Buying Bitcoin In Vancouver
Buying Bitcoin In Vancouver
Vancouver, also called “Hollywood of the North”. is located on the wet coast of Canada. Located in British Columbia, Vancouver is one of Canada’s most diverse cities. t coast seaport in British Columbia, is among Canada’s densest, most ethnically diverse cities. Vancouver ‘s sea port is the largest in Canada and the third largest in North America. It has approximately population of 675,000 and the greater Vancouver has a population of 2,463,431 .
World’s First Bitcoin ATM was in Vancouver
Believe it or not, the world’s first Bitcoin ATM machine was available at Howe and Smithe street in downtown Vancouver. It was a kiosk ATM, located inside Waves Coffee House, which on the day of opening, attracted many people who just wanted to see what it was.
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History of Bitcoin
Bitcoin was created by an anonymous person or a group of persons and is a decentralized currency that runs on blockchain technology. It is essentially a digital form of money that makes the people the real owners of their own money. It has been over a decade since the bitcoin blockchain went live and it has seen skyrocketed popularity and interest since then.
What Can Vancouver Investors Gain From Buying Bitcoin?
Like any other investment in Vancouver, Bitcoin is an asset or a financial instrument. Vancouver investors can have a great opportunity to invest since its supply is limited and its economic policy is hardcoded into the blockchain itself. Also, it has seen an unimaginable surge in prices since its inception. From having no value to being worth a few cents to now being almost $10,000 per coin, Bitcoin has defied all expectations. The benefits for investors in buying bitcoin are:
– Hardcoded economic policy.
– No central authority can manipulate it.
– Fixed supply.
– Global Phenomenon.
– Huge potential for returns.
– Security brought in by immutability.
– It’s completely legal in Canada which reduces uncertainty.
Other Cryptocurrency, also Known as Altcoins
Bitcoin is the kind of crypto as it was the first one to arrive as well as the most popular. However, there are many other cryptocurrencies that have been built by various teams and companies around the world to serve specific use cases and bring forth a financial revolution.
These cryptocurrencies are often called altcoins or alternative coins as they are often seen as alternatives to bitcoin from an investment standpoint. There are thousands of these. However, the most popular ones are Ethereum, Ripple (XRP), Litecoin, Dash, etc.
Is Bitcoin Legal?
It is completely legal to buy and sell bitcoin, hold them and even use them for buying goods and services in Vancouver. However, it is important to note that Canada has not been given Bitcoin the status of the legal tender. Also, that there may be tax on bitcoin and cryptocurrency, yet this shouldn’t affect any investors and their crypto transactions.
How To Buy Bitcoin and Altcoins in Vancouver
Seeing the increasing popularity and growth in the ecosystem of cryptocurrencies as a whole, many investors want to learn how to buy bitcoin in Canada. In recent years, it has become easier than ever to get involved with the crypto world and there are several ways you can do so. The following are some of the most popular ones:
1. Online Exchange
One of the most common and popular methods to get involved with bitcoin and other cryptos in Vancouver is to use online exchanges. This is also one of the easiest methods. At PCCEX (a proudly Canadian exchange), we have made it extremely simple to start your crypto journey in a secure manner. In fact, we also offer OTC services to our users who wish to go that route for large orders.
Steps to buy from an exchange:
1. Create an account on the exchange.
2. Complete the KYC process.
3. Use any of the methods to fund your account using fiat currency (CAD).
4. Buy bitcoin using CAD.
5. Keep your bitcoin on the exchange or transfer them to your own secure wallet.
1. Extremely easy to use.
2. Regulated exchanges provide the security you need.
3. A variety of cryptocurrencies are available to buy and sell.
4. Trading can be done with ease and simplicity.
5. Availability of customer support.
6. A variety of payment methods.
1. Lack of anonymity.
2. During times of high market activity, exchanges can become difficult to access due to the high traffic.
2. Bitcoin ATM
ATMs are an important part of the legacy financial system. However, they have been adapted to serve the crypto users as well. There are many bitcoin ATMs all around Canada and other countries where users can easily buy bitcoin in an anonymous manner. One company that offers Bitcoin ATM services is Baapbitcoinatm.com
Steps to buy from Bitcoin ATM:
1. Find the nearest bitcoin ATM to you using something like Coin ATM Radar.
2. In the ATM machine, choose to buy bitcoin.
3. Provide a bitcoin address for deposit.
4. Insert cash into the machine.
5. Confirm the transaction.
1. Ease of use.
2. You can buy anonymously.
3. The speed is impressive.
1. Transaction fees can be higher in this case.
2. Logistical Problem (you have to go all the way to an ATM)
3. Customer support may not always be on par.
3. Peer to Peer (P2P)
A p2p cryptocurrency exchange is an online marketplace where trades take place directly between a buyer and a seller. There is no middleman as such. However, each party is protected by an escrow service. P2P is one of the older ways to buy bitcoin in Vancouver. An example would localbitcoin.com
Steps to buy from P2P:
1. Find a trustworthy p2p platform.
2. Register using your email id and password.
3. Look for sellers and their prices.
4. Choose the one you like best and make the payment to them using any of the available methods.
5. Mark the payment as complete and you will receive your bitcoin.
1. Security with escrow services.
2. A variety of payment methods.
3. Increased privacy.
1. Face to face cash transactions can be a little risky.
4. Local Over The Counter (OTC)
In the financial markets, over the counter trades are ones that happen privately between two individuals without the supervision of an exchange. Traders typically use this route when they have to buy or sell a large amount of a financial instrument. PCCEX also offers this service, contact us for more information.
Steps to buy from OTC:
1. Choose a bitcoin trading platform that also provides OTC services.
2. Make sure it is a trustworthy platform.
3. Sign up and create an account on this platform and get yourself verified.
4. Contact a trader and get a price quote.
5. After agreeing on a price, send the payment to them through any of the methods available.
6. After the payment is done, the bitcoin will be released to you.
7. Transfer these bitcoins to your own secure wallet.
1. Useful when you need to buy large quantities of bitcoin.
2. Protects you from slippage.
3. It helps you avoid trading limits on typical crypto exchanges.
1. Not as straight-forward as buying on an exchange.
2. There can be settlement risks involved.
You can Buy Bitcoin and other cryptocurrency directly from PCCEX Cryptocurrency Exchange by signing up or registering. Buy, sell and trade Bitcoin on PCCEX, Canada’s best cryptocurrency exchange.
– Buying Bitcoin In Vancouver