How To Purchase And Store Safely
If you have recently read or watched the news, most likely you have heard of Bitcoin before. It was the very first cryptocurrency to be introduced and has inspired thousands of new cryptocurrencies since that time. To date, it is also the most valuable cryptocurrency, with its hundreds of billion dollar market capitalization. Due to the fact we have a large audience in Canada as well, we wanted to take a look at a few of the crypto companies operating inside of Canada and the services they offer for buying and selling in the crypto markets. If you are new to the world of blockchain we recommend you take a look at our staters guides to understanding this valuable and evolving technology!
Since you are reading this article, most likely you are considering purchasing crypto. This article's goal is to help you understand how and why to purchase Bitcoin in Canada. If you have made the decision to purchase some already, you can skip the first half of this article and directly go to the description of how to purchase these digital money's. However, if you do that you could end up missing out on some of the really cool things that you can use crypto currency in Canada.
The purpose of purchasing Bitcoin for some people is trading or investing. After they purchase it, they sit on their BTC for a while or do some day trading to earn profits. However, it was designed as a usable currency and there are numerous companies that accept these as a payment method. They are accepted as payment for many international companies. If you like to travel, you can use Bitcoin to pay for airfare on CheapAir or for a hotel room at Expedia. Another option that is available is buying gift cards either via Gyft or eGifter. You can also go shopping on Overstock.com or NewEgg and use BTC to pay for your items. Those are just some of the options that are available to use these digital currencies for online shopping. However what about Canada in particular? Is there anything that can be done with Bitcoin when you are out and about instead of online? Yes, there is. Were you aware of the fact that the first ATM was in Vancouver? You can transform it into cash very easily at this ATM. Since that time there has been a dramatic increase in their numbers, with nearly 400 ATMs spread across Canada.
If you crave Indian food, there are a few locations where you can use cryptomoney to pay for your meal. In Vancouver, you can check out the India Gate Restaurant or in Edmonton the Remedy Cafe. If you like German food instead, check out Vancouver's Bestie Sausage Parlour. If you would like a hot beverage, Montreal's Coin Cafe accepts these as payment. If you would like something strong, then visit the Rollingdale Winery. It is the first winery in North America that accepted Bitcoin as payment. Those are only a couple of ways that Bitcoin can be used in Canada. If you aren't convinced yet, look around you, there are numerous other establishments that continue to be added as the popularity of Bitcoin continues to increase. Once you have made up your mind, then go to the next section to get information on how to purchase Bitcoin.
If you have made the decision that you would like to purchase some or learn more but are not quite sure how to go about it, then you are in the right place. When purchasing Bitcoin is done properly it isn't any harder than shopping at an online store. If this is the first time that you will be buying Bitcoin you will need to get started by obtaining a hardware or software digital wallet. It is easy and free. Next, you can purchase them and store in your wallet to use later.
Your first step in purchasing Bitcoin & Storing it in a wallet.
There are many options that are available for Bitcoin wallets. Any of them should work just fine. You can go to //blockchain.info/wallet/ for one option. If you decide that this is the wallet that you want to use, click on Sign UP and type in the necessary information. You can do some exploring but one piece of information you are going to need during the next step is your Bitcoin wallet's public address. On the left-hand side, click on Buy and Sell BTC/USD ect. Next click on the Request Button located on top of the page. There will be a series of letter and numbers and a Copy button right next to them. Click the button in order to copy the address onto your clipboard. You will then be ready to make you very first Cryptographic transaction. The most secure way to do this is to take a look at any of the hardware or what are known as "cold storage" wallets. These offer the highest security and put the power back in your hands of controlling your funds and assets!
Coin square offers an easy and quick way to purchase Bitcoin and get it transferred into your wallet. One of the excellent services offered by CoinsquareCoinmama is being able to purchase "quotes" which contain a certain amount of Bitcoin. You are able to specify how much crypto you would like to buy. Another way that it makes it easy to buy cryptocurrency is that accepts many of the common payment methods such as credit cards. To purchase Bitcoin or Ethereum, Litecoin ect, you will need to get your account created by clicking on the Sign-Up button.
Then just follow all of the prompts until you have created your account. You will then have the option of making yourBitcoin purchase. Select the specific amount of package and then just follow the prompts. When your public address is asked for, paste in the address that you copied early from the wallet. After you have completed the verification and payments steps, your purchase will be completed. The tokens you purchase will very soon show up inside your wallet.
Wirex is a company that is just starting to reopen its doors in Canada. They offer a Crypto style debit visa MasterCard thingy! Its great, I have a buyback awards situation and easily allows you to spend your crypto as if it were dollars, that is, until mass adoption starts to really kick in! We will see products like this that allow a freer use of this digital money to enter into the fiat market, one of the reasons for the big capitulations and volatility is the difficulty to getting into or out of these assets still. That will have over time, we suggest taking a look at the WireX options and signing up here!
This is another company that allows you to purchase Bitcoin, Litecoin Ethereum and a few others via their platform. They are based out of Vancouver BC and offer services like wire transfers in and out. Regulation has slowed some of these options lately, but if you need to move large amounts to try and purchase inside Canada with a company that is keeping up with regulations, this is g a good choice as well.
This is not our favourite option as it doesn't provide regulated security, I would classify it as the classifieds of the Crypto world, where you can meet local people in your city who are willing to buy or sell. Its not our recommended option, but, if you have no other options, this is a potential avenue to look at! We will be updating these guides as we go so remember to stay tuned and check back with us at //arcanebear.com