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This Padlet was created to inform others on a cryptocurrency called (Bitcoin), How it works, What it does, and how to use it.

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The first video I chose simply goes over the basic fundamentals of the cryptocurrency Bitcoin. Understanding bitcoins can be very difficult for someone who is not tech savvy. With that being said this is why I chose this informative video. To put into basic understanding bitcoin in a non-centralized form of currency. It is not controlled or regulated by any form of government. It is a digital currency that can be created by using your computer to solve complex algorithms, once solved you are rewarded with bitcoins which can be then traded throughout the world. You have a bitcoin wallet to store you virtual currency, multiple websites to exchange bitcoins on and multiple programs to "mine" bitcoins.

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This second video is showing us how to legally buy and sell bitcoins in Canada. A very complicated process yet again if you are not well versed in using computers. First off you will need to set up a bitcoin wallet by downloading the wallet from  Bitcoin.com , once doing that you then set up a open BTC (Bitcoin) wallet which allows you to share (buy/sell) your bitcoins. Now that you have your wallet it is time to buy bitcoins! Head over to any exchange site like "Coinbase" which is basically a virtual buy and sell market for bitcoin. You can use credit/debit, interact e transfers, bank wires, money transfers or even real money grams to buy bitcoins. Once putting in the offer to someone who is selling you add your bitcoin wallet address and the bitcoins will be added to your wallet.

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How to Buy/Sell Bitcoin in Canada (Less Fees!!! Step by Step Guide)

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The third video we picked because it goes into the history of bitcoin and how it has gone up and down over the last year and a half. It also has "experts" opinions on what they really expect from bitcoin going forward. There are lots of people who predict bitcoin to skyrocket again to new highs but there timelines and expectations seem far too high. This video is good because it shows you not to believe every single opinion you hear and just because someone thinks something is a guarantee for success it could do nothing but decline. Bit coin is a great example of the risks you take on when putting money into high risk things. There is the great potential to make a ton of money but also the chance of losing it all.

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Bitcoin Price Prediction by Experts (Long Term)

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Blockchain what really is it and how it effects bitcoin. Block chain is how bitcoin operates storing the information and how things operates. This system works because it requires multiple blocks that need the codes to get into any following  blocks to complete the process. If it is tampered or any changes or hacking going on it changes all of the other blocks that follow it making it very hard to hack. This is the reason bitcoin is very secure and hard to hack into

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How does a blockchain work - Simply Explained

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This picture shows many computers "mining". This is a big thing going on where they set up multiple systems to essential get bit coin currency.

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This picture is a good one because it shows how crazy this has been for bitcoin. The stock has sky rocketed and fallen very rapidly.

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This website goes into specifics on everything bitcoin from a perspective of a Canadian who is interested in protentional buying. It talks about everything from how to buy within Canada, the laws around buying and selling and finally how popular bitcoin is in Canada. It would be a very good link to check out for anyone in Canada who is interested in buying or reading about the crypto currency within the country.

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Last updated: 3/20/19

In this guide, I'll show you the best options for buying Bitcoin in Canada. I will also explore the legality and popularity of Bitcoin in Canada.

Post Summary

Along with ATMs, there are several methods you can put your hands on Bitcoin in Canada. To buy Bitcoin in Canada, just follow these steps:

1. Get a Bitcoin wallet

2. Open an account at Coinsquare

3. Choose how many Bitcoin you want to buy

4. Enter your Bitcoin address

5. Select your payment option

Here are the top Exchanges for buying Bitcoin in Canada

If you want a detailed explanation of how to buy Bitcoin in Canada, here's what I'll cover:

1. Bitcoin legal status in Canada

2. Bitcoin popularity in Canada

3. Bitcoin communities in Canada

4. Buy Bitcoin in Canadian exchanges

5. Buy Bitcoin in international exchanges

6. Bitcoin ATMs in Canada

7. Conclusion

1. Is Bitcoin legal in Canada?

While digital currencies aren't officially recognized as money, Bitcoin is legal in Canada. According to the Government of Canada website, tax rules do apply to digital currency transactions, and cryptocurrencies such as Bitcoin are subject to the Income Tax Act. Canadian residents are therefore free to buy, sell, and trade Bitcoin, which is regulated under anti-money laundering and counter-terrorist financing laws.

