Where to Buy Bitcoin in Canada
Are you looking for a simple and precise answer to this question? Here is one: get a Bitcoin wallet, find a reliable exchange, register on its platform, go to the Buy Bitcoin section, and choose a payment method.
Amazingly enough, Bitcoin purchases in Canada have been simplified to this basic pattern and don’t require any technical background on your part whatsoever. However, the more accessible Bitcoin grows, the harder it becomes to choose a reliable marketplace, broker or exchange.
Our mission at MyBTC.ca is to help you navigate these unknown waters. In this article, you’ll find some relevant information on Bitcoin’s rocky road towards global recognition and learn to what extent Bitcoin has influenced the world’s economy. What’s more, we’ll show you some easily applicable ways to pay for your first Bitcoin here in Canada.
Should I Invest in Bitcoin?
Canada has noticeably grown into a crypto-enthusiastic environment over the past years. More particularly, crypto exchanges have been legally recognized as Money Service Businesses (MSB) within Canada since 2020 and there are 1.2 million Canadians who own Bitcoin or other blockchain-based products so far. This impressive number is a result of the overall tendency towards a “global form of money”.
Despite the high volatility and risks involved, the cryptocurrency industry doesn’t seem to show any signs of slowing down. Contrarily, the most influential brands like Yum! Brands (the parent company of Pizza Hut and KFC), PayPal, and Starbucks have started testing or fully accepting Bitcoin payments. Corporate investors are the most legitimate indicators of long-term business trends, but individuals are still the main force in the industry.
In the middle of the Bitcoin boom, you’re probably wondering if it’s too late to invest in BTC. Well, it’s never late for Bitcoin. At least, that’s what we’ve learnt from its short but eventful history.
A Brief History of Bitcoin’s Price
Bitcoin reached its first denominal price at the rate of $0.08 in 2010, a year after its founder(s), known under the pseudonym of Satoshi Nakamoto, presented this new concept in the whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System".
Soon enough, the innovative idea of Nakamoto drew the attention of plenty of enthusiasts and in 2011, Bitcoin’s value jumped by 3200% to $32 just to drop to $2 in several months. It was just the beginning of an extremely volatile road for the first and most famous virtual coin. The years to come brought even sharper price shifts (from $4 to $1,200, for instance) and a series of cyberattacks due to the early unregulated platforms for trading cryptocurrencies.
Meanwhile, Bitcoin gradually entered the institutional market and in 2017, it reached an all-time high of $20,000. Bitcoin was skyrocketing in popularity but it wasn’t enough for price stabilization, even when the entire world moved towards the digital space during the Covid-19 crisis. Instead, Bitcoin faced the sharpest oscillation from $63,000 to $24,000 in the first half of 2021. However, this huge drop didn’t seem to discourage the global crypto community. On the contrary, according to the majority of experts and technical analyses, Bitcoin is on its way to becoming the greatest store of value by 2025, surpassing even gold. So, instead of missing another jaw-dropping price hit, let’s focus on the ways you can buy your first Bitcoin.
If you’re intimidated by its price, keep in mind that you don’t have to buy a full Bitcoin and can instead purchase a fraction of one.
How to Pay for Bitcoin Using Different Payment Methods
As we implied at the beginning, the most reasonable method for a novice is a cryptocurrency exchange. Fortunately, payments in Canadian Dollars are welcome on any well-established exchange through the following payment options.
Buy Bitcoin With Interac e-Transfer
Interac e-Transfer is the most commonly used method for digital transfers across Canada because of its favourable fees and fast processing time. It allows Canadian citizens to buy BTC by depositing CAD from their bank accounts. Interac e-Transfer supports sending limit up to $10,000 per 24hrs depending on which bank or credit union you use.
Buy Bitcoin With Canadian Bank Wire Transfer
Regular bank transfers are another safe and cost-effective way to buy BTC in Canada. Depending on the bank, you can either send the money online or visit the nearest branch to deposit some CAD and fund your crypto exchange account. Nevertheless, bear in mind that these transactions may take up to 1 business day before the funds are delivered to the exchange. With MyBTC.ca, you can purchase between $10,000-$250,000 worth of Bitcoin with bank wire transfer.
Buy Bitcoin With Credit and Debit Card
People have got quite comfortable with plastic payments in a broad sense, and hence, we aren’t taken aback by the huge demand for credit/debit card purchases in the crypto ecosystem. Despite the substantially higher commissions, cryptocurrency exchanges across Canada are massively accepting payment cards as an option since they provide super-convenient and instantaneous Bitcoin purchases — the same way you make orders on any e-commerce website. MyBTC.ca and a great deal of Canadian-oriented crypto exchanges handle these transactions through third-party payment processors like Simplex. Here, you’ll have to complete KYC verification to comply with Simplex AML/CFL practices irrespective of whether you have previously undergone the same or similar process with your selected crypto exchange.
Buy Bitcoin With Cash
Cryptocurrencies do exist only in the virtual world but still, there is a considerable number of users who insist on buying their Bitcoin with hard-cold cash. Fortunately, the Canadian crypto market has been adjusted to individual preferences, so it isn’t impossible to find a couple of cash options for Bitcoin purchases across Canada without involving your bank.
Bitcoin ATMs or BATMs resemble regular automated tellers only in physical appearance as independent kiosks distributed across busy areas or within popular retailers. Unlike standard fiat ATMs, you don’t withdraw any cash from a BATM but insert the desired amount in cash in exchange for Bitcoin. This is another exceptionally handy payment method as the acquired BTC is directly transferred to your crypto wallet. However, it can be ridiculously expensive and contrary to popular belief, BATMs also come with obligatory ID verification.
The idea behind Flexepin vouchers is a step forward in Bitcoin’s widespread acceptance but as of now, they’re mostly suitable for individuals who plan to start small (there’s a $2,000 limit per week). You can find the prepaid vouchers across 4,000 locations across Canada and redeem them for Bitcoin on MyBTC.ca, one of the few Canadian exchanges that support Flexepin.
As you can see, Bitcoin is not only a far-fetched idea of financing anymore. The number of people getting involved and the market cap figures clearly show that cryptocurrency is the future of finance. It may come faster than expected, so it’s never too early to invest.
Now that we’ve covered all the trustworthy methods of buying Bitcoin, it’s your turn to make the first move and choose the one that caters to your personal trading style.