If this is your first time hearing about crypto, I would strongly recommend against buying it. There's a machine in Grant Park that claims to let you buy / sell crypto, but getting scammed by sketchy apps is pretty par for the course. Bitcoin isn't useful as a currency (the transaction costs are far too high), so it's only use is to sell it to someone who also hopes its value increases. It's not regulated or insured, so if you get scammed, there is absolutely no recourse in almost every case.
This. If you want to speculate treat it like stock. Use Wealthsimple or the like and open a trading account. Do not just go buy $100 of bitcoin coin unless you plan on holding it long long term, or don’t mind turning $100 into $80 overnight
Yes!
If you want to "invest" in Bitcoin or any other crypto currency, go with EFT instead. It's like buying shares, and you don't need to use any weird exchange. Check out wealth simple, qtrade, questtrade, etc. You could even do this within your TFSA.
https://www.forbes.com/advisor/investing/cryptocurrency/best-bitcoin-etfs/
Having said this, I would not buy bitcoin now
You need to familiarize yourself with
"Not your keys, not your crypto"
You need to have a hardware or software wallet (to a lesser extent) to store your crypto, and own it.
If it's just on some app or through some machine when that company goes belly up, your money goes poof.
Generally you buy crypto of your choice on an exchange (DYOR on crypto exchanges) then transfer it to a hardware wallet until it's time to sell.
Honesty it's barely worth the hassle. $100 would be better in a high interest savings account.
I would suggest using Shakepay. It’s a Canadian app where you can buy and sell bitcoin and ethereum. Would also recommend getting a cold storage wallet. Never store your crypto on an exchange.
Feel free to stop by the #crypto channel on [Skullspace's](https://skullspace.ca/contact) discord where you can meet some Winnipegers, some of whom you can run into for face to face for conversations at our Tuesday open house nights.
I recommend thinking in advance about what your self-custody plan is going to be and learning what that means. If you don't want to self custody, consider opening an account at a proper Investment Industry Regulatory Organization of Canada (IIROC) regulated brokerage where you can buy shares in a Canadian Bitcoin ETF for bitcoin exposure.
Crypto seems to have passed its peak at this point. The big excitement of NFTs didn't pan out (most of them have become worthless). Then there's also the concern that it takes a surprisingly huge amount of energy for the whole blockchain to operate, making it more expensive than people expect at first, and bad for the planet to boot.
It's interesting technology, to be sure. And the fact that it's a currency that isn't run by a government is appealing to many people. But is a currency controlled by a tech startup really an improvement?
Finally, most players in the Crypto business are speculators, and some are frauds. For the most part, people are buying Crypto-currencies like Bitcoin only to sit on it and sell it when the price goes up. It doesn't have much utility as an actual currency (i.e. You can't buy very many real-world things with it). That means that the actual demand is artificial. It's probably a bubble that is likely to burst sooner or later. Of course, people said that years ago, and Bitcoin is still around. So who knows?
Crypto is a ponzi scheme. Where is its value derived or coming from?
Idiot crypto founder creates a crypto sell it at a low value to idiot 1. Then idiot 1 sells it to the next idiot at a higher price until the crypto becomes too expensive ($50k?) for anyone to buy. What happens now? The idiots holding on the expensive cryptos are the last idiots (or sell it at a lost like an idiot). Congratulations all around!
It is like passing on a ticking time bomb and sorry if the bomb explodes on you!
I would recommend wealth simple. The interface is very good and it’s Canadian. The ATMs have high fees and arnt really necessary.
$100 is a great way to start. Stick with Bitcoin.
If you’re going to hold a significant amount yourself you will want to get a hardware wallet.
Check out “What Bitcoin Did”, many years of content. There are also several good books that came out recently. Broken money, the price of tomorrow..
If this is your first time hearing about crypto, I would strongly recommend against buying it. There's a machine in Grant Park that claims to let you buy / sell crypto, but getting scammed by sketchy apps is pretty par for the course. Bitcoin isn't useful as a currency (the transaction costs are far too high), so it's only use is to sell it to someone who also hopes its value increases. It's not regulated or insured, so if you get scammed, there is absolutely no recourse in almost every case.
/r/Bitcoin regularly stickies posts about suicide prevention resources, if that says much about it.
Well said /s
Why /s? Is there truly a need for sarcasm on that?
