The guide to Bitcoin for Canadians like you
The guide to Bitcoin
for Canadians like you
From learning the fundamentals to buying your first Bitcoin in Canada.
Start with learning the basics of Bitcoin
Learn how to invest in Bitcoin in Canada
Learn more about where you can buy Bitcoin in Canada
Bitcoin throughout the years
Who created Bitcoin? Why did Bitcoin get so big? Dive into the key events that make up the history of Bitcoin through the last 15+ years.
October 2008
The Birth of Bitcoin
Bitcoin is created by Satoshi Nakamoto. Satoshi introduced the world to cryptocurrency with the release of the Bitcoin white paper in 2008. To this day, Satoshi’s true identity remains a mystery, adding to the allure of Bitcoin’s origin story.
April 2009
First Bitcoin Value Exchange
First ever Bitcoin Exchange rate with FIAT currency after the first Bitcoin was mined earlier that year. Bitcoin was the first cryptocurrency to be created and given value.
May 2010
Bitcoin Pizza Day
The first purchase in Bitcoin is made to buy 2 Papa John's pizzas for 10,000 Bitcoins. Later that year, Bitcoin starts trading at an estimated price of $0.0008 to $0.08 USD per coin. Since then, May 22nd is now known as "Bitcoin Pizza Day".
November 2012
Bitcoin's First Halving
Bitcoin's block reward is halved, from 50 to 25 Bitcoins.
July 2016
Bitcoin's Second Halving
Bitcoin's block reward is halved, from 25 to 12.5 Bitcoins.
July 2017
Bitcoin Hard Fork
SegWit is implemented on Bitcoin, which leads to the hard fork and creation of Bitcoin Cash.
October 2017
Another Bitcoin Hard Fork
Bitcoin undergoes another hard fork and Bitcoin Gold was born.
May 2020
Bitcoin's Third Halving
Bitcoin's block reward is halved, from 12.5 to 6.25 Bitcoins.
February 2021
World's First Bitcoin ETF Launches in Canada
Canada launched the world's first Bitcoin ETF, the Purpose Bitcoin ETF (BTCC). This groundbreaking move made Canada a global leader in cryptocurrency investment products, offering investors a regulated and accessible way to gain exposure to Bitcoin through traditional financial markets.
September 2021
El Salvador Moves Forward with Bitcoin
El Salvador officially becomes the first country in the world to accept Bitcoin as legal tender.
November 2021
Joe Biden signs bill to regulate crypto transactions
US President Joe Biden sign a $1.2 trillion infrastructure bill which include some crypto regulation.
January 2024
Bitcoin ETFs Approval in the US
In January 2024, the SEC's approval of 11 spot Bitcoin ETFs marked a historic milestone by legitimizing Bitcoin as a mainstream financial asset. A spot Bitcoin ETF, backed by actual Bitcoin, allows investors to gain exposure to cryptocurrency without managing it directly, offering a regulated and simplified investment option.
For Canadians, it expanded access to Bitcoin investments through traditional financial platforms like RRSPs and TFSAs, strengthening Bitcoin's role as both an inflation hedge and a transformative financial tool.
April 2024
Bitcoin's Fourth Halving
Bitcoin's block reward is halved, from 6.25 to 3.125 Bitcoins.
May 2024
Bitcoin reaches one billion transactions
Bitcoin processes its one billionth transaction, a huge milestone for Bitcoin - 15 years and four months after its genesis block was mined.
August 2024
BlackRock's Bitcoin ETF is now larger than its Gold ETF.
BlackRock’s spot Bitcoin ETF records its first day of over $1.1 billion net inflows, and holds a higher asset value than its Gold ETF which is almost 20 years old.
New to Bitcoin?
Are you just getting started with Bitcoin and want a better understanding of what Bitcoin is, how it works and what it’s all about? Here’s a quick guide to help you get started.
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What is Bitcoin?
Bitcoin is a type of digital currency that allows for secure and direct transactions over the internet. It operates without a central authority, like a government or financial institution, which makes it decentralized. This digital currency is based on a technology known as blockchain, which is essentially a public ledger that records all transactions. Every transaction is verified by network nodes through cryptography and recorded in this ledger.
