It’s possible to buy Bitcoin without going into the technical details of BTC, blockchain, web3, and cryptocurrencies. This is somewhat similar to buying shares of a chemical or artificial intelligence company where investors don’t have to fully understand how the business operates.
One of the easiest ways to invest in Bitcoin buy Canada in 2022 is by using Coinberry — continue reading to get the scoop.
What is the easiest way to buy BTC in Canada?
If you want to start quickly and first explore how crypto trading works, you can easily create an account with Coinberry. It’s a major cryptocurrency trading platform with over 220K Canadians who have signed up already.
This platform makes it easy to buy Bitcoin and other popular cryptocurrencies and tokens.
To start, here are the quick steps:
- Download the mobile app and create an account using your email and entering your password
- Verify your account using the verification code or link sent to your email or phone
- Verify your identity using your government-issued ID and prepare for a video verification selfie
- Fund your account through e-Transfer, wire transfer, or crypto asset transfer
- Buy Bitcoin, confirm your order, and review the receipt
Notice that it’s like opening a bank account where your presence and verified identity are required. In Coinberry’s online signup though, your presence is the video verification selfie and your identity is further verified through your government-issued ID.
Funding your account and buying BTC
After successfully creating your account, funding is also easy because the platform supports timely e-Transfer. You can quickly do that by:
- Logging in to your online/mobile banking app
- Choosing Interac e-Transfer
- Adding Coinberry as recipient (name is Coinberry Limited with email: email@example.com)
- Entering your Coinberry account number on the Message field
- Entering the desired amount and clicking Send
Once the e-Transfer is complete, the funds will be auto deposited to your Coinberry account.
Another way to fund your account is by using an external crypto wallet. You can do this by:
- Going to Fund and choosing Crypto
- Choosing Bitcoin or other crypto that you plan to receive
- Reading a few short reminders and clicking “I understand”
- Scanning the QR code or copying your Coinberry wallet address so you can use it as the recipient from your external wallet’s assets
It may take 15 to 30 minutes for the blockchain to process and confirm the order. Once the order is complete, you will immediately see it on your Activity Feed.
Once the fund is available, you can now start buying Bitcoin and track its price movements for the next few hours.
Is it too late now to invest in Bitcoin?
It’s never too late to plant a tree or start learning about something new, because time will continue to pass by. It’s the same case with buying BTC and other popular cryptos and tokens.
The initial goal here is to expose ourselves to the potentially huge uptrends in the price of Bitcoin. This can happen suddenly and rapidly due to Bitcoin’s growing adoption by businesses and governments. It’s also possible that many other beginners are now ready to invest in Bitcoin. This might help drive up BTC’s value because of more new investors and enthusiasts coming in.
Eight years ago in online forums and social media, people were already asking “Is it too late to invest in Bitcoin?” A year later, the same question was asked. Every year after that, it’s always the same question. Lately it’s even becoming more frequent because upcoming investors feel that they have already missed out.
As BTC’s price still has a tendency to go down (as of this writing, crypto prices are in a downward trend), it also has a tendency to go up. It also still has a chance of surpassing its all-time high of over 86,000 CAD. However, it also has a chance of exceeding its lowest prices in its early years.
Many investors are busy timing the market. With the perfect timing, they can sell at an all-time high and buy during the huge dips. There are also other investors who just invest consistently by allotting at least $100 each month. This cost-averaging strategy limits the risk because they’re not putting all the funds at once.
Instead, they put the funds in increments so as to take advantage of market downturns. As months and years go by, these investors accumulate Bitcoin with a price that is not too high nor too low.
Future of Bitcoin
A few major financial institutions and analysts predict that BTC’s price could reach as high as $150,000 to $400,000. There are many that say that the price won’t ever exceed the all-time high.
As BTC and cryptocurrencies in general are still new, those predictions have a high uncertainty. Also, cryptos are highly volatile and a crash or a major uptrend is always just around the corner. It’s still a new field where we’re just starting to explore its possibilities. The markets will still evolve and cryptocurrencies may or may not totally transform finance and societies.
In that uncertainty and volatility lie opportunities and risks. Even as more and more online and local businesses accept BTC as payment, it doesn’t guarantee the continuous upward trend of BTC’s price.
And even if a new or existing cryptocurrency is able to dethrone Bitcoin from the top (Ethereum has always been a strong contender because of smart contracts, DeFi, and dApps), this doesn’t automatically mean that BTC’s price will go down.
For example, if Ether’s price becomes too high, investors will start to look at other cryptocurrencies or go back to buying Bitcoin.
Bitcoin’s utility and community are still evolving. In the near future, it’s possible that scalability and energy use issues will be addressed. The community might also come up with new innovative ways to integrate Bitcoin in everyday lives. However, it’s also possible that it will remain a speculative investment with minimal utility.
Before you do buy Bitcoin with Coinberry, it’s important to be aware of those risks and possibilities. This is to minimize your potential losses and take advantage of sudden uptrends. It’s also important to learn continuously because crypto and blockchain is a rapidly changing field.