Bitcoin Volatility Index
Bitcoin is currently worth CAD as of the time you loaded this page.
bitbuy is a Bitcoin exchange based in Toronto, Ontario. This Canadian exchange supports Bitcoin, Litecoin, Ethereum, and other popular tokens using a variety of payment methods, including e-Transfer, credit card, and Flexepin bank transfer.
Their users enjoy relatively low fees, high trade limits, and an excellent support team that you can access round the clock via their live chat, email, or phone lines.
Coinberry is another popular and trusted Bitcoin exchange based in Canada, and support several different payment methods/trading options. Their young age is their only downside, lacking in experience compared to their veteran competitors.
If you'd prefer to opt for a long-established exchange with a large user base and terrific reputation, Coinbase and Coinmama are both available to Candian citizens. Keep in mind, however, that their status and ease-of-use comes at the cost of higher transaction fees.
Buying Bitcoin in Canada from their top exchanges is pretty easy. If you have some form of ID and a bank account, you're good to go (assuming you're of age to trade cryptocurrency).
Bitcoin is volatile and price is always on the move. If you want to convert Bitcoin to its current value in Canadian Dollars, check out our BTC/CAD conversion tool.
According to Coin Telegraph, back in March of 2020, The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) announced tighter cryptocurrency regulations shortly to curb money laundering and terrorist financing within their borders.
In a nutshell, the Candian government is requiring businesses that operate with crypto to report large transactions to the government. They define a 'large amount' as more than 10,000 CAD. If such a transaction occurs, the business must report it to FINTRAC.
Even smaller transactions more than 1,000 CAD must be recorded, including the sender and recipient's public addresses.
What's the bottom line here?
Like we've seen in the USA and the EU, Canada is battening down the crypto regulation hatches. However, for the average person, it's not a big deal.
You'll be required to verify your identity before buying or selling cryptocurrency on a centralized exchange.
This is something we've seen in plenty of other countries. Many seasoned exchanges like Coinbase have already done their homework in this regard, since they've been under scrutiny from the US government for some time now.
Slightly lower than the United States, Canada's average electricity cost is approximately 0.14 CAD per kWh, which means Bitcoin mining in Canada is slightly more profitable than the United States.
However, it's nearly impossible to turn a profit mining Bitcoin in any country, especially not a western country like Canada or the US. Even with the best mining hardware, you'll lose several thousand dollars per year.
Long gone are the days of Bitcoin mining's golden age, where anyone could turn a profit even with expensive electricity. Now, your best bet is setting up a large mining operation in a country with dirt cheap electricity like Georgia, India or China.
Considering 99.99% of you won't be doing that, mining for a profit in Canada is next to impossible at this time. You can use our mining profitability calculator to figure your own profit (or loss) based on your electricity cost.
You can check the Bitcoin price in gold, by clicking here.