22 Fun Facts About Bitcoin In Canada
In 2020, the crypto markets, bitcoin included, are beginning to see renewed interest. After two years of a bear market, it seems like bitcoin is recovering and marching towards higher prices.
The price of Bitcoin has been steadily rising and it maybe because of Bitcoin halving that is going to occur on May 12, 2020. Whatever it is, Canada has taken notice. I’m not saying we can list Bitcoin Canada with the beaver, the moose, maple syrup but Canadians sure have taken a liking to this digital currency.
Canadians are increasingly getting involved in this space also as bitcoin Canada is getting more and more attention. Even on Google, the search trends of how to buy bitcoin Canada are getting more hits every day. As a result, Canadian cryptocurrency exchanges are starting to see good volumes.
While you wait for the market to do its thing and conquer new highs, you can check out these twenty two fun facts about bitcoin. These facts are specific to Canada and will give you some great insights…
Fun Bitcoin facts:
- Canadians love bitcoin. In fact, a Bank of Canada study finds 58% of Canadians own bitcoin for investment purposes.
- Unlike in countries like Pakistan, Nepal, Bolivia and some others, bitcoin is perfectly legal in Canada.
- In 2019, Innisfil (a town in Canada) became the first city in North America to accept bitcoin for municipal taxes.
- The first-ever seizure of bitcoins used for illegal purposes by Canadian police was of 288 bitcoins, worth $2.7 million USD at the time of writing this.
- In 2019, for the first time ever a Canadian court, certified Dave Jevans, CEO of CipherTrace as an expert witness.
- On October 29, 2013, a Robocoin machine opened in the Waves coffee shop in downtown Vancouver, Canada. This machine is understood to be the world’s first publicly available Bitcoin ATM.
- In 2014, Canada signed the first-ever official law regulating bitcoin.
- According to Coin ATM Radar, there are 756 bitcoin ATMs in Canada. Whooaaa!
- Canada is the second country with the most bitcoin ATMs in the world. The first is the United States.
- In 2017, Canadian Regulators approved the first bitcoin fund manager.
- The first bitcoin-backed loan was issued to a Canadian company in 2018, allowing cryptocurrency holders to liquify their assets without selling.
- Canadian retail investors became the first in the world to buy exposure to bitcoin through a regulated, publicly-traded fund after Toronto-based investment fund manager 3iQ won approval from the Ontario Securities Commission to launch such a product.
- Jewelry manufacturer and retailer Birks Group became the first luxury retailer in Canada to accept the cryptocurrency in 2018.
- When bitcoin was still new in 2013, the Canada Revenue Agency (CRA)had declared that Bitcoin payments should be treated as barter transactions.
- According to data in 2019, Canada was sixth in the list of top 20 countries with the most bitcoin nodes.
- In July 2019, Richmond Hill became the second town in Canada to let its residents pay municipality taxes in bitcoin.
- In 2018, the Bank of Canada stated that 85% of Canadians were aware of bitcoin.
- In 2018, KFC Canada accepted bitcoin for a limited time and for a cryptocurrency-themed bucket of chicken.
- According to the Bank of Canada report, bitcoin ownership went from 3% to 5% from 2016 to 2018.
- The same report also stated that the reason for holding bitcoin for Canadians changed from transactional purposes to investment purposes from 2016 to 2017.
- In Canada, Google Trends shows that bitcoin reached peak popularity twice in the last 5 years. Once in December 2017 and second, September 2019.
- From a geographic perspective, British Columbia has the highest levels of Bitcoin awareness whereas Quebec has the lowest.
So, there you have it. These are the 22 fun facts about bitcoin Canada.
It is interesting to see that something that was created by an anonymous entity called Satoshi Nakomoto, more than a decade ago, has today become a global phenomenon. With each passing year, more and more countries get involved and from the looks of it, it seems like Canada is going to be one of the leaders.
Bitcoin has also given rise to other crypto projects and has kick started the decentralization trend. This will bring many benefits to millions. At PCCEX, a Canadian cryptocurrency Exchange, we want to help simplify digital currency for you and that is why our cryptocurrency exchange exists. Our aim is to bring crypto to the masses and make it a simple part of life.
If you want to step into the crypto world, you can complete the sign-up process and trade with ease. If you want to just buy bitcoin Canada and hold, that’s also very easy with Canada’s best cryptocurrency exchange.
Be sure to check out: How to buy Bitcoin Canada
***Please ensure to declare any capital gains or reward income to your local taxation authorities to ensure you always remain compliant. Cryptocurrency purchased on illegitimate exchanges that do not run KYC may not be supported and have been listed/traded there without our permission. Investing in cryptocurrencies is a high-risk and volatile
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