Popular Uses of Crypto in Canada for 2024
In recent years, cryptocurrencies or digital assets that work on decentralized networks have been growing in popularity in Canada. 34% of Canadians own some form of cryptocurrency and 62% say they would be interested in getting paid in crypto going forward, as per a recent survey. But what are the main uses of crypto in Canada, and how are they expected to evolve in 2024?
Gaming and Entertainment
An emerging use of crypto in Canada is gaming and entertainment. Many have begun using crypto to have fun, express themselves, and potentially profit from their hobbies. As a result, there are a lot of emerging crypto casinos in Canada along with various other online games that allow users to gain digital profits (play-to-earn games).
At crypto casinos, players enjoy classic casino games, but fund their bets with Bitcoin, Ether, or a number of other popular cryptos. In doing so, they can enjoy fast, secure transactions, and fairer gaming. With play-to-earn games, players can earn crypto by playing the game – they’re like a fun way to mine new coins.
Trading and Investing
Arguably the most important, most valuable, and certainly the most lucrative way to make use of your crypto in Canada this year is by trading and investing. You can use cryptocurrency to diversify your financial portfolio and potentially earn high profits. According to a report by Forbes, some of the best cryptocurrencies in Canada for January 2024 are:
- Bitcoin (BTC): This is the original and most widely used cryptocurrency worldwide. It currently has a market cap of over CAD 1 trillion.
- Tether (USDT): A stablecoin that is pegged to the U.S. dollar and aims to maintain a 1:1 ratio with the fiat currency.
- Binance Coin (BNB): The native token of Binance, the world’s largest crypto exchange by trading volume, and a utility token for various services on the Binance ecosystem.
- Solana (SOL): A fast, scalable, low-cost blockchain supporting high-performance decentralized applications and NFTs.
- Polkadot (DOT): A multi-chain network that enables interoperability and cross-chain communication among different blockchains.
- Dogecoin (DOGE): This cryptocurrency started as a joke inspired by memes but quickly gained popularity and value due to its loyal community and celebrity endorsements.
To trade and invest in these and other cryptocurrencies, Canadians have access to a variety of platforms and apps, such as:
- Bitbuy: A Canadian crypto exchange that offers a wide array of 40 coins, low fees, and high security. Bitbuy was the first crypto exchange registered in the Canadian marketplace after being granted approval from the Ontario Securities Commission (OSC).
- Wealthsimple Crypto: A Canadian robo-advisor offering a simple and user-friendly app for buying and selling Bitcoin and Ethereum, with no fees or minimums.
- CoinSmart: A Canadian crypto exchange that offers 15 coins, instant verification, and advanced trading features. CoinSmart is also regulated by FINTRAC and the OSC.
- Coinberry: A Canadian crypto platform that offers 10 coins, zero fees, and multiple payment options. Coinberry is also registered with FINTRAC and the OSC.
- Binance: Although it’s not regulated in Canada, Binance is the world’s largest crypto exchange that offers hundreds of coins, low fees, and various trading tools. Canadian users have access and can use it at their discretion.
Lending and Borrowing
Another popular use of crypto in Canada is lending and borrowing, as many Canadians use crypto as a way to earn passive income, access liquidity, and leverage their assets. According to a review by Savvy New Canadians, some of the best crypto lending and borrowing platforms and apps in Canada are:
- YouHodler: A crypto lending platform that offers up to 12% interest on deposits, up to 90% loan-to-value ratio on loans, and various features such as crypto-backed loans, multi-HODL, and turbocharge.
- Nexo: A decentralized finance platform that offers up to 12% interest on deposits, up to 75% loan-to-value ratio on loans, and various features such as instant loans, earn in NEXO, and exchange.
- BlockFi: A crypto lending platform that offers up to 8.25% interest on deposits, up to 50% loan-to-value ratio on loans, and various features such as trading, rewards cards, and institutional services.
- Celsius: A crypto lending platform that offers up to 17% interest on deposits, up to 25% loan-to-value ratio on loans, and various features such as earning in CEL, swap, and community.
- Crypto.com: A crypto platform that offers up to 14.5% interest on deposits, up to 50% loan-to-value ratio on loans, and various features such as trading, debit card, and pay.
Payments and Remittances
Another potential use of crypto in Canada is for sending money and making payments digitally. A study by HelloSafe revealed that some of the best crypto payment and remittance platforms and apps in Canada are:
- Virgo CX: A Canadian crypto exchange that offers 10 coins, low fees, and fast transactions. Virgo CX also offers a referral program, airdrops, and contests.
- BitPay: This global crypto-payment service allows users to pay and accept payments in Bitcoin and other cryptocurrencies. They also offer a wallet, a card, and a business solution.
- Wirex: With Wirex, users can buy and spend crypto and fiat currencies from anywhere in the world. They offer a wallet, a card, and a rewards program.
- Shakepay: A Canadian crypto platform that allows users to buy, sell, and send Bitcoin and Ethereum.
- Flexa: A global crypto payment network that allows users to spend cryptocurrencies at various merchants.
Charity and Social Impact
Another noble use of crypto in Canada is charity and social impact, as many Canadians use crypto as a way to support causes and communities that they care about. According to CryptoGiving, some of the best crypto charity and social impact platforms and apps in Canada are:
- Giving Block: A global crypto donation platform that connects donors and nonprofits that accept cryptocurrencies. Giving Block also offers a wallet, a widget, and a tax solution.
- BitGive: A global crypto charity platform that supports various projects and causes around the world. BitGive also offers a transparency platform, a donation tracker, and a membership program.
- Coins 4 Clothes: A Canadian crypto charity platform that rewards donors with Bitcoin Cash for donating clothes to local charities. Coins 4 Clothes also offers a map, a calculator, and a blog.
- CryptoChicks: A Canadian crypto social impact platform that empowers women and youth through education, mentorship, and entrepreneurship in blockchain and AI. CryptoChicks also offers a hackathon, a hatchery, and a podcast.
- Blockchain for Climate: A Canadian crypto social impact platform that leverages blockchain technology to implement the Paris Agreement and fight climate change. Blockchain for Climate also offers a foundation, a token, and a newsletter.
Not only are there a lot of different ways to make use of your crypto in Canada, but there are also many different platforms that can be used across various industry sectors. As the year progresses, more and more Canadians are likely to invest in cryptocurrencies.