If you live in Canada, and you want to buy your first Bitcoin, the process can be divided roughly into 3 simple steps: Get a Bitcoin wallet, locate your Bitcoin address and buy your Bitcoins. Bitcoin wallets are programs that allow you to send and receive Bitcoins through your computer or mobile device. Wallets aren’t usually restricted by what country you’re from.
If you’re buying a small amount of Bitcoin we recommend using our crypto swami exchange changelly.
But if you’re planning on accumulating large amounts of Bitcoin it would be better to invest some money in a hardware wallet. Hardware wallets are small devices that store your Bitcoins offline away from the reach of hackers. The two leading brands of hardware wallets today are TREZOR and Ledger.
Once you have your wallet, make sure to find your Bitcoin address.
A Bitcoin address is what you give out when you want someone to send you Bitcoin.
It’s a long string of letters and numbers that starts with either a “1” or a “3”. Finally, it’s time to get some Bitcoins. There are several ways you can go about this. The first and simplest option would be to use a broker, a company that will sell you Bitcoin directly for a fee.
Brokers that operate in Canada include CEX.
io, Coinbase, Gemini and Coinmama. If you want to save a bit on fees you can use a trading platform like Changelly instead of a broker. Trading platforms are websites that connect buyers and sellers anonymously but are not as intuitive as using a broker. Canadian based trading platforms include Coinsquare and Coinsmart. It’s important to note that while some exchanges will store the coins for you on their site, you’ll want to make sure to withdraw them to your own wallet using the Bitcoin address we talked about earlier.
Changelly offers the feature of instantly exchanging bitcoin and several cryptocurrencies for CAD.
This is the only way to be sure you keep full control of your Bitcoin.
Finally, if you don’t want to buy Bitcoin online you can use a Bitcoin ATM or even a cash teller to buy Bitcoin by depositing dollars in person. That’s it for today’s 2 minute tutorial. For a complete list of the most recommended exchanges, Bitcoin ATMs and wallets available in Canada take a look in the description below. And I’ll see you.
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