Bitcoin is the number one cryptocurrency in the crypto space. It enjoys the first-mover advantage of being the first-ever crypto coin created. It has witnessed many price movements, which has today made it the most valuable cryptocurrency in the crypto space. You can buy Bitcoin anywhere globally, including Canada, with the right platform.
In Canada, especially Canadian-supported platforms allow you to trade only in CAD fiat currency as one of the payment options. This article will discuss how you can make the best Bitcoin buy Canada.
Is Bitcoin legal in Canada?
All across the globe, cryptocurrencies, including Bitcoin, are legal to trade and invest using any lawful means. Canada is not left out. You can trade and invest Bitcoin in Canada using different legal platforms like crypto exchange platforms like Coinberry. There are some other rules attached to trading Bitcoin in Canada, and all these must be duly followed to remain on the right side of the law when you buy Bitcoin in Canada.
One limitation Bitcoin has in Canada is that it is not officially recognized as a legal tender. However, this is not to say that you cannot use Ethereum to exchange goods and services. Tax rules also apply to digital currency transactions like Bitcoin under the Canadian Income Tax Act. Bitcoin is also regulated under the Anti-Money Laundering and Counter-Terrorism Financing Laws. As long as you abide by all these laws, you are free to buy and sell Bitcoin in Canada.
How popular is Bitcoin in Canada?
Bitcoin being the most valued and popular crypto coin in the world would naturally mean it is pretty popular in Canada. This is, in fact, true. In 2018, a Department of the Bank of Canada survey revealed that 58% of Canadians hold Bitcoin for investment purposes. The survey also revealed that 85% of Canadians were aware of the concept of Bitcoin.
These figures have since increased from what it was in 2018. Many people are now aware of the potential investment upside that Bitcoin offers. So do not worry if you have thought it is just you and your friends and family that know about Bitcoin. You are not alone. You will be surprised at the number of people that know about Bitcoin and want to invest in the crypto coin.
Benefits of buying Bitcoin
Bitcoin is a valuable crypto coin that has enjoyed more acceptance and adoption in recent years. Between 2019 and 2021, Bitcoin consistently outperformed the stock and gold markets. This impressive run shows that Bitcoin is a potentially lucrative investment you may wish to put your money on. When gotten right, Bitcoin could prove to be a good investment. However, this means that you have to be ready for the numerous price movements in the market. Unlike Ethereum, Bitcoin is only used as a digital currency, but that has not seemed to affect its value as it still holds the number one spot as the most valuable crypto coin in the crypto space. So if your risk appetite is on the high side, you stand to benefit from the positive price movements of Bitcoin.
Another thing you benefit from is buying Bitcoin because it is a good store of value for investors, something similar to gold. Bitcoin, when launched, was valued at $1 at some point. Today, it is valued at thousands of dollars. Imagine if you bought Bitcoin in the early years and how much it will be worth now.
Bitcoin is now regarded as an alternative to gold, which is the hallmark of the store of value investment. The element of scarcity in Bitcoin, which is capped at 21 million in supply, also drive the increase in price movement. Bitcoin is an excellent way to diversify your investment. In addition, Bitcoin brought about the idea of decentralization. Investors enjoy anonymity when trading in Bitcoin, so most people enjoy investing in Bitcoin.
How to buy Bitcoin using CAD
Depending on the platform you use and the payment method offered, you can use the CAD to trade Bitcoin in Canada, especially on platforms supported only in Canada. Some of these platforms include:
- Local Crypto exchanges
Local crypto exchange platforms are crypto exchange platforms that are only supported in Canada. Most of these exchange platforms offer Bitcoin for trading on their platform. Most of these platforms have payment options that include cash, and only CAD fiat can be used to buy Bitcoin.
That is, you can only buy Bitcoin with CAD. An excellent example of platforms like this is Coinberry. To begin to use platforms like this, you must set up an account and fund your account with CAD to start trading. If your card is also used as a payment option, you can only trade using CAD also.
- International Crypto exchanges
These are crypto exchange platforms that offer Bitcoin as one of the crypto coins you can trade on their platform. These platforms are supported in countries across the globe, including Canada. Most of these exchanges also offer CAD as an option to use when buying Bitcoin on their platform.
This means that you can always use CAD to buy Bitcoin, whether in Canada or outside the country. Some of the famous international exchanges include Krake and Coinbase.
- Bitcoin ATMs
Canada is second to only America regarding the number of Bitcoin ATMs across the country. By 2018, Canada had 707 Bitcoin ATMs spread across the 3 major cities of Montreal, 106, Toronto, 222, and Vancouver, 79. Most of these ATMs only accept CAD as the form of exchange for Bitcoin.
After scanning the QR code of your wallet using the camera of the ATM, you will insert the cash equivalent of the Bitcoin you want to purchase, and it has to be CAD.