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After watching the headlines and doing your due diligence, is it time to buy bitcoin? Before you dive into the exciting world of cryptocurrency, brush up on your knowledge of bitcoin, learn its fundamentals, and discover how easy it is to buy and sell bitcoin with on Canada’s trusted digital currency trading platform.
Bitcoin: A Primer
Bitcoin, the first peer-to-peer decentralized cryptocurrency on a blockchain network, was launched in early 2009 by pseudonymous creator Satoshi Nakamoto. Of the more than 10,000 cryptocurrencies on the market today, bitcoin is the largest crypto measured by market capitalization ($724 billion). New bitcoins are mined every ten minutes, but only 21 million bitcoins will ever be produced. This helps maintain bitcoin’s value because it is not prone to an inflationary environment but a deflationary one.
The objective behind bitcoin was to send money to people over the internet and serve as an alternative payment system without the need for a centrally controlled body. Since its inception more than a decade ago, bitcoin has transformed into a store of value, allowing holders to shield their assets from inflation by keeping their coins in a crypto wallet. In recent years, the cryptocurrency has become so mainstream that the finance industry has launched several bitcoin exchange-traded funds (ETFs) available to all investors.
What makes bitcoin unique from other cryptocurrencies is that it has proven security and network effectiveness. As a result, Bitcoin is more accepted and widespread than ever before, with more merchants and cryptocurrency exchanges, making it more liquid. Plus, there are more software and hardware mechanisms in the marketplace to support the technology, even to buy bitcoin instantly.
Like BlackBerry, which became the first smartphone to gain consumer exposure and commercial success, bitcoin was the first cryptocurrency to enjoy global prevalence. As the years go by, bitcoin and blockchain-based technology will continue to be enhanced, whether through heightened security or lower transaction fees to make it even more affordable and accessible to the average consumer.
How to Buy and Sell Bitcoin with Bitbuy
Are you interested in buying or selling bitcoin using Bitbuy? Here is how it works:
- Sign up for Bitbuy by creating an account, providing your email address and phone number, and confirming your identity.
- Fund your account to begin buying and selling your digital currency of choice. There are a couple of ways to insert Canadian dollars into your Bitbuy account; either Interac e-Transfer or with a bank wire.
- Once the funds have been deposited, choose which digital currency(ies) you want to purchase or sell by navigating to the “Express Trade” section of your account. The dollar value of the quantity of bitcoin (or any other digital currency) that you are purchasing or selling will appear in your “Transaction Summary” prior to completing the process.
Congratulations on the start to your crypto journey.
Bitcoin and the broader cryptocurrency industry have become critical components to the global and digital economy. What started as a hobby for crypto enthusiasts has morphed into an international industry worth $1 trillion. As more people become aware of its awesome power, bitcoin, its crypto partners, and the blockchain will continue to improve payment methods, supply chains, digital copyright protection, online security, and offer viable solutions to common issues that the internet faces.
With an intuitive, convenient, and highly secure platform, Bitbuy is pleased to offer a seamless solution for Canadians and businesses across the country to manage and grow their wealth in the exciting world of cryptocurrency.