A Beginners’ Introduction Guide to Cryptocurrency

Guide to Cryptocurrency

Cryptocurrency is essentially digital money. Initially, the money system was based on paper bills and coins. Over time, online banking took over the world of commerce. But that was also vulnerable to fraud and other forms of cybercrime. Then came cryptocurrency, the safest and often anonymous form of money.

The first kind of cryptocurrency was developed in 2009. It was given the name ‘Bitcoin’. In the beginning of the era of cryptocurrency, bitcoin was not very famous. In fact, it has only gained rapid popularity very recently. One of the most attractive features of cryptocurrency is that it is decentralized. This means that there is no governmental body or global organization which controls the supply of this digital money. The mastermind behind the system of decentralized currency was Satoshi Nakamoto. Up until this year, most of the forms of cryptocurrency are based on bitcoin.

The sudden increase in the demand for bitcoin has caused a rapid increase in its value. This means that bitcoin price has shot up in the global market. The current bitcoin value is hovering at the rate of around USD 11,500. If you wish to convert the price of bitcoin to Canadian currency, it will come to around CAD 14,500. The price, however, keeps fluctuating on a daily basis.

Where to buy Bitcoin in Canada

Since its rapid increase in value, many people have been looking to invest in this new asset. There are many options available for the purchase of bitcoins. One of the sites that are open to Canadian buyers is canadianbitcoins.com. If you are wondering how to buy Bitcoin in Canada, the process is very simple. On the aforementioned site, for example, you must first fill in a form with the amount of money you want to spend on bitcoin. Select the payment method which you feel is most convenient for you. Once the payment process has been verified, the bitcoins will be transferred to a unique address that identifies your bitcoin wallet.

There are also many websites which keep their visitors constantly updated on the fluctuating bitcoin price. One of the most famous websites is BitcoinWisdom. The website may seem a little complex at first glance. However, once you have familiarized yourself with the layout, you can easily interpret the data listed on the site. There is also an option for viewing the history of the price of bitcoin over the last couple of days.

If you wish to invest your money in a profitable asset, then this is the best time to purchase bitcoins. If, at any point, you wish to convert your cryptocurrency back to cash, then the process for that is fairly simple too.

 

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