5 Reasons Why Bitcoin Is Safe & How To Buy It

One of the most interesting changes technology is currently undergoing is in the field of cryptocurrency. More specifically, the cryptocurrency Bitcoin as a digital exchange uses impenetrable cryptography to protect and pass financial transactions. 

In addition to this, it is also making smaller contributions such as controlling the creation of additional units, verify transfers, and managing of assets. All in all, it is proving itself to be the future of money. If that doesn’t show you how far we have come, who knows what else will? 

That being said, there is still another crucial question that needs to be answered. That question is in regards to how safe a Bitcoin exchange really is. With doubters pointing out any little discrepancy or error in the Bitcoin exchange system, they are forgetting the fact that it is still a relatively new innovation. 

Given how much it has had an influence on us so far, the future looks incredibly bright for Bitcoin all things considered. However, just in case there are still doubters among us, here are the 5 reasons why a Bitcoin exchange is safe and how to buy this cryptocurrency.

#1: Cryptocurrency Is Becoming More Mainstream

One of the most persuasive reasons why people are jumping into Bitcoin now is because of how mainstream it is becoming. Since its creation as a digital platform in 2009, it has already garnered almost 32 million Bitcoin wallets as of 2018. This includes an estimated five percent of American holders, over 7 million active users, and a collective Coinbase of nearly 15 million users. Again, this is just in the last decade. 

Imagine how much those numbers are going to grow in a decade from now. As far as how this proves it is still a safe investment to jump into, the numbers should do the talking. Why would nearly 15 million users invest in Bitcoin if it wasn’t safe? That doesn’t make any sense. Also, it isn’t just a trend, it has proven to have real staying power. 

Regardless, there has never been a better time to pull the trigger on this cryptocurrency. The more someone waits on it, the more crowded the scene will become which will result in more competitiveness from users. Simply put, it only gets harder to invest in Bitcoin as time goes by.

#2: It Is Becoming Globally Adopted At A Tremendous Rate

One of the results of its growth in mainstream popularity is the fact that its global adoption is also growing at a tremendous rate. As of 2019, Bitcoin has reached a global market of four large regions of the world. The four areas they are now accepted in are the United States of America, Canada, Australia, and all countries in the European Union. 

As we can imagine, this takes up millions upon millions of users already. Just imagine how large it is going to get once it is accepted in the rest of the world. In fact, that is exactly where Bitcoin is headed. In only a matter of time, Bitcoin and cryptocurrency are going to be fully adopted by the rest of the world. It is going to make financial transactions easy, fast, but more importantly safe. 

Now, global adoption is one thing but, global integration is another. Once Bitcoin is accepted by the rest of the world, it is going to take some time to get people used to the system. Once it reaches this point, it will surely become by far the safest method of digital transaction. That said, there is no stopping Bitcoin from becoming fully integrated on a global scale once it is adopted as the primary digital currency exchange system.

#3: It Is On The Brink Of Being Heavily Regulated

Having discussed its growing mainstream popularity and global adoption, the next natural step in proving its safety is that it is on the brink of becoming heavily regulated. Despite that most people are against regulation of any kind when it comes to most things, heavy regulation of Bitcoin is a good thing. 

What regulation for Bitcoin will result in is strict and enforceable rules that are only going to cut hacking or cheating of any kind. Best case scenario, it will lead to a fully clean and safe digital exchange platform. Without a doubt, this is Bitcoin’s main goal.

Apart from Bitcoin, there are also many other real-world examples that prove how beneficial regulation can be. To go out on a limb, we can look at MMA as an example of regulation being a good thing. Before it was regulated and sanctioned, MMA was seen as a blood sport with no real entertainment value. Once it got approved and a good system of rules was put in place, it has arguably become the fastest growing sport in terms of popularity. The same can and will eventually happen with Bitcoin.

#4: It Is Still Being Innovated

Another reason why Bitcoin is still a very safe investment to make is that it is still being innovated. Remember, Bitcoin has only been around for 10 years. That is nothing in the business and technology industry relatively speaking. In fact, it is still considered a baby company in the grand span of things. Because of this, there is still tremendous innovation that is going to take place naturally. 

