If you’ve watched or read the news recently, you’ve probably heard of Bitcoin. It’s the first cryptocurrency and is the inspiration for the thousands of cryptocurrencies created since. It also happens to be the most valuable cryptocurrency to date, with a market capitalization in the hundreds of billions of dollars.
If you’re reading this, you’re probably considering buying some Bitcoin. The goal of this article is to help with the why and the how of buying Bitcoin in Canada. If you’ve already made up your mind to buy some, feel free to skip the first half and go directly to the description of how to buy Bitcoin. However, you’ll be missing out on some of the cool things that Bitcoin can be used for in Canada
What Can I Do With Bitcoin in Canada?
For some people, the purpose of buying Bitcoin is investment or trading. Once purchased, they sit on it for a while or engage in day trading to make a profit. But Bitcoin was designed to be a usable currency and several companies will accept Bitcoin as a method of payment. Many international companies accept Bitcoin as payment. If you enjoy traveling, you can pay for hotel rooms on Expedia or airfare on CheapAir with Bitcoin. Another option is purchasing gift cards via eGifter or Gyft. You can even go shopping on Newegg or Overstock.com and pay with Bitcoin. These are only some of the options you have for online shopping with Bitcoin. But what about Canada specifically? Is there anything that you can do with your Bitcoins while out and about rather than online? Yes! Did you know that the very first Bitcoin ATM was located in Vancouver? At this ATM, you can easily transform your Bitcoin into cash. Since then, the number of Bitcoin ATMs has dramatically increased with almost 400 Bitcoin ATMs scattered across Canada.
If you’re craving Indian food, there are a couple of locations where you can buy your meal with Bitcoin. In Edmonton, check out Remedy Cafe or Vancouver’s India Gate Restaurant and Bar. If you prefer German, check out Bestie Sausage Parlour in Vancouver. If you just want a hot drink, Coin Cafe in Montreal accepts Bitcoin. For something stronger, check out the Rollingdale Winery, North America’s first winery to accept Bitcoin as payment. These are just a few ways that you can use Bitcoin in Canada. If you’re still not convinced, take a look around, there are many others and more being added as Bitcoin’s popularity increases. When you’ve made up your mind, check out the next section for information on how to buy Bitcoin.
How Do I Buy Bitcoin?
If you’ve decided that you want to buy Bitcoin but aren’t sure how, you’re in the right place. Done properly, buying Bitcoin isn’t any more difficult than shopping at any online store. If you are a first time buyer, you’ll need to start by getting a Bitcoin wallet, which is free and easy. Then, you can purchase and store your Bitcoin in your wallet for later use.
Getting a Bitcoin Wallet
The first step to making a Bitcoin purchase is getting a Bitcoin wallet. Many options exist for Bitcoin wallets and any of them will work. One option is https://blockchain.info/wallet/. If you decide to use this wallet, click Sign Up and enter the necessary information. Feel free to explore but one piece of information that you’ll need for the next step is the public address of your Bitcoin wallet. On the left, click Buy and Sell Bitcoin and then click the Request Button at the top of the page. You’ll see a string of letters and numbers with a Copy button next to it. Hit the button to copy the address to your clipboard and you’re ready to make your first Bitcoin transaction.
Purchasing Your Bitcoin
Coinmama provides a quick and easy way to buy Bitcoin and transfer them to your wallet. One of the great services that Coinmama offers is the ability to buy “packages” containing a set amount of Bitcoin. You can also specify the amount of Bitcoin that you want to purchase. Coinmama also makes purchasing cryptocurrency easy by accepting common methods of payment like credit cards. To buy Bitcoin on Coinmama, you need to create an account by hitting the Sign Up button. Follow the prompts until your account is created. Then, you’ll have the option to make your Bitcoin purchase. Choose the package or specific amount and follow the prompts. When asked for your public address, paste the address that you copied from your Bitcoin wallet. After completing the payment and verification steps, your purchase is complete. Soon, the Bitcoin that you purchased will appear in your Bitcoin wallet. Congratulations!