bitcoin

How to Buy Bitcoins & What Bitcoin Wallet to Choose?

 The Only Crypto Guide You Will Ever Need in Canada

The term bitcoin has been everywhere over the last few years, so it is very easy to see why people are so interested in them. If you don’t know what the term even means, then it represents a form of digital money that is protected by cryptography and it only exists in a digital form which means that you can never touch, or even see the bitcoins and they can also never be printed either. There definitely are a lot of advantages and disadvantages to using this digital currency, and it is up to you to decide if the pros outweigh the cons and if you decide that they do, then you will probably be interested in how to buy bitcoin in Canada, how to store them and how you can spend them, and in this article we will talk to you about those things.

Bitcoin wallets

If you want to buy bitcoins in Canada then the first thing that you need to do is create a wallet for yourself. This is a special program where you will be able to store any private data that you will need in order to manage your bitcoin transactions as well as make transaction. There are a few different types of wallets, but the major ones are the offline, online and hardware wallets. We recommend you start with an online one because it is the easiest to manage. One of these online wallets is Blockchain and it has been used by thousands of people that can vouch for it. It is a great choice if you are a beginner because it isn’t overloaded with a lot of information and contains only the most important functionalities. The registration process for this wallet is very easy and all you have to do is write your name and confirm your email address. -We will talk more about this below-.

Exchanges

Once you get yourself a wallet, the next thing that you need to do is to actually buy bitocin. If you are new in the game then exchanges are the best option for you. There are many different exchange options out there, such as Coinbase, Poloniex, Kraken and so on, so it is very important that you do the necessary research and pick a reputable one. There are three steps to the purchasing process and those are registration, input of your card data and writing your digital wallet address which you will get once you get the wallet. When you are doing these steps you need to make sure that there are no typos because that could send your bitcoins to another address and you can lose them forever. There are other ways in which you can purchase bitcoins, but for a beginner this is definitely the way to go.

Making purchases

Once you buy bitcoin, it is then time for you to make purchases. When bitcoins in Canada first appeared there were only a few private individuals who were willing to sell their stuff for bitcoins, but now things have definitely changed and more and more companies are accepting the digital currency for their items. You can buy things such as laptops from Dell, or any product from Microsoft and you can even pay for ProtonMail upgrades with bitcoins as well. To make things even better, there are some bitcoin wallets that will provide you with mobile apps which will make it even easier for you to make purchases.

The idea of bitcoin is definitely something that sounds very appealing and for good reason. The fact that it is not influenced by anything except by the supply and demand for it and that it is under the control of no government or organization, can make the whole thing seem even more appealing to some people, but for others it can be a big no-no.

Four Bitcoin Wallets You Should Consider if you are from Canada

Bitcoins have been everywhere recently and it is no surprise that more and more people are considering getting involved with this crypto currency. If, for some reason, you haven’t heard of bitcoin, it is a digital currency that will let you make online payments, and unlike regular currencies when it comes to bitcoin, they are not something that can be seen or touched and they can never be printed. There is a lot of hesitation around the subject of bitcoin, but if you are interested in giving it a go then the first thing that you will need is a bitcoin wallet. There are a few different types of wallets, but the most used ones are the online, offline and the hardware wallets and depending on what you need, each of them serves their own purpose. In this article we will show you some of our favorite bitcoin wallets in Canada, so if you are interested keep on reading.

Ledger Nano

This is a smartcard based hardware wallet. The Nano is set up using the Ledger Chrome Application and there are private keys that are generated and singed offline in the smartcard’s secure environment. The wallet has a random 24-work seed that is generated upon its set up and then backed offline by writing it down on a piece of paper. The seed is important to have because in a case where the wallet is lost, stolen or damaged, you will be able to recreate the entire wallet without using it. As another layer of protection, a user selected PIN code is also assigned to the device and this help protect your wallet against any hacking or physical theft. The Ledger Nano can be used on any computer or even on an Android phone with Mycelium or Green Bits.

Breadwallet

This bitcoin wallet started out as the most popular wallet for iPhone, however not it is also available for Android devices and any phone that has an Android 6.0 or higher can use this app. Some of the key elements that make this wallet as popular as it is are the simplicity of it and the fact that it is easy-to-use and has easy-to-use security. All of these things put together make this wallet a great starting point for any users that are new to the world of bitcoin.

Armory

This desktop wallet is the most mature, secure and full featured wallet for Bitcoin in Canada, and is one that we recommend if you have a bit more experience because it can be technologically intimidating for a lot of users. Regardless of whether you are an individual that is storing $1000 or an institution that is storing millions of dollars’ worth of bitocin on it, there is no doubt that this option is one of the safest out there. The users have complete control of all bitcoin private keys and they even have the ability to set up their own secure offline-signing process by using Armory as their wallet.

Electrum

Sticking to the desktop wallets, Electrum is arguably the most popular one in Canada and that is mostly due to its speed and the ease with which it can be used. This wallet can also be used as cold storage, provided that you have an extra computer that can be used offline. The wallet offers a lot of features, some of them being the ability to connect through Tor, integration with hardware wallets, multisignature wallets and many, many more functions.

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Final Words

Choosing your bitcoin wallet is definitely one of the most important things that you will have to do and using any one of these could be a great choice. However, before you make any decision it is very important that you know as much about the wallet you want to use as possible because that is the only way for you to make an educated decision, and hopefully this article will be able to help you out in the whole decision-making process.

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