Looking to Buy Bitcoin in Canada? Here’s How
Created back in 2009, Bitcoin took the world by storm with its blockchain technology. As the first major blockchain innovation, its market capitalization ranges from $10-$20 billion USD. Research shows the future of Bitcoin is bright as not only is it used by millions of people worldwide but just one Bitcoin is now worth approximately $49.999.19 in Canadian dollars, as of April 27, 2022.
Bitcoin is a cryptocurrency that operates entirely in the digital space. As a digital currency, Bitcoin can be used as an online form of cash which can be bought and sold using a crypto trading platform or online exchange. Bitcoin transactions also benefit from highly secure technology.
Not only is the world’s most valuable blockchain technology revolutionizing the way money is used globally, but it has also ventured into new markets. Buying and selling cryptocurrencies has become increasingly mainstream, with more sectors diversifying the forms of payment they accept. For example, PayPal has become one of the few mobile apps and online payment platforms to offer crypto services that enable its users to not only buy but sell and hold Bitcoin with investments of as little as $1.
There are many ways to buy Bitcoin cheaply, securely and unanimously because it operates virtually. Therefore, as more people can now buy and send Bitcoin around the world, there are many options on how to buy Bitcoin, especially in Canada.
Five Different Ways to Buy Bitcoin in Canada
Crypto-trading Platforms
Crypto-trading platforms are one of the most popular and easily accessible ways of buying and selling Bitcoin. They are exchange platforms that allow digital currencies to be traded. However, these could also involve the exchanging of digital currencies with fiat currencies.
Online Exchanges
A Bitcoin exchange is not only a digital marketplace where Bitcoins can be bought and sold through traders but also where most trades take place. Essentially, a Bitcoin currency exchange is a platform that mediates between the buyers and sellers of cryptocurrency.
Peer-to-peer trading
Peer-to-peer trading allows people to buy cryptocurrencies, like Bitcoin, directly from other users. People can choose to use their preferred payment method and local currency.
Bitcoin ATMs
Bitcoin ATMs are internet-enabled kiosks where users can exchange deposited cash for any digital currency. These ATMs are machines that facilitate blockchain-based transactions. The equivalent value of cash is then deposited in the machine and sent to the user’s digital wallet. Its even more suitable to use a digital wallet online because most companies have payment interfaces for these wallets integrated into their website. For instance, when players look to sign up to the best online casinos that payout, having a digital wallet payment method may finalize a deal easily, as many players seek for ease of use and convenience. In just a few buttons, a transaction is finalized.
Canada has over 140 Bitcoin ATMs and 6,000 Flexipin retailers that offer people the opportunity to exchange Bitcoin for Canadian dollars.
Over the Counter (OTC)
Crypto OTC consists of trading crypto assets directly between two parties. Generally, OTC trades can be crypto-to-crypto or fiat-to-crypto exchanges.
Knowledge is Power
There are several ways to buy Bitcoin in Canada. The easiest and most accessible way for Canadians to purchase Bitcoin is through cryptocurrency trading and exchange platforms but you can still buy crypto using a Bitcoin ATM.
It's important to note that Canada offers a great selection of well-regulated and highly secure crypto-trading and exchanges to choose from, and with more people getting involved in buying Bitcoin, putting in the research time is invaluable!
The information on the site is for entertainment and education purposes. Visit www.responsiblegambling.org to help you talk about responsbile gambling practices.
