Best way to buy bitcoin in canada reddit
Yes, here was a machine that promised not only to slurp up your dollars to transfer fractions of Bitcoin to your digital wallet, but also let you cash out of virtual currency for Uncle Sam-backed bills. Something we didn't really explain in the video because we frankly still don't completely understand it ourselves is how the Bitcoin ATM system worked. The ATMs are built by a company called Robocoin , a Las Vegas-based started founded by two brothers who were previously making Bitcoin-for-cash transactions locally, in person.
According to a Wired report, Mark and John Russell, wanted to find a way to automate the process using a machine, while still working within the still-evolving regulatory guidelines set by US government for Bitcoin transactions. Naturally, they teamed up with a Nevada slot machine maker to start making prototypes. Honestly, the warning signs were all there. Because of those tricky and still muddy regulatory requirements, Robocoin doesn't actually run its kiosks.
Their first customers set up shop in Canada, where Bitcoin trading regulations are more lax--the machine doesn't need identification verification to take or dispense cash.
Handlebar was where we ended up buying our Bitcoin, and where I spent the next few days hanging out to try to get it give our money back. It happened like you saw in the video--I had to create an account with the Bitcoin Agents through the Robocoin machine, giving it my telephone number for SMS verification , creating a PIN, scanning my palm, letting it take my photo, and then also scan a copy of my driver's license.
That's a whole lot of personal information, which in retrospect was pretty stupid of me. Bitcoin Agents holds on to that identification data to comply with government anti-money laundering laws, but there's no promise that they can't be hacked or won't use that information for suspect ventures in the future. Anecdotally, my identity hasn't be stolen yet, but I have received on average one strange telemarketing call a week since signing up for Robocoin--the first of which was from an adult chat service just hours after giving the Robocoin machine my phone number.
Robocoin operators make money from these fees, which they charge for both buying and selling of Bitcoins.
These fees are just one of the sources of controversy regarding Bitcoin ATMs; in Vancouver, the Robocoin operator had to hire a part-time chaperone to watch over the kiosk and prevent other traders from intercepting customers with the promise of lower-cost or free transactions.
The biggest hassle was in trying to get our money out from the Robocoin machine, selling the Bitcoin back to Bitcoin Agents. The process here was incredibly convoluted and opaque. After logging back into the machine with my phone number, PIN, and palmprint, the kiosk spit out a receipt with a QR code representing the wallet address of Bitcoin Agents.
The idea was that I would use my wallet to send the Bitcoin value to the operator, with the promise that after receipt, the machine would dispense the equivalent in cash--minus the transaction fee. My mistake was in not paying a "miner's fee" after sending the Bitcoin to the operator. This was a step that wasn't made clear in the selling process, neither by the Robocoin machine or my Blockchain app.
Read the full article here: Canadians now have a safer way to buy and sell Bitcoins. Unlike other P2P Bitcoin exchanges, users who register with Quebex face a rigorous vetting process with many layers of security checks to help weed out bad actors.
Since implementing their current verification policy in late , Quebex has seen hundreds of trades without a single instance of fraud. By adhering to these standards and proactively monitoring transactions, Quebex is making Bitcoin trading safer for everyone who uses its services.
A P2P exchange is a marketplace where users can buy and sell Bitcoins directly to and from each other. The site allows users to post advertisements where they state exchange rate and payment methods for buying or selling Bitcoins. Bitcoin prices and fees on www. More payment options are coming soon. In addition to accepting prepaid non-reloadable credit cards, www. Once you have purchased your Flexepin voucher featuring a unique digit code, you can redeem it on www.
Read full paper here: Bank of Canada Bitcoin Paper. Step 1 — Purchase a prepaid non-reloadable Visa, MasterCard or Amex credit card sold at several locations near you and thousands nation-wide. You are then prompted to enter a Bitcoin wallet address you want to send the Bitcoin to followed by your phone number for mobile PIN verification.
Located in Ottawa, Ontario, CanadianBitcoins.