How to buy Bitcoin?
Over the past year Bitcoin has emerged as viable investment and useful payment tool, but how do you buy it?
There basically three different ways to acquire Bitcoins in Canada:
- Bitcoin ATM
- Peer to Peer
- Bitcoin Exchanges
1. Buying Bitcoins at an ATM
Bitcoin ATMs are a fast convenient way to buy and sell Bitcoin. To confirm transactions you will need a cel phone for verification. There are many bitcoin ATMS in Canada. Transaction fees and exchange rates will vary from machine to machine. See our ATM Round-Up Articles coming soon.
2. Buying Bitcoins Peer-to-Peer
You can also buy bitcoins directly from other bitcoin users. One of the best ways to find people willing to buy or sell bitcoins is using www.Localbitcoins.com. Remember to always use caution when meeting people for face to face bitcoin transactions.
3. Buying Bitcoins through Exchanges
There are currently five active changes set up in Canada.
- Quadriga CX
- Coinsetter (formerly CAVirtex)
- Taurus Bitcoin Exchange
Some of the things exchanges typically ask for you to provide for identity verification are:
1) A Scan of your drivers licence or other government issued ID
2) A picture of you holding the ID
3) A scan of a bank statement or government document that was mailed to the same address as the ID
Once you have set up and verified your account you can then transfer money from your local bank to the exchange.