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This padlet will provide a brief example of how digital currency works and what is involved within using digital currency as well as Bitcoin.

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This padlet will provide a brief example of how digital currency works and what is involved within using digital currency as well as Bitcoin.

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This image shows how Canada is preparing for for the future of Digital Currency.
Canada is one of the most economically sustainable countries in the world and the transition into all Digital Currency is a new form of money in the Country.

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This image shows how cash is eventually becoming obsolete and how all currency will be through digital currency.
It is cool to think that all our money could be kept digitally, and this just shows the modernization of our society.

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This website discusses digital currency as a broad topic, and all the research that has been done on the subject. This website also describes how financial technology is very useful.
I chose this website as a starting point into the research of financial technology.

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Understanding digital currencies and related financial technologies is an important part of our research agenda.

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This website/article talks about how the Bank Of Canada is looking to create its own digital currency as contingency. It talks about how it would be beneficial if cash was no longer accepted.
I chose this website because it is interesting to think that all these new types of currencies can arise all from technology, and in an online setting.

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The country's central bank plans to lay the foundation for its own digital currency as a backstop should the day arise where cash is no longer king, a Bank of Canada deputy says.

In a speech in Montreal, deputy governor Timothy Lane said there isn't a compelling case to issue a central bank-backed digital currency right now.

But the timeline to create one is long enough that the Bank of Canada is beginning work in the event the Canadian dollar isn't used for most transactions.

Lane said Tuesday that such as situation could erode competition in the financial services sector and consumer privacy, as well as exclude marginalized populations from fully participating in the economy.

He added the bank could issue its own cryptocurrency if private digital currencies or those offered by other central banks become widely used in Canada and erode the Bank of Canada's ability to manage monetary policy.

There are still several steps to go through before the Bank of Canada can issue a digital offering, including settling on the technology to use and getting the legal authority from Parliament to do so.

"It is clear that technology is changing the world around us. And while we cannot perfectly predict the future, we can certainly plan for contingencies," said Lane, based on a text of his speech released in Ottawa.

"This includes readying ourselves in case a decision is made some day to issue a Bank of Canada digital currency."

The Bank of Canada has spent six-plus years researching the economic and technological impacts of the growth of volatile digital currencies like Bitcoin, and more recently watched the growth of "stablecoins" that maintain a stable value, as the name implies, and are backed by currency holdings.

Lane says these stablecoins -- of which there are about 150 worldwide -- have a better prospect for widespread adoption, including Facebook's proposed Libra that the social media giant plans to launch. And that could in turn make it more difficult for the bank to hit its inflation targets.

"It would become increasingly difficult to control the stability of the purchasing power of the Canadian dollar," Lane said in a question-and-answer session following the speech.

"And since our mandate is the stability of the purchasing power, this would considerably limit the role of Canadian institutions to control their own inflation rate and to actually have an influence on their own macro-economy."

As it stands, the Bank of Canada can design, issue and distribute the bills Canadians hand over when buying a cup of coffee, but it doesn't have the legislative authority from Parliament to offer a digital currency.

Discussions are expected to begin with the Finance Department about the scope of any legislative changes, and how that might affect the design of a central bank digital currency.

"Of course, even such a shift toward a cashless society does not automatically mean the bank would issue a (digital currency)," Lane said in the speech to a financial technology conference in Montreal.

"That's a choice that Canadians and their elected representatives would need to make at the time."

There are also important design options for the central bank to consider, including how to prevent money laundering and terrorist financing and ensure a digital currency doesn't promote a bank run.

Other issues to manage include how to allow anyone in the country to use the digital currency, including people who don't have bank accounts or those living in remote communities where online access is limited.

This report by The Canadian Press was first published Feb. 25, 2020.

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Bank of Canada to create its own digital currency as 'contingency,' deputy says

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The country's central bank plans to lay the foundation for its own digital currency as a backstop should the day arise where cash is no longer king, a Bank of Canada deputy says. In a speech in Montreal, deputy governor Timothy Lane said there isn't a compelling case to issue a central bank-backed digital currency right now.

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This website gives an overview on Bitcoin. The website goes over how to buy Bitcoin, what it is, where to buy and exchange Bitcoin and selecting Bitcoin wallets. It also discusses how people are treating Bitcoin as an asset and how it is a gamble at times.
I chose this website because it is very useful for the beginner in Bitcoins. For myself, I did not know much about Bitcoin but as I read through the website I was able to get a better understanding on the subject.

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The short answer is to sign up to a crypto trading platform, fund your account and start trading.

