How to Buy Bitcoin in Canada
You most certainly have heard a lot about rising prices in Canada and elsewhere due to inflation. The world is heading towards uncertain times and our money is being put into question.
Historically, people have converted whatever wealth they had into hard assets, such as gold. Nowadays, this is still commonplace, but it feels a little outdated and unpractical for some.
Looking at other countries where inflation has wreaked havoc, you'll notice that getting your hands on, or transacting in gold, is very difficult.
What people use instead is either cash (US dollars) or bitcoin. The former can be difficult to obtain, especially in larger amounts, and can be falsified. The latter is the easiest to store and transact with.
Here in Canada, we might not be as worse off as countries going through very high or hyperinflation, but you did wonder how you could fend against it.
Well, today you'll learn how to buy Bitcoin as a Canadian in order to store value.
Buy Bitcoin with Interac e-Transfer
This is the easiest and fastest way to convert your canadian dollars into Bitcoin. Doing this kind of transfer only requires a few clicks on your part and the process is completed within minutes.
First, log into your Bull Bitcoin account. If you don't have one already, go ahead and sign up. It's really easy and will only take you 10 minutes to get through the process. You can also check out this article to learn more about it.
Once in your account, you'll need to add funds to be able to convert them into bitcoin. To do so, click on Fund Your Account, in the left-hand menu.
Select the Interac e-Transfer option and enter the amount of dollars you wish to send. The amount that you can send at one time depends on your bank (typically $1,000 to $5,000), but you can always contact them to increase it (up to $10,000).
All that's left is to send the amount to the e-mail address that's provided and use the details given to you to fill out the question and answer fields.
Once your deposit clears, it'll appear in your account balance! If you wish to send even more money, in this case you'll have to use the Wire transfer method.
Buy Bitcoin with Wire Transfer
This technique allows you to make larger purchases of bitcoin at once, in a shorter time frame. To first fund your account, select the Wire Transfer method from the Fund Your Account menu.
The next steps are quite simple. Enter your amount of canadian dollars and click on "Create funding order".
You'll then be given all the info for sending us a wire transfer. Download the transfer details to easily share it.
Next, head on over to your bank branch (you can do this part online if you have a business account) and give the bank details and amount to the teller. That's it.
Transactions are usually processed within a few hours, although it could take up to two business days.
Buying Bitcoin in Canada is Easy
Now that you have sent Canadian dollars from your bank account to Bull Bitcoin, you can go ahead and buy Bitcoin!
Here's how to do it :
Click on Buy Bitcoin
Enter the purchase amount
Enter your Bitcoin address (found in your wallet)
Click on "Create Buy Bitcoin Order" (the big red button)
Click on "Confirm Purchase".
There you have it! Bitcoin is sent straight to you in only five simple clicks.
You are now equipped with the tools to counter the declining purchasing power of the Canadian dollar.
Bitcoin is a historically strong performing asset and is very scarce, so don't lose it.
Need help setting yourself up with a Bitcoin wallet? Check out Bitcoin Support!
They have loads of free resources and guides to get yourself ready. If you want extra help, you can also book a one-on-one call with a Bitcoin Support agent.
- How to open an account on Bull Bitcoin
- How to sell bitcoin on Bull Bitcoin
- Frequently Asked Questions
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