So, what is Bitcoin doing differently from traditional currencies? For starters, it offers greater transparency and security. Each transaction is visible on the blockchain, and once recorded, it cannot be altered. This helps prevent fraud and double-spending, making Bitcoin a reliable option for many. It also offers users greater privacy compared to traditional banking systems.
Another key feature of Bitcoin is its limited supply. Only 21 million Bitcoins will ever be created, which makes it immune to inflation and the arbitrary creation of more units, unlike traditional currencies. This scarcity can increase its value over time, which has made it an attractive investment for many.
In short, Bitcoin offers a unique blend of security, transparency, and privacy, making it a compelling choice for those interested in digital finance.
Who Created Bitcoin?
Bitcoin was created by an individual or group using the pseudonym Satoshi Nakamoto. Nakamoto introduced Bitcoin in a 2008 white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. The identity of Satoshi Nakamoto remains unknown, adding an air of mystery to this revolutionary digital currency. Despite this anonymity, the creation of Bitcoin has had a profound impact on the financial world, inspiring countless other cryptocurrencies and prompting discussions about the future of money.
How Does Bitcoin Work?
Bitcoin operates as a digital currency, functioning independently of a central authority or government. It’s powered by a technology called blockchain, which acts as a public ledger. This ledger records every Bitcoin transaction, ensuring transparency and security. Imagine blockchain as a chain of blocks, each containing a list of transactions. Once a block is filled, it’s added to the chain in chronological order, making it almost impossible to alter past transactions. This feature is what provides Bitcoin with its security and trustworthiness.
When you ask, how does Bitcoin work, it’s essential to understand the role of miners. Miners are participants in the Bitcoin network who use powerful computers to solve complex mathematical problems. Solving these problems validates and records transactions onto the blockchain. As a reward for their efforts, miners receive newly minted Bitcoins. This process, known as mining, is integral to how Bitcoin maintains its decentralized nature.
Why Does Bitcoin Have Value?
Now, you might wonder, why does Bitcoin have value? First, its limited supply contributes to its worth. Unlike traditional currencies, only 21 million Bitcoins will ever exist, making it a scarce asset. Additionally, Bitcoin’s decentralized nature means it’s not subject to inflationary pressures from government printing.
People value Bitcoin for its potential to store wealth, similar to gold. Furthermore, Bitcoin offers a way to transfer value across borders without the need for intermediaries, making it an attractive option for investors seeking alternatives to traditional banking systems.
Bitcoin’s value stems from its scarcity, security, and independence from centralized authorities. Its underlying technology, the blockchain, ensures that transactions are transparent and secure, answering the critical question of how Bitcoin works. As the world becomes more digital, Bitcoin continues to attract investors who appreciate its innovative approach to currency.
Getting Started with Bitcoin in Canada
Getting started with Bitcoin in Canada is easier than you might think. As a beginner trader, you’ll want to first set up a digital wallet to store your Bitcoin securely. Choose a reliable and reputable Canadian cryptocurrency exchange like Bitbuy or Coinsquare that offers an easy process and strong security features. Once your account is set up, you can buy Bitcoin using Canadian dollars through various payment methods, including bank transfers and credit cards. It’s important to stay informed about Bitcoin trends in Canada by following trusted news sources and engaging with the trading community. Remember, practice and patience are key to building your confidence in trading Bitcoin in Canada.
How to Buy and Sell Bitcoin and Crypto in Canada
As the popularity of cryptocurrencies like Bitcoin continues to grow globally, more Canadians are looking to buy and sell digital assets. Whether you’re an experienced trader or a complete beginner, understanding the process of purchasing Bitcoin and navigating Canadian crypto exchanges is the key to success. Here’s a comprehensive guide on buying and selling Bitcoin in Canada, including tips on when to buy and how to make the most out of your investment.
How Can I Buy Bitcoin in Canada?
