Interested in BITCOIN or Other Crypto? Here is where to Safely START
The short answer is:
to sign up to a crypto trading platform, fund your account and start trading. But its not that easy.
For the ‘How’
If you are Canadian, here we will help you with the basics below.
Definition of Cryptocurrencies, like Bitcoin, are entirely digital currencies that can be used as online versions of cash. They can be bought and sold using a crypto trading platform or online exchange. Transactions using cryptocurrencies are highly secure and can’t easily be shut down by governments. And though transactions are public—everyone can see that someone sent $10 worth of Bitcoin to someone else—the identities of the sender and recipient remain anonymous.
How to First Buy Bitcoin
- Choose a currency exchange:
We recommend starting using ShakePay because it is easy to etransfer Canadian funds in and out of your wallet from your bank account. Shakepay also offers first time signups a FREE $30 Dollars if you deposit $100 or more. You also get to “shake” the app once a day for FREE BITCOINS. Not bad
- Once you have funded your ShakePay account you can choose to buy Bitcoin or Ethereum there or if you want to buy other ALT coins you will now want to create another account on the popular Binance Exchange or even on Coinbase.
- The idea here is to first fund your Shakepay account, Purchase Bitcoin or Ethereum, Then transfer your coins to the Binance Exchange where you will be open to a much larger assortment of crypto coins.
- Most importantly do your research! Don’t just jump in to “DOGE” to HODL just because Elon Musk said so.
Many people buy Bitcoin to send money around the world cheaply, unanimously and securely. Because the whole economy is virtual, cryptocurrency transactions come with very low fees compared to wire or bank transfers. Some people use Cryptocurrency for buying narcotics online anonymously. Others invest in Bitcoin on the volatile market with the hopes of winning big.
Trading Bitcoin has the potential to make — or lose — a lot of money. Cryptocurrencies are not backed by fiat currencies and depend almost exclusively on market speculation to maintain their value. Bitcoin is a fascinating, modern field to explore.
The first step is to determine how much money you want to invest in Bitcoin. Buying as much as you’re willing to risk is probably the quickest response. When you trade Bitcoin, you have the potential to make a lot of money—or lose a lot of money. Many people have invested a lot in Bitcoin, while others have become millionaires overnight.
Bitcoin used to be worth fractions of a penny, but its value skyrocketed to about $20,000 in 2017, and it was worth over $50,000 at the start of 2021.
Before you spend a penny in Bitcoin, make sure you have enough money to feed the cat, an emergency fund, and a retirement plan in place. After that, decide how much money you want to put into Bitcoin.
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