Buying Bitcoin 101: A Primer for New Canadian Bitcoiners

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Choose your payment method, and follow the instructions that are emailed to you. Select your requested payment type, and enter other payment details as necessary. Please note that cash orders by express mail are fullfilled based on the order they are recieved, and available cash. This can create delays on completing orders. If time is an issue please look at getting your account verified and using our direct deposit option. Frequently Asked Questions What is a Bitcoin?

Do you operate outside of Canada? We can currently only service Canadians, living in Canada. We don't have a recommendation, try google. There's No chargebacks, No stolen credit cards, No scams. Can I cancel my order after I've sent payment? Can I send a cheque? Can I send a money order? Can I pay with credit card? Can I pay with paypal? Can I pay with wire transfer? Can I pay with email how to get started with bitcoin in canada transfer? Because they are all susceptible to fraud.

Maybe, if we can find a way around the potential fraud, or if you convince us you're not a fraudster aka repeat customers! If it gets lost in the mail, too bad, we can't do anything for you. If we say we didn't get it, we didn't get it, no arguing. We highly recommend against it. Use something that can be tracked! The address on the form can be accessed mon-fri 9: The 3 hour rate guarantee does not apply for payments left outside of business hours.

We only guarantee the posted rate when you place your order for 24 hours for cash in mail, and 3 hours for cash in person. After that we reserve the right how to get started with bitcoin in canada adjust the amounts based on current market conditions. We do not guarantee any rate for Bill Payment or Direct Debit orders, since we have no way of knowing how many days it will take the banks to credit our account the money.

If you would like to avoid the price fluctuation risk, simply DEPOSIT to your account first, then use the funds available in your balance to purchase. When I sell coins, how many confirmations are required before payment? We require how to get started with bitcoin in canada 1 confirmation.

We guarantee that the package will make it to Canada Post and be assigned a Tracking Number. Canada Post supposedly guarantees delivery of said package once its in their system, however, should a package be mis-delivered by CP and not tracked down, there is nothing we can do.

By choosing this payment option, YOU assume all risks. Because we have already been scammed by people claiming they never received their package and thus, us trying to be nice and re-sending it and eating the cost on our sidewhen CP clearly has indicated that it was delivered to the correct address, and support ticket investigations have lead to confirmation of delivery.

I'm not comfortable with this risk, what else can I do? You can do cash-pickup in our office if you prefer to stay with cash, or you can use an online payment method such as Direct How to get started with bitcoin in canada to your bank account. When I sell coins, and receive cash via xpresspost, can I leave off my name as to remain semi-anonymous? We always send with signature required, unless you specify otherwise. If you would like signature left how to get started with bitcoin in canada, please add a comment to the mailing address when you create the order.

When I sell coins, and receive cash via xpresspost, is there any insurance on the value? No, Canada Post does not allow insuring cash.

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If you've been paying attention to the news recently, you've probably been hearing more and more about Bitcoin. I wrote this post for people who want to gain some first-hand experience and give this cryptographic currency a try. The examples and discussion are focussed on Canadian websites and applications. Try this at your own risk, of course, but it's written with people who want to start with some low-stakes experimentation in mind.

Sometimes, jumping right in is the best way to learn, so I'll start with some quick-start instructions, then discuss different things you can do with Bitcoin BTC , and some issues around the cyber-currency. Things like multiple wallets and different types , "mining", accepting BTC as a merchant, and setting up accounts on an exchange have been mentioned above, but are otherwise outside the scope of this post.

Further reading is suggested. You can learn lots about Bitcoin by looking into the details of the market and transactions—actually, I've found experimenting with Bitcoin and I've only been trying it for a few months by now to be educational about markets and financial topics in general. For further reading, here are some guides from other websites not specific to Canada along with general information about Bitcoin:.

Finally, the following QR Code is my Bitcoin address if you feel like sending me any Bitcoins to practice making transactions or as a tip. It's followed by a price-tracker widget for BTC.

