The world is abuzz with the mentions of bitcoin. But what is it exactly? Well, in very simple terms, it is a cryptocurrency. Cryptocurrencies are totally digital currencies that are not controlled by any central institutions. In the traditional system, only the central bank of a country has the power to issue currency . And the banks play the role of middlemen to conduct and oversee the transactions taking place in an economy. But bitcoin has changed all of that. It allows anyone in the world to make transactions without involving any intermediary. Anyone can buy or sell it using a bitcoin atm, online exchanges, over the counter, among other ways.
In Canada too, Bitcoin has become pretty popular. Most people at least know about cryptocurrencies. And a significant portion actually owns them. This has made several cities in Canada hubs of crypto activity. Take for instance bitcoin Toronto, bitcoin Mississauga, and bitcoin Brampton. These form some of the biggest markets for cryptocurrencies in Canada and worldwide. And from the looks of it, things are only getting started.
It is widely believed that cryptos will replace the traditional financial system. This means, eventually, everyone in the world would be transacting in one or the other cryptocurrency. Since bitcoin is the oldest and most reputed one, it’s likely that most people will use it. The ease of acquiring it will help in that regard too. Anyone can go online and search for “bitcoin atm near me” to get to the nearest bitcoin atm machines. From there, they can simply buy bitcoin with fiat currency.