Cryptocurrencies, like Bitcoin, are entirely digital currencies that can be used as online versions of cash. They can be bought and sold using a crypto trading platform or online exchange. Transactions using cryptocurrencies are highly secure and can't easily be shut down by governments. And though transactions are public-everyone can see that someone sent $10 worth of Bitcoin to someone else-the identities of the sender and recipient remain anonymous.

Many people buy Bitcoin to send money around the world cheaply, unanimously and securely. Because the whole economy is virtual, cryptocurrency transactions come with very low fees compared to wire or bank transfers. Some people use Cryptocurrency for buying narcotics online anonymously. Others invest in Bitcoin on the volatile market with the hopes of winning big.

Trade stocks with zero commission when you use Wealthsimple Trade. Or sign up to Wealthsimple Invest and get a $50 cash bonus. There's no account minimums, no paperwork, lots of investment options. Get started here.

There's a chance to make-or lose-a lot of money by trading Bitcoin. Cryptocurrencies, for the most part, aren't backed by fiat currencies, and their values are almost entirely dependent on market speculation. Bitcoin is an exciting, new space to get involved in. Here's how to get involved.
Buy and Sell Bitcoin, Ethereum, and over a dozen other cryptocurrencies with Wealthsimple. Sign up and Trade here.
1. Figure out how much Bitcoin to buy

The first step is to actually figure out how much you want to bet on Bitcoin. The quick answer is probably: buy as much as you're willing to lose. When you trade Bitcoin there's a chance you could make-or lose-a lot of money. Many people have lost a fortune to Bitcoin, and some have become overnight millionaires.

Bitcoin used to cost just fractions of pennies, in 2017, the price skyrocketed to around $20,000 and at the start of 2021, it was worth over $50,000.

Before you invest a penny in Bitcoin it's wise to make sure you enough money to keep the cat fed, have a solid emergency fund and retirement plan. Then figure out how much money you want to invest in Bitcoin.

2. Decide where to buy Bitcoin

Once you've decided you want to buy Bitcoin and you realised how much you want to invest, here's how to get your hands on it:
Crypto Trading Platform
You can use a crypto trading platform to buy and sell cryptocurrency easily and often cheaply. These providers often bring together multiple exchanges to get their clients the best Bitcoin prices. Crypto trading platforms normally don't allow you to transfer your Bitcoin to someone else. You generally have to sell your Bitcoin to withdraw the money you invested. Wealthsimple Crypto is an example of a crypto trading platform in Canada that allows you to buy and sell Bitcoin. You can sign up for an account in minutes and avail of low and transparent pricing.
Online Exchanges
A cryptocurrency exchange is a digital marketplace where cryptocurrencies are bought and sold for other cryptocurrencies. This is where 99% of cryptocurrency trades take place. You can trade hundreds of cryptocurrencies, including "stablecoins"-coins pegged to fiat currencies, like the US dollar. There are a few things to watch out for when choosing to trade through exchanges, however: exchanges technically control the crypto that's held in exchanges-even if it's in your wallet on the exchange-so, should the owners decide, they could drain the exchanges of user funds. Popular, regulated exchanges include Binance, Gemini, and Coinbase, could be safer than unregulated or unknown exchanges: Binance, for instance, last year created a " Secure Asset Fund for Users ", an emergency fund that could be accessed in an extreme situation.
Bitcoin ATMs
These are a small number of kiosks that allow users to purchase Bitcoin using debit or credit cards. Bitcoin ATMs aren't particularly common yet. They sometimes charge very high fees, and can have less than ideal exchange rates.
Peer-to-Peer Trading
You can buy your Bitcoins directly from other people on marketplaces, trading them for anything you want. But watch out for scammers: On sites like Paxful and others, it's possible to sell Bitcoin for Xbox Live gift cards, although sellers frequently receive worthless cards in exchange. Since some systems are not totally secure, use good judgement before handing over a dollar.
Over the Counter (OTC)
Over the counter (OTC) trading is a type of trading that occurs outside of exchanges, just like peer-to-peer trading. But OTC trading generally refers to brokers that help high-net-worth clients trade millions of dollars worth of cryptocurrencies. This means that their trades probably aren't registered on the public ledger, making them more discreet. Some OTC companies include Bitstocks, ItBit, and Circle Trade.
In Person
Find someone in your area who'll take cash for Bitcoins. In France, they've formalised this process: it's possible to buy vouchers for cryptocurrencies in cornershops.

3. Choose a Bitcoin exchange or trading platform

Buying cryptocurrencies from exchanges or trading platforms is perhaps the simplest, safest, and most convenient way to buy. There are many exchanges and platforms out there, and they all come with distinct advantages and disadvantages. Educating yourself about the features of each will make your first Bitcoin experience much smoother.