If the widget doesn't work, try this link: To start out, an online or mobile wallet is the fastest to set-up, but if you start to use Bitcoin heavily, you should definitely look into desktop, cold-storage, and temporary wallets—wallets are free so you can make as many as you need. Blockchain's wallet is the one I started with, and it was simple to set-up. To make a Blockchain wallet, go to the new wallet link and enter your email address or not, it's optional and a password.

Blockchain wallets are also accessible through mobile apps. Deposit to the wallet An empty wallet is still useful as a receiving address, but you'll obviously need to make a deposit before you can use it for spending i. One way to get Bitcoins is to sell a good or service to someone who already has some and get paid in BTC. You may have also heard of "mining". It is an advanced procedure and, as far as I can tell, requires specialized equipment to really be profitable at this stage in Bitcoin's development.

The most straight-forward way to get some Bitcoins in your wallet is to buy them from an exchange, like if you were trading traditional currencies. Since this is a quick-start guide for people in Canada, QuickBT is a good choice. Then click "Quote" and the current exchange rate will be shown. QuickBT includes a step where they text a one-time PIN to your phone for security setting an example for banks! QuickBT uses Interac Online, so you'll need to identify your bank when prompted, then log in to your online banking to approve the transaction, following which you'll be automatically returned to the QuickBT site while the BTC purchase concludes.

Be prepared to wait a little while around 30 min. You will need to verify your account by submitting documentation such as identification and a letter from your bank to use many of the features, so it is a lot more effort though. Expedia is perhaps the most high-profile company to accept BTC as payment to date. CoinMap is a handy map interface for businesses that accept Bitcoin. UseBitcoins maintains a list of businesses that accept Bitcoin, and also includes a map tool.

There are some Bitcoin "ATMs" where you can withdraw cash and have it come out of your Bitcoin wallet. This map comes from UseBitcoins. I'd like to try using one—maybe next time I'm in Ottawa, unless one is introduced in the Maritimes in the meantime. Another thing you can do with Bitcoins is donate them. This could be especially promising for giving to sensitive or controversial causes due to the pseudonymous nature of Bitcoin.

I sent donations to the Electronic Frontier Foundation and the Foundation for Individual Rights in Education to see how it works; I thought these organizations were appropriate recipients since they work for a more open world e. Both of these organizations automatically created a one-time BTC wallet address to receive the donation, which I found impressive.

Advanced Options Things like multiple wallets and different types , "mining", accepting BTC as a merchant, and setting up accounts on an exchange have been mentioned above, but are otherwise outside the scope of this post. Check the spot price or historical price trends ; other charts are also available. Watch the latest transactions in real time on Blockchain's front page. Click on an address to see its transaction history.

For example, at the time of writing this was 1 in the top most active wallets. Remember that Bitcoin doesn't offer full privacy. In fact, every transaction is public it has to be confirmed by multiple 3rd parties to maintain the integrity of the protocol , but wallet addresses are just numbers rather than names. So anyone that knows your address can see your transactions, but they won't know who is on the other end unless they also know the name behind that address. Using multiple and temporary wallets can increase privacy.

Discussion Here are some random cautions and musings about Bitcoin: Only hold as many BTC as you are willing to lose. One possibly handy application for Bitcoin is when you're travelling as it can avoid exchange fees for transactions in BTC and isn't a physical thing that you have to carry around. It's certainly something to use at your own risk, but I've noticed that most of the Bitcoin sites seem to do an excellent job at explaining those risks with easy-to-understand descriptions and graphics not just EULAs and TOSs.

Sending a nominal amount of BTC with a message in the comment field could be a good way to contact a stranger without getting caught in a spam filter.

Canada is off to a good start with this technology. I hope it doesn't get stifled by over-regulation. If you're going to use Bitcoins, you should be aware of their taxable status. According to this news release Bitcoins are governed by barter transaction rules in Canada but be sure to do your own due diligence at tax time. Alas, I doubt my opinion carries any weight with the CRA. For further reading, here are some guides from other websites not specific to Canada along with general information about Bitcoin: A guide Another guide The basic facts Some important cautions Lots of info Inside a Blockchain wallet Bitcoin news Finally, the following QR Code is my Bitcoin address if you feel like sending me any Bitcoins to practice making transactions or as a tip.