The Value of Bitcoin in Canada

The new rage in the finance industry

When the subject of Bitcoin is brought up, there are usually different opinions as to the type of recognition to be accorded to it and a country like Canada is no different. In fact, the spread of cryptocurrency is really getting more and more rapid in the whole world. We are looking specifically into Canada today, and you will be surprised to know that the value of Bitcoin in Canada is much higher that what most of our readers would have expected.

The price of Bitcoin in Canada is currently around $7500 per bitcoin. It is not surprising that people tend to regard Bitcoin as a long-term investment, and they will surely turn towards tools like the bitcoin calculators to get an estimate of the amount of funds they need to acquire the bitcoin the can afford or wish to purchase.

Bitcoin as an alternative to hard currency

It also appears that individuals in Canada are openly welcoming Bitcoin as an alternative payment method. Indeed, this is due to several features of Bitcoin, which makes it a good choice for them. The value of Bitcoin is far beyond the price of the bitcoin itself. Think about it, if you can go out and purchase something what will you usually pay with? Well, if the price is not that high maybe cash right? What if you are buying some jewelry or other things that costs you a lot? Probably in those cases you will choose credit cards.

This is what most of us will answer—who are not using Bitcoins. However, there are still some problems regarding cash as well as credit cards. For cash, it is easy: You need to bring it out and pay in physical form. If you go down to the store and pick up the bottle of drink that you like, but then realize that you forget to bring your wallet, then you will be frustrated because you have wasted your time, right? Another problem about paying in cash is that your cash may get stolen—after all, the crime rate in any city is not 0%–sadly.

For credit cards, it is much better than cash already we must admit, but there are still some limitation of it that adds to the Bitcoin value in Canada and the whole world. Have you ever feared of receiving the bank statement about your credit card and then found out that there is a charge of a substantial sum on your credit card but you have never really paid it? Someone had been using your credit card! So, I guess the security problem is still a latent one for credit cards.

If you are using bitcoin, there will not be such problems at all! Aside from the very appealing BTC to CDN index, bitcoin is a virtual form of currency, as you will not really hold a physical bitcoin to pay. At the same time, it is also very secure since it is using the blockchain technology—an open source accounting system where there is just no way for anyone to hack into it.

 

As a result, you can make purchase online very conveniently while at the same time you do not need to worry at all about the threat of security—no one will be stealing your personal information. You can just sit and relax as a result. Probably due to all these benefits, the bitcoin price in Canada is so high.

The gaining reputation of the Bitcoin

In light of all these, Bitcoin is quick often being put to use nowadays and we think it is safe to say that it is slowly gaining a strong reputation. However, we must also mention that at first the level of recognition of Bitcoin was as a form of payment in stores and restaurants and not as high as it is today. People at first were quite skeptical about the idea of a total virtual form of currency.

However, as time moved on, more and more Canadians preferred the Bitcoin over CAD. It is always difficult to claim that a currency is secure without really letting people to cry about it. We think this is where the original hesitation in fully accepting Bitcoin came from. While it is easy to just treat Bitcoin as a form of investing—just looking at the rate of 1 Bitcoin to CDN would be fine, it would be another story to convince people of using it regularly.

However, time and tide is the best evidence of the convenience as well as security of Bitcoin. We did not hear of any people complaining about Bitcoin’s security problems. Apparently, there is not theft regarding Bitcoin, only an issue of hacking if the firewalls and security put in place by trading platforms and mining computers are not strong and well encrypted. As a result, people have relatively more confidence in Bitcoin. Bitcoin thus has become a real option of alternative currency, and it becomes more and more well recognized as a valid method of payment.

The opposition to the Bitcoin

Some people, though, still prefer the traditional CAD to Bitcoin, and they consider the CAD to still be much valuable to Bitcoin. Why? Well, there will always be someone who is quite hesitant in accepting new technology, but we must say that the reason behind them is understandable. After all, the currency in Canada is a symbol of its history and identity—It is only Canada that uses the CAD, and it has their monarch on it. In their eyes, Bitcoins are still merely a form of investment that has a high Bitcoin price in Canada, but if you are asking them to replace it with the CAD, then this might be too much to ask.

Another reason is that the government seems to be quite skeptical towards Bitcoins as well. This is due to the fact that even the government itself cannot freeze the assets or gain access to the funds of any person. This diminishes their power to exercise control over the nation. However, whether this reason contributed to what the people think about is still an unknown.

So, we can now see that the issue about Bitcoins is far more than 1 Bitcoin to CDN or the Bitcoin calculator. There is some non-investment based reason for people to choose or not choose to use Bitcoin. No matter what, it would be proper to conclude that the popularity of Bitcoin is rising.