How to Buy Bitcoin in Canada: The Definitive Guide

When discussing cryptocurrencies, Bitcoin is the top name since it is the first-ever launched digital currency in the world. Though its value fluctuates quite frequently, it has seen tremendous growth since its beginning, jumping from a Zero value to acquiring over $62,000 currently. In Canada, many are fascinated by its exceptional value and want to make an investment. 

However, when they opt to buy bitcoins in Canada, the digital complexities usually confuse them since they are unsure of how Bitcoin works and the risks involved. Therefore, before beginning your investment, it’s vital to understand every aspect of Bitcoin, ranging from how Bitcoin investment works, the perks of buying Bitcoin, and how to purchase this digital currency.

Let’s have a look at a detailed discussion on the ruler of the crypto world- BITCOIN!

About Bitcoin

Bitcoin, launched in 2009, is the world’s first, most famous, and most profitable cryptocurrency. It was an entirely new concept which was digital and decentralized, unlike traditional cash. This means there’s no central bank controlling it – transactions are secured by a network of computers around the world.

Initially, individuals hesitated to buy bitcoins in Canada; however, this doubt was soon debunked as the crypto started gaining higher value and investors’ attention. 

It got the status of a promising investment due to its scarcity, value, and ease of tradeable. Bitcoin is currently a widely accepted currency across the world, you can sell and buy bitcoins in Canada easily and also use it to make payments at specific merchants. 

Why buy Bitcoin

Constantly growing value

Though the crypto market is highly volatile and fluctuates a lot, Bitcoin has still managed to retain a steady hike in its worth. We all have seen Bitcoin’s growing from nowhere to being the talk of the town. 

According to several predictions done by crypto experts, it is expected that by the end of the year, Bitcoin will touch a value of above $80,000. Further long-term estimates say that the coin might level up to a maximum price of $4,214,644.67 in the year 2050. 

Decentralized and censorship-resistant: Its decentralized nature will give you clarity about how does Bitcoin works. Bitcoin transactions are recorded on blockchain, which is a decentralized and extremely robust technology. Once the transaction on a blockchain is completed, it is nearly impossible to be reversed, thus ensuring the safety of your assets. You are investing independently in a decentralized asset that is not bound to government regulations.

Limited supply: Scarce or limited assets always possess great values and so does Bitcoin, having a limited supply. There will only ever be 21 million Bitcoins created, which some view as a hedge against inflation. 

Fast and borderless transactions: Many want to know how Bitcoin works. It functions on the decentralized blockchain, which enables secure, quick, and easy transactions that can be done anywhere with an internet connection.

Guide to Buying Bitcoin in Canada

Before deciding where and how to buy Bitcoin, it is critical to create an investment strategy that would include the following factors:

Evaluate Your Investment Goals: Clarify your goals for buying Bitcoin. Is it for short-term trading or long-term investment? 

What’s Your Risk Tolerance Ability: Bitcoin’s price can swing wildly. If you’re easily stressed by these fluctuations, you might want to invest a smaller amount.

Different methods of buying Bitcoin

Cryptocurrency Exchanges: One popular way is to buy Bitcoin from cryptocurrency exchanges. These platforms offer a variety of cryptocurrencies, including Bitcoin. 

Traditional Stockbrokers: Many crypto brokers offer Bitcoin trading services and guide you in making mindful investment. 

Bitcoin ATMs: Bitcoin ATMs allow you to buy and sell Bitcoin similarly to regular ATMs. These are often located in places like convenience stores. It’s important to check the fees and have a plan for your Bitcoin after purchase.

Bitcoin Exchange-Traded Funds (ETFs): Spot Bitcoin ETFs track the price of Bitcoin and are traded on major exchanges following SEC approval. These ETFs provide traditional investors with easier access to Bitcoin.

Peer-to-Peer Money Transfer Apps: These services provide details of how to buy Bitcoin securely within the apps. You can buy, store, send, and sell Bitcoin directly through these applications.

