When it comes to investing your money there’s a number of different avenues at your disposal. You could put it in stocks and shares, an account with your bank like an ISA that will gradually grow interest over a set period of time or you could try cryptocurrencies. One such currency that’s taking the trading world by storm over the last couple of years is Bitcoin and it’s definitely worth considering if you’re looking for somewhere new to stick your cash!
Why So Much Interest In Bitcoins?
If you’re new to the online Bitcoin Canada trading scene and have never heard of them until now then here’s some useful information on why so many people are taking the plunge with Bitcoins.
To begin with, one of the main appealing benefits of invest in Bitcoin CAD is that they regularly inflate and decrease their value, sometimes so often that it can change overnight. So you could invest $100 in the morning on Bitcoins and find your shares in the cryptocurrency have triple or even decreased a few hours later. It’s a highly volatile trading market, but the fluidity of value is why so many people find it appealing.
You can invest your cash and then quickly flip it for a tidy profit if you know how!
Plus, Bitcoins are secure and extremely difficult to break into making them the perfect place to invest your cash safely and easily.
With these two strong selling points alone, you can see why the Bitcoin Canada market is so popular!
The Uses of Bitcoins
So where can you use Bitcoins?
Well you can use Bitcoins with practically everything and anything you can think of. Because of their growing popularity of the last few years there are a number of different online and physical retailers that accept them as a form of currency.
Like Furniture Toronto for example, they will happily accept Bitcoins when you want to buy yourself some modern and contemporary furniture for your apartment or home.
Or you can spend your Bitcoins over at Fortress Geek if you’re looking to get your hands on the latest gadgets, toys or nerd apparel. Another interesting place to use your Bitcoins would be Dell, because through a partnership they setup with Coinbase you can purchase top of the line computers with a 10% discount when you use Bitcoins to make your purchase.
Which only further incentivises you to use them to spend your cash on cryptocurrency.
From physical goods in stores to online items, there really is no end to the places and ways you can spend Bitcoins in Canada.
The most popular usage of Bitcoins outside of CFD trading is to store them in a crypto currency wallet and send them to other users in exchange for goods or services. These wallets are basically software programs that store various public and private keys that interact with a series of blockchains to complete online transactions.
As a basic example, if you were to send money to a specific Bitcoin address it would be stored there for a specific amount of time until it was unlocked by the recipient. To unlock it the person or site receiving your money would use a special key code and if the key matches the one stored inside of the wallet then it unlocks and the transaction is complete.
How Exactly Do You Buy Bitcoins?
If after reading all that you’re still interested in taking a spin on Bitcoins then using your helpful guide you can get your hands on your very own cryptocurrency as quickly as possible.
If you want to purchase Bitcoin CAD you have two main options to choose from. You can buy your coins from one of the various Canadian exchanges you can find online, or you can try your hand at trading CFD’s. Both of these options have their positive and negative factors, so you might want to consider them first before you dive in and start spending cash.
Our eToro Canadian Bitcoin Guide
- To start off you need to go enter etoro.com into your browser and select the ‘Join Now’ button that they have on their homepage.
- After that step create your account details. This will be your name, email address, cellphone number, password and the username you want to use on the eToro website.
- From there select the ‘Create Account’ button and you will be transferred to the main page on the website that you can use to trade and buy Bitcoins from.
- After reaching the main page you will be prompted to ‘Complete My Profile’. This part is fairly easy and should only take a few minutes. All you need to do is enter your various personal details on the site like your address, date of birth and so on.
- After completing your account you can then deposit cash into your account by selecting ‘Deposit Funds’ and filling out your payment details.
- A bonus feature of eToro is that it accepts a number of different payment options. So you can use everything from credit and debit cards to PayPal, Neteller and even Skrill if you so choose.
- Once you’ve entered your payment details select the ‘Submit’ button at the bottom of the page to get your hands on your Bitcoins.
After you have completed all those steps you can now start purchasing and trading Bitcoins online in Canada.
What Does The Future Hold For The Canadian Bitcoin?
Bitcoin Canada 2017
The Bitcoin market in 2017 has often been referred to as the dot-com bubble of the 90’s. You can clearly see the comparison as both started off as a small niche market with little to no financial investment, that is until the right kind of people saw there was money to be made. Once that happened the market almost exploded overnight as everyone tried to stake a claim in now valuable resource.
The rapid growth of the Canada Bitcoin market is obvious, in the last few weeks alone the value of the Canada’s Bitcoin’s has skyrocketed to a massive $16,000, and that price is still going up on a relatively regular basis.
To put that statement in context, this time last year if you wanted to buy or trade Bitcoin’s you would have to pay $750. In the space of just one year that is a massive jump in net worth, it’s more than 21 times its original net worth, which is staggering when you think of how much money you could make in just one year with Bitcoin’s alone!
Bitcoin Canada 2018
The future of the Bitcoin in Canada is plain to see, it’s here to stay and it’s only going to become more involved in our day to day lives than it is already.
For example, just like in London in the UK already in Canada there are numerous ATMS that will allow you to deposit your cash and turn it into Bitcoin’s pretty quickly. A cursory glance on Google maps will show the nearest one and thanks to their popularity it’s relatively easy to find one in no time at all.
With so many options at your fingertips on how to buy and sell your Bitcoin’s it’s definitely a good investment now, just think of where a small $100 deposit now could go in just a few short months.
The Coinlist Recommendation
Starting out as a Bitcoin trader in 2017 has arguably never so simple. There’s countless different avenues and platforms at your fingertips and the ability to turn a quick profit has become incredibly easy that literally anyone with a bank account can give it a shot. With our simple guide you can become the next big investor in no time at all, you just have to remember a few simple things.
First off, you need to find a reliable and safe system to purchase Bitcoins through. Your main choice should be a broker. We recommend using a broker to handle your transactions because all brokers are strictly monitored, regulated and controlled to prevent any fraudulent activity that could potentially happen on their accounts.
There’s a number of different brokers out there for you to choose from and each one offers different benefits and features that you can take advantage of when you create an account. If you don’t have time to spend sitting sifting through all the various sites and comparing and contrasting them then we recommend just sticking with eToro. Not only will you have our helpful guide at your fingertips to help you through their account creation procession, but they also have tons of great features to use.
Like their discussion boards where you can sit and talk to other online traders and pick up a few tips about trading that you may not have known about. Plus eToro actively encourages their traders to be sociable with one another so you can post and comment without worrying that you’ll upset anyone as everybody is pretty helpful, especially to first time traders.
You can also stay up-to-date with the latest investing news through their useful ‘newsfeed’ tab and even take advantage of their fantastic accounts team that are available to your around the clock should you need any support.
With so many great benefits, we can’t stress enough how helpful eToro is for first time Bitcoin buyers, so why not check them out and get trading online now!