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About Bitcoin

Bitcoin launched in 2009 as the first form of money with a fixed supply. Only 21 million bitcoins will ever exist.

  • You can send bitcoin directly to anyone in the world without a middleman.
  • Bitcoin is unaffected by the whims of politicians or central banks.
  • One bitcoin is divisible to eight decimal places, eg, 0.00000001.

Resources

What is Bitcoin?

Bitcoin is a digital currency, also known as a cryptocurrency, that operates independently of a central bank. It enables peer-to-peer transactions and allows you to send and receive money without the need for a bank or payment processor. Bitcoin also has a fixed supply, making it different from the fiat currency we use today.

How does Bitcoin work?

Bitcoin functions via a network of nodes, miners and users.

Nodes enforce the network rules, e.g, Bitcoin's fixed supply of 21 million, and anyone connected to the internet can run a node.

Miners secure the network and compete to publish transactions to Bitcoin's public ledger. The block reward and transaction fees from users (both paid in bitcoin) motivate miners.

Users are able to send and receive bitcoin payments, or simply hold bitcoin as savings.

Bitcoin's decentralized nature makes it difficult to ban while "turning off" Bitcoin would require turning off the entire internet.

What can I do with Bitcoin?

Not only does Bitcoin enable borderless payments, it is an excellent savings tool. Many people choose to save in bitcoin because of its fixed, known and verifiable supply cap of 21 million. Historically, Bitcoin rewards long-term holders and has consistently made new all time highs, despite experiencing short term volatility.

What is the history of Bitcoin?

Satoshi Nakamoto released the Bitcoin Whitepaper in 2008, in the wake of the Global Financial Crisis. In the paper, Satoshi outlined his idea for “a peer-to-peer electronic cash system”. His work built upon decades of research and experimentation in computer science, cryptography, distributed systems, and digital currency.

The Bitcoin network launched in 2009 and the first block mined was dubbed "The Genesis Block". In the block, Satoshi famously included the headline "Chancellor on brink of second bailout for banks".

Bitcoin communities grew on forums and then Reddit, and some people saw Bitcoin's potential right away. When the price of Bitcoin was just $1, Hal Finney posted that "Bitcoin has the potential to become the dominant currency worldwide."

From 2015-2017 Bitcoin endured a period known as“The Blocksize War”involving a contentious debate over protocol rules. In the end, the Bitcoin network persevered and became stronger.

Today, as of writing,Bitcoin is the 9th largest asset in the worldas measured by market cap.

What is Bitcoin mining?

Bitcoin mining is an open competition where specialized computers compete to add valid transactions to Bitcoin's ledger. This process takes place approximately every 10 minutes, and the winning miner receives bitcoin as a reward.

The Bitcoin mining process requires a lot of computer power and electricity, making it a costly and competitive industry. If Bitcoin mining was a country, its energy consumption would be comparable to Argentina or the Netherlands.

What is the Bitcoin halving?

About every four years, miners receive half as much Bitcoin for each block they mine. This event, known as the halving, repeats until we reach the year 2140, at which point miners will have mined all 21 million bitcoin. Following this, miners will compete solely for transaction fees.

The current Bitcoin block reward is 3.125, and will halve to 1.5625 in 2028.

Who owns Bitcoin?

Bitcoin has no owner since it is an open source and decentralized protocol. Underlying the Bitcoin network is the consensus of all its participants. Whether they are miners, nodes or users, they are free to do as they please, as long as they operate within the consensus rules.

How is the value of Bitcoin determined?

Supply and demand set the price of Bitcoin, just like with other products or services. The market for buying and selling Bitcoin is highly liquid and operates 24/7. This market includes cryptocurrency exchanges, OTC desks, Bitcoin ATMs, P2P platforms, online brokers like Beaver, and more. In the last 24 hours, $ USD worth of bitcoin has been traded on exchanges.

How is Bitcoin different from crypto?

Bitcoin was the first cryptocurrency to exist, and the resulting competitive advantages put Bitcoin in a class of its own.

  • Path dependence:The conditions required to create a digital currency with a fixed supply are unlikely to exist again. Bitcoin's fixed supply is an emergent phenomena, and the result of a feedback loop centered around network effects.

    Today, Bitcoin presents itself as the most secure and most liquid cryptocurrency with a fixed supply. These attributes attract more capital which leads to an increase in Bitcoin's price. This price increase attracts more miners, the network becomes more secure, and the feedback loop repeats.

  • Decentralization:For a reasonable cost, anyone can run a Bitcoin node. New nodes add to the network's resilience and further enforce the network's rules, such as the 21 million supply cap.

  • Leaderless:Bitcoin has no central point of failure, unlike alternative cryptocurrencies that have offices, CEOs and marketing departments.

  • Scarcity:Bitcoin is the only asset that can claim to have a fixed and limited supply cap. Serious individuals and institutions looking to preserve their wealth choose Bitcoin for this reason.

    Because alternative crypto assets cannot claim a fixed supply, they are unlikely to store value over time. If you're considering buying crypto in Canada, it's important to understand how Bitcoin and "crypto" are entirely different.

How many bitcoins are there?

The total supply of bitcoins will approach 21 million in the year 2140 when the last bitcoins are mined. The current circulating supply of bitcoin is . Estimates suggest 1-4 million bitcoins are permanently lost.

Who is Satoshi Nakamoto?

