The cryptocurrency known as the bitcoin
In the new age of technology where everything is being digitalized one way or another, it is only natural for money to also have the same fate. And here enters the invention of the bitcoin a proposal by Satoshi Sakamoto, a Software Developer. The bitcoin is a new digital type of currency which is used for electronic purchases. At first glance it doesn’t have any difference from normal digitalized money taken from your account, however, the philosophy behind it and its mechanism are quite distinct. It is consisting of several respective characteristics which take it apart from conventional monetary transactions the most important of which is that no one controls it.
The bitcoin network is decentralized and out of the hands of banks and other authorities. As it is not created by an earthly element like gold and silver but mathematical formulas instead, it is produced by people all over the world. All the machines that mine bitcoins are connected together in such a way to make it impossible for someone to become the single authority in power. It is thus distributed freely and anonymously. Not that it is completely unregulated and there is an inexhaustible number of bitcoins available swarming the net. It has its own protocol in need for a core order to exist. Furthermore, it has complete transparency despite being anonymous.
Bitcoin keeps track of each and every transaction that has been made on the network they call the blockchain. How the blockchain works is pretty simple, it takes note of an address that has been used in the past to store bitcoins in case it is used for another transaction. Of course, they cannot tell to whom they belong to. You can perform some actions in order to keep you a bit safer and risk free in these situations of bitcoin buying and trading/selling. A really comforting factor of the bitcoin is the ease of its transaction fees. We guess you just became more comfortable in your chair only by reading this. Its processing’s are very fast and money can be sent anywhere you want in the span of minutes. Care needs to be taken when sending bitcoins as they cannot be recovered as it has a no-refundable policy and unless the recipient returns them back to you they are gone forever. Well, all in all, bitcoin has a lot running for it in theory and is definitely making it big nowadays. As of now, it is only expected to grow more and more in the future in popularity and in our daily lives.
The Canadian bitcoin markets
The Canadian bitcoin exchange market has currently become a battleground with many contesters competing for the crown. The following are some of the notable places:
In terms of volume QuadrigaCX definitely, takes the lead, however, others are definitely worthy of being mentioned. Of course, we will note the top dog QuadrigaCX which is currently the most respected exchanger in Canada due to the top policies and regulations set in their platform and have received certification from C4. Τhey accept buyers from all around the world except the United States due to legal issues. By trying to always ensure the highest quality service for their customers they ended up being the number one exchange in trading volume, customer support, and security.
For example, if you are in urgent need and you need to buy bitcoin instantaneously you must surely make LocalBitcoins.com your top choice. With a worldwide trading platform like localbitcoins which allows you to buy bitcoin directly from another person and is divergent in its payment methods as it encompasses Cash deposit at major banks, Western Union, Paypal, Interact e-Transfers etc. It is also very trustworthy in its online transactions and the way that it handles its customers and protects them from fraud. For example, the site makes use of escrow to take the coins set aside from the seller’s port and it is held until eventually relased by the seller.
If for any reason you have paid in advance and not received your bitcoins you can actually file a complaint (open a dispute) and LocalBitcoins.com will resolve your problem. You just need the receipt. They offer person to person transactions and are available in almost all the countries around the world. Localbitcoins gives buyers opportunity to relate directly with the seller. They have a good reputation as the site supports escrow services and they also have dispute resolution for their customers. Users can purchase bitcoins using their PayPal account but the downside to this platform is that the transactions take a longer time to process.
Another strong competitor is CanadianBitcoins.com for your bitcoin purchases. It is one of the oldest and the longest-standing Canadian Bitcoin brokerages offering many delightful options to customers for the purchase of Bitcoins with choices ranging from basic accounts for individuals who like their privacy to fully verified accounts.
Kraken is a reputable exchange broker platform. They support SEPA and their platform has recently been updated to accommodate more altcoins. The platforms verification process is very easy and their website is secure for transactions. Kraken usually offers the cheapest rates for buying and selling in relation to Canadian dollars and their fees are quite low.
This trading exchange platform accepts Canadian Dollars, Russian Rubies, Ethereum, Zcash, Dash, British Pounds and Euro from users who want to buy Bitcoin. It is a very transparent platform as it enables users to know how much they would pay before signing up on their platform. They accept credit card payments and bank wires. It is a very good platform for beginners who are looking for how to buy Bitcoin. They were into selling Litecoin but recently unlisted this digital currency.
To round up the list of notable places to buy bitcoin Canada is CoinSquare. Regarded as Canada’s most trusted cryptocurrency platform for trading (selling and buying) all forms of digital currencies including Bitcoins, this platform has succeeded in the Canadian market because it offers a lot of options to buyers and sellers. Coinsquare has one of the top 3 liquidity in the Canadian exchange market, a lot of pairs available for trade and a site that is user friendly.