man holds bitcoin in his hand

Buy bitcoin directly from your bank

TLDR; the fastest way to buy bitcoin in Canada

Welcome to the fastest and safest way to buy bitcoin in Canada!
– Make an account and complete your first transaction
– Use a wallet that you own and control
– Save Bitcoin Well as an Interac e-Transfer contact
    – Use the Interac e-Transfer details from your first transaction
    – Recommend to use “BTCW” or something similar as the contact name (banks don’t like bitcoin companies in their platforms 🙄)
All future e-Transfers sent will be automatically converted to bitcoin at market value and sent directly to the bitcoin address of your last transaction

How does this benefit me?

I’m glad you asked! Obviously, you’re here because you want to know the fastest way to buy bitcoin in Canada. Our average transaction time, from money sent to bitcoin on the blockchain, is under 30 seconds (I once did it in 9 seconds!) However, throughout this article you’ll also learn that this is the fastest and the safest way to buy bitcoin. 

As with everything we do at Bitcoin Well, nothing is done by accident and everything is done with the goal of future-proofing your money. The end-game is obviously bitcoin usability, but the mid-game is the fastest and easiest bank-to-bitcoin product in the country. So, in this article we’ll be discussing how to functionally set up your bank account to send bitcoin directly to your wallet (preferably cold storage) anytime you please. You won’t need to login to the platform, you won’t need to even open your bitcoin wallet. Just send an Interac e-Transfer and receive real bitcoin on the blockchain.

Setting up your account

The good news is that setting this process up requires no extra work from transacting on other platforms. The better news is that if you don’t want to, you never have to do this again. Making your first transaction at bitcoinwell.com/app is simple and familiar. After you sign in you can enter the amount of bitcoin you want to buy right from the dashboard.

Bitcoin Well dashboard screenshot

Here we have the dashboard complete with all our available services on the left, our transaction history and finally the buy/sell widget. This widget is where you would input the amount of bitcoin you’d like to buy, and select “buy now”.

Your genesis transaction

add a bitcoin address
Select Visa Debt or Interac e-Transfer
Transaction review

After you have chosen the amount of fiat you’d like to trade for bitcoin, the next three screens are simple. 

1. Enter your bitcoin address: This is the most important step, and backwards from what you might be used to. We are a non-custodial bitcoin platform, which means we never hold your bitcoin. We have you direct us where to send your bitcoin before we give you an opportunity to pay. This is the only acceptable way to buy bitcoin.

2. Select payment type. This is pretty straight forward, for our purposes we will focus on Interac e-Transfer

3. Make sure your details look correct. Here you can verify your bitcoin address, the amount of bitcoin you’ll be receiving and fiat you’ll be sending. Next we’ll get our e-Transfer details.

Finalize the first transaction

Here are the e-Transfer details. These are static! This means they won’t change and you can save them to the e-Transfer section of your bank. 

When you enter these details in your bank, usually you’ll have an opportunity to save them as a contact. In order to use this sneaky feature you’ll need to do that. From there you can send the amount you entered (or really, any amount over $20) and whatever we receive we will automatically convert to bitcoin and send to your pre-determined bitcoin address. 

If you are a visual learner, here is a video explaining the process.

Automatic bank-to-bitcoin - the fastest way to buy bitcoin

This is where we get our first sneaky feature. Your bank essentially becomes a direct portal to bitcoin through Bitcoin Well. Finally, we have arrived at the fastest way to buy bitcoin in Canada.

Sneaky feature - no login required 😏

These e-Transfer details remain unique and static to you. This is a really cool function because when you want to buy bitcoin again you can simply send an e-Transfer (any amount over $20!) and your dirty fiat will be automatically converted to bitcoin and sent to the same address as before. All of this can be done from anywhere in the world, without even logging into your Bitcoin Well account.

This was actually the first sneaky feature we developed. It marked a critical point in the development of our product as we finally saw some of the benefits of being non-custodial.  Being a non-custodial bitcoin platform is largely more expensive to maintain, more difficult to develop but safer for you. And therefore worth it! 

When you buy bitcoin at bitcoinwell.com you are buying real bitcoin. This means there is a record imprinted on the blockchain the instant your money is received. This practice ensures you don’t leave your bitcoin in anyone’s control but your own. 

Notably, these sneaky features also apply to selling bitcoin. You can read all about that (and how to use bitcoin to send e-Transfers to other people) in another article I wrote. 👈 click here

Future-proof your money

Features and functionality like this are the early stages of the efforts the team at Bitcoin Well is putting in to help make bitcoin useful. In our investor deck I have a quote that goes as follows:

If we do our jobs... buying bitcoin will be irrelevant in a decade or less. It'll all be about bitcoin usability.

This is the beginning of being able to hold and use your money. We aren’t focused on getting millions of merchants to accept bitcoin. Your landlord doesn’t need to take bitcoin. The guy on Craigslist or Marketplace doesn’t need to accept bitcoin. We are giving YOU, the bitcoiner, ways to use bitcoin before mass adoption. 

Learn more about what your account can do at bitcoinwell.com/join.

Welcome to the future.

Stay sovereign 🫡
Adam

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