity. So, the price that most matters is the one you can actually trade at. This is most likely to be the price on the exchange you use the most.

See above for a list of the best Bitcoin exchanges in Brazil.

There are also a range of websites such as CoinMarketCap and Nomics that list the prices of hundreds of digital assets, drawn from a range of exchanges and averaged out.

How Do I Send Money To and From Brazil With Bitcoin?

Bitcoin - as an unconfiscatable digital asset that is accessible wherever there is internet - is ideal for remittances. In fact, Bitcoin can even be accessed without an internet connection, with satellites providing access to the network independent of local internet infrastructure.

The process of sending Bitcoin from one address to another is identical regardless of where the sender and recipient are located. There are no extra steps required that make sending Bitcoin internationally any different to sending it next door.

Likewise, the blockchain fee you will need to pay in order to have your transaction sent is the same, whether you're sending to the other side of the world or just another of your own wallets.

Check out our guide on how to send a Bitcoin transaction.

You can also watch this video to get an idea of what the process is like.

Who is Buying Most of the Bitcoin in Brazil?

Bitcoin is popular in Brazil and the country is the largest market for cryptocurrency in South America. In April 2019, Brazil set the record for most Bitcoin traded in a single day in Latin America, with over 100,000 BTC changing hands.

Due to Bitcoin's pseudonymous nature, it's difficult to tell exactly who is purchasing most of the Bitcoin in Brazil, but it's clear that there is strong demand for the cryptocurrency. This may be due to the recent economic slump Brazil has been experiencing, which drives demand for harder currencies than the national fiat.