The popularity of bitcoins is hard to ignore, especially when everyday investment news is all about cryptocurrency. In Canada, online exchanges and the widespread bitcoin ATMs networks are becoming attention seekers for new investors. Still, some questions like “What is Bitcoins” and “How can I buy bitcoins” confuse potential investors.
In this post, we will show you how you can buy bitcoins in Canada. So read till the end;
What Is Bitcoin?
Bitcoin is a digital currency that does not have any physical existence like Canadian Dollars. It is also known as a cryptocurrency.
There are more than a hundred cryptocurrencies, and bitcoin is one of them, but well-known. The major cause of bitcoin’s popularity is that it is not regulated by the Government or central bank, which most buyers are looking for in currency exchange.
Another reason for adopting bitcoins by individuals and big concerns is that it is easy to exchange. For instance, if anyone chooses a bank as a mode of overseas fund transfer, it may take two to five working days for process completion. Above that, transfers have to bear high bank charges. In contrast, bitcoins are a convenient way to transfer money. It takes 10-20 minutes ( or an hour) to complete a transaction from one network to another. Even money transfer charges are quite less than bank charges.
Speaking about cryptocurrency types, you may be aware of Litecoin or Ethereum currencies. But, considering the central exchange categories, bitcoin is a highly secured means of digital currency. Every data related to peer-to-peer dealing is stored in blockchains, which means users cannot delete or alter any information. A secured digital ledger defines all your transaction history. Most importantly, for every transaction, you have a complete two-factor authentication password.
Why Does Bitcoin Take Time to Complete the Process?
This is the most asked question and can be an annoying process for beginners. But, if you know the truth behind the delay in the bitcoin process completion, you will feel secure and confident about it.
Bitcoin Mining verified every bitcoin transaction, in which powerful computers perform complex mathematical calculations to confirm transactions. Bitcoin paid to bitcoin miners adds complex queries that make user’s information and transactions more secure, but it takes time.
How Can I Buy Bitcoin in Canada?
There are various ways to buy bitcoin in Canada. The choice of which option will suit you the most depends on your location and investment ability.
- Bitcoin Exchanges – Bitcoin exchange is a digital marketplace where you can buy or sell digital currencies. These exchanges act as intermediaries between buyer and seller and offer several options to buyers to deal with cryptocurrencies. Remember, these are online exchanges that complete information from registration to fund transfer. When you plan to buy bitcoin in Canada, the below breakdown will define the ways to transfer your funds.
- Interac E-Transfer – Interac E-Transfer is the secured and fastest way to transfer your funds through an online bitcoin exchange. Most Canadian are familiar with E-transfer. Therefore buying or selling bitcoin with Interac E-Transfer works as the most convenient option. If you are too familiar with e-transfer, you just need to create an account with bitcoin exchange and access your bank account for online transfer. Bitcoin exchange provides you an email account where you have to add funds to buy bitcoin and your funds will move to a secured wallet. With the email transfer, transactions take 30 minutes, depending on the bank or credit union.
- Credit Card – If you want to plan to purchase through a credit card, make sure your online bitcoin exchange deals with your credit card issuer or not. Some of the exchanges were restricted to certain credit card issuers only. Find out your credit card from the list. With this, there is one restriction for using a credit card that you have to spend from cash reserves and have to pay higher interest rates for credit card exchange. So, clear these points and get started!!
- Wire Transfer – In addition to e-transfer, you can also look for a wire transfer to buy bitcoin. Before proceeding, make sure your bitcoin exchange deals with the wire transfer. Most exchanges accept this offer, but for larger transactions such as between $5000 or more. A wire transaction takes time and high fee charges. Your bank can take two or more working days to send money to the recipient’s account, and the charges can be 5% or more for the transaction fee. When you are paying through a credit card for a wire transfer, make sure you will have an available credit balance and clear the balance as soon as possible to avoid high-interest rates.
- Flexepin – Flexepin is the least known method of buying bitcoins, but it is a secured and hassle-free online payment mode. The first step is to purchase a flexes-in voucher from an online retail store and redeem it for buying bitcoins without transferring from your online bank account. The best thing, flexes in, is a prepaid voucher. There is no risk involved regarding banking information exposed. These are easy to buy. You just need to explore with “Buy Flexepin Online” and pay through Interac eTransfer, Paypal, and credit cards.
- Bitcoin ATMs – There are more than a hundred Bitcoin ATMs in Canada. Most of them are located in central locations such as Toronto, Montreal, and Vancouver. So, if you are residing nearby these locations, you can easily buy bitcoin in Canada by following simple steps. Let’s learn about steps;
- The first step is to scan your Wallet’s QR Code at any available bitcoin ATM.
- Insert Canadian dollars in the machine.
- Insert your CAD bills for the purchase of bitcoins.
- Once your amount is confirmed, the bitcoins will be deposited to your wallet address.
Should I Buy Bitcoin?
After reading this article, you will learn what bitcoin is? And how can you purchase it? Now, the decision is all yours. Just make sure you must choose a reliable bitcoin exchange. While buying, go with the most affordable way to pay. Generally, people prefer e-transfers, Flexipins, and Bitcoins ATM. Wire transfers are recommended for larger transactions and contain higher processing fees.