Since the introduction of Bitcoin, the cryptocurrency has continued to grow in terms of adoption and value. In recent years, many businesses and financial institutions such as banks have begun adopting Bitcoins as a form of payment. As a result, more and more people have begun investing in Bitcoins.
If you are looking for safe and secure ways to buy Bitcoins in Canada legally, there are several options at your disposal. With that said, here are three of the best ways to invest in Bitcoins in Canada.
Crypto exchanges are online platforms that provide individuals with the option of exchanging money for cryptocurrencies and vice versa. Thus, crypto exchanges operate like currency exchanges where you exchange a given amount of currency for Bitcoins of the same value. However, crypto exchanges charge a small fee for the transaction.
In Canada, there are several international and local crypto exchange platforms you can utilize. To use a crypto exchange to buy Bitcoins, you first have to create an account with a platform of your choice and link your credit card or bank account to transact. Additionally, it would help if you had a Bitcoin wallet to save the Bitcoins you buy in it.
Bitcoin ATMs are not as common as regular ATMs, and thus you may not find one in your area. In most cases, Bitcoin ATMs are located in major cities right in the middle of the central business district. Nonetheless, they are a safe and much easier method of buying Bitcoins despite their scarcity in number.
Bitcoin ATMs work like regular ATMs with one exception: they are solely for buying and selling Bitcoins. Thus, when using a Bitcoin ATM, you will need to have a Bitcoin wallet and a debit/credit card to transact. Thus, when you insert your card into the ATM, the user interface will provide you with the option to buy or sell Bitcoins.
Bitcoin Futures Contracts
A futures contract is an agreement to buy a commodity (in this case, Bitcoins) at a specified price on a specified date. Nonetheless, it is advisable to note that you will not be buying actual Bitcoins but rather a Bitcoin contract.
Ideally, when buying a Bitcoin futures contract, you expect that the value of the contract will rise. Thus, you expect to sell it at a later date and make a profit. However, if the contract doesn't gain value, you stand to lose money. Thus, this option is mainly suited for professional traders and investors who understand how to speculate and analyze the futures contracts markets because there is an element of risk involved with this option.
For more information on how to buy Bitcoin in your area, reach out to a professional.Share
7 September 2021