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Getting Started with Bitcoin – The Basics

Sep 7, 2017 BitcoinHow-ToTutorials 0

What is Bitcoin?

A type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently from a central bank. In other words, Bitcoin has no central authority, anyone can use and trade with Bitcoin. There is a fixed supply which the market in turn regulates the price through supply & demand. It is divisible to the 8th decimal point, meaning you don’t have to buy a full bitcoin, you can purchase 0.0000001 BTC or 1 Satoshi (smallest unit of the bitcoin currency named after the founder Satoshi Nakamoto).
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Why would I use bitcoin?

  • Peer-to-peer transfer of funds with no central authority providing the means for the transaction to occur (decentralized)
  • Free and secure storage of wealth in virtual wallets with no limits to withdrawals or deposits
  • Credit card payments are prone to fraudulent transactions

Where do I purchase Bitcoin?

  • Quadriga CX – Bitcoin exchange based in Canada. You can buy bitcoin Interac Online.
  • Kraken – World’s largest Euro-denominated Bitcoin exchange, based on daily average trading volume. It supports deposits from US, European, Canadian, British, and Japanese customers. Deposits can be made via bank wire, SEPA, SWIFT, and bank deposit (Japan only).
  • Coinbase – Canadians can purchase bitcoins with a credit card. The fees are 3.99% per purchase, and you receive your bitcoins instantly.
  • LocalBitcoins.org – You can find local sellers that you can purchase Bitcoin from using Cash, E-Transfers, PayPal and more.
  • Bitcoin ATMs – Purchase Bitcoins using cash from local Bitcoin ATMs. To find one near you use this handy tool: https://coinatmradar.com/

You will need a Bitcoin wallet to transfer your Bitcoins to. Luckily, we have a short tutorial on setting up your first Bitcoin wallet.

Read: How-To: Set Up Breadwallet (Bitcoin Wallet) for iOS

Who accepts bitcoin?

Bitcoin dominated the cryptocurrency market with the total market cap of 92.8 billion CAD as of September 2017. As the market grows, large companies are accepting Bitcoin as a form of payment.
Here are some examples of companies already integrated and using Bitcoin:
  • DISH Network – An American direct-broadcast satellite service provider
  • Microsoft – Users can buy content with Bitcoin on Xbox and Windows store
  • Bloomberg.com – delivers business and markets news, data, analysis, and video to the world
  • Subway – American fast food restaurant franchise
  • PayPal – Payment processing platform
  • LOT Polish Airlines – A worldwide airline based in Poland
  • Expedia.com – Online travel booking agency
  • Rakutan – A Japanese e-commerce giant

Is Bitcoin Safe?

Bitcoin’s technology is still fairly new, even if it was founded in 2009. There are still some security measures one needs to take to transact with Bitcoin. Luckily, there’s a simple list of things one must know about Bitcoin. You can find the list on the official Bitcoin.org website: https://bitcoin.org/en/you-need-to-know

Who Created Bitcoin?

Satoshi Nakamoto released the first bitcoin software in January 2009, which launched the network and the first units of the bitcoin cryptocurrency. Today, anyone can contribute to the development of Bitcoin. Over the years, there have been over 300 developers that have participated in the development of Bitcoin.
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Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Davit K

Davit is a corporate development professional at one of Canada's largest FinTech companies, responsible for strategic planning and execution of M&A transactions. He spends his free time traveling and writing about new developments in blockchain and crypto currency world.

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