It's not just the price of Bitcoin you've got to take into account; fees come in all shapes and sizes: Exchanges will sometimes ask for a fee to deposit or withdraw cryptocurrencies, alongside some additional trading fees.

There are generally two sorts of trading fees: market maker fees-fees that are paid when you add liquidity to an exchange's order book, and taker fees-fees paid when you take liquidity away from our order book. Trading fees generally decrease the more Bitcoin you trade, encouraging larger investments.

Some exchanges offer lower fees than others, but these often come at the cost of privacy, security, or insurance. As such, it's important to gain a more rounded opinion of exchanges before you trade on them. Without sufficient expertise, you might end up with a bad deal.

Though there are hundreds of exchanges, first-time buyers are wise to stick to large, reputable exchanges and trading platforms. When trading a volatile, new currency like Bitcoin, you'll need all the information you can get. To work out what's the best deal for you, here's a handy guide to three major cryptocurrency exchanges.
Wealthsimple Trade
Wealthsimple Crypto is a crypto trading platform made available through the Wealthsimple Trade app in the Apple App Store and the Google Play Store. The app allows you to buy and sell Bitcoin and Ethereum instantly. There is no account minimum and no fees to deposit or withdraw money. Coins are held by Gemini Trust Company LLC™, a regulated crypto custodian with $200M in cold storage insurance coverage. Wealthsimple Crypto is the first way to buy and sell cryptocurrency in Canada that's regulated by the government.

Wealthsimple Crypto is not an exchange itself. Instead, they bring together multiple exchanges to get their clients the best Bitcoin prices. A limitation is that you can't send the Bitcoin you buy on Wealthsimple Crypto to somebody else or hold it in a wallet of your own.

Wealthsimple Crypto charges low fees for buying Bitcoin. The only cost is an operational fee added to the bid and ask prices when buy orders and sell orders execute. This fee is presented in the Wealthsimple Trade app. It covers custodial expenses charged by the company's third-party custodian, Gemini, and Wealthsimple business costs. Wealthsimple does not earn any other revenue from trading crypto-assets.

Wealthsimple is an online investment manager that was founded in 2014. They create smart financial technology products that are simple to use. Over a million people use Wealthsimple products and their clients have trusted them to manage over seven billion dollars.
Buy and Sell Bitcoin, Ethereum, and over a dozen other cryptocurrencies with Wealthsimple. Sign up and Trade here. Binance
Binance is one of the largest cryptocurrency exchanges. It serves most of the world's countries, though it has subsidiaries for specific countries. It's based in Malta, a nation known for being friendly towards cryptocurrencies. Binance lists over 500 coins, including Bitcoin, and trades almost a billion dollars per day. Binance's CEO, Changpeng Zhao, regularly tweets with investors and shares his opinions.

Binance charges some of the lowest trading fees in the industry; just 0.1 percent for market makers and takers. This can be reduced to 0.075 percent if you hold Binance's own token, BNB. But like most exchanges, the more you trade, the bigger your discount. Binance offers a "VIP" tiered system, in which the platform offers further discounts if you've traded a certain amount of Bitcoin over a 30-day period.

For VIP 1, the first tier of Binance's discount system, your maker fee drops to 0.09 percent, and your taker fee stays at 0.1 percent, if you trade at least 100 Bitcoins in a 30-day period, and hold at least 50 BNB. Though this doesn't seem like much, these percentage points can add up for users who trade millions of dollars worth of Bitcoin.

Binance also asks users to pay a flat fee for withdrawals, paid in the form of the currency you're taking off the exchange. For Bitcoin, the withdrawal fee is 0.0005 BTC, currently worth around $4.

Binance also provides a wallet to store your Bitcoin. Like all cryptocurrency exchanges, it's recommended that you take your Bitcoin off of exchanges as soon as possible: if Binance were to suddenly shut down, it'd be difficult to get your money back.
Coinbase
San Francisco-based Coinbase is one of Binance's main competitors, and both battle for pole position in the cryptocurrency exchange industry. It has over 30 million users, and has traded a cumulative total of over $150 billion. Coinbase is backed by industry giants like Andreessen Horowitz and the New York Stock Exchange.

What's different about Coinbase, though, is that its services are split into two. First, you have Coinbase, which technically isn't an exchange. Rather, Coinbase sells you coins directly, just like a broker, instead of providing a platform that matches trades with other users. This makes Coinbase incredibly easy to use; buying Bitcoin directly from Coinbase is as simple as buying something off of Amazon.

