As our Canadian readers prepare to celebrate Canada Day over long weekend, we attempt to add a point to their discussions as they meet with friends and family.
Contrary to the common, yet erroneous, views of most people, buying bitcoins in Canada is not much of a rocket science. Relatively, it is quite easy to purchase. What more? The good news is that Canadians actually love Bitcoins as they have been recorded as one of the most enthusiastic nations when it comes to investing in Bitcoins. By virtue of this, there are many ways in which they buy Bitcoins. So gather your grey matter in one place as we demystify how to buy bitcoin in Canada.
Before we delve into discussions regarding various avenues to buy these bitcoins in Canada, it is important that we first list these ways. They are:
- In-Person Retail Location
- Bitcoin ATMs
- Over-the Counter
- Peer-to-Peer Network
- Online Exchanges
At this juncture, let us then delve into a deep analysis of the points itemized above;
- In Person Retail Location
This depends on you. If for instance, you are a type of person that favors going to a retail shop to get most of the things you need or you are more interested in talking to a real person, then this option of buying Bitcoins will definitely be the best for you in Canada. When doing this, you can check out a Bitcoin Brokerage or a foreign exchange center that offers cryptocurrency. Canada-based Netcoins are a commonplace nowadays. If you are on the West coast of Canada you may want to check out Bitcoiniacs. They operate face to face with their customers.
- Bitcoin ATMs
This is a much older and outdated system in which you can buy Bitcoins in Canada. However, for those who want to buy Bitcoins and stay anonymous, this is one of the best options. The downside to it is that it costs more, they charge more in fees and usually start from the range of 6 percent to a maximum of 8 percent. Hundreds of Bitcoin ATMs are located across Canada.
- Over the Counter
This refers to private trade between two parties and there is no supervision of an exchange. This mode of buying Bitcoins in Canada is for those who are buying large amounts, for example $350000+ at a time. The reason to choose this option is to protect yourself from slippage, which is a market phenomenon. This occurs when the number of Bitcoins you are buying exceeds the number of Bitcoins that are freely available.
- Peer-to-peer Network
It is a much older and outdated method of purchasing bitcoins. You go to an online marketplace which allows two separate users to make a transaction. Localbitcoins.com, is the most popular network to do peer-to-peer dealings. For each transaction that is completed, Localbitcoins.com offers an Escrow service to protect the person buying and selling Bitcoins.
- Online Exchanges
This is the most popular and recent way of buying and selling bitcoins in Canada. It is the most preferred because the process is pretty simple. The recorded transactions during 2018 clocked the overall value to $2 Trillion. Massive right?
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