There’s no denying that Bitcoin is leading the way regarding cryptocurrency value, but there’s also no denying that other cryptocurrencies such as Ethereum, ZCash, and Ripple are also catching up fast. Of course, if you cottoned onto the benefits of cryptocurrencies in 2009, you’re likely a millionaire today, but there’s no reason why others who are only just learning the value can’t have that future for themselves.
Unlike the lottery, cryptocurrency is about playing the long game. You invest now, you ride the ups and downs, and you wait to see whether you come out on top. When you see a considerable increase in the value of your cryptocurrency of choice, it’s up to you to decide whether the time is right to withdraw your funds and be better off. Or, you can see whether that value is set to rise or fall.
Ultimately, cryptocurrency is a volatile form of investing, and one that many people are still yet to be convinced by. However, for those who wish to taste the action for themselves, and see traditional saving methods as less lucrative, we’ve included a list of safe trading platforms that could help you on your way to a more lavish lifestyle. There’s no time like the present to start your investment journey.
What is Bitcoin?
Bitcoin is the most well-known form of cryptocurrency. It is currently the most valuable and was also the first decentralized digital currency. It’s a digital payment system, it has no central repository or administrator, and was introduced in 2009. Back then, it was worth around 0.30 cents. Today, it’s worth almost 12,000 Canadian Dollars.
If you’d like a piece of the action, but you can’t afford the high price tag, you can buy parts of Bitcoin. A Millibitcoin is worth 1/1000 of a Bitcoin, and a Satoshi is worth one hundred millionth of a Bitcoin.
Where to buy Bitcoin?
We’ve listed a few secure platforms for buying, selling and trading Bitcoin in Canada.
CoinSquare is one of the most trusted trading platforms to buy Bitcoin in Canada. Not only is it preferred by people from all over the world, but it also offers some of the lowest trading fees across several platforms. It’s easy to use, enables you to buy Bitcoin, Ethereum and precious metals such as gold and silver, and is secure.
When you’re looking for a platform that’s popular around the world, Coinbase would be it. It’s compatible with 32 countries, has been used to trade over 40 billion dollars in cryptocurrencies, and is used by close to 13 and a half million people. To use it, all you need to do is create a digital currency wallet, connect your bank account, debit or credit card, and buy Bitcoin, Ethereum or Litecoin. It’s that easy!
Bitfinex is used by those who have a little more knowledge on what it takes to buy, sell and trade successfully. It’s even considered the world’s largest and most advanced Bitcoin trading platform. The best part is, it supports a wide range of cryptocurrencies and offers leveraged margin trading through the peer-to-peer funding market.
What is Ethereum?
Similar, but not the same as Bitcoin, Ethereum is an open software platform that enables developers to build decentralized applications. It’s based on blockchain technology and continues to increase in value.
Where to buy Ethereum?
QuickBT is an excellent option for those looking to buy Ethereum in Canada fast, and it prides itself on offering a fast, easy alternative to other platforms. You can buy up to $200 worth of Ethereum with cash, debit or credit. It can also be used to buy Litecoin and Bitcoin.
If you’re looking to get serious about Ethereum and cryptocurrency in general, Kraken is the platform for you. It’s the largest Bitcoin exchange in euro volume and liquidity, and trades in Canadian Dollars, US Dollars, British Pounds and Japanese Yen. It has been rated the best and most secure exchange by news outlets and was the first exchange to have trading prices and volumes presented on the Bloomberg Terminal.
Even more notable, it was the first platform to pass a cryptographically verifiable proof-of-reserves audit and is a partner in the first cryptocurrency bank.
What is ZCash?
ZCash is relatively fresh to the cryptocurrency market, but it’s steadily growing in popularity. ZCash was the result of the Zerocoin project which was established to improve anonymity for Bitcoin investors. The Zerocoin protocol was enhanced and transformed into Zerocash, eventually creating ZCash in 2016.
Where to buy ZCash?
Platforms for buying ZCash are few and far between, and in most cases, you need to trade other cryptocurrencies to acquire ZCash. Buy ZCash enables you to purchase ZCash with a range of different cryptocurrencies, as well as with US Dollars.
What is Ripple?
Ripple is a gross settlement system, currency exchange system and remittance network set up by Ripple. It’s also known as a Ripple Transaction Protocol and is built upon an open-source protocol, ledger and native cryptocurrency called XRP.
Where to buy Ripple?
Ripple is relatively new to the market, and investors must purchase Ripple using Bitcoin. You can use Changelly to exchange your Bitcoin for Ripple – or for a range of other cryptocurrencies as well.