How To's

How To Buy Bitcoin With Coinberry? (Canada)

31/03/2022

Bitcoin is a top-rated crypto coin in the crypto space today. It is the first and most valuable cryptocurrency in the market today. Bitcoin is listed on all crypto exchange platforms, Coinberry inclusive. The price at which Bitcoin is mainly sold is the same on all platforms, with slight differences based on the algorithm used by each platform to determine the price.

Bitcoin has quite a history, and it is known to have paved the way for several cryptocurrencies in the market today. Coinberry is one of the top crypto exchange platforms in Canada. We will discuss how to buy Bitcoin on the platform with ease.

About Bitcoin

Bitcoin was launched in 2009 as open-source software by a specific individual known as Satoshi Nakamoto, although it is believed that is not his actual name. Bitcoin is a decentralized digital currency not backed by any physical asset or issued by a central authority. It can be sent from one user to another via a peer-to-peer system without the need for an intermediary or a third party.

Network nodes verify Bitcoin transactions through cryptography, and they are recorded in a public ledger known as blockchain technology. Bitcoin is a highly influential crypto coin in the crypto market. It is known to dictate the prices of other crypto coins. The value of Bitcoin has risen and fallen over the years, but it remains the most valuable cryptocurrency till today.

After its launch in 2009, Bitcoin rose to a value of $29 in June 2011 before it crashed to $2 in November of the same year. It was valued at $13 at the beginning of 2013 before it peaked at $230 in April of the same year before crashing to $68 in July. It crossed the thousand mark in December 2013 when it rose to a value of $1,237 only to fall to $687 three days later.

By May 2017, Bitcoin was valued at $2,000, and in December that same year, it jumped up to $19,000. This was when it gained the world’s attention. Private investors and governments started paying attention to this digital currency. By December 2020, Bitcoin was going for $29,000. In January 2021, Bitcoin broke it’s all-time high when it peaked at $40,000. It bettered itself 4 months later in April when it was valued at $63,000 before crashing months later.

Why should you buy Bitcoin?

Wide acceptance guarantees stability – Over the years, the crypto market has proven to be a very volatile one that can snap at the slightest occurrence of any event. It is the risk that every crypto investor has come to accept with the mindset that there are good and bad days. Bitcoin is also subject to this market volatility.
However, with Bitcoin, this risk is mitigated because it is widely accepted and remains the most valuable currency. It is viewed as the gold of the digital currency world and is available to trade on almost all crypto exchange platforms. Governments and large corporations coming to accept Bitcoin could go a long way to control its volatility to a large extent.

Potential hedging benefits – Stocks, which are the traditional financial investment instrument, are reaching an all-time high. Statistics say that the total market capitalization of America’s stock market is now more than double that of the US GDP. This bubble is considered extremely high, higher than the .com bubble, which was placed at 150%. Other forms of investments such as bonds and real estate do not provide a viable alternative also, but cryptocurrency is now proving to be a worthwhile investment. The bitcoin price valuation has proven to be a lucrative investment over the years.

Bitcoin is now viewed as a store of value – Bitcoin has the reputation of the cryptocurrency with the largest market cap. This has now raised the viewpoint that investors looking to invest their excess money into other portfolios aside from stocks would consider Bitcoin, which will then make it a superior value. Gold and Bitcoin are considered similar in a way because they do not have a lot of utility outside their specific use case which will make the appreciating price of the store of value stable and benefit investors in a bear market. Bitcoin is a smart way to put money away for a rainy day.

How to buy Bitcoin with Coinberry?

Coinberry is a trusted and reliable crypto exchange in Canada with Bitcoin listed on its platform. To buy Bitcoin on Coinberry, ensure you follow these steps:

Create an account – The first step is to download the Coinberry app or visit the website, after which you will have to create an account on the platform using your valid personal data.
Verification – The next step is to verify your account. It can be done automatically or manually. Most times, manual verification is done if automatic verification fails. 90% of new users on the Coinberry platform get verified automatically. Some of the documents you may need for verification include your government-issued ID card and utility bill for proof of address.
Fund & start buying – After a successful verification process, you can begin to buy Bitcoin either directly from your account or fund your account before purchasing. You can fund your Coinberry account via e-transfer, wire transfer, or with your credit card. You buy Bitcoin; go to the Buy/Sell tab on the main menu. Select Bitcoin and choose to buy, enter the fiat amount you want to purchase, and then preview your order before confirming it.