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Bitcoin, the world's largest cryptocurrency, is seemingly everywhere these days. From fast food to sports and even the local Walmart, it's finding a place in the mainstream. As an investment, its spectacular rally this year has cheered its adherents while raising the curiosity of the non-initiated. In 2021 alone, Bitcoin's price has more than doubled. Time to invest yourself? Letu2019s understand how to buy bitcoin in Canada?
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Knowing Bitcoin And Finding Alternatives - How to buy bitcoin in Canada?
Bitcoin, the world's largest cryptocurrency, is seemingly everywhere these days. From fast food to sports and even the local Walmart, it's finding a place in the mainstream. As an investment, its spectacular rally this year has cheered its adherents while raising the curiosity of the non-initiated. In 2021 alone, Bitcoin's price has more than doubled. Time to invest yourself? Let’s understand how to buy bitcoin in Canada?
The easiest way to bet on Bitcoin is, of course, to buy it. But there are many reasons you might not want to take such a direct route. Maybe you know nothing about Bitcoin and want to get involved but prefer the familiarity of more traditional kinds of investments. Or maybe you know a lot about Bitcoin and don't want to touch it, cautious about seemingly random price swings. Or you own Bitcoin already, and you're looking to invest more broadly in the future of cryptocurrencies. The good news is, there are more ways than ever for U.S. investors to gain exposure.
Here's a rundown of the alternatives – ETFsWhile exchange-traded funds that track the price of Bitcoin have been available for a while in countries such as Canada and in Europe, it's been a different story in the U.S., where they had long been blocked by regulators. Importantly though, these products invest in Bitcoin futures, which track Bitcoin's spot price indirectly through the use of contracts overseen by the Chicago Mercantile Exchange.
Funds may be ideal for those new to the world of Bitcoin or those hoping to consolidate their holdings in a traditional brokerage account that doesn't allow the actual cryptocurrency. The ETF industry is also hoping to see a fund that actually holds Bitcoin - more than a dozen issuers are interested in launching the products - but reluctance from the SEC means this is likely a ways off.
Buying Traditional Stock in a Bitcoin-Related CompanyCompanies have structures that might be more familiar to the average investor, such as executive teams that make decisions and financial results that have to be disclosed. That's one reason some prefer this route to get indirect exposure to Bitcoin. Even with bitcoin, you can also look out for Ripple as well. Try to understand How to buy ripple in Canada?Netcoins is a prime example. Because most of its revenue comes from fees it charges users to deposit and trade funds, the valuation of the crypto exchange fluctuates in close correlation with Bitcoin's price.
With companies that do things other than hold Bitcoin, you have to also evaluate their sector and individual product performance. The stocks' performance will be influenced by a range of factors that individual companies have to contend with, not just the price of Bitcoin.SOURCE CREDIT: https://howtobuylitecoinincanada.blogspot.com/2021/11/knowing-bitcoin-and-finding.html
