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Are people spending or trading Bitcoin more in Canada?

Apr 22, 2020, 5:06PM
9 min, 6 sec READ
Brought to you by Forex News Now

A closer look at how people are using and buying Bitcoin in Canada. Is Bitcoin being treated as money, or as an investment?

Technological progress has spread all over the world already and is one of the main progress of the 21st century. Technologies are everywhere. With every single step we make, we come across technologies and we do make progress. 

While technological development is seen in almost every field and every industry one of the major industries is finances. The new century has brought a completely new currency and payment method, which is known as cryptocurrency and especially Bitcoin. It was only introduced to the public in 2008, and since then has gained more and more popularity all over the world. The crypto payments are now available in every field and are widely accepted. 

It’s not about money 

Money has not always been the same as it is today. Via saying that, I mean that money has not always been the banknotes or the coins. Back at the beginning of the era, the money was everything that could have been exchanged for something. People would exchange camels, different items, woods, metals and even people in order to get something back. This is what we call trading. 

Money was always an essential part of society, due to the importance of trading and exchange. While the importance and value of money have changed and increased over time, it has also been changed to something more practical rather than camels. Time by time the money was the means of trading and payment, or to say it simply the exchange. Once camels were changed with the golden coins, silver coins and then papers and checks. The transformation was very rapid and was very much adapted to social needs and practices. 

As mentioned before the main reason for changing the payment method was the practical use of it. Imagine now wanting to order something from Amazon and having to pay with the physical thing. This would be impractical and even more impossible. With time changes, society needs modernized versions of old products. 

Once paper banknotes and silver coins were very modern means of payment. Then there were the credit cards and debit cards. At the beginning of the century, not even the majority of people knew how to use credit cards and only a few people had them. Initially, it was only accessible to hold the account with the credit card and withdraw money from it. After some time additional features such as online payment were also added to the purpose of a credit card. 

Now we pay with a card via ordering goods from online shops while taking a taxi while paying for tuition or paying for the household. We use the card in transport. We might run out of cash, but we should definitely always have our card with us. As without it, we are simply lost and limited in many actions. 

Though, as the technologies have developed and we live in the 21st century, to be precise we have overstepped the second decade of the century, the new payment method such as Bitcoin has been very popular all over the world. The crypto payment is yet very new and not many industries have fully implemented this method to their services and platforms. While the crypto payment is yet very new, the biggest perk of the new currency is the Blockchain and the benefits it has. The main benefit of which is the decentralized system, the untrackable transactions, and the existence of the electronic wallet. This means that you can hold your money without having anything physical with you at all, not even the credit card. 

Some countries are more tolerant with the cryptocurrencies, while others remain reluctant, due to different existing reasons. Canada is one of the leading economic countries in the world. It is and has always been very open to technologies and technological initiations. Cryptocurrency is something that Canadians are very opened to. The reason for that is that most of the industries have already switched to handy and electronic services and the Canadians are also more or less familiar with the technologies and have accepted the challenge the 21st century offered us 20 years ago. 

The cryptocurrency in Canada 

Canada is one of the very few countries that have arms wide open for initiatives, progress, and challenges. The crypto payments are becoming more and more popular in the country. The tendency has increased rapidly once the electronic wallets were introduced to society and were positively tested on safety and user-friendliness. 

The cryptocurrency might be the future of the country. This can also be proved by the fact that Canada might soon introduce its own digital currency to the population. The news regarding the introduction of the digital currency has not been confirmed yet. Though, the process of modelization and creation of the digital asset has already been started. As said, it should be introduced once the cash is completely out of mode and simply is useless. 

How available is crypto in Canada 

While saying that crypto assets have become incredibly popular and successful in Canada it should also be said that this is due to the fact that the cryptos are available literally everywhere in Canada. It is very easy to buy Bitcoin in Canada. There are several options for purchasing Bitcoin and all of them are very handy and easy. 