From user interface changes, system updates, or anything else similar, these innovations are going to drastically improve its safety. As a matter of fact, there is no way Bitcoin can legitimately become a global powerhouse if it doesn’t have strong safety nets first. The same goes for any other company. A company simply can’t expand without having the safety and attention of its clients in mind first, right? That being said, everything seems good for Bitcoin so far. If it can create sure-fire innovations, sure-fire protection will come along with it. 

#5: Bitcoin Has Always Proven To Be Reliable

As mentioned before, Bitcoin has already proven it can scale. That is not up for debate. However, one more important distinction that also proves its safety is that it has also proven to be a reliable cryptocurrency system. The reason this is important is that this is also the main problem that is hurting the cryptocurrency industry.

Constant outages and fluctuations in the different systems cause panic and flat out push potential investors away from the market. Of course, this is leading to the devaluation of the market as a whole. However, this is not the case with Bitcoin. In fact, its reliability is perhaps the main reason it is by far the most popular and trusted cryptocurrency system out there. 

Bitcoin hasn’t had a major outage since 2013 due to outdated software. This was more of a technological issue than anything Bitcoin could actually control internally. Since then, they have gone 5 solid years without any mishaps. Also, when we throw in the fact that it is only getting better in terms of reliability given the advancements of technology and, we are given the most well-rounded and safe cryptocurrency system in the world.

How To Buy Bitcoin

Now that we understand how safe Bitcoin really is, we can get to the fun part. As far as how to actually get Bitcoin, we make it easy for everyone. You can acquire it through virtually any online payment method such as Interac e-Transfer, Bank Wire, Cash or Debit and Flexepin vouchers. 

That said, one important note to make is that any Bitcoin acquired is going to go through what is known as a Bitcoin Wallet. This is basically a way to store and keep track of the Bitcoin you buy. Since a Bitcoin is not a physical coin, there needs to be an online database to handle it. That is another way of looking at your Bitcoin Wallet.

Now that we have an understanding of its history, how to buy it, and reasons why it is still safe to buy, what’s the hold-up?

When we look back at the turn of the 21st century, surely not even experts predicted how fast technology would advance in such a short amount of time. For that matter, much less could they have predicted the type of impact it would have on our daily lives. 

Technology has integrated itself in our lives to the point where any catastrophe would set up back hundreds of years on a technological scale. This is one of the main pieces of evidence that proves people’s claims that we have become too reliant on technology for our survival. 

Nonetheless, we can’t ignore how beneficial it has been so far. From the medical field to the business field, the way we order food, and quite literally everything else in between, technology such as Bitcoin has sped up the process in which we can advance all together.

Bitcoin Price Predictions for 2019 & Beyond

Bitcoin Price Predictions for 2019 & Beyond

  • Cryptocurrency investment firm Pantera Capital has predicted that Bitcoin will reach  $67,500 by the end of 2019
  • Many Bitcoin forecasts for 2019 rest on the assumption that the U.S. Securities and Exchange Commission will approve at least one Bitcoin ETF by February
  • Rising Bitcoin mining costs are leading some to assert that Bitcoin will need to rise above $20,000 for miners to stay in profit

Bitcoin Price Predictions for 2019 – Could Bitcoin Hit $50,000?

Could Bitcoin soon retest $20,000? According to cryptocurrency investment firm Pantera Capital, the answer is yes. Moreover, Pantera believes that Bitcoin will reach $67,500 in value before 2019 is over. The only question is, just how much weight does Pantera’s Bitcoin forecast carry?

Using Bitcoin Mining Costs to Predict Future Prices

At face value, Bitcoin price predictions by the likes of Pantera are meaningless. No one can predict cryptocurrency market conditions a year from now. However, Pantera Capital is not the only financial institution predicting a future Bitcoin price of $60K.

Earlier in May, market research group Fundstrat predicted that Bitcoin will test $60,000 in 2019. To arrive at this figure, Fundstrat proposed a new Bitcoin price metric. Namely, a parameter which compares Bitcoin prices to current Bitcoin mining costs.

