A bitcoin on a wheel signalling recurring buy

Best bitcoin recurring buy in Canada

Recurring buy in Canada

What are my options?

In Canada, you have a few different ways to set up a bitcoin recurring buy. Quickly, if you don’t know, recurring buy is what most people in the industry tout as the gold bitcoin standard to increase your stack. It removes emotion from the wild price fluctuations and makes sure you are diligently saving in bitcoin. Whenever I get asked “when is the best time to buy bitcoin” my answer is always the same.

The best time to buy bitcoin was in 2010. The next best time is every two weeks for the rest of your life, regardless of price.

There are a couple different ways to execute a recurring depending on the platform you are using. 

  • From a connected bank 🙅🏻
  • With a balance 🙅🏻
  • With a bill payment – no bank connected or balance on platform 😍

These all have advantages and disadvantages depending on what is important to you. In this article we will break down the different buying schedules and methods to achieve that. As you can probably guess I find the bill payment method to be the safest. It also happens to be the easiest way to buy bitcoin on a recurring basis. 

Frequency determines strategy

Bitcoin recurring buy - daily​

If you are looking to buy bitcoin more frequently (ie: daily) you will likely want to use a custodial exchange and withdraw weekly. This is considered to be better TXID hygiene and will help keep your bitcoin wallet from  being “bloated” which would make it more expensive to send coins later. Of course, using a custodial exchange has its risks as you do not truly own the coins until you receive them. You also will likely need to login and initiate the withdrawal, which is annoying and defeats the purpose. If you need to login weekly, it’s not very “set-it-and-forget-it”. It’s more, set it and DON’T forget to withdraw! And, to top it off, custodial exchanges may charge an additional fee to have you withdraw your bitcoin.

A daily bitcoin recurring buy would require you either connect your bank (which is bad for privacy) or hold a balance (which is bad for security). In my opinion, daily bitcoin recurring buys aren’t necessary, especially given the trade offs required to execute properly. 

Bitcoin recurring buy - weekly

This is the sweet spot. A weekly buy is frequent enough to remove emotion and price volatility, but not so frequent that your TXID management is a part time job. Of course you will still miss the occasional pump and dump. And sure, you might not reach maximum gainz. But remember, bitcoin isn’t for trading, it’s for saving. 

All that to say, a weekly schedule to buy bitcoin is the method that I find to be the best method to diligently save for the future. That said, if you never consolidate your TXIDs (each transaction you receive is a TXID) you will have quite a “heavy” wallet in a year. So it is still customary to consolidate your wallet a few times per year.  

To do this, you could use a connected bank (bad for privacy) or hold a balance on an exchange (bad for security). However, with a weekly bitcoin recurring buy you can also use a bill payment at bitcoinwell.com/app. This would be accomplished by sending a recurring bill payment from your bank to the unique payee details at bitcoinwell.com. The process is as follows:

  1. Set your recurring buy address and receive your unique payee details.
  2. Login to your online bank and select “recurring bill payment”.
  3. Input your unique payee details and your payment frequency.
  4. Set it and stack it.

This way your bank will send a payment on your desired schedule, and we automatically convert that payment into bitcoin and send it to your personal address. The best part – for the privacy conscious – is that your bank has no idea you are buying bitcoin! The payment actually goes to our payment provider. Secondly, the non-custodial nature of the transaction makes sure you receive bitcoin directly; which is the safest way to buy bitcoin. 

Instructions to set up a recurring bitcoin buy at bitcoinwell.com

Bitcoin recurring buy - bi-weekly/monthly

Buying bitcoin less frequently decreases your TXIDs, which decreases the “wallet bloat” you might experience by receiving small, frequent transactions. Personally, I find weekly to be best, but bi-weekly is another good strategy. I don’t think monthly is frequent enough, but 12 TXIDs per year would ensure your wallet isn’t overly bloated and your TXID management would be a lot simpler. 

Of course, you can still use the bill payment method. Frankly, anything less frequent than a daily bitcoin recurring buy will benefit from the bill payment method. You do not have to input any bank details, and your bank doesn’t know you are buying bitcoin. There is no need to hold a balance  and the payment you send is automatically converted. You don’t even have to request a withdrawal from the platform, it is automatically sent to the bitcoin address on the account.  

Something to note – CIBC, Tangerine or Simplii financial do not have our payment processor added as a payee. As a result, these banks will be unable to benefit from the safest recurring buy in Canada .😔

The important thing is ownership

At the end of the day, whether you buy daily, weekly, monthly, yearly, or whenever Elon musk tweets about dogecoin, you should absolutely take ownership of your coins. This means a record on the blockchain and holding funds in your personal wallet. If you hold your coins in an exchange, you are basically trusting some other company with your savings. At the surface, this looks like legacy banking which is pretty safe (until it isn’t), but the further you look into it you realize you are much more exposed when you hold bitcoin elsewhere, than when you hold fiat somewhere. 

However, that is an article for another day. I’ve spoken about the “ctrl-z” nature of fiat before, and in short, it highlights that bitcoin is irreversible by nature. Trusting someone else not to do something stupid with something that cannot be undone is not a wise decision. 

Anyways, the long and the short of it is to buy bitcoin on a schedule. If you want to be a pro and remove the emotions that come with price volatility, all while preserving your security and privacy, you need to use bitcoinwell.com.

Stay sovereign 🫡

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