Bitcoin Buying and Selling in Canada

A couple of years ago I heard about Bitcoin. At the time 1 Bitcoin was a couple hundred dollars. I wanted to buy some so I did my research on the wallet, how to secure it, mining and mining pools. I setup my bitcoin wallets, secured them and even bought an ASICS miner. Back then buying Bitcoin was not an easy task though especially for a Canadian. Life got busy and I never did end up buying any Bitcoins unfortunately. Yeah that’s all I’m going to say about that. 😦

Then it was in the news again so this time I started researching again. Over time many different platforms for crypto currency have come about and the one I choose was Coinbase. At the time I was watching the price of Bitcoin looking to jump in at an opportune time. The price of Ether was around $300 so I got in for a couple hundred. I never did get any Bitcoin because until the recent downturn the price of Bitcoin went astronomical. Ether also made steady gains and just a couple of weeks ago my Ether was valued at 4 times what I paid.

I didn’t want to sell but I did want to exchange some of my Ether for Bitcoin. That’s when I found out that Coinbase can’t sell crypto currency in Canada. When I get Bitcoin at some point in the future I will eventually want to sell it. So I started searching for ways to sell crypto currency in Canda and more specific in Toronto where I work. It’s really easy to buy crypto currency but if you’re not in a major market like the US or UK selling isn’t that easy. I found a couple of sites that make it possible to sell crypto currency in Toronto/Canada. I researched to make sure they weren’t scams since that is very prevalent in the crypto currency world. The sites I found were Localbitcoins.com and Canadianbitcoins.com both easy to sign up and use. In my research they both seem legit but have mixed reviews. I don’t make any claims about their legitimacy I’m just providing the results of my search. Please do your own research before using them. I didn’t stop looking after finding these two services. Personally the whole Kijiji vibe from one of them didn’t really instill confidence in me. Still it was good to know that as a last resort I did have a way to sell crypto currency.

Next after seeing mention of it online I looked up the Jaxx wallet. Which was developed by the creator of Ether and also is based in Toronto to boot. Again I did my research and the Jaxx wallet has mixed reviews. What I took away was that the wallet was good as what’s called a Hot wallet. A Hot wallet should only be used to store small amounts of crypto currency possibly to be used for day to day transactions. When it comes to many things in the computing world there must be a balance between convenience and security. The more security there is the less convenience and vice versa. Jaxx wallet therefore goes for ultra convenience and the security suffers. However this brings me to the whole point of this post. The Jaxx wallet is developed by Decentral Inc and they have a BBM(Bitcoin Banking Machine) located in downtown Toronto. A physical machine to buy and SELL Bitcoin. It’s located at 119 Spadina Ave. at the back of a convenience store.

There you go, if you’re looking to buy or more importantly to sell Bitcoin in the GTA this is a good option. There are buy and sell daily limits so please make sure you know what is needed before heading there. Also keep in mind that the tax man wants their peice of the Bitcoin pie. You can read all about Canada’s Revenue Agencies stance on taxes from Bitcoin. After I converted some of my Ether to Bitcoin I didn’t keep it in the Jaxx wallet. However I’ll go into wallet options in another post so stay tuned.

If you’re looking to open a Coinbase account and buy some crypto currency use my link. After buying or selling $122 worth of Bitcoin. We will both receive $10 worth of Bitcoin. If you want to sign up and use the LocalBitcoins.com site tell them I sent you by using this link to sign up.

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