What is Bitcoin (BTC)?
Satoshi Nakamoto invented Bitcoin in 2009. He based the concept on another invention - the blockchain, which is a distributed digital record. As the world’s first and most popular cryptocurrency, Bitcoin is practically the face of the industry. It's also the most valued cryptocurrency. Bitcoin is governed by the collective authority of its users. Peer-to-peer transactions are made using a decentralised infrastructure, and value is stored without the involvement of any government, enterprise, or financial institution. Besides being controlled by a network of decentralised computers and providing an alternative to centrally controlled fiat money, Bitcoin also allows you to efficiently transfer funds over the internet. You can buy and sell BTC for any major cryptocurrency – like ETH and XRP – or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade BTC for ETH the same way you trade CAD for USD. You can also trade BTC to CAD based on the BTC price. To learn how to buy Bitcoin / BTC, scroll down to see how to buy Bitcoin.
How to buy Bitcoin (BTC)?
Here's how to buy Bitcoin on Coinsquare
To buy Bitcoin, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying BTC. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select BTC from the list on the trade section
Coinsquare lets you trade BTC without leaving the app. You can also check the Bitcoin price and convert BTC to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the BTC price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Bitcoin (BTC)
Congratulations! You’re now the proud owner of BTC. You can either HODL or use it to exchange BTC to CAD.
Where do I keep my Bitcoin (BTC)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. We’re constantly organizing funds to ensure our customers trade instantly and securely. There are different storage options available for your cryptocurrency, your choice should ultimately be the one that suits your needs. Mobile and web wallets can make transactions easy as the currencies are accessible directly from your phone or device, whereas hardware wallets are best suited for secure, long-term storage as they eliminate the vulnerability found in online environments.
Ready to add Bitcoin (BTC) to your portfolio?
Create your account, fund it with spare change and get a little bit of BTC.
