{"id":210651,"date":"2021-06-15T20:00:00","date_gmt":"2021-06-16T00:00:00","guid":{"rendered":"https:\/\/milesopedia.com\/news\/start-cryptocurrency-canada-2\/"},"modified":"2024-05-31T13:18:50","modified_gmt":"2024-05-31T17:18:50","slug":"start-cryptocurrency-canada","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/personal-finance\/start-cryptocurrency-canada\/","title":{"rendered":"Cryptocurrency in Canada: Where to start?"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text] Cryptocurrency is in the news every day. In this article, we will detail what this new currency is, its main components and where to buy it in Canada, and finally its introduction on the stock market. [\/vc_column_text][\/vc_column][vc_column][vc_custom_heading el_id=”introduction_to_cryptocurrency” text=”Introduction to cryptocurrency” google_fonts=””][vc_column_text]The past year has seen several major changes in the financial industry. The cryptocurrency sector comes to mind, which has had a year of two halves. First of all, we saw a<\/strong> real surge in Bitcoin and Ethereum<\/strong>, which carried by a massive support of wealthy investors, seemed to be on the way to reach previously unsuspected heights. However, this meteoric rise faded in May, exposing the high volatility of cryptocurrencies. In addition, American giant Elon Musk<\/strong> recently withdrew his support for cryptocurrencies, causing a sharp decline in the value of Bitcoin and Ethereum. Needless to say, the world of cryptocurrency is stirring passions right now<\/strong>. First of all, it is necessary to define the concept of crypto-currency before starting an analysis of its components. Cryptocurrency<\/a><\/strong> is a digital currency that is used for peer-to-peer transactions of goods and services, i.e. through exchanges between several computers. Transactions are made from a decentralized system that is completely independent of any banking institution. Exchanges are made through blockchains<\/strong>, more commonly known as “blockchains”. This innovative process is actually very similar to a database. The information is stored chronologically in different blocks. Each transaction between users is found in a specific block, allowing for a quick trace of the history. Finally, each cryptocurrency has its own specific function and identity, based first and foremost on a<\/strong> “public” key<\/strong>, which recognizes the uniqueness and existence of the virtual token, and<\/strong> a “private” key <\/strong>made up of a unique secret code given to the holder of the virtual token. In an effort to better understand this fascinating environment, we will provide a brief overview of the main crypto-currencies, the Canadian platforms where they can be purchased, as well as the options available to you on the Canadian stock market.[\/vc_column_text][vc_custom_heading el_id=”the_main_cryptocurrencies” text=”The main cryptocurrencies” google_fonts=””][vc_custom_heading el_id=”ranking_of_cryptocurrencies_by_market_value” text=”Ranking of cryptocurrencies by market value” font_container=”tag:h3|text_align:left” google_fonts=””][vc_column_text]<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cryptocurrency<\/strong><\/td>\nSymbol<\/strong><\/td>\nMarket Value<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Bitcoin<\/strong><\/td>\nBTC<\/td>\n667.126 billion<\/td>\n<\/tr>\n
Ethereum<\/strong><\/td>\nETH<\/td>\n311.905 billion<\/td>\n<\/tr>\n
Tether<\/strong><\/td>\nUSDT<\/td>\n63.342 billion<\/td>\n<\/tr>\n
Binance Coin<\/strong><\/td>\nNBB<\/td>\n59.891 billion<\/td>\n<\/tr>\n
Cardano<\/strong><\/td>\nADA<\/td>\n52.576 billion<\/td>\n<\/tr>\n
Dogecoin<\/strong><\/td>\nDOGE<\/td>\n48.115 billion<\/td>\n<\/tr>\n
Ripple<\/strong><\/td>\nXRP<\/td>\n39.548 billion<\/td>\n<\/tr>\n
Polkadot<\/strong><\/td>\nDOT<\/td>\n22.421 billion<\/td>\n<\/tr>\n
USD corner<\/strong><\/td>\nUSDC<\/td>\n16.911 billion<\/td>\n<\/tr>\n
