Bitcoin is a cryptocurrency and a form of electronic cash. It is a decentralized digital currency without a central bank or a single administrator. You can buy it online or ‘mine’ it. Buying it online may be the easier option if you don’t own a large bitcoin farm or mining company.
There are no physical bitcoins, only balances kept on a public ledger in the cloud. The balances and all other Bitcoin transactions are verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite Bitcoin not being recognised as legal tender, it charts high on popularity and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Here are some of the places you can buy Bitcoin.
Canadians can use Coinbase to buy Bitcoins using their credit card. Bitcoins will be delivered instantly and they charge a fee of around 4 per cent. This site is a good way for new investors to join the Bitcoin bandwagon and has high liquidity. You can also buy with a bank transfer mode though it may take considerably more time to the transaction to come through. Privacy is always a concern while buying Bitcoin and Coinbase could track how you spend your coin.
Coinmama is another popular Bitcoin seller and is available in most countries across the world. Bitcoins can be bought with a credit or debit card. This site charges a higher fee of around 6 per cent on every purchase. It also allows higher buying limits and has a lot of good reviews.
This is a Canadian Bitcoin exchange and supports credit cards, bank transfers and some other payment methods. This site has good customer service and only charges a service fee of 0.75 per cent while buying and 0.50 per cent while selling. They also have very high buy and sell limits and is relatively easy to use even for new investors.
This is Coinbase’s exchange is more suited for an investor who has been around in the crypto for some time. Coinbase Pro is one of the largest Bitcoin exchanges and accepts bank transfer, bank wire, and many other payment methods. It offers low fees and good prices but can be hard to use for a newbie due to its complicated user interface.
Local Bitcoins is an exchange type service which helps bitcoin buyers and seller meet. The method of payment is cash deposit which some people may not prefer. Other payment methods are available too but on a transaction basis. You can meet up with the seller and buy the bitcoins in a face-to-face meeting. This can be both a pro and a con as some people consider this method more secure and say it offers more privacy while others seek the anonymity that Bitcoin offers. If you decide to use this site beware of scams and if your gut tells you something is not right in a particular transaction, then stay away.
Wall of Coins
Wall of Coins is another service that allows you to buy Bitcoins with cash deposits and is available in Canada. Fees are significantly lower and the site assures privacy. This is a fairly simple site and requires only your phone number for verification. While it can be hard to find sellers offering a high volume of coins, this is a good site for newbies who want all the privacy they can possibly get.
Canadian Bitcoins is another Canada based bitcoin exchange that offers many payment options and can handle large purchases. The service charges or fees varies depending on the payment method. The site is easy to use and since there are many methods of using it, everyone can find something that suits their preference.
QuickBT is another trusted Canadian broker with multiple payment options. This broker is mostly suited for people making smaller transactions. Transactions of only up to $100 can be done per day and the site only requires a mobile number for verification. It is a trusted site and can be easy to buy small amounts of coin.
With the increasing price of Bitcoin, it is not surprising that more people are looking to invest in it. There are many other websites and exchanges where investors can buy Bitcoin. Some of them are, BitAccess, QuadrigaCX, Kraken, CoinCorner, Bitcoin ATM, Cubits.