Buying Bitcoin in Canada is relatively simple, and several reliable platforms make the process quick and secure. Here’s a step-by-step guide to help you get started:
- Sign up on a Canadian Exchange: To purchase Bitcoin in Canada, you must create an account with a reputable cryptocurrency exchange. Popular platforms like Bitbuy or Coinsquare are great options for Canadian users. Signing up typically involves verifying your identity through a KYC (Know-Your-Customer) process.
- Deposit Canadian Dollars (CAD): Once your account is verified, you can deposit funds from your Canadian bank account. Most exchanges offer several payment methods, including Interac e-Transfer, wire transfers, and credit or debit card payments.
- Buy Bitcoin: After funding your account, you’re ready to buy Bitcoin. On exchanges like Coinsquare, you can quickly execute a trade and purchase Bitcoin using Canadian dollars. You can decide the amount of Bitcoin you want to buy based on your current price and budget.
- Store Bitcoin Securely: After purchasing Bitcoin, you can leave it on the exchange or transfer it to your wallet. Most exchanges offer “cold storage” for security, but you might want to store your Bitcoin in a software or hardware wallet for added control and safety.
When is the Best Time to Buy Bitcoin?
Timing your Bitcoin purchase can be crucial, as the price can be volatile. Here are some factors to consider when determining the best time to buy Bitcoin in Canada:
- Monitor Market Trends: The crypto market is influenced by news, regulations, and global financial events. Staying updated with Bitcoin news can help you spot patterns and predict price fluctuations. For example, price dips offer buying opportunities, while upward trends indicate a more expensive time to purchase.
- Watch for Bitcoin Price Canada Updates: Bitcoin’s price can vary depending on regional factors. In Canada, crypto exchanges like Bitbuy offer real-time tools to track Bitcoin prices and fluctuations. You can also use these updates to determine if it’s an excellent time to buy or wait for a better price.
- Use Technical Analysis: Advanced users often rely on technical analysis to predict market movements. By studying historical price charts and trends, you can make more informed decisions about when to purchase Bitcoin.
- Be Patient: It’s tempting to jump into the market immediately, especially when you hear about significant price increases. However, patience is essential. It’s wise to wait for favourable conditions or a price correction before purchasing.
Is it a Good Time to Buy Bitcoin?
Whether or not it’s an excellent time to buy Bitcoin depends on several factors. Here’s what to consider:
- Bitcoin Market Sentiment: As Bitcoin is highly affected by public sentiment, it’s important to stay informed about significant news events, not just crypto and Bitcoin news. For instance, government regulations, technological advancements, or macroeconomic factors can drastically change Bitcoin’s price.
- Global Economic Conditions: Bitcoin’s value often correlates with global economic events. Bitcoin may be considered a haven investment if traditional markets are struggling, driving its price. Conversely, periods of financial stability may lead to lower demand for crypto, making it an ideal time to buy.
- Long-term vs Short-term: For investors looking to hold Bitcoin for the long term, short-term fluctuations may be less concerning. However, timing your buy based on price movements and market trends is essential if you’re a short-term trader.
How to Sell Bitcoin in Canada
When it comes time to sell your Bitcoin, you can do so through the same exchanges where you purchased it. Here’s how the process works:
- Choose a Platform: Select a Canadian exchange like Bitbuy that allows for easy Bitcoin to CAD conversions.
- Sell Your Bitcoin: You can sell your Bitcoin directly through the platform, converting it back into Canadian dollars. Keep in mind that exchanges will charge a small fee for the transaction.
- Withdraw Funds: After selling, you can withdraw the funds to your linked bank account or reinvest them in another cryptocurrency.
Bitcoin Price Canada: Understanding Market Trends
Tracking the price of Bitcoin in Canada requires staying updated on both local and global factors that influence its value. Platforms like Bitbuy and Coinsquare provide reliable, accurate data to track real-time Bitcoin prices, reflecting the current exchange rate of Bitcoin in Canadian dollars (CAD). These exchanges allow you to monitor Bitcoin’s price fluctuations, view historical trends, and even set alerts to notify you of significant changes.
Several factors influence the price of Bitcoin in Canada, including economic conditions, regulatory changes, and global events. Financial factors like inflation, market liquidity, and interest rates can drive demand for Bitcoin as an alternative investment. Additionally, regulatory updates play an important role in Bitcoin’s price volatility; government regulations, such as tax policies or new cryptocurrency laws in Canada, can impact investor confidence and the overall market sentiment.
