The local demand for cryptocurrencies such as Bitcoins, Ethereum, and Litecoins is one the rise! Read this article and discover why are Canadians buying cryptocurrencies!In countries all over the world,
the ability to purchase Bitcoins is becoming a lot easier. Recently, Ottawa and Toronto had their new Bitcoin ATMs installed and they have allowed individuals to exchange cash for the cryptocurrency. The first Bitcoin ATM in Canada was installed in Vancouver.
Bitcoin, as a cryptocurrency can be traded online for products and services. The best thing about Bitcoin is that it is not tied to any government or central bank, unlike the traditional currencies such as euros and dollars. This is one of the reasons why the demand for the new virtual currencies has increased in recent months.
A well-known finance professor, Tony Tand, from the Wilfrid Laurier University who analyzes and researches virtual currencies, says that Bitcoin has no value. However, he also says that this digital currency has created some functions that meet specific monetary and payment needs, which has attracted investors who give Bitcoin, Ethereum, Litecoin, and other cryptocurrencies a real financial value. According to Tang, this is one of the reasons why Bitcoin has been so popular with investors from China as they all view cryptocurrencies as valuable commodities such as gold and silver are. It is much faster and cheaper to use Bitcoin. So, if you are coming from an area with severe controls on how funds transfer in and out, we highly suggest you to use Bitcoins as it is a pretty easy way to move your money out of the border.
An IT consultant in Kitchener, Seth O’Rourke says that he is attracted to Bitcoin for the investment capability and the long-term value. According to him, the Canadian dollar is decreasing in value and it is better to switch to a currency that is holding or increasing in value.
What about the future of Bitcoins?
According to experts, the banks are currently threatened by Bitcoin but they should definitely issue Bitcoin accounts in the exact same way they do for the US dollars. It is going to pretty tough to get them on board with issuing Bitcoin accounts, but it is surely something we could see in a few years from now.
What do you think? Have you invested in Bitcoins yet? What is your experience?