Why buy Cryptocurrency?
Is Cryptocurrency a hype? Personally, as an investor, I see Cryptocurrency as part of the overall investment portfolio. It diversifies and seeks highly potential long term growth. I believe its growth because the value of decentralized digital currency recording on public ledger is greater than fiat currency controlled by central banks as money printers pumping trillions of dollars to save banks and companies in brink of bankruptcy. Consider theses Cryptocurrency market traits:
- Government and Bank slow Adoption
- Increased competition
- Initial Coin Offering(ICO) will change how companies raise capital
- Regulations will be created
- The market will become more stable
- Force payment processors to improve
Consider these Cryptocurrency characteristics:
- They are irreversible – No Matter What
- Fast transactions
- Nobody knows it is you
- Your funds are safer than in a bank
- Easy to get started
- Controlled supply could boost value over time
- Banks can’t touch you
- Self-interested quality control
- Lower fees
- Easy to use
I will leave all the technicalities and theory on blockchain with your own research. I do want to share with you my experience of buying Cryptocurrency in Canada. So when I mean in Canada, it means you can buy Bitcoin, Ethereum, Ripple XRP, Litecoin and other tons of crypto with Canadian dollars.
How to buy Cryptocurrency in Canada
I bought my first ever Bitcoin way back to 2016, before Bitcoin took off in 2018 with exploding growth. Back then, there was not much choice to buy Cryptocurrency in Canada. In general, there are 3 ways you can purchase a crypto.
- Cryptocurrency wallet like Coinbase: Cryptocurrency wallet doesn‘t store any physical coins. The only two functions of your wallet are to keep your private keys safe and to connect to your coins blockchain. You can easily connect your Coinbase account to your debit or credit card to fund the purchase. Do watch out Coinbase fees, as I find it charging on various areas throughout a transaction. You can use my Coinbase referral link to get $10 USD.
- Made in Canada Cryptocurrency exchanges like Newton and NDAX. Newton is a new player in Canada. It boasts itself as no-fee trading/commission free exchange. You can really instantly buy/trade a crypto within 2 minutes, with over ten different Cryptocurrency choices. It has a simple and clean interface, so it is very easy to follow and execute a trade. Please feel free to use my Newton referral link to get $25 CAD deposited into your account once you buy or sell $100 CAD. NDAX is also a solid choice with a bit more tailored to experienced traders. It requires $0 deposit fee and 0.2% trading fees, which is low in industry standard. Even though it is not an instant purchase/trade like Newton, you can expect an transaction taking place within a business day.
- Buy Cryptocurrency at ATM in Canada:
Pros of buying Cryptocurrency at ATM:
- Identify not required
- Works like a ummmm ATM
- Cash is accepted
- Fast, fast, fast
Cons of buying Cryptocurrency at ATM:
- High transaction fees, between 5-10%
- Hard to spot on a street. Under 1000 Cryptocurrency ATMs across Canada
If you are thinking about buying your first ever Cryptocurrency, I hope you find this post helpful. Message me if you have any questions. Cheers to the future currency!
Legal disclaimer: I am not a financial advisor. The advice here given is not a financial advice even though my excitement might make it look like such. Purchase at your own risk.