Satoshi Nakamoto is the pseudonymous creator of Bitcoin. He first shared the Bitcoin Whitepaper in 2008 before launching the Bitcoin network on January 3, 2009. Satoshi remained involved with Bitcoin during it's early years, before disappearing without a trace in 2011.

Many have speculated on the true identity of Satoshi but no hard evidence points to any single person. Satoshi might have been a group of people, acting as an individual, and it is likely we will never know for sure. Whoever Satoshi is - or was - we're grateful for their contribution to humanity in Bitcoin.

"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust" -- Satoshi Nakamoto

How can I buy Bitcoin?

Beaver Bitcoin is among the easiest ways to buy bitcoin in Canada. Sign up, verify your account and provide us with a Bitcoin wallet address for receiving the bitcoin you purchase.

When you send funds to Beaver, we convert them to Bitcoin and transfer them to your Bitcoin wallet. Interac e-Transfer is the preferred payment method for a quick purchase that completes within minutes. For larger Bitcoin purchases we accept bill payment, wire transfer and bank transfer.

What is a Bitcoin wallet?

A Bitcoin wallet allows you to send, receive and secure your bitcoin. To be safe, secure your bitcoin using a wallet only you control, and do not leave your bitcoin on an exchange.

Bitcoin wallet software is available for both mobile and desktop devices. For ease, we recommendBlueWallet, available for iOS and Android. For more security, we recommend the Jade hardware wallet from Blockstream.

“Cold wallets” are not connected to the internet, unlike “hot wallets” that remain internet connected.

Bitcoin Performance

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Gold & Treasuries

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Bitcoin Price FAQ

What is the all time high price of Bitcoin?

As of today, July 16, 2024, the all-time high price of Bitcoin in CAD occurred on March 14, 2024, reaching a value of CA$96275.13.

What is the bitcoin price in CAD today?

How can I convert bitcoins to CAD?

To convert bitcoin to CAD simply use the converter at the top of this page, located below the Bitcoin price chart.

Is there a difference between the bitcoin price in CDN and CAD?

No, CDN and CAD both refer to Canadian dollars. Notation for Canadian dollars includes CAD, C$, CA$, CDN, Can$.

Investing in Bitcoin in Canada

Should I invest in Bitcoin?

Investing in Bitcoin is a personal decision. Consider your financial goals, risk tolerance, time horizon and understanding of Bitcoin. At Beaver we view Bitcoin as a longterm savings tool and do not recommend trading or attempting to time the market cycles. A great way to learn more about Bitcoin is tocreate your first Bitcoin walletand purchase a small amount.

What is the potential for Bitcoin?

History tells us that the evolution of something as money occurs in three stages.

  • Store of value
  • Medium of exchange
  • Unit of account

Today, Bitcoin's dominant use case is serving as a store of value. Scaling efforts likeLightningandLiquidare working towards Bitcoin becoming a medium of exchange. In the future, bitcoin could facilitate global trade as the world's first borderless money, and in doing so, become the world's unit of account.

Why is the price of Bitcoin going up?

The price of Bitcoin going up or down is determined by the laws of supply and demand. When the demand for bitcoin is high, the price will rise to meet the demand. When the demand falls, the price will fall to accommodate the increased supply on the market. Our recommendation is to ignore the noise and focus on Bitcoin's fundamentals.

When is the Bitcoin halving?

The next Bitcoin halving is expected in 2028, at block 1,050,000. This will reduce the mining reward from 3.125 to 1.5625 bitcoins. The most recent Bitcoin halving just occurred in April 2028.

Is Bitcoin illegal in Canada?

In Canada, Bitcoin is not illegal. Canadians have the ability to buy, sell, and hold Bitcoin since it's recognized as a digital currency. However, businesses dealing with Bitcoin must register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and conduct KYC (Know Your Customer) verifications due to regulations.

Should I buy Bitcoin now?

No one can predict the price of Bitcoin into the future and it's common to think you've "missed the boat". If Bitcoin is to reach its full potential, we are still early. Ultimately, when you buy bitcoin is a personal decision to base on your individual situation and understanding of Bitcoin. When you're ready, we'll be here.

Can I buy Bitcoin from Beaver?

Yes. Beaver provides a simple platform for purchasing bitcoin in Canada with multiple payment methods.

Did you know?

Bitcoin with a capital B refers to the Bitcoin protocol (eg, your Bitcoin wallet). Bitcoin with a little b refers to the units of currency (eg, your bitcoin purchase).

You can use "bitcoin" and "bitcoins" interchangeably when referencing units of the currency.

Common spelling mistakes in Bitcoin include:

  • "bit coin" eg, "How can I convert bit coin to cad?". The correct spelling is "bitcoin", though since you asked, you can convert bit coin to cad at the top of this page, using our handy converter.
  • "HODL" often spelled in all caps is an intentional mis-spelling of the word hold as a result ofthis forum post from Bitcoin's early days.

MicroStrategy, a publicly traded business intelligence company, currently holds 214,245 bitcoin on their corporate balance sheet. The approximate value of their bitcoin holdings is $20,276,288,201 CHAD.. err, CAD.

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About Beaver Bitcoin

Beaver is the easiest way for Canadians to buy Bitcoin.

  • Buy bitcoin instantly via etransfer.
  • Make large bitcoin purchases safely and securely.
  • Set a recurring bitcoin buy from your bank account.

We exchange your funds for bitcoin at the best rate available then send it directly to your Bitcoin wallet right away.

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