Buy Crypto & Bitcoin in Romania

Bitcoin & Cryptocurrency Trading in Romania

Romania, like much of Eastern Europe, has seemed to embrace Bitcoin more than its European neighbors to the west. Perhaps that is because the economies of Eastern Europe have tended to have a harder time achieving growth yet have a large group of dev talent within them.⁽¹⁾

Romania also houses a large group of libertarian minded people after having been subjected to the foreign influence of the USSR, even though they were technically never a formal Soviet state. Romanians are therefore independent and have a very unique culture that contrasts from the rest of Eastern Europe. This might explain why Bitcoin is so beloved and supported in Romania.

In fact, in July 2021, Lucian Blaga University of Sibiu announced that the university will be allowing students to pay using cryptocurrency starting this year. LBSU will be the first university in Romania to accept crypto payments.⁽²⁾

One of the easiest ways to buy Bitcoin in Romania is through cryptocurrency exchanges, outlined above. There are several exchanges offering Bitcoin in Romania, allowing you to 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 that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, it is recommended to have a wallet of your own for security reasons (preferably a hardware wallet).

Another way to buy Bitcoins in Romania is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private. Romanian cryptocurrency company Bitcoin Romania stated that in 2022 they will double their ATM network location to 150 units and 250 units by the end of 2023.

Exchange Hacks and Crypto Scams in Romania

e-Commerce Crypto Scam

In June of 2020, a scammer named Vlad Nistor (along with a litany of other defendants) was arrested by over 100 Romanian police and secret service agents for running e-commerce and online auction fraud.

The scam worked like this: the scammers would create ads and auctions for products, and customers/bidders (most of whom were American) would buy the products with US dollars, and the scammers would convert the funds to cryptocurrency in order to send it to foreign money launderers.

In fact, this was Vlad Nistors role, as he would launder the money from the scams via his cryptocurrency exchange Coin Flux.

Once the money was received, the scammers would ghost the customer and never send them any product.

It was a simple, but effective scam that netted the scammers the equivalent of $34 million in crypto.

That is until they were arrested. The group pled guilty to the charges and are now facing long prison sentences.

As for Vlad himself, he has been extradited to the US to serve his time.⁽³⁾

Bitcoin Mining in Romania

Mining Bitcoin is for tech-savvy people only, and considering mining profitability is way down from the golden age, it's probably not a good idea for most.

Mining profitability is determined primarily by electricity cost and the value of the Bitcoin awarded to your wallet. If the power costs are higher than the value of the Bitcoin entering your wallet, you'll lose money.

You don't have control over Bitcoin's price, but you can control the hash rate (mining power) of your mining hardware and the cost of your electricity.

If you want to maximize your odds of turning a profit (which are non-existent), you should buy hardware with the best hash rate/power consumption ratio. In other words, it can mine fast without drawing much electricity.

For those who want to acquire Bitcoin as quickly as possible, buying it from an exchange is your best bet.