Why Bitcoin Mining Matters

The Bitcoin blockchain depends on Bitcoin mining for its survival. Without miners, transactions would not be processed and traffic on the blockchain would grind to a halt. There is just one problem.

Bitcoin Mining is Expensive

Contrary to popular belief, mining Bitcoin isn’t easy. To get started today, an individual would need to invest $2,700 – $7,000 in the latest mining hardware. Hardware would then need to be run 24/7 to earn the equivalent of $4.21 in Bitcoin per day.

Bitcoin Mining Difficulty & Energy Costs

To make matters worse for miners, Bitcoin becomes more difficult to mine as time progresses. This means that miners need to continually invest in newer hardware, while also factoring in local energy prices.

By factoring together hardware investment costs, energy costs, and increasing mining difficulty, Fundstrat has predicted that Bitcoin will need to rise to $40,000 – $60,000 by fall 2019. If not, miners will start incurring significant losses.

Bitcoin Halving

As well becoming more difficult to mine as time progresses, Bitcoin also becomes scarcer. This is thanks to ‘Bitcoin Halving.’ Namely, a periodic event which sees Bitcoin mining rewards cut by half.

To date, there have been two Bitcoin halving events. The first in 2012, saw the Bitcoin price double to $1,000. The second in 2016, saw prices once again double. This is important as the next halving event is just 2-years away.

Even Economical Bitcoin Forecasts Good News for Investors

Bitcoin mining costs and halving, mean that Bitcoin needs to reach $40,000 – $60,000 by 2020 for Bitcoin to survive. This being the case, a 2019 Bitcoin price prediction of $67,500, may well prove accurate. The only question is, will the altcoin market manage ride Bitcoin’s coattails all the way up to $50K? – Or will the future be dominated exclusively by Bitcoin alone?

Canada Postpones Tougher Regulation of Blockchain Companies

Canada Postpones Tougher Regulation of Blockchain Companies

  • The Canadian government has placed a temporary hold on sweeping new cryptocurrency regulations
  • New legislation pertaining to Canadian blockchain companies was expected to come into force after a 12-month transition period starting in late 2018
  • As of August 2018, new regulatory powers now won’t be enacted until late 2019

Canada Postpones New Cryptocurrency Regulated Until 2019

As of August 28th, 2018, the Canadian Parliment has halted plans to change how blockchain companies are regulated in Canada. At present, it is unclear whether plans for stricter regulation of blockchain companies will be amended. However, what is certain is that no new legislation will start to come into effect until 2020.

Why Blockchain Companies in Canada are Breathing a Sigh of Relief

In May 2018, the Canadian government released a draft update to Canada’s Money Laundering and Terrorist Financing Act. Specifically, one which sought to impose stricter oversight of Canada-based blockchain companies.

Dedicating an entire chapter to ‘virtual currency,’ the Canadian Department of Finance stated that:

“ Virtual currencies are increasingly being used to facilitate fraud and cybercrime, and to purchase illicit goods and services on the dark Web.”

As part of an effort to counter fraud and terrorist financing, legislation has, therefore, been proposed which would impose stricter regulations on both individuals and businesses.

Canada’s New Virtual Currency Regulation at a Glance

New legislation proposed by the Department of Finance, chiefly concerns mass data collection.

If enacted, any person or entity “dealing in virtual currency” would be required to register as a bonafide money service businesses (MSB). More worryingly, each MSB would be obligated to collect accurate records concerning where cryptocurrency transactions originate, virtual currency user identities, and details concerning whom digital assets are exchanged between.

According to the Department of Finance, compliance with new legislation could result in a loss of up to $60 million for existing blockchain businesses. However, many have also argued that new legislation would stifle future innovation.

  • Proposed legislation does not differentiate between cryptocurrency exchanges and blockchain technology startups
  • It is unclear whether MSB rules would also apply to ICO token creators
  • As well as being vague, new regulations could potentially criminalize decentralized cryptocurrency exchanges and privacy coins

How Would Cryptocurrency Users be Affected by Changes?

