3 Ways To Buy Real Bitcoin in Canada
Imagine you have just bought your first bitcoin on a popular exchange in Canada. You are excited to join the crypto revolution and enjoy the benefits of digital money.
But then you discover that you don’t actually own your bitcoin.
You have only received an IOU from the exchange, which means they can freeze your account, lose your funds, or get hacked at any time. How would you feel? Betrayed? Angry? Scared?
Real Bitcoin Belongs to You
I’ve personally dealt with people who have come to me seeking help recovering their bitcoin from an exchange, without realizing that they have fallen prey to a ponzi scheme, losing all their money.
I have friends that used QuadrigaCX, one of the earliest and largest Canadian exchanges before it shut down and robbed everyone.
The same has happened more recently, when FTX, which at the time was one of the largest and most trusted exchanges in the world, defrauded their users of over a billion dollars.
This has happened far too often.
Canadians are used to the sense of trust they feel when dealing with other financial institutions, like their banks. They have protections in place to avoid those kinds of problems. Canadians would then tend to trust companies operating in parallel industries.
Even if those protections are somewhat of a mirage, that’s not what comes to mind to the average Canadian. Fat finger errors can occur, your deposits are only insured up to $100,000 and they have zero reserve requirements. Traditional financial institutions are not immune to risks, and crypto exchanges can be much higher risk. So what can you do?
This is the harsh reality that many Canadians face when they try to buy real bitcoin in Canada to protect their savings. But it doesn’t have to be this way. There is a better option to buy real bitcoin that you control and secure yourself. In this article, I’ll show you how to avoid the pitfalls of buying fake bitcoin and how to get your hands on the real thing with Bitcoin Well.
Don’t Fall Prey to Fake Bitcoin
Buying bitcoin can be a tricky and confusing process. There are many platforms and services that claim to offer you the best deal, but not all are trustworthy or reliable. Some of them are outright scams that will take your money and give you nothing in return.
Most popular exchanges are legitimate but have hidden fees, poor customer service, or low security standards. And even if you find a reputable exchange that lets you buy bitcoin with Canadian dollars, you still face the risk of losing your funds if the exchange gets hacked, goes bankrupt, or violates the law.
This is because most exchanges, like NDAX, Bitbuy and Shakepay don’t really give you access to your bitcoins. They store it for you and issue you an IOU that represents your balance. When you want to withdraw, you’re not directly using your bitcoin, you’re asking the exchange for permission to take it out. It’s basically a number on a screen that you need to trust is really there when you want to withdraw.
This means that you don’t have full control over your own money. You can’t send it to anyone you want, you can’t store it in a wallet of your choice, and you can’t verify its authenticity.
You are at the mercy of the exchange and its policies.
This is not what Bitcoin is supposed to be about. It was designed to be a decentralized, peer-to-peer, and censorship-resistant money that empowers its users and gives them financial freedom. To enjoy these benefits, you need to buy real bitcoin that you can hold and verify for yourself. This way, you are the only one who can access and spend your funds, and no one can take them away from you.
Buying Real Bitcoin in Canada is Easy
Bitcoin Well exists to make buying, selling, and using real bitcoin as easy as possible. While this requires responsibility and a slight learning curve for some, it’s essential that you avoid the common pitfalls and preserve your wealth.
Whether you know a little or a lot about using and storing bitcoin, you have several options to choose from to best suit your needs.
3 Methods to Buy Bitcoin
- Create an account online
- Use the Infinite program
- Go to an ATM
Create an Account Online
This process is quick and easy. Just sign up using your email address, get your account validated instantly and send an Interac e-transfer!
You go from your Canadian dollars in your bank account to bitcoin in your wallet in less than 30 seconds. Bitcoin Well is non-custodial, meaning you can’t leave your bitcoin with them. You always control and secure your own funds.
It’s also super cheap to use. They literally charge the lowest fee in the market, a whooping 0.21%.
Leverage Bitcoin Infinite
If you want someone to guide you every step of the way or need to purchase larger amounts of bitcoin, then the Infinite service is ideal. You can contact them via phone, text or video chat whenever you need their expertise or advice.
I often help people with bitcoin, but don’t have the time to help everyone that approaches me for this kind of stuff so recommending new users to the Infinite program is a good way for me to scale my efforts.
They offer same-day onboarding, no limit transactions, many payment options, tiered rates from 1-2%, with no withdrawal fees, trading fees or hidden fees.
And most importantly, you can withdraw your bitcoin to any wallet address you want, without any limits or restrictions and without asking them for their permission to do so.
Bitcoin Well is non-custodial by default. That being said you are provided with the greatest degree of freedom because you are dealing directly with real bitcoin
Whether you are an individual, a business or a family trust looking to diversify your portfolio, preserve your wealth or leverage the liquidity of bitcoin, Bitcoin Well Infinite is a very viable option.
At the beginning of this article we discussed the issue that arises when you give such a platform too much trust. Bitcoin Well is not necessarily immune to being hacked, but being non-custodial by nature, you won’t be losing any bitcoin.
Being a long-time Bitcoiner, one of the motto’s I’ve gone by is “no KYC”. I don’t like giving out personal information, especially when it’s tied to sensitive info like the quantity of bitcoin I have. There are several options out there, but one of the best ones as a Canadian is to purchase with cash. How can you do that, you ask?
Buy Bitcoin Using an ATM
If you’ve ever used an ATM before, then you’ll find that using a bitcoin-specific one isn’t all that different.
All you need to do is scan your wallet QR code, insert your cash, and confirm your transaction.
It’s that simple. No account registration, no waiting time.
Bitcoin Well has over 250 locations across the country, so finding one isn’t very hard. You can see for yourself on their online map.
Dedicated support agents are a quick call away in case you have any trouble.
Overall, it’s a great way to experience Bitcoin in the real world.
The Best Way to Buy Bitcoin
Don’t settle for fake bitcoin that puts your funds at risk. Don’t be another statistic that falls for scams and misses out on the potential Bitcoin has to offer. Use Bitcoin Well and get access to real bitcoin that gives you freedom and peace of mind.
Whether you are a beginner or an expert, a spender or a saver, a trader or a hodler, you will love the convenience and simplicity of Bitcoin Well’s services.
So what are you waiting for? Create an account or give them a call. Let me know what you think too. If what I wrote is not up to par with your experience, then I’ll be sure to have a word with management.
Tristan is a long time Bitcoin entrepreneur, having launched several products in the space. He now dedicates his talents to technical writing and design.