Bitcoin is a type of digital currency or cryptocurrency that is generated and exists only in electronic form. In other words, you can’t find it in a physical form (although some investors are making efforts to achieve this goal).
Bitcoin was introduced in 2009 by Satoshi Nakamoto. This is actually a pseudonym used by a person that no one knows. His (or hers) goal was to make a cryptocurrency that can’t be controlled by big banks and governments.
Today, Bitcoin is a trending topic, but to talk about the Bitcoin craze without mentioning the blockchain technology would be a big mistake because this digital currency relies on blockchain technology. The most important thing of Bitcoin and other similar digital currency is the decentralization. Every transaction involving bitcoins is recorded and kept on the blockchain system. This is actually a public ledger that can be accessed via any computer that is part of the Bitcoin network. Keep in mind that there is no main ledger.
Now that you are familiar with the basics of Bitcoin, it’s time to reveal how one can buy Bitcoin in Canada.
Purchasing this cryptocurrency in Canada can be conducted in different ways. Some people use online exchanges, others used CFDs and some of them are using Bitcoin ATMs. Each of these options has some advantages and disadvantages. If you want to use an online exchange, our suggestion is to try CEX.IO because it has a reasonable trading fee and lets Canadian users buy Bitcoin with the help of their credit cards, cash, and SEPA/bank transfers.
The process of buying Bitcoin in Canada in this way should start by opening a digital Bitcoin wallet. This is where you store your Bitcoins. There is more than one option out there, and one of the most used today is Blockchain.info.
After that, visit CEX.IO, complete the registration and open a new account that allows you to buy and sell Bitcoin. After that, you will get the 2FA code. The code serves as both a password and n authentication code. Users are getting these codes via SMS. The next step is to buy Bitcoin. You can select Canadian dollars and buy some bitcoins. Use bank transfer, or credit card to buy this cryptocurrency. That’s it! You are a proud owner of Bitcoin now. The process of selling bitcoins is equally simple and straightforward.