The Department of Finance has stated that it does not wish to regulate virtual currencies themselves. However, many argue that proposed legislation does this by proxy. This is due to the fact exchanges and blockchain technology startups would be required to collect much more information on specific platform users.

What Happens Now?

At present, proposals outlined in Canada’s Money Laundering and Terrorist Financing Act will not start to come into force until late 2019. This gives blockchain companies one more year to carry on with business as usual. If and when new regulations do come into effect, businesses will then have a further year before legislation starts being enforced.

Bitcoin Price & ETFs in Canada

Bitcoin EFT Rejected – How will Canadian Investors be Affected?

  • The U.S. Securities and Exchange Commission (SEC) has rejected 9 Bitcoin ETF applications
  • Exchange Traded Funds (ETFs) were expected to attract substantial institutional investment into the cryptosphere
  • SEC rejection could now lead to a Bitcoin price dip pending possible disapproval of further ETFs in September

The Latest Bitcoin ETF Decision – What do You Need to Know?

In a possible blow for Bitcoin, The U.S. Securities and Exchange Commission (SEC) has rejected approval of 9 Bitcoin ETF applications. Specifically, ETFs presented by leading investment firms ProShares, GraniteShares, and Direxion. The only question is, how will the latest Bitcoin ETF decision affect Bitcoin prices going forward?

What is a Bitcoin ETF?

To understand how the latest Bitcoin ETF decision might affect investors, it is important to understand what an ETF is.

Canada boasts one of the worlds best cryptocurrency adoption rates. In a recent survey, 58% of Canadians identified themselves as being invested in Bitcoin. However, for the most part, all such investment is consumer market-based. People on the street are invested in Bitcoin. Companies and institutional investment firms, on the other hand, are not.

Bitcoin EFT Rejection Doesn’t Really Change Anything

At present, institutional investors refrain from investing in Bitcoin, because the process is too complicated.

Investing in cryptocurrency requires the identification of a single person who can be trusted to register at an exchange, buy Bitcoin, and store coins safely. ETFs would change this. A Bitcoin ETF would be similar to a regular stock bundle. Traders would then have the option to buy, sell, and trade ETF shares, in the same way they do regular stocks.

  • The only way to invest in cryptocurrency at present is to buy Bitcoin and other coins from exchanges like MyBTC.ca or Coinsquare.
  • Buying Bitcoin from exchanges is too high-risk for institutional investors. (Most exchanges are unregulated. Also, if an exchange is hacked or an account validation error occurs, investors would be liable for any loss of funds)
  • A Bitcoin ETF would benefit investors by allowing traders and investors to buy and sell BTC instantly via the mainstream stock market

Because Bitcoin ETFs are not already on the market, the latest Bitcoin ETF decision doesn’t change anything. However, this doesn’t make the present Bitcoin price any less volatile.

Will Bitcoin go Up or Down as a Result of the Latest SEC Decision?

By and large, Canadian investors HODL Bitcoin. However, the latest EFT news puts traders in particular, in a very challenging position.

The U.S. Securities and Exchange Commission has cited potential price manipulation, as its reason for rejecting current Bitcoin ETF applications. However, alternative ETF applications presented by VanEck and Bitwise, will not be approved or rejected by the SEC until Sept 30th.

Delaying a decision on further ETF applications until late September may see investors pump the Bitcoin price higher up to this point. However, if the SEC rejects Bitcoin EFT applications presented by Bitwise and VanEck, this could lead to a considerable decline in cryptocurrency prices.

Is Bitcoin Still a Viable Long-Term Investment?

In its recent ETF ruling, the U.S. Securities and Exchange Commission stated that:

“Disapproval does not rest on an evaluation of whether Bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.”

In short, SEC rejection of Bitcoin EFTs does not diminish the real value of Bitcoin. Moreover, new ETF applications will continue to be presented by other investment firms. Institutional investors want ETFs just as much as existing cryptocurrency investors do. All that remains to be seen, is when such investors will be given an opportunity to enter the market.   