Wallet Software: Certain crypto apps, games, or online services with blockchain technology allow users to buy and sell digital assets within the app. Some services use third-party providers for transactions, but they offer quick and relatively seamless transactions.

Find A Trustworthy Exchange Platform: Crypto exchanges are one of the convenient and quick ways to exchange your crypto. There are various options available in the market; thus, it is important to deal with the most secure and advanced one. Here’s how you should find it:

Fees can add up: Compare fees between platforms and payment methods.

Security is crucial: Choose a reputable platform and use a secure wallet.

Payment methods: Some exchanges allow you to buy Bitcoin with fiat currency (such as USD or EUR), while others only allow you to buy Bitcoin with other cryptocurrencies.

Be aware of scams: There are many scams associated with cryptocurrencies. Be careful of any unsolicited offers to buy or sell Bitcoin.

Is Bitcoin Legal in Canada?

Yes, Bitcoin and other cryptocurrencies are entirely legal to buy and sell in Canada. Since they are decentralized, individuals can make payments with them to private vendors or whoever accepts crypto transactions. However, it is not considered legal tender, and neither does the government issue these coins nor do they accept them. This means you cannot make tax payments and other similar transactions in replacement of physical money. 

Thus, you can independently invest in this profitable asset without worries about legal concerns. 

Interesting Facts About Bitcoin Everyone Should Know

#Fact no 1: There’s a finite supply of Bitcoin! With a hard cap of 21 million, there will never be more bitcoins created, unlike traditional currencies that can be printed infinitely.

#Fact no 2: Bitcoin can be divided into tiny slices! The smallest unit, a satoshi, is like a penny to the dollar, but for Bitcoin. There are 100 million satoshis in one bitcoin, allowing for ultra-precise transactions.

#Fact no 2 (alternative): Forget downtime! Bitcoin boasts an impressive “four nines” uptime, meaning it’s been operational for a staggering 99.99% of the time since its launch over a decade ago.

#Fact no 3: Bitcoin surpasses the millionaire club! With only 17 million bitcoins currently in circulation, that’s fewer than the number of global millionaires.  Join the exclusive “21 Million Club” by investing in this limited and potentially valuable asset.

#Fact no 4: From pizza purchases to prison sentences! The infamous Silk Road takedown, known for its darknet drug trade, also entangled former Secret Service agents who helped shut it down, landing them in jail.

#Fact no 5: Bitcoin’s energy appetite: Big power, big potential! Bitcoin mining uses a significant amount of energy, currently comparable to a mid-sized country.  However, the industry is making strides towards using renewable energy sources.

#Fact no 6: Bitcoin’s first purchase: A cheesy (and pricey) affair! In 2010, a programmer made history by buying two Papa John’s pizzas for 10,000 bitcoins, worth roughly $25 at the time. This legendary transaction, commemorated as “Bitcoin Pizza Day” on May 22nd, showcases Bitcoin’s early adoption.

How to purchase BTC on Crypto Experts

Book a Consultation: Contact CryptoExperts for a free consultation to discuss your cryptocurrency investment needs. You can do this by visiting their website and using their contact information.

Complete KYC: After the consultation, you will need to complete the KYC (Know Your Customer) process. This typically involves providing personal identification and other relevant documents to comply with regulations.

Approval: Upon completing the KYC process, you will receive approval, often on the same day.

White-Glove Investment Service: Start purchasing BTC through CryptoExperts’ white-glove investment service. This service typically involves personalized and broker-assisted crypto investing in Bitcoin and other cryptocurrencies.

Wrapping Up

After having detailed info regarding this crypto coin, its worth as an investment option, and how to buy Bitcoin, you can begin a profitable journey in the crypto world. Just strategically make an investment plan and seek expert guidance from cryptocurrency services brokers to maximize your ROI and minimize the risk factors.