2. How popular is Bitcoin in Canada?

In mid-2018, a study by the Currency Department of the Bank of Canada revealed that 58% of Canadians hold Bitcoin for investment purposes. According to the same study, 85% of Canadians are aware of Bitcoin.

Weekly LocalBitcoins volumes for the Canadian dollar shows that interest in Bitcoin has leveled off since the high prices of late 2017 and early 2018. Volumes were fairly low since mid-2018 and into early 2019, with weekly volumes staying around the $500 - $600 thousand dollar level.

Google Trend s data for the term "Bitcoin" searched within Canada shows declining interest from January of 2018. Perhaps this is due to the bull market Bitcoin has been experiencing during 2018.

3. What are the main Canadian Bitcoin communities?

As so many Canadians are involved in Bitcoin, there are plenty of Canadian Bitcoin communities to be found. The main communities can be found on Reddit and CoinForum. There's also a large Meetup group based in Toronto.

4. Are there any local Bitcoin exchanges based in Canada?

There are many Bitcoin exchanges based in Canada. Among the most popular are QuadrigaCX and Coinsquare:

Coinsquare

Founded in 2015, Coinsquare is a Canadian Bitcoin exchange based in Toronto. At the time of writing, it had the highest Bitcoin trading volume. Apart from Bitcoin, it features a handful of other cryptocurrencies available for trading, including Ethereum, XRP, and Litecoin.

Again, you can buy Bitcoin with CAD, and the fees of 0.2% are competitive. The Interac, Flexepin, money order, and bank draft deposit fees are reasonable at 2.5%. Wire transfer deposits have a fee of only 0.5% and credit cards incur a 10% fee. Withdrawals options are limited to direct bank deposit, charged at 2% with a $100 minimum, or wire transfer, charged at 1 - 2% with a $10,000 minimum.

Einstein

Founded in 2017, Einstein is a newcomer to the Canadian crypto exchange scene. Einstein offers a Bitcoin marketplace and about 18 types of altcoins. Customers may deposit CAD via bank wire / draft or Interac e-Transfer for free, via Flexpin for 2.5%, or via Visa, MasterCard, or Interac Online for a 7.5% fee. Trading fees are 0.25% below $5,000 in volume but decrease with further volume. Einstein offers 24 hour support services.

QuadrigaCX

January 2019 update: QuadrigaCX's services have been suspended. You can read about it on their home page.

QuadrigaCX, the longest-running Canadian Bitcoin exchange, launched in 2013. The exchange allows users to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Gold with CAD. Based in Vancouver, the exchange aims to make buying and selling Bitcoin quick and easy with a user-friendly platform.

QuadrigaCX boasts some good security features, and its fees are reasonable; however, it can take a while to get verified, and trading fees are quite high at 0.5%.

5. Are there any international exchanges available in Canada?

While there are some great Canadian Bitcoin exchanges Canada, there are also plenty of international exchanges which cater to Canadian citizens:

Coinbase

With Coinbase, you can purchase bitcoins with a credit card and receive them instantly. This US exchange is one of the most user-friendly places to buy Bitcoin, making it great for beginners. There's very high liquidity, along with high buying limits, but one issue is that your transactions are tracked, which is a privacy concern.

CEX.IO

CEX.IO is a London-based exchange on which you can buy Bitcoin via credit card or bank transfer. Canada is one of many countries this Bitcoin exchange supports. CEX.IO is an easy exchange to use and is known to be reliable, but bear in mind that it has higher fees.

Coinmama

Coinmama operates in over 200 countries worldwide, including Canada. One of the main advantages of this Bitcoin exchange is that you can purchase with a credit or debit card. It's also an easy platform to use for beginners. However, there's a 5.5% fee on each purchase, which is high compared to many Bitcoin exchanges.

Kraken

Kraken was launched in 2011 and caters to Canada, as well as the US, EU, and Japan. Although volume for it's CAD-based Bitcoin trading is relatively light compared to these other markets, Kraken allows Canadians to purchase about 20 altcoins in addition to Bitcoin. Kraken has very low fees of 0.16% to 0.26%, depending on whether one places or takes an order. Only bank transfers are available for funding, with a minimum deposit of $125, although no fees are charged on this. There's a $10 fee and $50 minimum for withdrawals, which are conducted via EFT.

6. How many Bitcoin ATMs are there in Canada?

Only the United States has more Bitcoin ATMs than Canada. As of early 2018, there were 707 Bitcoin ATMs in Canada according to CoinATMRadar. The majority of these ATMs are located in three major cities: Vancouver has 79, Montreal has 106, and Toronto has 222.