Buy Bitcoin with Interac e-Transfer in Canada

MyBTC.ca has now added the ability for you to buy Bitcoin on with Interac e-Transfer which is offered by almost all Canadian banks & credit unions.

How can I buy Bitcoin with Interac e-Transfer today?

Step 1. On the homepage select “Buy Now” under the Interac e-Transfer payment option to start the account and order creation process.

Step 2. Enter your profile information and then complete any 2 methods of identity verification presented on the verification page. If you have already completed 2 methods of identity verification then skip to the next step.

Step 3. If you have a balance you will be able to complete the transaction that same instant. If you do not have a balance, start the account funding process by requesting the Interac e-Transfer instructions to be emailed to you.

Step 4. After you have sent the Interac e-Transfer, following the special instructions they provide, it will take approximately 1-2 hours (up to 12 hours in rare instances) for compliance to review and their payment processor to deposit. Once the funds have been added to your account balance you will receive an email notification advising you to create a new order and instantly complete the transaction for your Bitcoin.

If you only pass 1 of 2 verification methods, the next best solution is to buy Bitcoin using Interac Online or Flexepin vouchers.

Interac Online is only compatible with client cards without a Visa/MasterCard logo on them. Therefore, Interac Online still works with older TD client cards and those issued by numerous participating credit unions featured on this page: http://interac.ca/en/interac-online-consumer.html

You can purchase Flexepin vouchers online at TopMeUp.ca with Interac e-Transfer or Visa/MasterCard debit to redeem on MyBTC.ca for Bitcoin.

You may also purchase Flexepin vouchers at any Canadian Tire Gas bar, Hasty Market, Daisy Mart or at 4,000+ other locations nationwide. Locate the nearest Flexepin retailer here: https://mybtc.ca/flexepin-voucher-purchase-locations

Sell Your Crypto for e-Transfer

FastBTC.ca strive’s to offer what every other crypto service seems to be failing miserably at: BLISTERING FAST INTERAC E-TRANSFER PAYOUTS!

Their service allows you to sell Bitcoin (or altcoins through their Shapeshift and Changelly integrations) and receive an Interac e-Transfer within 30 minutes, 24/7.

Here’s a concise list of their features and benefits:

  1. No Signup Required – All you need is an email address to receive your payment.
  2. Single Confirmation Payouts – Get paid FAST. Your rate is locked in the moment they see your transaction, and it’s sent the moment it confirms.
  3. Altcoins Accepted – Use their integrated Shapeshift and Changelly services to sell over 60+ altcoins for Interac e-Transfer.
  4. 100% Security By Design – Since all transactions are processed immediately they don’t offer BTC wallets, your coins can never be stolen.
  5. 2-Step Simplicity – They like being Fast, so they made the whole process that way. Simply enter your email address to receive a BTC deposit address, then send your transfer over.
  6. Live Chat – Their service is so simple that you should never have any issues. But, if you do, knowledgeable agents are waiting to help you out most of the day.

Want some cool ideas on how you can use their service?

  • Once you create a deposit address, it’s linked to your email address and you don’t have to come back. Any BTC sent there will be automatically converted into an Interac e-Transfer at the current rate.
  • Prefer to use a different deposit address every time but want to see your entire history? Register for an account and that’s exactly what you’ll get.
  • You can give your deposit address out to friends and clients. Think of it as your personal gateway from BTC to CAD. You’ll receive an e-Transfer for any BTC that gets sent to your address, even if you aren’t doing the sending.
  • Protip: Enable Interac e-Transfer autodeposit at your bank and make cashing out a 1 step process!

One last thing! Because they love BuyingBitcoin.ca readers, they are offering you guys a promo code to reduce your fees by 10-20% (depending on market conditions). Below the email address field, click “I HAVE A PROMO OF REFERRAL CODE” and enter MYBTCBONUS for a bonus rate! But be quick, the offer is only valid until the end of this month! FastBTC.ca

Buy Bitcoin: CIBC, Scotia & Simplii

You will be pleased to know that MyBTC.ca has added a new Instant Debit payment method that helps customers who bank with CIBC, Scotia & Simplii Financial buy Bitcoin in seconds on https://mybtc.ca.

