Buying Bitcoin for Canadian Noobs: The World's Simplest Guide

in bitcoin •  7 years ago 

The strait dope, no likes nor subscriptions nor endless off topic rambling necessary. Yeah I'm talking to you Youtubers......

Here's your starter kit

1 - View www.coinmarketcap.com to see all coins and prices.

2 - Open a Coinbase account (ID required) to buy Bitcoin with CAD$. You will be limited in purchasing power at first, about $200CAD per week, but the limits increase with time. Robinhood is newer alternative to Coinbase but Canadian access remains unconfirmed/tested. You can buy in person off people on craigslist and kijiji to avoid Revenue Canada knowing or purchase limits but that's your choice.

3 - From there join an exchange if you wish to buy/trade other cryptocurrencies, collectively known as Altcoins (ID maybe required to register). Binance, Kucoin, Bittrex, Poloniex, Kraken are all relatively high volume exchanges with decent experience and rep but there are many many more. I suggest Binance.

4 - All transactions are basically final, if you send crypto to the wrong address your fucked and transaction fees differ by coin and network transaction capacity (I sometimes change my Bitcoin to Etherium cause it's sometimes cheaper to move). If your buying to hold then I suggest buying a Ledger wallet (Physical Crypto Wallet) direct from manufacturer only. Read up on Public/Private Keys too.

5 - Get news from Youtube, Twitter and Reddit to research coins, not google. I follow Tone Vays, David Hay, World Crypto Network and sometimes Crypto Oracle and Cryptoniac. Tone Vays and David Hay are especially knowledgeable.

6 - If you want to make a small porfolio of alt coins with out all the research then just follow Katy Perry's nails. Ethereum, Litecoin, Monero, Stellar and Bitcoin. I suggest just holding Bitcoin. Also, holding is called Hodl in bitcoin speak. Moon is also bitcoin speak for a hot coin; for instance "Cardano is moon". You'll see :-)

7 - Genesis Mining is a fairly reputable cloud mining company where you can by portions of mining power (Hash Rate/Power) if you want to mine Bitcoin/Altcoins without all the hassle. There are no new Bitcoin contracts available last I checked. There are more cloud miners coming though, many Quebec based.

8 - Fair warning: It's the wild west out there with little to no regulation and little to no recourse should you fuck up or get scammed. But that's what makes it all so fun!

Happy Bitcoining!!! Bonne chance!!!

P.S. I am not a finacial advisor, make your own decisions.

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