Uniswap<\/strong><\/td>\nUNI<\/td>\n14.532 billion<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_custom_heading el_id=”profile_of_the_main_cryptocurrencies” text=”Profile of the main cryptocurrencies” font_container=”tag:h3|text_align:left” google_fonts=””][vc_column_text]There are currently more than 100 cryptocurrencies in circulation on the various global financial markets. Each of them has specific functions. In fact, here’s a global picture of the top ten crypto currencies as well as their primary function.<\/p>\n

    \n
  1. Bitcoin <\/strong>: Bitcoin is the cryptocurrency with the highest market value with nearly 700 billion assets in circulation. Bitcoin is intended to be the equivalent of gold. It should be noted, however, that this currency, unlike gold, does not exist physically and is only accessible digitally. With this in mind, people often refer to Bitcoin as “digital gold”.<\/li>\n
  2. Ethereum <\/strong>: Ethereum has seen a major boom over the past year, allowing it to surpass the 300 billion asset mark. Ethereum is first and foremost a creator of smart contracts between two distinct instances. This decentralized process is made possible by the use of a global network of computers which when grouped together constitute a “supercomputer”.<\/li>\n
  3. Tether <\/strong>: Tether is peaking as the third largest crypto currency after significant gains in 2021, bringing its market value to over 63 billion. Tether’s main role is to act as a currency converter between digital currencies and physical currencies (such as the Canadian and US dollar for example). Tether acts as a kind of exchange office.<\/li>\n
  4. Binance Coin <\/strong>: This cryptocurrency is attached to the Binance platform. This virtual token is affiliated with Ethereum and pays for transaction fees and currency exchanges on the platform. The Binance platform has gained a lot of popularity over the past year, which has pushed the Binance coin to new heights. The market value of this crypto currency is almost 60 billion.<\/li>\n
  5. Cardano <\/strong>: This platform has a market value of over 52 billion. Its two main functions are the promotion of blockchain and the production of customized smart contracts. Blockchain is an innovative technique for storing and transmitting data through decentralized modules. This is central and necessary for most crypto currencies to function properly.<\/li>\n
  6. Dogecoin <\/strong>: Dogecoin is a crypto currency that was created to ridicule other virtual currencies and their popularity. This motto, which was originally intended to act as an empty shell, gained popularity following a speech by Elon Musk. It continues to grow and now has total assets of over $48 billion.<\/li>\n
  7. Ripple <\/strong>: This decentralized platform enables digitized payments between cryptocurrencies and banking institutions. It also allows for the secure transfer of funds between multiple individuals. Internal transactions can be made with a specific digital token, the XRP. As of today, Ripple has almost 40 billion in assets.<\/li>\n
  8. Polkadot <\/strong>: Polkadot is inspired by blockchain and promotes a secure exchange of information between private and public bodies. This relatively new initiative is the work of Gavin Wood, co-founder of Ethereum. The Polkadot network is centered around three main concepts: interoperability, scalability and collective security. Polkadot is growing rapidly and now has a market value of over 22 billion.<\/li>\n
  9. USD coin <\/strong>: This is a crypto currency backed by the US dollar. The platform operates on the same blockchains as Ethereum and Stellar. This is a “stablecoin”, as it replicates and copies the attributes of a fiat currency which reduces volatility and risk. The market value of the USD coin is now close to 17 billion.<\/li>\n
