After a bit of a slump over the last few years, Bitcoin is now gaining global attention again.
Bitcoin is a cryptocurrency. It is a decentralised digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. It has been referred to as a ‘new type of money’.
If you live in Toronto and want a piece of the Bitcoin pie, then here are some of the places you can go to. The easiest way to buy Bitcoin is to buy online from a Bitcoin exchange like Coinsquare (that also deals in Ethereum and Litecoin, as well as Bitcoin). There are also Bitcoin ATMs available around Toronto.
Another Bitcoin exchange is Coinberry, it offers both online and ATM services, making it ideal for Toronto dwellers. The ATMs are located in Riverside and Kensington Market.
According to experts, purchasing Bitcoin from ATMs is simpler than buying online but can be a tad more expensive due to transaction fees.
“You simply deposit cash in order to make the transaction, after which you have the option to store Bitcoin in your own hardware wallet or have it stored by Coinberry itself,” experts said describing the process of buying Bitcoin from an ATM.
Many Bitcoin experts seem to prefer to store their Bitcoins in a hardware wallet rather than using exchanges to store them. This is due to security issues since there have been cases of security of Bitcoin exchanges being compromised and threats of hacking. There is no way you can get your bitcoin back if the exchange is hacked.
Exchanges have however tried to re-assure bitcoin users that storing Bitcoin with them was safe because most of their coins are in cold storage, meaning they’re kept offline as a security precaution against hackers. However, experts are not fully convinced since all it could take was one employee breaching the security measures.
Choosing to store your bitcoins in a secure hard wallet and not investing too much in them is the best way to deal with bitcoins, most experts said.