Though buying directly from Coinbase is convenient, the drawback is that this method is relatively expensive: Coinbase charges the greater of either a variable fee of around 0.5 percent, or a flat fee. The variable fees depend on where you are. For Canadians, the variable fees for buying through credit or debit cards are 3.99 percent. The flat fees are as follows: for purchases less than or equal to $10, Coinbase charges a fee of $0.99; for purchases between $10-25, $1.49; for $25-$50, $1.99; and for $50-200, $2.99.

Coinbase also offers a more traditional exchange, Coinbase Pro, designed for more advanced users. On Coinbase Pro, you can sell and buy cryptocurrencies from other users, just as you would on Binance, or any other regular cryptocurrency exchange.

Maker and taker fees are five times more expensive than on Binance for users who are trading less than $10,000 a month: both 0.5 percent. In fact, for maker and taker fees to rival that of Binance, an investor would have to spend at least $100,000 every thirty days to reach Binance's maker fee of 0.1 percent, and $50 million to reach its taker fee.

On the plus side, unlike Binance, there are no withdrawal fees, and, like Binance, there are no deposit fees-as long as you're depositing or withdrawing digital assets, not US dollars. It costs $25 to withdraw from crypto to USD, and $10 to deposit it.

Coinbase also serves as a wallet to store digital currencies like Bitcoin.
Gemini
Gemini is the exchange run by the Winklevoss twins, the duo who sued Mark Zuckerberg for stealing the idea for Facebook, and who bought around 1 percent of all Bitcoin supply before the Bitcoin bubble popped. Gemini is their cryptocurrency exchange.

Gemini's main offering is that, unlike many other cryptocurrency exchanges, it's fully backed by regulators. It has carefully secured the backing of regulators like the New York Department of Financial Services (NYDFS) to list the privacy coin Zcash on its platform, and its stablecoin, the Gemini Dollar.

Courting regulators, though, comes at a price, and Gemini's fees are just as high as Coinbase. The transaction fees for trades less than or equal to $10, are $0.99; for purchases between $10-25, it's $1.49; for $25-$50, $1.99; for $50-200, $2.99; and for greater than $200, it's $1.49. In addition to transaction fees, there's a "convenience fee," which is 0.5 percent above the cost of the coin at the time of purchase.

Gemini is geared toward institutions and wealthy investors. It offers institutional custody services that are backed by New York Banking Law, and its custody infrastructure, which guards wallets in safes kept in offline facilities, is distributed across the world. Gemini offers insurance, too.

4. Select a Bitcoin Wallet

When possible, cryptocurrencies should be stored in wallets, essentially bank accounts for cryptocurrencies. Importantly, if you store your Bitcoin on cryptocurrency exchanges, the exchanges technically have control over the crypto. But if you withdraw to a wallet, you have complete control over your digital assets. This is very important: if you keep your funds in exchanges, there's a chance that the exchange might go bust, or the owners run away with customer funds.

When picking out a Bitcoin Wallet, make sure that you consider backup and security features. There are generally two forms of wallets: hot and cold wallets.

A hot wallet is one connected to the internet: if a hacker managed to gain control of it via some malicious code, then they'd be able to get to your Bitcoins. But it's more convenient: these wallets are connected to the internet, via mobile, desktop, or web apps, meaning you can use them straight away. They're also free. Popular hot wallets include Electroneum or Trust Wallet.

By contrast, a cold wallet is one that's not connected to the internet. Cold wallets store Bitcoins on something physical, like a USB stick, that you can buy from a shop. This makes them incredibly difficult to hack, and a great long-term storage solution.

Think of the hot wallet as the one you carry to the mall: it's full of cash, but easier to steal. By contrast, a cold wallet is the equivalent of storing your cash in a safe: it's very secure, but isn't very convenient to use.
Buy and Sell Bitcoin, Ethereum, and over a dozen other cryptocurrencies with Wealthsimple. Sign up and Trade here.
5. Decide how to pay for Bitcoin

There are endless currencies and payment methods you can use to buy crypto, from PayPal to Spotify subscription gift cards. Most common payment methods include wire or bank transfer, other cryptocurrencies, and credit or debit cards. Some methods, like other cryptocurrencies or payment cards, are faster than bank or wire transfers, which can take a few days. But remember: paying through a bank transfer from your personal bank account isn't protected by the same insurance products as a credit card purchase, nor is, obviously, swapping 10 months of Xbox Live for some Bitcoins.

Trade stocks with zero commission when you use Wealthsimple Trade. Or sign up to Wealthsimple Invest and get a $50 cash bonus. There's no account minimums, no paperwork, lots of investment options. Get started here.