There are a dozen different operators with varied buy and sell fees. Many of these Bitcoin ATMs allow for the purchase of other cryptocurrencies, such as Ethereum and Litecoin.

7. Conclusion

Despite the bear market, the Canadian Bitcoin community remains healthy and active. Awareness and involvement is very high in the country, as evidenced by the Bank of Canada's study, community activity both on and offline, and the high number of Bitcoin ATMs scattered around the country.

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7 Best Options for Buying Bitcoin in Canada (2019 Updated)

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Buying Bitcoins in Canada - A Beginner's Guide Last updated: 3/20/19 In this guide, I'll show you the best options for buying Bitcoin in Canada. I will also explore the legality and popularity of Bitcoin in Canada.

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this article helps understand what exactly is crypto currency and how it works. There are many people who don't understand how a online currency works and how it can have value. It is actually much simpler than it might originally appear at first. If you really think about it we all use a form of online currency some examples include paying with your apple watch, using tap features on a card, online e transfers all are computer based purchases. Online currency just don't go through a national bank like the Canadian dollar or most other currencies that are regulated by the government.

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Curious about cryptocurrency? Here’s everything you need to know | CBC News

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Cryptocurrency is big business, but for many not in the tech sphere, it’s still a big unknown. Here are answers to some questions you might have.

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This website tells us 9 very interesting facts about bitcoin. Did you know that the inventor of Bitcoin is a mystery? Satoshi Nakamoto is the “name’ behind bitcoin that people have given it.  To this day many people have claimed to be the creator of Bitcoin but no one has actually proven to be the actual creator. Fact #2, the first ever bitcoin transaction was used to purchase 2 Papa Johns pizzas. Interesting fact #3, there will only ever be 21 million bitcoins. Right now there is 17 million bitcoins in circulation and by the time 2140 comes around, there should be 21 million. To check out more of these interesting facts please visit https://coinsutra.com/bitcoin-facts/

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Sudhir Khatwani Bitcoin
The mysterious "money of the internet", Bitcoin, has steadily risen in popularity over the last 8 years and is still the undisputed king of cryptocurrencies.

While some are actively using Bitcoin for both investment purposes and daily transactions, there is a large majority who have not started acquiring Bitcoin and have no plans on doing so.

These people have yet to see the power of cryptocurrencies!
1. The first Bitcoin purchase was for pizza.
The Top 9 Interesting Bitcoin Facts You Need To Know

Part of the reason people don't want to use Bitcoin is that they don't know enough about it. Well, our mission here at CoinSutra is to get everyone on the same page with regard to Bitcoin and cryptocurrencies.

Here are 9 facts you need to know about Bitcoin.

Did you know why May 22 is celebrated as Bitcoin Pizza Day?

Initially, when bitcoins were mined they were virtually worthless as it cost literally cents to buy a BTC.

But it was until 22 May 2010, when someone purchased something with bitcoins.

Seven years ago on this day, someone bought Piazzas with bitcoins and this purchase was a big deal because no retailer was accepting bitcoins at that time for goods and services.
2. The inventor of Bitcoin is a mystery.
On 22 May 2010, two Papa John's Pizzas were exchanged by Laszlo Hanyecz for 10,000 BTC. This was the first official documented purchase of goods using bitcoins.

At that time, the worth of 10,000 BTC was $41.

At the time of writing this article, the worth of 10,000 BTC is around $25.8 million.

Yes, that's correct! The inventor of Bitcoin is still unknown.

Since the inception of Bitcoin in 2009, there have been several speculations about who the father of Bitcoin is.

The Bitcoin whitepaper was made open to the public under the pseudonym of Satoshi Nakamoto. The identity of "Satoshi" is still a mystery yet to be solved.

Amidst this confusion, there are some people like Craig Wright, an Australian entrepreneur, who in May 2016 claimed to be the inventor of Bitcoin. However, this guy, later on, turned out to be just another scammer.

He with his partner tried to pump a forked version of Bitcoin called Bitcoin cash and made a lot of innocent users lose their hard earned money. None the less, he bought a Limbo with all the scam money:

Bye bye BP

Back to work pic.twitter.com/JGh5Yr8gQJ

- Dr Craig S Wright (@ProfFaustus) November 19, 2017

3. Bitcoin is untraceable & Bitcoin is NOT untraceable.
Some even suggest that Samsung, Toshiba, Nakamichi, and Motorola together created Bitcoin.

