Not long ago, bitcoin was once considered to be a fad. Twelve years later, it hasn’t gone anywhere.
On the contrary, many corporations, institutions, billionaire investors and tech entrepreneurs are buying billions of dollars worth of bitcoin. It’s no surprise that bitcoin is the most popular cryptocurrency (or digital currency) of them all.
Being a digital currency, bitcoin exists only virtually. And unlike traditional money that can be printed constantly, there is a limited supply of bitcoin – 21 million to be exact, which helps to ensure true scarcity.
This is why, even in tough times, its value has continued to soar. Financial analysts point out that bitcoin has been the best performing asset of the decade with a 200% compounding annual growth rate. It’s unprecedented in the history of finance.
Earlier this year, Tesla purchased USD$1.5 billion worth of bitcoin. Visa Inc. began accepting bitcoin as a form of payment. This September, El Salvador was the first country ever to make bitcoin legal tender. Now, Ukraine has legalized cryptocurrencies too.
As the crypto industry continues to get worldwide adoption, how can Canadians buy bitcoin?
Ayelen Osorio, Content and Community Manager at Netcoins, a Canadian crypto trading platform, shares what it’s like to buy bitcoin in Canada with Netcoins.
What is Netcoins?
Netcoins is a crypto trading platform that makes it easy for Canadians to buy bitcoin and other cryptocurrencies (including Ether, XRP, Litecoin and more) anywhere, anytime in just a couple of minutes.
Beyond trading, Netcoins focuses on making it easy for Canadians to understand crypto. From a Crypto Academy for Beginners, to their blog post on 6 Things to Consider When Vetting a Crypto Investment and podcasts including why bitcoin matters to your financial future; it’s clear they want Canadians to understand what it means to safely invest in crypto.
How can I buy bitcoin?
According to Osorio, “It’s super-easy. You go to the Netcoins website or download our app, create an account and get verified.”
“Once verified, your first step is to send Canadian dollars into the platform via an e-transfer or one of the other funding methods we provide. Once those dollars are in your Netcoins account, you can use them to buy bitcoin or any of the other cryptocurrencies we offer. For example, if you select ‘BUY BITCOIN,’ you’ll be asked how much you’d like to spend and shown how much bitcoin you’ll get. Click ‘CONFIRM’ and that’s it. Congratulations – you’ve just bought your first bit of bitcoin in a couple of minutes!”
With 0% funding fees, it’s easy and quick to get started.
How can I sell bitcoin on Netcoins?
Once you’ve purchased bitcoin with Netcoins you can cash out at any time.
“Selling is just as easy as buying bitcoin,” says Osorio.
“You go to the trade page on the Netcoins platform and click ‘SELL’ to convert your crypto back into Canadian dollars.”
Like funding, cash withdrawals are free. You can send the funds straight to your bank account in a couple of minutes at no cost from the Netcoins side.
Aside from selling, users can also choose to hold onto their cryptocurrencies in the long term, either within Netcoins or by transferring it into their own external wallet. The choice to sell or hold is always theirs.
Is Netcoins safe to use?
Bitcoin is notoriously difficult to understand and invest in, which is why it’s understandable that Canadians would be hesitant to buy Bitcoin. Especially when it’s unclear who is behind the crypto trading platforms. After all, Canadians want to be assured that their investments are held within a reputable and secure institution.
This is where Netcoins comes in. Netcoins is a fully transparent, safe and compliant crypto exchange in Canada (it’s a registered money services business with FINTRAC, an entity of the Federal Government of Canada).
In addition, Netcoins became the first publicly-owned, fully regulated crypto trading platform in Canada on Sept. 30, 2021. Learn more about what this means for consumer protection, the crypto industry and Canada.
“One reason why Canadians like trading with us is because we’re the only Canadian crypto exchange in Canada that’s public,” says Osorio, noting that Netcoins is publicly traded on the Canadian Stock Exchange (under their parent company BIGG).
“With private exchanges, Canadians don’t get insight into how they’re operating or managing their financials. Because we’re a public company, we publish all our financials every quarter.”
Netcoins has fast become a favourite way to buy bitcoin in Canada because “it allows people to have complete power over their finances. Our open-loop system means your dollars and cryptocurrency flow in and out of your Netcoins account anytime you want, no matter where you are. It’s really an easy
way to buy bitcoin in Canada,” says Osorio.