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How to Use Coinberry to Buy Bitcoin in Canada

If you’re starting your crypto investing journey, it’s important to learn how to easily buy Bitcoin. This way, you can begin quickly in the fewest steps possible. It’s also important to learn a bit about what Bitcoin is, how it works, what the risks are, and what the future holds for the crypto market.

In general, there have been 2 ways Coinberry is used to buy Bitcoin:

  1. Buy Bitcoin occasionally or according to emotion and trends
  2. Consistently buy Bitcoin in small amounts

In the first (buy Bitcoin occasionally), investors are regularly watching the trends or they have heard some big news about the future of Bitcoin. As a result, they buy, sell, or hold depending on the current mood and information at the time.

On the other hand, there are also investors who just ignore the market and most of the current information about crypto. Whatever happens to the market, they just consistently buy small amounts of Bitcoin. They do this every week or month and do it either manually or automatic.

How to buy Bitcoin using a crypto trading platform

The easiest way to buy Bitcoin is by using a crypto trading platform. You can get started easily and you don’t need technical knowledge in figuring out how it works.

In contrast, buying Bitcoin in other ways may require learning about blockchain, seed phrase, private keys, cold wallet/cold storage, and other technical terms. The need for technical knowledge has discouraged several investors from getting into the crypto market. Thankfully now, almost anyone can take part in the cryptocurrency market and buy some Bitcoin. This easily happens through crypto trading platforms.

In those platforms, you just sign up, add funds, and start buying some Bitcoin or any other popular cryptocurrency. It’s like starting with a stock trading app or opening a new bank account. Although cryptocurrency and blockchain are terms that cause intimidation because they’re technical sounding, getting started in crypto investing has actually been made easy by several companies and platforms.

For example, many Canadians have already signed up in Coinberry (insured, OSC and FINTRAC registered, PIPEDA compliant). Beginners have found it quick and easy to buy Bitcoin and finally start their crypto investing journey. Many of them started for as little as 50 CAD so that they can minimize their risk and see first what crypto investing is all about.

Additionally, investors can also consider setting up Coinberry Autopilot. It’s an automated way of consistently buying some cryptocurrency each day, week, or month. Because it’s passive and automated, it takes the emotion out of the equation. Investors also save time and energy and spare themselves from the wild trends and fluctuations in Bitcoin’s price.

In addition, investors are also able to avoid huge losses. That’s because they’re only investing small amounts regularly instead of putting in a huge lump sum one time. In other words, they’re spreading the risks and avoiding the wild swings. As a result, they’ve been able to minimize their losses while slowly accumulating more crypto over time.

What is Bitcoin and does it have value?

If you see Bitcoin as an investing instrument (you’re only interested in the ups and downs of its price), you don’t actually need to learn what Bitcoin is and whether it has intrinsic value. But as you go further in your crypto investing journey or right before you buy Bitcoin, you might want to learn about its history, technology, risks, and future.

Bitcoin history

It started in 2008. This year was also the time of great financial turmoil (Great Recession). Because of this crisis, many have lost their trust in banks and the financial system. As a result, many were looking for an alternative. Or, it was the ripe time to introduce a new way of carrying out financial transactions.

Then, Bitcoin came. Bitcoin has been said to be invented by Satoshi Nakamoto (pseudonym for an unknown person or a group of people). It’s a new way of carrying out financial transactions without the need for third parties. In other words, third parties can’t reverse or interfere with these Bitcoin transactions. It’s a decentralized way to send and receive payments without permission from a central authority.

How Bitcoin works

Bitcoin works through blockchain technology. It’s a way of recording transactions by adding blocks to a chain. In contrast, traditional record-keeping uses lists and tables.

The transactions in blockchains are irreversible and immutable. In contrast, in the traditional system, a central authority can interfere with the transactions or make changes that may cause harm. In blockchains, the transactions are irreversible and there’s no central authority that would dictate what will happen.

What are the risks in Bitcoin investing?

In general investing, risks are always present. Some of the risks in Bitcoin investing are:

  • High volatility
  • Unstable and fast-moving market
  • Regulatory actions (one policy can spell the destiny of Bitcoin)
  • Hacks and scams

The crypto market is still young and far from maturity. As a result, its price movements are highly erratic and unpredictable. Expert analysis and mathematical models don’t work much because of the high uncertainty and wild fluctuations in Bitcoin’s price.

Hacks and scams are also huge risks both individually and on a large scale. If people’s accounts and funds are compromised, they will lose their trust in Bitcoin. They might then pull away their other related crypto investments or stop altogether their crypto investing journey. As a result, Bitcoin’s price might drop drastically and affect the entire crypto market.

Also, both small and large events can significantly affect Bitcoin’s price. It’s especially the case when a major policy is introduced. This policy might dictate Bitcoin’s future and whether it will continue to stay.

Future of Bitcoin and crypto

The future is uncertain because the events that might affect Bitcoin’s future are also impossible to predict. Also, it’s too early to say and predict anything about what will happen to Bitcoin in the near future. The crypto industry is still young and we’re just starting to explore Bitcoin’s potential and whether it can truly revolutionize finance.

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Shashank Jain, founder of good-name, a young and energetic entrepreneur has always been fond of technology. His liking for technology made him go for engineering in computers. During his studies, he learned & worked on different computer languages & OS including HBCD, Linux, etc. He also has a keen interest in ethical hacking.

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