This anonymity has led to comments like Bitcoin is a Ponzi Scheme," yet this buzz has not stopped BTC from growing.

Because the purpose of Bitcoin is to be a decentralized method of exchanging money, this anonymity is very healthy for the platform.

When making Bitcoin transactions, your name/identity is not used in any form. Only your public address is available.

But...

The Bitcoin blockchain is a permanent ledger which is transparent. If anyone knows your Bitcoin public address, they can see how many bitcoins you hold and what transactions you have made.
4. If you lose your Bitcoin private key, you lose your bitcoins.
It's how the FBI was able to bust the owner of Silk Road.

If users of Bitcoin want to hide their public address or IP, it can be done by using services like Bitmixer.io or a VPN.

That said, this just makes it difficult to trace; difficult, but not impossible.

James Howells, an IT guy, lost 7,500 bitcoins in November 2013. While he was cleaning his desk at home, he threw away his hard disk containing the private keys of bitcoins which he had mined in 2010.

The realization dawned on him when he read the news of a Norweigan man who made a fortune by buying BTC at a low price.

He searched and searched, but could not find his hard disk.
5. Bitcoins don't grow on trees.
At present, the worth of 7,500 BTC is approximately $19.4 million.

Without the private key, the funds are lost forever no one can use them.

Until this point in time, it is estimated that around 25% of all bitcoins have been forever lost.

Just like money, bitcoins also don't grow on trees.
6. There will only ever be 21 million bitcoins.
But unlike traditional paper money, you can't touch, feel, or print bitcoin.

Bitcoins are mined on the blockchain network, and they come into existence when miners successfully mine Bitcoin blocks.

At present, the mining power of Bitcoin's network is 300 times more powerful than the world's top 5 supercomputers combined.
7. You can buy a lot of stuff with Bitcoin.
Bitcoin's supply is finite.

There will only ever be 21 million bitcoins.

At present, 16.3 million have already been mined and are being traded. The last bitcoin will be mined in 2140. After that, no new bitcoins can be mined.
To find out more places where you can spend your bitcoins, see CoinSutra's guide on "Where Do I Spend Bitcoin?". 8. Since 2008, Bitcoin has consistently been making a profit (except for 1 year).
People always ask what you can buy with bitcoins.

But the real question should be:

Here are just a few of the goods and services offered:

Yes, I deliberately missed one year: 2014. In that year, Bitcoin prices plummeted, incurring a 62% loss to investors.
9. Bitcoin can't be banned.
That happened mostly because of the MtGox hack in 2014. After that, the price dropped from $751 to $285.

The fear of a blockchain hack engulfed investors, but it was not the blockchain which was compromised. MtGox had several fatal and exploitable flaws.

But every other year, the price of Bitcoin has steadily increased.

Due to the nature of Bitcoin, there is constant talk about "banning" it. This hostility towards Bitcoin is because it works outside the jurisdiction of the traditional banking system.

However, the fundamental design is such that it can't be banned, only regulated. As long as you have an internet connection and a Bitcoin wallet, you can engage in Bitcoin.

Nevertheless, many countries have tried to ban it, like Bangladesh, Bolivia, Thailand, and Vietnam (among many others). But there are some countries like Australia, Russia, Japan, and Venezuela which have made Bitcoin an official legal tender and are regulating it.

However, some countries like India and even the USA are unclear of their official policy regarding cryptocurrencies.

Try as they might, Bitcoin can't be pushed away just because it threatens the financial power structure. This is the real beauty of Bitcoin.

Facts You Need To Know About Bitcoin
If you know more exciting facts about Bitcoin that I have missed in this article, then do let me know in the comments!!! Like this post? Don't forget to share it!
Bitcoin is considered by many as the most revolutionary breakthrough of the 21 st century after the internet.

Numerous cryptocurrencies have come and left after Bitcoin. Some called themselves "rivals of Bitcoin" while some complemented Bitcoin.

This is proof that Bitcoin and the blockchain are here to stay.

Here are a few articles that are currently popular on CoinSutra:

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9 Interesting Bitcoin Facts Every Bitcoin Owner Should Know

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The mysterious 'money of the internet', Bitcoin, has steadily risen in popularity over the last 8 years and is still the undisputed king of cryptocurrencies. While some are actively using Bitcoin for both investment purposes and daily transactions, there is a large majority who have not started acquiring Bitcoin and have no plans on doing so.

