What Can You Buy with Bitcoin in Canada? 10 Ways to Spend Bitcoin
The use of cryptocurrencies in Canada has been steadily rising in the recent past. Canadians love the idea of making faceless transactions. Like other global crypto users, privacy and ultimate blockchain-backed security are factors justifying their undying love for cryptos.
If you are a Canadian interested in cryptocurrency exchanges, We'll walk you through Bitcoin if you're a Canadian interested in cryptocurrency exchanges. We explain how to trade bitcoin and how to bet at the best online casinos for Canadians, where you may find legitimate and trustworthy gaming platforms that take cryptocurrency. Moreover, we narrow down to merchants that accept Bitcoin in Canada and how you can leverage the newfound convenience.best online Canadian casinos
So, what is Bitcoin?
Bitcoin is a digital currency that allows users to send and receive money through peer-to-peer networks. Unlike fiat currencies, Bitcoin and other cryptos are not subject to central bank regulations. Instead, peers on an open ledger otherwise referred to as the blockchain, play a crucial role in validating crypto transfers.
Bitcoin is the pioneer cryptocurrency. It was launched in 2008 by the pseudonymous Satoshi Nakamoto through a famous white paper. Since then, a floodgate of other cryptos, including Ethereum, Litecoin, Tether, Dogecoin, and many others, have emerged. Their usage in Canada is high, especially in the gaming industry. Gamers love using them because of secure, faster, and private transactions. Moreover, Bitcoin allows comparably larger bankroll transfers without raising the alarm by regulators.
The process of creating new Bitcoins is called mining. Typically, miners must solve complex mathematical or computational puzzles using powerful machines. This is what is called proof of work. Surprisingly, the process is self-regulative. When miners get many Bitcoins, puzzles become harder, limiting the Bitcoin supply.
Nevertheless, if you want to use cryptocurrencies in Canada, you do not have to be a miner. You can start by purchasing them from cryptocurrency exchanges.
Best Crypto Exchanges in Canada
Leverage the following best crypto exchange platforms.
BitBuy is a perfect exchange for trading bitcoin in Canada. Since its launch in 2016, over 350,000 Canadians have leveraged this cryptocurrency exchange to purchase and sell bitcoins. At BitBuy you can buy bitcoin as a one-off investment at the prevailing market price. The process will only cost you 0.2% of the purchase. You can also purchase bitcoin using the Pro Trade Module, ideal for veterans. The module allows experienced traders to get price alerts and technical charts of factors likely to affect the bitcoin price. Purchasing bitcoin through this module costs a paltry 0.1% per transaction.
Binance is a top cryptocurrency exchange that takes pride in lower transaction fees (0.1%) in Canada. Globally, Binance accounts for about $15 billion in bitcoin trading volumes. Besides, the bitcoin investment process is simple on this platform.
Coinbase is a bitcoin trading platform with unmatched popularity in Canada. Coinbase trading fees are high at 0.5% compared to other trading platforms. Nevertheless, the Coinbase bitcoin wallet is popular as you can easily trade with other cryptos such as DeFi tokens and Altcoins.
Ways To Use Bitcoins in Canada
Many businesses and merchants accept the bitcoin payment method in Canada. Here are a few examples.
Canadians are free to use their crypto wallet at CoinGate. You can buy gift cards for Walmart, Amazon, UberEats, Esso, etc. Users cite low transfer fees compared to fiat money because they flock to CoinGate with cryptos.
Travala is your best travel website where you can conveniently pay using bitcoin and other cryptos. Instead of making that costly bank transfer, you can buy bitcoin and settle your bills timely.
If you fancy luxurious goods like silver, gold, or platinum coins and bars, you can buy bitcoin and use them on the SilverGoldBull online store as it accepts bitcoin.
There are doubts that Canadian cryptocurrency exchanges are popular. Even so, their use in the online gaming sector has unprecedentedly risen since the launch of Bitcoin. If you are a gamer, you can take advantage of the free crypto wallet app, buy bitcoin and enjoy timeless gaming in the following online casinos.
Wild Fortune Online Casino
Wild Fortune is a legit casino, with a license from Curacao eGaming. It accepts over 7 digital currencies plus Canadian dollars. Unlike bank transfers, crypto payments are faster and more convenient in this casino.
Upon depositing, you can enjoy limitless gaming fun from multi-software providers. For instance, you can play the best progressive games like Mega Moolah. Besides, this casino offers newcomers a chance to trigger a welcome offer of 100% up to C$100 or its crypto equivalent.
Fortune Panda is another legit site where you can use Bitcoin in Canada. This casino prides itself on a well-spread gams package, excellent customer support, friendly mobile features, and the ultimate crypto convenience. Registering for real money takes a few minutes while bonuses are plentifully available.
If you buy bitcoin in Canada, perhaps you use them here to play the best games. Additionally, they can qualify you for an exclusive wager-free bonus of 150%. While transferring funds here, you do not have to worry as Fortune Panda is registered per Curacao laws.
Joo Reels Casino
From your Bitcoin address, you can easily make payments to Joo Reels Casino. If your wallet is not loaded, you can take advantage of the low trading fees on your favorite crypto trading platform. Besides accepting the convenient Bitcoin transactions, Joo Reels is known for epic slots, live dealer games, and responsive customer support. If you register a new account here, you will qualify for a 100% cash match of C$200.
Bitcoin Canada Summary
Presently, you can buy bitcoin in Canada and relish lower trading fees. Equally, you can sell bitcoin and reap some benefits if you keenly follow the demand and supply patterns. Besides trading, you can use these digital assets to settle your bills in major stores and websites, as many are now accepting them. Going into the future, we are likely to have bitcoin ATMs, which are likely to demystify the usage of cryptos further. If you have not started using them, you can download a dummy crypto wallet and start trading.