How to Buy and Sell Bitcoins in Canada [Guide]
There has been a lot of mainstream media coverage on Bitcoins in recent days that has caused a frenzy of buyers in the market place. If you’re not familiar, Bitcoin is a form of internet currency that is decentralized and not controlled by a central bank. Instead, it relies on a peer-to-peer network to process and validate transactions. Support for the currency has grown immensely and many online places such as Reddit and 4Chan now accepting Bitcoins. Even places Western Union has taken notice and are thinking about supporting it.
For Canadians however, its been a little more difficult to buy/sell Bitcoins as there are few options compared to places like the United States. If you’re still interested in investing Bitcoins or just want to know what the hoopla is all about, I’ve compiled a list of links that should help fellow Canadians.
- WeUseCoins – Great resource to learn about Bitcoins.
- Bitcoin.org - Homepage of the original Bitcoin open-source project.
- Wikipedia – Wiki link on the history of Bitcoin.
- Reddit – Bitcoin subreddit.
- Reddit – Bitcointip subreddit
- BitcoinCharts – Latest trading prices for Bitcoins.
- BlockChain – Online Bitcoin wallet. Allows you to save your wallet offline so you can access your funds even if the site is down. Has a mobile app for Android and iOS so you can make Bitcoin transactions with your phone.
- VirtEx - Based in Canada. Allows deposits and withdraws in USD/CAD. Deposits can be made with cash, online bill payment, or bank transfer. You will need to go through a screening process if you wish to do larger transactions.
- LibertyBit - Also based in Canada (unconfirmed). Deposits can be made in cash, wire, or Interac email money transfer (EMT).
- Mt.Gox – Well-known exchange site for Bitcoins. Usually the main authority to see what Bitcoins are currently trading for.
- LocalBitcoins – Service allows people to meet up locally and exchange Bitcoins in-person.
I’ll update this list as I get information. Hopefully it should be enough to get your started in the world of internet money.