Did someone say stablecoin? Bridging the gap between digital and fiat currencies, USD Coins are redeemable 1:1 with the U.S. Dollar. Compared to other major cryptocurrencies, stablecoins like USDC have historically faced much less volatility, opening the door for many different applications. With more than 100 billion USDC issued and a reported 10,000% growth in 2 years, let’s get you introduced to Bitbuy’s first listed stablecoin!
The USD Coin was first launched in 2018 from an open-source project between fintech company Circle and Coinbase. This token falls within the category of a stablecoin, which is a type of cryptocurrency that has its value tied to a reserve asset to reduce volatility in its price.
What makes USDC so attractive to investors is that each token is pegged to 1 USD, or an equivalent held in reserve. Tokens are bound to their equivalent asset in the reserve by smart contracts which are legally binding agreements executed by a computer program and recorded on the blockchain.
USDC stands out among other stablecoins because it is fully collateralized and is subject to regulation. The reserve that backs the value of USDC is audited on a monthly basis by American accounting firm Grand Thornton for transparency.
Although it was originally an ERC-20 token based on the Ethereum blockchain, USDC has evolved to be compatible with 7 more layer 1 blockchains including Solana, Stellar, Algorand, and TRON. USDC tokens can only be minted once the equivalent value is deposited, and they are burned once that money is withdrawn to maintain consistency in their value.
Investors of USDC have found many different applications for this stablecoin. Some more experienced traders have used it to stabilize the value of their portfolio while others have found it practical for transferring money in USD without the hassle of going to the bank. There are countless more applications for this stablecoin to help diversify your portfolio.
Eager to buy USD coin but not sure how? No worries! Bitbuy is the simplest and most secure platform to buy USD coin (USDC). Bitbuy always ensures the lowest associated fees and highest security when buying, selling or trading cryptocurrency.
Investors can easily invest in USDC by creating an account with Bitbuy, adding funds to their account directly through e-Transfer or bank wire and buying the USDC directly through the Bitbuy platform. Experience problems or need questions asked along the way? Do not fear, Bitbuy is always here. Our customer support team will ensure your investment journey is smooth sailing throughout.
Buying USD in Canada as well as other digital currencies is simple and secure with Bitbuy. Here is how it works:
Bitbuy is one of the best and most secure places to buy USDC in Canada. Here is why:
Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy, it is crucial users know that their digital assets are is safe with us.
Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy USDC.
Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient.
We pride ourselves in our exceptional customer support which sets us apart from other digital asset marketplaces. Simply submit a request under Bitbuy Support to be paired with one of our experts. We believe that exceptional customer support is an essential part of simplifying cryptocurrency for everyone.
Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy USDC with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy USDC in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you then use to buy and sell cryptocurrencies in Canada.
Looking for a place to store your USDC? Bitbuy is the perfect place to start. Bitbuy has a built-in wallet in each user’s account that you can use to store your USDC safe and securely.
Website (instructions for the mobile app below)
When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To institute the trade, click the 'Sell' button which will appear in red.
Click the drop-down and search USDC to begin the sale .
Enter the amount of USDC that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.
Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate USDC and click on the 'Sell' button.
Enter the amount of USDC you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
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Quickly find the answers you need in our support centre, or contact a member of our team 24/7/365, and we'll be happy to assist you.
Bitbuy was designed for both new traders seeking a simple interface and for advanced traders who know their way around the crypto world. We understand that getting started with cryptocurrency can seem a little daunting and our goal is to make the process easier for you.