Payment using Instant Debit is performed by logging into your online banking over a secure payment gateway for instant authorization and debit of funds from your bank account to MyBTC.ca as the merchant.

How can I buy Bitcoin today?

Step 1. Create your order: https://mybtc.ca/buy-bitcoin-with-instant-debit-canada

Step 2. Navigate to the verification section https://mybtc.ca/verification and submit the Photo ID & Address verification requirements — agents are online and available to have you verified ASAP

Step 3. Navigate to the homepage and start your order with Instant Debit by pressing the “Buy Now” button

Step 4. Create your order by entering the amount of Bitcoin or Canadian dollars you would like to process for along with your Bitcoin wallet address, phone number and SMS PIN; sent via text message

Step 5. Select your account type, institution, and enter your 5 digit transit number, account number (usually 7 digits) and proceed to pay by logging into your online banking through a secure payment gateway.

Step 6. Complete payment for your order

If you do not have an account with CIBC, Scotia, Desjardins, Simplii Financial or National Bank, the next best solution is to buy Bitcoin using Interac e-Transfer or Flexepin vouchers.

You can purchase Flexepin vouchers online at TopMeUp.ca with Interac e-Transfer or Visa/MasterCard debit to redeem on our site for Bitcoin.

You may also purchase Flexepin vouchers at any Canadian Tire Gas bar, Hasty Market, Daisy or at 4,000+ other locations nationwide. Locate the nearest Flexepin retailer here: https://mybtc.ca/flexepin-voucher-purchase-locations

Bitso Partners with Canadian Paycase

PaycaseCryptocurrencies such as Bitcoin and Dash have a big role to play in the future of remittance payments. Cryptocurrencies are easy to transfer across the globe without being hindered by banking requirements. Bitso, one of Mexico’s largest bitcoin exchanges, has created a Mexico-Canada remittance corridor with the help of Paycase. Moving funds from bank accounts between the two countries by using blockchain technology is now an official feature.

Read the full article here: http://thedashtimes.com/2017/03/12/bitso-creates-cryptocurrency-based-remittance-corridor-mexico-canada/

 

QUEBEX FINTECH Inc. Launches 1st Canadian P2P Bitcoin Exchange

Screen Shot 2017-02-23 at 4.35.51 PMQUEBEX FINTECH Inc. has just launched the first Canadian P2P Bitcoin Exchange at www.Quebex.com. Canadians now have a safer way to buy and sell Bitcoins.

Unlike other P2P Bitcoin exchanges, users who register with Quebex face a rigorous vetting process with many layers of security checks to help weed out bad actors. Since implementing their current verification policy in late 2016, Quebex has seen hundreds of trades without a single instance of fraud.

Quebex is also a federally registered Money Service Business with FINTRAC. Their registration with FINTRAC should reassure clients that we take exhaustive precautions to ensure that the Bitcoins you buy come from legitimate sources. By adhering to these standards and proactively monitoring transactions, Quebex is making Bitcoin trading safer for everyone who uses its services.

A P2P exchange is a marketplace where users can buy and sell Bitcoins directly to and from each other.The site allows users to post advertisements where they state exchange rate and payment methods for buying or selling Bitcoins. Bitcoin prices and fees on www.Quebex.com have traditionally been much lower than on competing sites.

Accepted payment methods include:

InteracTM Online, InteracTM Email Money Transfers, Cash, Wire Transfers, Bank Deposits and PayPal. More payment options are coming soon. Sign up at: Quebex.com

Buy Bitcoin w/ Flexepin Voucher

Bitcoin with Prepaid CreditIn addition to accepting prepaid non-reloadable credit cards, www.MyBTC.ca now accepts Flexepin Vouchers.

Flexepin vouchers can be purchased with cash or debit at 4,000+ Retail Purchase Locations Canada-wide: https://mybtc.ca/flexepin-voucher-purchase-locations . Once you have purchased your Flexepin voucher featuring a unique 16-digit code, you can redeem it on www.MyBTC.ca to buy Bitcoin immediately.