This post is a super abbreviated version HowToBuyBitcoin101.com.
Simply, it is exactly what I tell my Canadian friends to do who want to buy and hold Bitcoin fast and easily. But don’t want to spend any time learning or researching.
This is the least amount of steps you need to take to safely buy and hold Bitcoin in Canada.
The Ultimate TL;DR of How to Buy Bitcoin in Canada:
1. Signup and Verify Account on a Cryptocurrency Exchange
Try Shakepay. It is the simplest app to use to buy Bitcoin and Ethereum in Canada
- Verify your identity on Shakepay (24-48 hours)
- Fund your account with an Interac e-transfer. Interac to fund exchange accounts works easiest, best, fastest and cheapest for most Canadians.
Sign up and compare more Canadian exchanges while you wait for your account to be verified.
2. Get a Wallet
Visit Exodus.com to download a software wallet on your phone.
- Write down your seed phrase (12-24 words) with a pen and paper to backup your wallet
- Store seed phrase somewhere very safe and secure
If you lose your seed phase, you will lose access to your Bitcoin.
3. Buy Bitcoin & Hold It In Your Wallet
Open the Shakepay app or website – Exchange your Canadian $ dollars for Bitcoin ฿
Next you want to SEND Bitcoin from Shakepay exchange to your own wallet, where you will hold and save your digital assets.
- ‘SEND‘ Bitcoin from Shakepay to your Exodus wallet Bitcoin ‘RECEIVE‘ address
It may take a few moments for your Bitcoin to show up in your Exodus wallet as the transaction is processes on the network.
You should now see Bitcoin in your Exodus wallet.
Congrats! You now own and hold a fraction of Bitcoin.
The above step-by-step guide should be able to be completed in 5-10 minutes.
Waiting for your identity to be verified on the exchange usually is the slowest part of the process.
This guide will get you set up with BItcoin quickly and easily. Continue to learn more about crypto at your pace. Here are a list of crypto related subreddits to check out.
Read the guide for beginners: How to Buy Bitcoin in Canada Tutorial →
HowToBuyBitcoin101.com is basic how to crypto guides, reviews and information for beginners to get started with cryptocurrency in Canada. NOT investment advice. Please do your own research. We like Bitcoin & crypto. [READ ABOUT]
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