Where to Buy and Sell Bitcoin, Ethereum, and Ripple in Canada
There’s no doubt about it, the popularity of cryptocurrency investment is growing by the day, especially in Canada. Previously, only avid internet users were let in on the secrets of what cryptocurrency such as Bitcoin, Litecoin, Ethereum, and Ripple had to offer, but now daily newspaper readers who see “what is Bitcoin” splashed across the tech section are in the know. The digital world’s best-kept secret is now out, and everybody wants a piece of the pie in case it houses the golden ticket to a lavish lifestyle.
To seasoned investors, it may seem like the opportunity to earn vast amounts of money has been and gone. After all, when Bitcoin, the original form of cryptocurrency, first hit the market, you could buy it for as little as 0.30 cents. Now, you’re lucky to be able to buy it for any less than $10,000 a coin. Of course, this doesn’t account for the volatility of Bitcoin value as it increases and decreases on an almost daily basis. However, it seems like your ability to buy it for less and sell it for a substantial amount more is no longer possible. That’s only true if you’re looking for a ‘get rich quick’ scheme and you’re not willing to play the long game.
Still, many peoplesee the benefits of Bitcoin and other cryptocurrencies, and there’s no time like the present to get involved. The Bitcoin to CAD rate will fluctuate, and the determining factor of whether you’re willing to invest is up to whether you’re ready to ride out the storm for an eventual gain.
Within this article, we will first run through the pros and cons of Bitcoin, Ethereum and Ripple to help you decide which form of cryptocurrency is a good investment for you, before providing you with info onplatforms to buy, sell and trade on.
Being the most popular form of cryptocurrency, this is the one that’s most likely to appeal to a wide range of buyers.
- Not all big investors have jumped on the Bitcoin train. This means that when they do, there will be a price boost and more market stability.
- You can split the Bitcoin. This means that if you don’t have $10,000 spare to purchase one whole Bitcoin, you can buy smaller amounts of a Bitcoin – in the same sense that you can own cents, rather than an entire dollar.
- Bitcoin will stop being produced in 2140, as circulation hits around 21 million BTC. This means they can only but increase in value as other cryptocurrencies may offer unlimited supply.
- There is more buy, sell, and trade platforms dedicated solely to Bitcoin.
- It’s a very volatile market – with big swings in highs and lows.
- The Bitcoin might not “catch on” in the mainstream market which could see it dive in the years to come.
- There are more scams related to Bitcoin than other cryptocurrencies. These can catch out new investors who aren’t familiar with how the market works.
- New investors who aren’t familiar with stocks may not know how to deal with regulatory risks. This can lead to massive
Ethereum is a little more complicated than Bitcoin, and therefore its pros and cons are a bit more in-depth.
- It’s a whole package. Unlike other blockchains, it allows more complex contracts to be run on the network with no need for third-party services in many cases.
- It’s a platform for other products and services. Thismeans it can create a robust ecosystem around it which is beneficial for developers.
- Large companies are getting involved with it.
- Ethereum is a platform which means it’s not as effective as other chains specifically designed to be cryptocurrencies.
- There are upgrades in the works which means there’s potential for the system to crash if the process doesn’t run seamlessly.
- There’s not enough information out there for businesses and individuals to become professional Ethereum developers.
Ripple is less popular than the other top-rated cryptocurrencies but’s still worthy of investment.
- It’s exceptionally fast – more so than most other blockchain technology.
- They use bank transactions on their public blockchain – the only company to do so.
- They use legal and business experts.
- They push the sales to financial institutions which can increase the price.
- A lot of people don’t like Ripple which can stunt its growth.
- There’s a common misconception that it’s centralized when it’s not.
- It’s weak on anonymity.
Where can you buy Bitcoin and Ethereum?
When even the volatility of the market hasn’t stopped you wanting to invest in cryptocurrency, it’s time to look at valid options. We’ve outlined safe and popular platforms to purchase cryptocurrency with ease in Canada.
Considered the leading platform in Canada, CoinSquare is where you can purchase Ethereum, Bitcoin, and even precious metals such as gold and silver. It’s safe, fast, efficient, and yet has some of the lowest fees out of any trading, buying and selling platform.
On Coinbase, you have the option of buying, selling or trading Bitcoin, Ethereum, and Litecoin. It’s fast, safe, efficient and is used in over 30 countries around the world. To date, almost 13 million customers have been served, amounting to over $40 billion in digital currency exchanged.
Where can you buy Ripple?
We listed Ripple separately because it’s not as easy to buy as other forms of cryptocurrency. If you live in the US, and even Canada, you have to buy Bitcoins first, using a platform such as Coinbase.
From here, you can use a currency exchanger such as Changelly to convert your BTC to XRP (Ripple). You also can’t purchase Ripple with PayPal unless you buy Bitcoin first, and less than one percent of cryptocurrency ATMs support it. Essentially, the primary way to obtain Ripple is by firstpurchasing Bitcoin or Ethereum, or by being based in Europe where the process is far more straightforward.