For those new to the world of Bitcoin and Litecoin, it can be hard to wrap your head around what they are, what they do, and how they can change the way you live your life. You can easily consider them the world’s best-kept secret, as if you’re not an active internet user, you will very rarely come across information that fills you in on what Litecoin and Bitcoin actually are. It’s not something you typically read about in your local newspaper.
If you’re stumbling across this article with very little knowledge on cryptocurrency in general, we aim to fill you in on what Bitcoin and Litecoin are, where to buy Bitcoin, where to sell Bitcoin, and what the best platforms for buying and selling are.
What is Bitcoin?
“What is Bitcoin?” It’s a question many people ask, and it’s one that can be answered in great depth, or by just referring to the similarities and differences of it in comparison to standard money. In short, it’s a form of digital payment known as cryptocurrency and is the first decentralized digital currency. What this means is, it’s not governed by any one person and is kept track of using Blockchain, a ledger that’s available to the public.
And, what is Litecoin?
Litecoin is very similar to Bitcoin. It, too, is a form of cryptocurrency. However, it’s not experiencing the level of growth that Bitcoin is. While the BTC to CAD exchange rate fluctuates at between $7,000 to CAD 8,000 per BTC, Litecoin is around $80 per coin.
Why use cryptocurrency over conventional payment methods?
It’s fast, it’s secure, and it’s global. Cryptocurrency can’t be counterfeited or duplicated, nor is it governed and controlled by an intermediary such as a bank. The best part is, you can use it anywhere in the world. It’s a global currency that works the same for every country. Its benefits are so well known that over 100,000 merchants worldwide accept it as a valid payment method for goods and services.
Where can you buy and sell Bitcoin and Litecoin?
When you learn everything there is to know about Bitcoin, Litecoin, and other cryptocurrency; you may decide you, too, want a taste of the action. After all, investing in cryptocurrency has turned regular everyday workers into millionaires, so why can’t that happen for you?
There’s no reason why it can’t, so we’ve listed some exceptional buying and selling platforms for cryptocurrency in Canada – and throughout the world – that can help you on your way to becoming a cryptocurrency investor.
If you want to know where to buy Bitcoin, or where to sell Bitcoin, check out these secure platforms below.
CoinSquare is one of the most popular platforms for the buying and selling of Bitcoin and Litecoin. It’s considered one of the most secure platforms, and even offers some of the lowest trading and transactional fees as well. The buying and selling process is straightforward, the customer service is exceptional, and you can even benefit from being able to purchase Bitcoin, Ethereum and precious metals such as gold and silver.
The popularity of cryptocurrency in Canada is growing at an exponential rate, and it’s essential that residents have access to a reliable platform to take advantage of this growth. That’s where Coinbase comes in. Canadians can purchase Bitcoin or Litecoin through bank transfer, or by using a credit or debit card. It’s quick, easy and is an excellent platform for beginners.
While Bitcoins are delivered instantly with a credit card purchase, they can take up to one working week for bank transfers. However, if you purchase more than 130 Canadian dollars’ worth of Bitcoin, you get 13 Canadian dollars’ worth for free!
Canadian Bitcoins is a popular Bitcoin exchange for many, as it has so many options for payment. You can make large or small purchases, and pay via online banking, direct debit, Interac Online, cash via mail, Flexepin voucher, or even with cash and debit in person if you’re Ottawa-based. The fees for each method varies, but it certainly provides a level of convenience many other platforms don’t.
BitAccess is an ATM operator and Bitcoin broker that operates in Canada. Funded by the Canadian Government, it enables you to purchase Bitcoins with both cash and Flexepin vouchers at thousands of locations across Canada. Just select the number of bitcoins you wish to buy, find your nearest merchant, and purchase them! The only downside is that the fees are more substantial than standard platforms, starting out at 10 percent.
bitBuy, a Bitcoin exchange in Canada, enables cryptocurrency investors to buy Bitcoin with Interac Online. It’s quick, easy, and you can even buy as much as $250 worth of Bitcoins with only your cell phone number and email address. Unfortunately, the purchase limits are low, and the fees are high, starting at 4.95 percent.
Finding the best platform to buy and sell Bitcoin and Litecoin on can be tough. Who’s to say one is going to be better than the other? The next time you’re looking to invest, ensure they offer a payment method that suits you and a fee percentage that is in line with what other platforms are providing.