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This article is a very interesting article because it is about a additional risk that comes with something as unique as bitcoin. The additional risk associated with this crypto currency is without the password and information to get into the account or wallet the money is unattainable. That is the situation that has recently happened with the death of CEO Gerald Cotton when he passed away with a estimated 190 million dollars worth of bitcoin locked up and no one can access. This article is a good read for people thinking of getting involved because it is a risk you would never think of but is the reason for a loss of hundreds of millions of dollars.

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Death is complicated enough in the cryptosphere when a private investor dies with the private keys to their fortune. But the pain is amplified exponentially should the deceased be the CEO of a digital currency exchange responsible for the safekeeping of millions of dollars. The death of Gerald Cotten, founder and chief executive officer of crypto exchange Quadrigacx, has led to the loss of CAD $190 million (~ U.S. $145 million) stashed in the platform's cold storage wallets. Also read: Australia's Financial Intelligence Agency Registers 246 Cryptocurrency Exchanges
Quadrigacx Seeks Court Protection From Creditors

UPDATE: Report Claims Quadrigacx Never Held More Than 1,000 BTC

Canadian exchange Quadrigacx this week filed for protection from creditors in the Nova Scotia Supreme Court, claiming to have failed to locate or access the money since the death of Cotten on Dec. 9, according to a report by local newspaper The Globe and Mail.

Significant customer investments are understood to be locked up following the loss of cold storage wallets, especially since Quadrigacx was the largest crypto exchange in Canada by traded volume. One customer is reported to have lost $700,000.

Cryptocurrency can be lost, particularly if the owner doesn't share the private keys that allow access to the wallet to a third party by way of legacy management. Chainalysis estimates that about 25 percent of all bitcoins now in circulation (valued at roughly $23.5 billion) have already been lost forever, with death accounting for a sizeable portion of the losses.

Following the death of Cotten, Quadrigacx has reportedly lost 26,488 BTC, 11,278 BCH, 11,149 BSV, and 35,320 BTG. About 199,888 LTC and 429,966 ETH has also been lost.

'A Lone-Wolf Operation'

In her affidavit, the CEO's widow, Jennifer Robertson, states that her husband was the sole director and officer at Quadrigacx and its sister companies at the time of his death.

The company's misfortune may have resulted in the chief executive officer's lone-wolf style of operation. "To the best of my knowledge, most of the businesses of these companies was being conducted by Gerry whenever and wherever he and his computer were located," she stated.

A bankruptcy hearing is scheduled for February 5 at Nova Scotia Supreme Court, with Ernst and Young Inc to be appointed as an independent monitor. Quadriga's board of directors has posted the legal steps to be taken on their website, stating:

For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful.

The treasury that held Quadrigacx funds was allegedly personalized around the late CEO who had to use his personal account for company funds, as banks kept as skeptical remove away from the crypto aspect of the business. In the absence of a company account, third parties were used to facilitate payment and receipt of funds from users, according to the CEO's widow.

The exchange's troubled relationship with banks resulted in the loss of $28 million when a portion of its funds were frozen in January 2018. The Canadian Imperial Bank of Commerce (CIBC) froze the funds citing ownership concerns. The company initiated ongoing legal action to challenge the action.

A Loss That Could Have Been Avoided

Posthumous loss of bitcoin can be avoided if investors make plans for having this information disclosed to their heirs after they die. In April 2018, U.S. investor Matthew Mellon died, leaving his $500 million crypto fortune permanently inaccessible.

"Investors need a storage execution strategy for account information, as well as advice on the implications regarding the deceased estate, including access to accounts, distribution to beneficiaries, and tax implications," Eran Brill, an investment management director at Stonehage Fleming in South Africa, explained last year.
What are your thoughts on the Quadrigacx situation - do you think the funds are lost for good? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com's user forums. We don't censor on political grounds. Check forum.Bitcoin.com

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Canada Crypto Exchange Files for Bankruptcy After CEO Dies With Wallet keys

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Death is complicated enough in the cryptosphere when a private investor dies with the private keys to their fortune. But the pain is amplified exponentially should the deceased be the CEO of a digital currency exchange responsible for the safekeeping of millions of dollars.