Many Canadians are looking into what they can do with cryptocurrency. But there are a few important things you must do first. In fact, here are the ten most important things you need to know before checking the Bitcoin price in Canada.
1. What is Bitcoin?
Our guide will help you get started exploring the Bitcoin price in Canada. First, though, we need to answer an important question: what, exactly, is Bitcoin?
On the most basic level, Bitcoin is open-source software developed based on blockchain technology. It is referred to as a “cryptocurrency” because the person who created it (the mysterious Satoshi Nakamoto) wanted to create a type of money outside the power of governments and traditional banks.
Some Bitcoin traders like the anonymity of this cryptocurrency. Others treat Bitcoin as a store of value because of its deflationary nature. Check out our previous blog here to learn more about bitcoin.
2. Your Bitcoin Wallet
Remember when we said Bitcoin was entirely electronic? Because of that, you’ll need to get a bitcoin wallet if you want to store your Bitcoin outside of your trading platform.
The wallet helps hold Bitcoin and other kinds of cryptocurrencies (more on this later). Fortunately, there is a wide variety of wallets available for you to choose from. You can choose either a hot wallet or a cold wallet to store your bitcoin. Just be sure to do your research and discover the wallet that best meets your own specific needs.
3. Open the Right Account
Once you have a digital wallet set up, you can’t start buying Bitcoin just yet. To do that, you’re going to need to open an account.
You can easily open an account online with VirgoCX. You can then monitor your account and adjust the info via either the website or a convenient mobile app.
After opening your account, you will be prompted for some additional information. This helps verify your account. And at that point, you’re ready to start buying!
4. Start Buying
By this point, you have a bitcoin wallet and you have a verified online account. You can go ahead and start buying bitcoin whenever you want.
The way this works is that you will first need to fund your account. For example, VirgoCX provides you with the option to fund your account by using INTERAC e-Transfer & Wire Transfer without charging any fees.
With the funds in your account, you can use the website or mobile app to buy Bitcoin and other cryptocurrencies. And when you’re ready, you can also sell your cryptocurrencies.
5. Selling Bitcoin
You might want to start selling your cryptocurrencies at some point.
The simplest way to do this is to use the VirgoCX website or mobile app. On this platform, you can see the live prices of different cryptocurrencies and sell whenever you need to sell.
If you’re a bit “old-fashioned,” you might not like using an online interface for all of your Bitcoin transactions. In that case, there are some “offline” options you can check out at your convenience.
6. Bitcoin ATMs
Believe it or not, there are quite a few Bitcoin ATMs in Canada. But instead of being connected to a typical bank, these ATMs allow you to access your Bitcoin accounts and quickly retrieve your crypto.
At this point, you might be asking yourself a question: what’s the downside? The main downside is that these Bitcoin ATMs often feature high transaction fees and set low deposit and withdrawal limits.
7. Keep Learning
Are you new to the world of crypto trading? Then educating yourself before deciding is the way to go.
Bitcoin values have fluctuated quite a bit in recent years. We recommend that you learn as much as possible about the market by reading books, blog posts and taking courses if necessary.
8. Explore Other Digital Currencies
Bitcoin is certainly the most famous cryptocurrency around. But you should be aware that there are many other cryptocurrencies that you can explore.
Other popular cryptocurrencies include Ethereum, Litecoin, Tether, Stellar, and many more. And each kind of cryptocurrency has its own market and its own fluctuating values.
When you know more about the world of cryptocurrency, you might start trading all kinds of cryptocurrencies.
9. Discover Bitcoin-Friendly Retailers
Earlier, we described how you could fund and buy Bitcoin. Afterward, you always have the option to withdraw money from the account and pay for what you need.
But what if you didn’t have to do that? An increasing number of retailers in Canada and around the world now accept cryptocurrency as a valid form of payment.
To save yourself some time, do your research on local retailers that will let you pay via Bitcoin. This helps you make the most of your crypto while supporting local businesses that share your views on cryptocurrency.
10. The Golden Rule
When you read stories of those who strike it rich with Bitcoin, you might be tempted to do something drastic. And this has caused people to invest entire paychecks or even their life savings into cryptocurrency.
Never bet what you can’t afford to lose and consult with a licensed financial advisor when making any trading or investment decisions.
Bitcoin Price in Canada: What’s Next?
Now you know what you need to know before checking the Bitcoin price in Canada. But do you know who can help you start your journey today?
Here at VirgoCX, we make buying and selling in Bitcoin as simple as clicking a button. To see what we can do for you, just sign up today!
Disclaimer: No Investment Advice The contents of this article are for informational purposes only and are not intended as, and shall not be understood or construed as, investment advice, financial advice or trading advice. There are substantial risks associated with the trading of cryptocurrencies and you should consult with a licensed financial advisor prior to making any trading or investment decisions. Content Not Warranted The contents of this article are provided “as is” and without warranties of any kind. You bear all risks associated with the use of the content provided including without limitation, any reliance on the accuracy, completeness or usefulness of any content available within this article.
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