According to a recent survey, interest, awareness, and adoption of Bitcoin and other cryptocurrencies are on a sharp rise across Canada. Bitcoin, arguably the most popular cryptocurrency, has taken the world by storm due to the immense increase in its value in the last few years. This has prompted serious investors and amateur enthusiasts alike to start trading Bitcoin and other cryptocurrency assets on the Global Market.
Statistics show that the number of people who own Bitcoin in Canada rose to over 64% between 2017 and 2018, while over 80% of Canadians showed a general awareness regarding the mechanisms of Bitcoin and its trading.
Currently, Bitcoin trading and cryptocurrency trading in general, is on the rise in the nation, with a substantial volume of assets being traded every day. Due to the government’s move to standardize Bitcoin trading through better regulations, national firms have begun developing safe means for individuals to purchase, sell, and trade Bitcoin.
So what exactly is Bitcoin and how does it work?
Invented in 2008, Bitcoin is a digital currency exchanged through a decentralized public ledger. The word “decentralized” means that the exchange of this currency is not controlled by a central legislative authority, such as the Bank of Canada, and is instead operated through a blockchain. A “blockchain” or public ledge is a string of data nodes. Within each node, there is publicly accessible information regarding every transaction that has ever taken place using Bitcoins. This transparency makes the Bitcoin digital currency the most secure in the world and is a significant reason for its large-scale adoption.
Bitcoin is exchanged between two individuals using a Bitcoin wallet, a digital application that stores information on the number of Bitcoins you own. When a transaction is initiated, the “To” and “From” address linking to each individual’s Bitcoin wallet and the amount of Bitcoin exchanged gets added as a nod to the public ledger or blockchain.
Bitcoin can also be purchased and traded through a cryptocurrency or Bitcoin exchange, which enables users to buy digital currencies in exchange for fiat (regular) currency at a set exchange rate. However, the exchange rate of Bitcoin is volatile, affected by the popularity of the cryptocurrency and how well it is accepted by businesses globally. There is a finite amount of Bitcoin available in the market, with a total of 19,138,012.5 Bitcoin in existence.
Another way to procure Bitcoin is to mine it using your resources. “Mining” is a time-consuming and resource-intensive process through which individuals verify the data present across the WHOLE of the public ledger in an attempt to find a verify new “blocks.” The miner is then rewarded an amount of Bitcoin, currently at 6.25, for their efforts. This reward lowers by half approximately every four years, making the mining process a challenging and arduous investment.
For this reason, most enthusiasts prefer to purchase Bitcoin by exchanging fiat currencies through Bitcoin Trading platforms. Another easier way to obtain Bitcoin is by attempting to win prizes through various casino games, such as those offered by this Canada Bitcoin Casino website. Such websites provide participants prizes in the form of Bitcoins if they land a win across the various games and challenges available.
No matter how you source Bitcoin according to your preferences, it is quite possible that this digital currency is set to grow in popularity and value in the years to come.