Global trends also significantly affect Bitcoin prices. For example, international adoption of Bitcoin, trends in traditional financial markets, and significant announcements from global companies can drive large price swings. Understanding these variables can help you make informed decisions about buying or selling Bitcoin in Canada. Keeping track of the price of Bitcoin in Canada on trusted exchanges like Bitbuy and Coinsquare can provide a clear view of market conditions and trends.
Buying Crypto on a Regulated Exchange vs. Alternative Buying and Selling Options
(e.g. Bitbuy)
(P2P, Bitcoin ATMs, Global Exchanges)
FAQs about Bitcoin in Canada
Select a trusted exchange like Bitbuy or Coinsquare to buy Bitcoin in Canada. After signing up and completing identity verification, deposit Canadian dollars via bank transfer or credit card. Then, choose Bitcoin from the platform, select the amount, and complete your purchase, storing it securely afterward. This detailed guide from Coinsquare takes you through the entire process of buying Bitcoin in Canada
Selling Bitcoin in Canada is easy on exchanges like Bitbuy or Coinsquare. Transfer Bitcoin to your exchange wallet, place a sell order, and choose to sell at the market price or set a limit order. After the sale, withdraw the Canadian dollars (CAD) to your bank account.
One Bitcoin equals 100 million satoshis. Named after Bitcoin’s creator, Satoshi Nakamoto, a satoshi is the smallest unit of Bitcoin. This fraction allows users to trade in smaller amounts, even when Bitcoin prices are high, making it accessible for microtransactions and enabling easy divisions of Bitcoin.
Whether it’s an excellent time to buy Bitcoin depends on factors like market conditions, Bitcoin’s current price, and your investment goals. Bitcoin’s volatility can be unpredictable, so staying informed on Bitcoin news and market trends is essential. Timing your purchase can help optimize potential returns.
The best time to buy Bitcoin depends on your strategy. Buying during dips can provide opportunities for long-term investors, while short-term traders may prefer volatile periods. Pay attention to Bitcoin price in Canadian dollars, market sentiment, and news to identify favourable times for buying or trading Bitcoin.
Whether Bitcoin is haram (forbidden) in Islam depends on interpretation. Some scholars argue that Bitcoin’s decentralized nature and lack of interest-based transactions make it permissible. Others caution against its volatility and association with illicit activities. Muslims should consult religious authorities for guidance on whether Bitcoin aligns with Islamic principles.
Bitcoin is a digital asset with no physical form. It exists only as data on the blockchain. While there is no physical “coin” or note, Bitcoin is often represented visually through its iconic Bitcoin symbol or QR codes for transactions. It operates entirely in the digital realm.
Yes, Bitcoin is legal in Canada. While not considered legal tender, it is recognized as property and can be bought, sold, and used for investments. Canadian exchanges are regulated, and users must report cryptocurrency transactions for tax purposes. Bitcoin transactions comply with anti-money laundering regulations in Canada.
Check reliable cryptocurrency exchanges like Bitbuy and Coinsquare to learn about Bitcoin prices in Canada. These platforms provide. real-time updates on Bitcoin’s value in Canadian dollars (CAD). Both offer user-friendly interfaces where you can track price fluctuations and historical data and set alerts for price changes to help you stay informed about the latest Bitcoin trends in the Canadian market.
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The guide toitcoin
for Cnadians like you
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Your Essential Guide to Getting Started with Bitcoin in Canada
Unlock the Potential of Bitcoin: A Step-by-Step Approach
Discover how to create a Bitcoin wallet and start making transactions easily.
Step 1: Create Your Bitcoin Wallet Securely and Efficiently
Choose a reliable wallet provider to store your Bitcoin safely.
Step 2: Fund Your Wallet and Start Buying Bitcoin
Learn how to purchase Bitcoin using various payment methods.
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Is Bitcoin considered money?
There are 4 main properties of money and Bitcoin has all of them.
Durability
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Divisibility
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Transportability
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Inability to Counterfeit
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