Bitcoin is the fastest growing digital asset that has ever existed. At the time of writing this December 7, 2017 Bitcoin is sitting at roughly $18,000 USD and some projections have it going to $1 Million USD by 2020. 1

The problem for the majority of Canadians is that most exchanges are for U.S citizens only, and the process of purchasing and storing the currency in a wallet seems like it's only for the technical gurus.

I'll show you that it's actually not too hard to get started :)

Exchanges are your friend

Much like your bank offers direct investing features there are plenty of crypto investing platforms called "crypto exchanges" or just "exchanges" that you can use to buy Bitcoin and other crypto currencies. For Canadians though there are only a few exchanges that you can use to transfer your money easily from your bank and purchase Bitcoin. Here are the ones I have used in the past and recommend.

• Ezbtc.ca

Ezbtc.ca is a Vancouver based company and my favourite company to use when buying Bitcoin or other crypto currencies. Depositing money is easy thanks to E-mail Money Transfer support and they have very low to no fees depending on your deposit method. They also have a friendly support staff that quickly answers any questions. On top of that they are the only Canadian exchange that allows you to directly purchase most of the other popular crypto coins such as: Ethereum (ETH), Ripple (XRP), Monero (XMR), Bitcoin Cash (BCH), LiteCoin (LTC) and more. One downside I found is their prices to purchase coins are 5-8% higher than other exchanges.

• Coinbase.com

Coinbase.com is the most active exchange in North America and based in Sanfrancisco, California. For Canadian users they are fairly restrictive in how you can purchase Bitcoin and there is absolutely no way to sell or exchange your Bitcoin for CAD. You can only use your credit card and purchase $250 / week. I believe this is due to regulations and to avoid fraud. After several purchases your limit does increase to $1000 / week but I would like to see higher limits. The upside to Coinbase.com is that it's very quick to setup and make your first purchase. Most exchanges require proof of identity and several pieces of documentation but not Coinbase.com.

• Coinsquare.io

Coinsquare.io is a Toronto based exchange that allows you to purchase Bitcoin but also foreign currencies such as USD, EUR, GBP and even precious metals like gold bars and silver coins. Out of the 3 they have the nicest user interface but they are limited on the crypto currencies you can purchase and have slightly higher fees.

• Quadrigacx.com (Recommended)

Quadrigacx.com is another Vancouver based company. After recently using them I think they have become my favourite. They offer some of the lowest prices per coin and have great trading volume so there is good liquidity. They support buying/selling of the following coins: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and LiteCoin (LTC).

Setting up your account

Each of these exchanges implement a certain degree of security requirements known as KYC (Know Your Customer). KYC is the process of a business identifying and verifying the identity of its clients. It's purpose is to prevent exchanges and banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities. 2

For example when signing up for Ezbtc.ca I had to provide the following documents:

• Clear picture of my face
• Picture of my government ID ( Front and Back )
• Copy of a bill statement proving my address
• Copy of a bank statement ( I provided a screenshot of my bank account with my account numbers removed )

Giving this level of information was the most daunting part of the process for me but once your approved (in 1-2 days) it's smooth sailing!

Buying your first Bitcoin

Now that you have setup your account and you are verified it's time to buy your first Bitcoin. Each of the exchanges offer different funding methods, fees and deposit times. The table below will hopefully help you choose one that fits your needs.

Where do I store my Bitcoins?

After you have purchased your Bitcoin you can leave them in your account on the exchange if you want. Ezbtc.ca offers a savings account where balances earn 9% commission annually paid daily which I think is a no brainer.

If you are security concious then I would recommend that you transfer your Bitcoin to a personal software wallet. There are many wallet applications choose from but here are my favourites:

• Bitcoin.com Wallet
• Blockchain.info Wallet
• Ledger Nano s This is a USB hardware wallet for the more advanced users

Note that because the Bitcoin network has high volume at the moment sending your Bitcoin to your wallet can take a some time (somtimes 1-2 days) so don't worry if you do not see the money appear instantly in your new wallet. You should always double check to ensure the address you are sending Bitcoin to matches the address of your new wallet, if you make a mistake you might lose your Bitcoin.

Welcome to the future

I wrote this article because I couldn't find good material on how to start investing in Bitcoin as a Canadian. Hopefully this article helps fellow Canadians start their journey in Bitcoin and other crypto currencies.

If you liked this article please donate:

BTC: 1Nz7qUp6BvxVefRVKg5foQgZsjatnYQyms
LTC: 0xae4446Db43447B209E5E5A733BBE71725681095b
ETH: 0x6c593cFBC8B09F5d7A0a1592b01a5Ac66A8942fC
BCH: 18SBDApQvHTJCYMQjKKdnXVhAtmqiNo1ZJ

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