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Bitcoin: What You Ought to Know Before Diving in

Canada is in North America, and it is the second-largest country in the world. It has the world’s longest coastline and is bordered by the Atlantic, Arctic, and Pacific on three sides. Meanwhile, an increasing number of people in Canada are investing in bitcoin.

Bitcoin is a cryptocurrency that is not used much in retail transactions. Its main source of value lies in the increasing demand and restricted supply. Bitcoin is secured by cryptography, and it is nearly impossible to counterfeit it. And, bitcoin trading is legal in Canada. People buy bitcoin in Canada using crypto exchanges, while the cold country is the home to over 350,000 crypto traders.

Points to Consider Before Buying Bitcoin

Payment Method

Payment methods like credit cards, payment apps, and bank transfers are used to buy bitcoin. Each method has tradeoffs in terms of privacy, convenience, and associated fees.


Platforms used to buy bitcoin are digital wallet providers, crypto exchanges, over-the-counter desks, and peer-to-peer marketplaces.

Where to Store

Generally, bitcoins are stored in bitcoin wallets.

Safest Ways to Store Bitcoin

Investors need to keep their bitcoins stored safely to safeguard them from hackers. As such, a digital wallet is used to store bitcoins, and it can reside on a computer desktop or mobile device, or you keep it safe by printing the private keys on paper. Meanwhile, bitcoins are lost due to theft, computer failure, or loss of access keys. Besides, the safety of the digital wallet depends on how well the user manages the wallet.

Hot Wallet

Hot wallets run on internet-connected devices like computers, phones, or tablets. They are vulnerable because they generate private keys to access the bitcoin on the devices. They lack security, but they are convenient because they allow people to access their coins and make transactions quickly. Meanwhile, funds can get stolen from the hot wallet without sufficient security. Hot wallets are used for storing small amounts of cryptocurrency.

Cold Wallet

Cold wallets are the safest option to store bitcoins, as it has a lesser risk of being hacked because it is not connected to the internet. They are known as offline wallets or hardware wallets. Most hardware wallets are USB drives that store private keys securely. As such, a hardware wallet is not affected by viruses.

Paper Wallet

Paper wallets are the most secure way to store cryptocurrency offline. The wallets store the private key in something like paper that is not connected to the internet. The keys or addresses to access the bitcoins are printed on paper, and without them, access is denied. As such, people keep paper wallets safe in their homes or deposit them in a bank.

Benefits of Buying Bitcoin

Bitcoin is a secure, decentralized digital currency. Everyone uses it, and it has no borders or limits. Meanwhile, people need permission from banks to use traditional money. However, bitcoin is open to use globally and requires no approval from anyone. It is magical internet money and is used around the world. It offers people more privacy than traditional currencies. The only things that people need to buy, store and sell bitcoins are an internet connection and a device connected to the internet.

People buy bitcoin in Canada because it is a versatile and accessible currency. Bitcoin transactions are done quickly and have no transaction fees. As such, it is the safest form of digital currency, which has attracted the attention of scores of investors globally.