Everyone has heard of someone who currently or used to mine Bitcoins. At a glance, it seems like a great way to earn a significant amount of money! That is, until you realize that the process of mining bitcoins is long and requires a whole lot of your computer’s power with an expensive hydro bill to match. After realizing this, most people turn their attention to the process of buying Bitcoins online. However, the landscape of buying and selling Bitcoins is a minefield for many new investors. For many people, their main barrier to investing in Bitcoin is that they don’t know where to get it! After all, it’s not something you can just go to the store and buy. So, how do you buy bitcoins in Canada?
The first step to take is to get a wallet that you can trust. We recommend a hardware wallet for anything more than temporary storage of bitcoins. After you have a storage solution, go ahead and purchase some Bitcoins. Most people use an exchange like MyBTC.ca, although there are a couple of other, less common ways to go about making a purchase. After you purchase Bitcoins online using CAD, your cryptocurrency will appear in your wallet shortly. For more information, here’s our guide on how to buy bitcoins in Canada.
Get a wallet
Before you buy Bitcoins, it’s prudent to have a way to store them online. A Bitcoin Wallet is a piece of software or hardware used to securely store, transfer and withdraw cryptocurrencies online. They work by providing public and private keys (addresses), giving you complete control of how you use your bitcoin. You should have a wallet before you purchase any crypto, otherwise there is no way for you to store it yourself.
MyBTC.ca is a non-custodial exchange, meaning that they won’t store your Bitcoins for you. They do that because they want you to have control over your money, and make the decisions that are best for you.
There are many different options for Bitcoin wallets, and the one we recommend you use depends on what you plan on doing with your Bitcoins. For example, if you need a temporary solution to bitcoin storage, online wallets from third party developers and custodial exchanges are an option. However, a hardware solution could be more secure. If you plan on storing your bitcoins for any extended period of time, we recommend you buy hardware storage for your bitcoins. Hardware solutions are more secure because they are an offline storage system, making them extremely difficult to hack. They’re small, portable and make storing Bitcoins much more secure, keeping you in complete control of your currency.
Where to Buy Bitcoins
Once you have a secure place to store your Bitcoins, it’s time to make an investment and purchase your own Bitcoins! There are 5 ways to obtain bitcoins in Canada.
Online Exchanges
The first and by far the most common way to buy bitcoin is through online exchanges. MyBTC.ca is an example of a non-custodial exchange broker that is mostly a fiat on-ramp to Bitcoin. Some exchanges also let users trade for cryptocurrencies with ‘stablecoins’ or fiat currencies. Other exchanges may even allow you to store your Bitcoins with a wallet on their website — these are called custodial exchanges. However, custodial exchanges maintain control over your bitcoins while you store them on their websites. That can be risky if the exchange you store your coins with has a number of issues, so if you’re going to store your bitcoins on an exchange, make sure you trust them.
That being said, exchanges are easy to use and there is a reason that most people obtain bitcoins through exchanges. The process is straightforward, quick and reliable in terms of actually obtaining your bitcoins. As long as you have a secure place to store your bitcoins after your purchase, an online exchange is probably your best bet to purchase some Bitcoins for yourself.
ATM’s
The second place to buy bitcoins is through a bitcoin ATM. These kiosks allow you to purchase bitcoins usually with physical cash but some may allow payment credit or debit cards. BTMs (Bitcoin ATMs) can be hard to find and often charge exceptionally high fees on transactions.
P2P Trading
The third way to purchase bitcoins is through peer-to-peer trading. Websites like localbitcoins and OpenBazzar are examples of these kinds of websites. Basically, you can buy or sell bitcoins for a price on P2P exchanges, allowing you to exchange bitcoins for cash, other items and more. Being a seller on this type of platform can earn you Bitcoins if you have something to sell. However, if you’re buying something, P2P exchanges are not always the best option. This is because of the anonymity of bitcoin transactions. Sometimes, scammers using peer-to-peer exchanges create situations where you pay bitcoins for something and don’t get the product or service you ordered.
OTC Trading
Another way to get bitcoins is ‘over the counter’ trading. This type of trading is usually used to trade very large amounts of cryptocurrencies outside of an exchange. This is usually used by high-value individuals who know the landscape already, so if you’re buying bitcoin for the first time, you may struggle to find a way to trade for bitcoins. That being said, websites like Bitstocks make moving large amounts of bitcoins relatively straightforward, if you’re looking to use OTC trading to get your hands on bitcoins.
In-Person Purchases
The final way that someone can obtain bitcoins is through an in-person exchange. You may find someone in your area that is willing to sell their bitcoins for cash.
Purchasing Bitcoins on MyBTC.ca
If you plan on using an online exchange to purchase Bitcoins, consider MyBTC.ca as a dependable option. To purchase Bitcoins through MyBTC.ca, you must create an account profile with them. To set up an account, click ‘buy bitcoin’ and select how you want to pay. Then, a verification process will begin.
The first step is to complete a verification via text message. After you input your phone number, you will receive a text message that provides you with a code that you must input in the box below where you added your phone number. Once the verification process is complete, you will be prompted to fill out your information (name, mailing address, email address, etc.). After you’ve input your information, you’ll need you to verify your identity via an in-person ID verification at Canada Post, or through their in-house Photo ID and address verification.
After your account has successfully been created, you can add funds to your account and use those funds to begin purchasing bitcoins immediately. Your Bitcoins will appear in the wallet that you enter during the checkout process.
Why Choose MyBTC.ca?
Now that you know where and how to purchase bitcoins, you’re probably weighing your options about where to make your first purchase. While there are a number of choices when it comes to purchasing bitcoins in Canada, MyBTC.ca offers speed, versatility and customer support that is second to none.
The speed of our transactions are unparalleled. Usually, the process takes about 10 minutes between us sending your Bitcoins and them appearing in your wallet, but that time can vary based on the blockchain that your wallet uses.
They also offer a wide array of payment options. They accept Interac e-Transfer, credit cards, Flexepin, bank wire transfers and payment in-person at Canada Post. Their funds are insured with a Canadian Financial Institution. MyBTC.ca is an exchange you can trust to handle transactions securely and efficiently.
Finally, their customer service is among the fastest and most comprehensive available. They can be reached via live chat, SMS, email or a phone call. They promise to get back to you quickly, and to resolve your issue in the best way possible.
(Syndicated press content)
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