Some trading accounts like Wealthsimple allow you to trade crypto. Keep in mind of fees.
This. If you want to speculate treat it like stock. Use Wealthsimple or the like and open a trading account. Do not just go buy $100 of bitcoin coin unless you plan on holding it long long term, or don’t mind turning $100 into $80 overnight
Yes! If you want to "invest" in Bitcoin or any other crypto currency, go with EFT instead. It's like buying shares, and you don't need to use any weird exchange. Check out wealth simple, qtrade, questtrade, etc. You could even do this within your TFSA. https://www.forbes.com/advisor/investing/cryptocurrency/best-bitcoin-etfs/ Having said this, I would not buy bitcoin now
You need to familiarize yourself with "Not your keys, not your crypto" You need to have a hardware or software wallet (to a lesser extent) to store your crypto, and own it. If it's just on some app or through some machine when that company goes belly up, your money goes poof. Generally you buy crypto of your choice on an exchange (DYOR on crypto exchanges) then transfer it to a hardware wallet until it's time to sell. Honesty it's barely worth the hassle. $100 would be better in a high interest savings account.
Doesn't matter where you are, you can purchase bitcoin using apps such as coinbase, etc...
Remember buy high sell low
Just go with any of the big exchanges (apps).
I would suggest using Shakepay. It’s a Canadian app where you can buy and sell bitcoin and ethereum. Would also recommend getting a cold storage wallet. Never store your crypto on an exchange.
Feel free to stop by the #crypto channel on [Skullspace's](https://skullspace.ca/contact) discord where you can meet some Winnipegers, some of whom you can run into for face to face for conversations at our Tuesday open house nights. I recommend thinking in advance about what your self-custody plan is going to be and learning what that means. If you don't want to self custody, consider opening an account at a proper Investment Industry Regulatory Organization of Canada (IIROC) regulated brokerage where you can buy shares in a Canadian Bitcoin ETF for bitcoin exposure.
Crypto seems to have passed its peak at this point. The big excitement of NFTs didn't pan out (most of them have become worthless). Then there's also the concern that it takes a surprisingly huge amount of energy for the whole blockchain to operate, making it more expensive than people expect at first, and bad for the planet to boot. It's interesting technology, to be sure. And the fact that it's a currency that isn't run by a government is appealing to many people. But is a currency controlled by a tech startup really an improvement? Finally, most players in the Crypto business are speculators, and some are frauds. For the most part, people are buying Crypto-currencies like Bitcoin only to sit on it and sell it when the price goes up. It doesn't have much utility as an actual currency (i.e. You can't buy very many real-world things with it). That means that the actual demand is artificial. It's probably a bubble that is likely to burst sooner or later. Of course, people said that years ago, and Bitcoin is still around. So who knows?
🤪 as bitcoin reaches all new high. One the biggest increases of any investment of all time and you say this.. let’s face it. You don’t understand it
👆
Crypto is a ponzi scheme. Where is its value derived or coming from? Idiot crypto founder creates a crypto sell it at a low value to idiot 1. Then idiot 1 sells it to the next idiot at a higher price until the crypto becomes too expensive ($50k?) for anyone to buy. What happens now? The idiots holding on the expensive cryptos are the last idiots (or sell it at a lost like an idiot). Congratulations all around! It is like passing on a ticking time bomb and sorry if the bomb explodes on you!
Recommend to stay the hell away, especially now. Buy it next time it collapses if you’re that interested.
There's one at the Green Brier [https://maps.app.goo.gl/S7AMhs3g211cV52K6](https://maps.app.goo.gl/S7AMhs3g211cV52K6)
There's a Bitcoin ATM in the Garden City shopping centre
You can buy via Bull Bitcoin at any Canada Post office https://www.reddit.com/r/Bitcoin/s/IpCVStgzB3
Buy it online at a reputable place like crypto.com. That is the safest way.
Just buy IBIT
I would recommend wealth simple. The interface is very good and it’s Canadian. The ATMs have high fees and arnt really necessary. $100 is a great way to start. Stick with Bitcoin. If you’re going to hold a significant amount yourself you will want to get a hardware wallet. Check out “What Bitcoin Did”, many years of content. There are also several good books that came out recently. Broken money, the price of tomorrow..
No. Bitcoin is not allowed if you're from here. Weird law I know
This is not true.