  10. Uniswap <\/strong>: This platform is attached to Ethereum and allows the exchange of tokens and cryptocurrencies. The use of “smart contracts” is also promoted to facilitate trade and transfers. The total value of Uniswap is over 14 billion.<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][vc_column][vc_custom_heading el_id=”where_can_you_get_cryptocurrency_” text=”Where can you get cryptocurrency?” google_fonts=””][vc_custom_heading el_id=”comparison_of_major_cryptocurrency_providers” text=”Comparison of major cryptocurrency providers” font_container=”tag:h3|text_align:left” google_fonts=””][vc_column_text]<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    <\/td>\nAvailable Cryptocurrencies<\/strong><\/td>\nTransaction fees<\/strong><\/td>\nCurrent promotions<\/strong><\/td>\nPlatform and Sending of funds<\/strong><\/td>\n<\/tr>\n<\/thead>\n
    Coinbase<\/strong><\/td>\nmore than 40<\/span><\/strong><\/td>\n0.5 % – 4.5 %<\/td>\nSeveral websites<\/a><\/td>\nCellular and Website Bank transfer and debit and credit card<\/td>\n<\/tr>\n
    Crypto.com<\/strong><\/td>\nmore than 100<\/span><\/strong><\/td>\n0.036 % – 0.144 %<\/td>\nHighly beneficial referral program Website<\/a><\/td>\nCellular and Interac website and bank transfer Cellular and Interac website<\/td>\n<\/tr>\n
    Mogo Bitcoin<\/strong><\/a><\/td>\nBitcoin<\/strong><\/span><\/td>\n1 %<\/td>\n5 after registration; platform not available in Quebec Website<\/a><\/td>\nInterac cell phone and website<\/td>\n<\/tr>\n
    Wealthsimple Crypto<\/strong><\/td>\nBitcoin and Ethereum<\/span><\/strong><\/td>\n1.5 % – 2 %<\/td>\n25 when you buy $100 in crypto currencies Website<\/a><\/td>\nInterac cell phone and website<\/td>\n<\/tr>\n
    Newton<\/strong><\/td>\n
    \n 10 <\/span>
    \n<\/strong>BTC, ETH, LTC, XRP, BCH, XLM, USDT, XMR, USDC, QCAD<\/td>\n    		0.69 %<\/td>\nGet $25 when you deposit $100 into your Website<\/a>account<\/td>\nCell phone and website Interac and bank transfer<\/td>\n<\/tr>\n
    Bitbuy<\/strong><\/td>\n
    \n 7 <\/strong>
    \n<\/span>: BTC, ETH, LTC, EOS, XRP, XLM, BCH<\/td>\n    		Between 0.10% and 1.50% depending on the transaction<\/td>\nGet $20 when you deposit $250 into your Website<\/a>account<\/td>\nCellular, iOS and Android Interac and bank transfer<\/td>\n<\/tr>\n
    Coinsmart<\/strong><\/td>\n
    \n 11 <\/span>
    \n<\/strong>BTC, ETH, LTC, EOS, XRP, XLM, NEO, ADA, QCAD, USDT, BCH<\/td>\n    		Between 0.2% and 1.0% depending on the transaction<\/td>\nGet $15 when you deposit $100 into your Website<\/a>account<\/td>\nCell phone and website Interac, bank transfer, credit card, debit card<\/td>\n<\/tr>\n
    Binance<\/strong><\/td>\nmore than 230<\/span><\/strong><\/td>\nup to 0.1 %.<\/td>\nNone Website<\/a><\/td>\nCellular and Website Interac, e-transfer, debit card, credit card, third party payment, bank deposit<\/td>\n<\/tr>\n
    NDAX<\/strong><\/td>\n
    \n 10<\/span>
    \n<\/strong> BTC, ETH, LTC, EOS, XRP, XLM, LINK, USDT, ADA and DOGE<\/td>\n    		0.20 %<\/td>\nGet $10 when you deposit $100 into your Website<\/a>account<\/td>\nCellular and Website Bank transfer, Interac and cheque<\/td>\n<\/tr>\n
    Shakepay<\/b><\/td>\n
    \n 2<\/span>
    \n<\/strong> :Bitcoin and Ethereum<\/td>\n    		1.43 %<\/td>\nGet $10 when you deposit $100 into your Website<\/a>account<\/td>\nCell phone and website<\/span> Interac and bank transfer<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][vc_custom_heading el_id=”profile_of_the_main_transactional_platforms” text=”Profile of the main transactional platforms” font_container=”tag:h3|text_align:left” google_fonts=””][vc_column_text]Currently, there are more than 20 platforms where it is possible to trade cryptocurrency in Canada. It is therefore difficult to make an informed choice considering the large number of options available to us. So, in order to help you make your choice, we offer you an overview of the 10 best crypto currency exchange platforms available in Canada.[\/vc_column_text][vc_custom_heading el_id=”coinbase” text=”Coinbase” font_container=”tag:h4|text_align:left” google_fonts=””][vc_column_text el_class=”checkmarks”]The platform is based in San Francisco and has users in over 100 countries. Benefits<\/strong><\/p>\n