Buying and selling Bitcoin in Canada is very easy. It can be done in several ways. Those ways include peer-to-peer, cryptocurrency exchanges, in person or also using Bitcoin ATMs which are available pretty much in every province and city in Canada. 

The major popularity of the crypto payment is caused by the decentralized system and privacy of the information, which is the top priority in the digital era. With the crypto transfers, you can easily transfer money from one account to straight another without any additional bureaucracy. The transfer remains anonymous and it can not be traced. This is very good and helpful, as you are not sharing any information regarding your existing funds nor with the bank neither with the government. Though, of course, this might be used for black market payment purposes, which is another topic of discussion. 

Crypto industries 

Almost every industry which is almost available online has adapted cryptos to their services and platforms. This is one of the best and very wise decisions from the company's side. As in Canada, almost every industry has the online sector as well, it is very important to have a crypto payment option. With the increasing popularity of the payment method, more and more sectors try to be attractive for crypto users. 

One of the major and most lucrative industries in Canada is the gambling industry. The online gambling industry is flourishing with the development of technologies and more and more people being involved in one or another online gambling-related activity. This is the industry that is progressing with the rapid speed and slowing down is none of the future plans. 

The online gambling market is very competitive, as more and more online casino developers come across. Thus, the online casinos that have the best offers and opportunities will be leading the charts. For Canadians, it is essential and a great advantage for the online casino to have the crypto payment option and support the e-wallet deposits and withdrawals. The first online casino for Canada was a massive innovation for the region, and they kept that innovative facade by adding Bitcoin support. It is now a place where Canadians are observed to be spending the most amount of Bitcoins. Besides the online casinos that accept cryptos, there are some Bitcoin online casinos and even Blockchain-based online casinos available for players. 

Another industry in Canada that is very well adapted to Bitcoin is traveling and hospitality. A lot of Canadians were asked how they spend their Bitcoin and what for the most frequently. One of the answers was on tourism and hospitality. Many people pay for hotels or their tickets by Bitcoin, which is available with some agencies in the country.

Another reason why tourism is more comfortable with Bitcoin is that there is no need for the card or any physical attributes, which brings additional feelings of safety and security. The fact that you do not have to worry about the wallet is the great perk while swimming somewhere in the ocean. 

Bitcoin gift cards 

It might be very surprising, but one of the most popular ways to spend the Bitcoin is getting the Bitcoin Gift Card in Canada. This once again proves that spending Bitcoin in Canada is definitely more common than trading it. 

The point is to turn the Bitcoin into the merchant gift card. There are different websites dedicated to gift cards and merchandising, such as The charges for the gift card are not more than 5%. 

Gathering spots 

One of the best things in Canada is that you can spend the Bitcoin in bars and restaurants. 

This is extremely comfortable. You do not have to carry a wallet or card to the bar while drinking beer or vodka. Consequently, you do not have to think of not losing your staff and can proudly get tipsy without any concerns. Toronto, Vancouver, and Montreal are three cities that have Bitcoin bars and gathering spots. 

Another great opportunity is that you can make an investment with Bitcoin, in literally any sector in Canada. This is a great benefit for privacy and security measures. It is not necessary for anyone to track your purchase or transfers or investments while proceeding with the crypto payment. 

Donating to charity is another opportunity that can be completed with Bitcoin or any other cryptocurrency. This is one of the greatest parts of the country’s acceptance and tolerance towards Bitcoin. Obviously paying for online shopping is available with Bitcoin as well. You can simply make a transfer and get your product to deliver to your place. It has never been as easy as it is. You do not even have to provide any additional information about yourself. 

And the whole fun

You know that Bitcoin is more to be spent in Canada rather than being traded for sure when you discover that you can pay for your Yoga classes with the crypto asset. This is literally how Bitcoin is becoming more and more common and is almost as popular as the credit card. 

While different countries are still thinking of adopting the cryptocurrency or not, Canada has already exceeded all the expectations and Canadians definitely love to spend Bitcoin on multiple purposes. This is not something we have not expected, but Yoga classes were really impressive just any way. 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.