Buying Bitcoins in Canada is relatively easier than in other countries because of how supportive the government is when it comes to cryptocurrency. There is a substantial size of the Canadian population that holds cryptocurrencies of various names, be it Bitcoin, Ethereum, and even Dogecoin. Being in a system where the holders of cryptocurrency can actually use them in financial transactions to pay digitally, these investments can be very useful for many. However, several people simply purchase cryptocurrency as an investment and hold it with themselves for market speculation.
Since the value of cryptocurrency, including Bitcoins, has taken a slight decline, it could be a great time for those who want to buy to swoop in and claim their share. If you are not sure of your buying options and how to do them, we will help you out with the easiest ways for you to buy Bitcoins. Want to know more? Read this blog and find your most preferred method!
Whether you’re trying to send money to sources online in a cheap medium, buy yourself things or try to win big in the volatile cryptocurrency market, here is how to do it!
- Determine the Number of Bitcoins to Purchase: The rule of thumb while buying Bitcoin or any volatile securities is to invest in only as much as you can afford to lose. This way, you won’t run your funds dry trying to make profits in case the market plummets; we have recently seen the huge crash that brought the prices of cryptocurrency tumbling down. While several owners lost millions overnight, several owners became overnight millionaires due to market fluctuations, which is the very nature of cryptocurrency.
Before you fix the amount to invest in Bitcoin, make sure you have kept aside the funds to not compromise with your lifestyle, health, and savings. Investing prudently will take you a long way and a foolish decision can gather losses.
- Select a Preferred Currency Exchange: There are several platforms online that sell Bitcoins at varying rates. To find the best choice, go for the top-rated Canadian vendor, as they are a safer option than accidentally landing into a scam on a dingy exchange. If you’re using an online exchange, compare the rates of Bitcoin, research the site and watch out for red flags like overzealous offers as they often are a sign of fraud.
You can also choose a crypto trading platform like Coinbase to buy Bitcoins securely. These apps are widely used across the globe and offer competitive rates for the purchase and sale of cryptocurrency, being quite reliable.
Your third option to buy Bitcoin is to purchase it over the counter, where cryptocurrency is sold outside stock exchanges like p2p trading. However, these brokers only cater to high-value clients who are willing to invest top dollar in crypto by offering them a discreet way to buy them without showing up in the ledger.
The last method to buy Bitcoin is in person, where you can buy it from a person and they hand over their private key to you upon receiving the sale amount. Be very vigilant with such trades as they can be a scam. Only use formalized methods of buying cryptocurrency where the private code is checked beforehand to avoid losing out on cash.
- Figure Out Your Payment Method: There are several ways to buy Bitcoins using payment methods like PayPal, Skrill, Spotify gift cards, and more options. If bank transfers and direct deposits are not on the plate for you while you want to be discreet, you can choose to buy it from an agent using cash. If you own other cryptocurrencies, you can use them to buy Bitcoins too. All the methods come with different transaction times, so it may take anywhere between a day to a few more for your Bitcoins to reflect in your account.
- Find the Best Digital Wallet: Make sure you have a reliable Digital Wallet to store your cryptocurrency, as they provide more security than the trading platform or exchange from where you buy your Bitcoins. Digital Wallets are like your bank accounts but store various financial instruments, especially cryptocurrency. This way, you won’t have to worry about the online platform being a scam that sold Bitcoins but stole them away from customers or a website that disappeared from the face of the earth with your investments.
- Buy Bitcoins: Once all the above factors have been decided, you can choose your preferred place to buy Bitcoins and pay using the best method for you. Make sure that your sources are verified, and that you do not hold your Bitcoins on any platform or website’s account. Instead, transfer them immediately to your Digital Wallet for safekeeping. If you’re new to crypto trading, make sure you start small and build it up since it can take a while to get used to the speculations.
Pro tip: Your private key is the main control for your Bitcoins. If you lose the private key, you not just lose transfer rights but also access to your Bitcoin wallet! About 60 percent of Bitcoins are floating unclaimed in circulation because their private keys were lost. If storing it online is a safety concern, write it down somewhere safe that you will remember so that your private key cannot be stolen or scammed. Bitcoin private keys are highly secure and are almost impossible to hack, but there are several fraudsters who can con users into divulging the secret encryption code.
Once you have bought your Bitcoins or any other preferred cryptocurrency, you can use your digital wallet for online transfers. With the help of a private key, encrypted transactions of Bitcoins can safely deliver the cryptocurrency to the recipient without them getting hacked or stolen. We hope you found this article informative and helpful to make your purchase of cryptocurrencies; happy trading!