6. Purchase Your Bitcoin

Remember to exercise caution: always remember to invest only in the amount of Bitcoin that you feel comfortable with losing money on, and start slowly. Accept that you're unlikely to become an overnight success, and set time aside to learn the market before making any large investment decisions.
Buy and Sell Bitcoin, Ethereum, and over a dozen other cryptocurrencies with Wealthsimple. Sign up and Trade here.
Last Updated November 23, 2021

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How To Buy Bitcoin In Canada (2021 Updated)

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The short answer is to sign up to a crypto trading platform, fund your account and start trading. Cryptocurrencies, like Bitcoin, are entirely digital currencies that can be used as online versions of cash. They can be bought and sold using a crypto trading platform or online exchange.

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This video gives a great definition of what financial technology and digital currency is used. It explains that most people are moving to digital currency and away from cash, which is leading to modernization and the adaptation of digital currency.
I found an interesting piece in the video where it says that 20 of the world's major economic countries use 2 types of financial technology.

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This website discusses how the COVID-19 pandemic is accelerating the public’s use of online services and that means the Bank of Canada must move more quickly to research how a central bank digital product would work, and how functional it would be.
I chose this website because it is very relevant to the current situations we are facing within the pandemic, as well as how society is turning digital with nearly everything.

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OTTAWA (Reuters) - The COVID-19 pandemic is accelerating the public's use of online services and that means the Bank of Canada must move more quickly to research how a central bank digital product would work, a top official said on Wednesday.

The Bank of Canada has been exploring and building capacity for products like a central bank digital currency (CBDC), but there has been no specific time frame for launching one, Deputy Governor Tim Lane said during a panel discussion on the future of money.

"The main point, I think, is this is all looking a lot more urgent because of the speed with which technology is evolving," said Lane.

"With COVID, we've seen an acceleration of the shift of activities online and that suggests if we want to be ready to develop any kind of digital central bank product, we need to move faster than we thought was going to be necessary," he said.

A digital currency would act like cash and streamline transactions by avoiding a need to use a payment card for online purchases.

Lane has previously said that the Bank of Canada could launch a CBDC if a private cryptocurrency were to make serious inroads, creating privacy concerns.

Global central banks are putting together rules and working on their own digital currencies to address the prospect of private cryptocurrencies, like Facebook Inc's planned Libra stablecoin.

Lane told the panel that a number of stakeholders need to be consulted on issuing a CBDC, including banks and financial institutions, along with technology companies.

"Certainly we're talking to a number of companies that have products that they are developing or also are advising in these things," he said.

On Tuesday, financial leaders of the world's seven biggest economies said no stablecoin operation should start until it is properly regulated.

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monetary / fiscal policy / policy makers

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Pandemic accelerates need to consider digital currency: Bank of Canada

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OTTAWA (Reuters) - The COVID-19 pandemic is accelerating the public's use of online services and that means the Bank of Canada must move more quickly to research how a central bank digital product would work, a top official said on Wednesday.

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This video is about how to buy Bitcoin in Canada. The best way to buy Bitcoin is through online exchange. Always make sure the website you are using is safe and reliable, and make sure you are responsible with what you are doing.
I chose this video as a quick guide to show me how to buy Bitcoin in Canada easily. I like how it gives short but good information, and helpful tips that are provided.

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How To Buy Bitcoin In Canada 2020 (BEST OPTION)

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This video discusses how Bitcoin works and  how to buy it within Canada. The video discusses how all Bitcoin is monitored and kept track of within Canada. He talks about "Mining" and how these miners are in constant competition within Digital currency.
I chose this video because it gave great interesting facts. One fact was that Bitcoin mining consumes as much energy as the whole country of Denmark which I found pretty intriguing.

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How does Bitcoin work and how do you buy it in Canada?

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This video talks about the Bank of Canada transferring to a digital currency and why it may be necessary for the future, and that cash is not king anymore. The Bank of Canada also is weary of their competition such as Facebook's newly released digital currency, and wants to create their own.
I chose this website because digital currency could change the way we all deal with money. It shows that cash may soon become obsolete and therefore digital currency could play a crucial role in our lives.

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Bank of Canada eyes launch of digital currency

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1. I learned that Canada is eventually trying to fully move into digital currency and eliminate cash.
2.This topic is relevant because it affects how we are going to live in the future, and what our currency system is eventually going to look like.
3. The most important thing to pass on is get informed on digital currency. I say this because we are moving towards this currency and people are going to need to know how to use it, so the most important thing would to get familiar and learn more about digital currency.