How To Buy Bitcoin In Toronto..
Toronto is the financial capital of Canada with a population of about 2.3 million. As such, it has an important role in the bitcoin and cryptocurrency market. Many people might not know this, but it is the home of the creator of Ethereum – Vitalik Buterin. As cryptocurrency is going more mainstream, Toronto is making its mark as well.
In 2008, an anonymous person called Satoshi Nakomoto posted a whitepaper for bitcoin online. It was described as a peer-to-peer digital cash system. Since it was decentralized, it wouldn’t need any central authority controlling it. This would make the general people the sole controller of their money. In January 2009, the bitcoin blockchain went live and the rest is history. Bitcoin is so popular today that most regulators of the world have addressed it.
Benefits of Bitcoin For Investors
The price of bitcoin has risen astronomically since its inception. In fact, it was the best performing asset of the last decade. Its price went from being a few cents to $20,000 USD at its peak in December 2017. Naturally, investors from all walks of life want to get involved. In Canada, investors from all major cities like Toronto, Montreal, Vancouver are all very eager about bitcoin.
Bitcoin’s unique characteristics make it the perfect candidate as an investment. Some of the benefits are as follows:
– Bitcoin’s supply is fixed at 21 million bitcoins. This is hardcoded in the blockchain itself and it cannot be changed. This is favorable for price rises.
– No central authority can control or manipulate bitcoin for their agenda.
– Bitcoin’s economic policies are hard coded which provides predictability.
– Bitcoin is not limited to one country. The entire world can participate.
– If the last decade is any indication, it can provide huge returns.
– Bitcoin blockchain’s security is top class and can’t be tampered with.
– Bitcoin is legal in Canada and many countries which removes uncertainty.
Are There Bitcoin Alternatives? (Altcoin)
Bitcoin was the first cryptocurrency in the world. To this day, it remains the most popular one. But, there are also many other successful cryptocurrencies built for specific purposes. These are known as altcoins.
Some of the most popular altcoins are Ethereum, Litecoin, Dash, XRP (Ripple), etc. Each one of these solves unique problems. Therefore, their market cap is in the billions. With the new bull run phase starting soon, these altcoins are expected to perform really well too. This has many people highly excited, especially investors from large cities like Toronto, Ottawa, Quebec and so on.
Method to buy Bitcoin in Toronto easily
Torontonians are getting more and more interested in bitcoin and the cryptocurrency sector as a whole. As a result, wanting to learn how to buy bitcoin in Toronto is quite normal. Fortunately, there are many ways you can get started in the cryptocurrency world. The following are some of those ways:
1. Bitcoin ATMs
Bitcoin ATM is one of the best ways to get started and there are many reasons for it. People are already very familiar with ATMs as they are an important part of the traditional financial system. People find that they are just easier to understand and that the model that Baap ATM is about.
How to buy bitcoin with bitcoin ATM:
1. First, you need to find the nearest bitcoin ATM to you. You can use coinatmradar.com for this.
2. On a bitcoin ATM machine, tap on “buy bitcoin”
3. Insert your cash in the machine
4. Confirm the transaction and receive bitcoin in your bitcoin wallet.
1. People are very familiar with the concept of an ATM.
2. It allows for private transactions.
3. It allows for speedy transactions.
1. You have to actually go to a physical location.
3. Not convenient for large transactions
2. Online Exchanges
Online exchanges are quickly becoming the most popular method to get started in the cryptocurrency world. There are many Canadian cryptocurrency exchanges in Toronto that you can use like PCCEX.com. People from Toronto can easily buy bitcoin online. However, you have to first register and make sure that you choose the best exchange as per your needs.
How to buy bitcoin from an online exchange:
1. Register on a trusted online exchange.
2. Complete the KYC process.
3. Fund your account with fiat (CAD) using the available methods.
4. Buy bitcoin with your fiat.
5. Transfer them to your own secure wallet (for best practice).
1. Regulated exchanges give you the peace of mind.
2. It is very easy to use an online exchange.
3. Their security is usually very tight.
4. The customer support is very good.
5. A variety of cryptocurrencies are available.
1. Lack of private transactions (due to KYC).
2. They can become out of service during market volatility due to high traffic.
3. Peer-to-Peer (P2P)
P2P is also a pretty common method people use to deal in cryptocurrencies. Basically, p2p is an online marketplace that links buyers with sellers. There are usually great escrow services that protect both the buyers and the sellers. You can find the most trusted p2p marketplace in Toronto.
How to use p2p to buy bitcoin:
1. Register on a trusted p2p platform.
2. Take a measure of the available listings (sellers and their price for bitcoin).
3. Select the seller and the price that you like the best.
4. Pay them the fiat currency (CAD) using the available methods.
5. Confirm the payment and receive your bitcoins.
1. Greater privacy than online exchanges.
2. Escrow service provides security.
3. A variety of payment methods are available.
1. Sometimes p2p transactions can take place face to face which can be extremely risky.
4. Local Over The Counter (OTC) to buy Bitcoin in Toronto
In the traditional financial system, OTC markets are very popular. These are mainly used by investors who want to buy large quantities of something without moving the market much. This protects them from slippage. The crypto OTC market in Toronto is quite strong and is another service that PCCEX also offers this service
How to buy from OTC:
1. Select a bitcoin trading platform that also provides OTC services.
2. Register on the platform using an email and a password.
3. Contact a trader and get a price quote for the bitcoin.
4. Make the payment to them using any available methods.
5. Confirm the payment and receive your bitcoin.
1. OTC markets protect you from slippage.
2. Allow you to buy large quantities of bitcoin.
3. OTC markets are not bound by trading limits.
1. A bit difficult to understand than an online exchange.
2. Settlement risks exist sometimes.
We hope you enjoyed – How To Buy Bitcoin In Toronto