Living On Crypto In Canada


29. Jul 2021

Canada is considered a beautiful country to live in. The country spans over six different time zones. Canada also has the longest street recorded throughout the entire world, running a distance of just under 2,000 kilometres. Another interesting fact is that Canada was also home to Winnipeg, a bear cub that inspired the Winnie The Pooh franchise. There are more than 38 million people who live in the country.

Living on crypto in Canada has become relatively easy for the general population. Bitcoin and other cryptocurrencies have made their mark in the country, and businesses are increasingly showing interest in these technologies. At the same time, there are some legal issues surrounding the cryptocurrency market in Canada. Let’s take a look at whether it is possible to live on crypto when you are in Canada.

 

Bitcoin Australia

 

Current State Of Cryptocurrency In Canada

Cryptocurrencies are rising in popularity and slowly starting to become part of the economy. With this in mind, Canada has adopted the idea of a digital currency - but also implemented a number of restrictions.

At the moment, the Canadian government has clearly stated that cryptocurrency may not be legally considered a tender in the country. Only physical currencies, including coins and notes, that are issued by officials, may be used as legal tender. Furthermore, cryptocurrency is not supported directly by the Canadian government. Credit unions and banks within the country also do not play any roles in cryptocurrency.

This does not mean that cryptocurrencies are illegal, however. It is possible for the general public to use cryptocurrency, as long as they abide by the current laws, as well as tax regulations, in regards to these digital currencies.

 

Using Crypto In Canada

There are different ways in which you can transact with crypto coins and tokens in Canada. To help you understand the current methods in which you can live on crypto in Canada, we explore top options in this section.

 

Cryptocurrency Automated Exchangers

Automated exchangers are some of the most popular ways for people to get into the crypto market. Over the last few years, we have seen a significant increase in the number of Bitcoin ATMs popping up throughout the world. Even in Canada, Bitcoin ATMs are now a relatively common finding in certain areas.

There are different vendors that specialize in the conversion between Bitcoins and cash. Some will allow you to buy Bitcoin with fiat currency. You can also sometimes find Bitcoin ATMs that allow you to sell cryptocurrency. In these cases, you will send crypto to a specific address, displayed on the screen. Once the transaction is confirmed, you receive fiat currency for the Bitcoin sent to the vendor.

 

Online Shopping

Many people do not realize that several companies in Canada have already started to accept Bitcoin as a payment method. It is important to shop around a bit. You are more likely to find a shop that accepts Bitcoin when taking your search to the internet. You can add products to your cart and then choose Bitcoin as a payment method.

 

Bitcoin Shopping

 

Exchange For Vouchers

Another excellent option when it comes to living on crypto in Canada is to use a vendor that exchanges Bitcoin and other cryptocurrencies for virtual vouchers. These vouchers can be used for shopping online or at a physical store.

Coinsbee.com is currently one of the most popular options when it comes to exchanging crypto for vouchers. With this platform, you can use a variety of different cryptocurrencies in order to buy vouchers. Coinsbee offers vouchers for different stores that are found in Canada - which allows you to buy groceries, take your family on a trip, or even do home renovations.

A few examples of vouchers that can be purchased include:

Once you decide on the voucher you want to buy, you can choose the value of the voucher and the cryptocurrency you wish to pay with. Follow the steps provided to send the appropriate amount of crypto to a special address, and then wait for the voucher to be issued.

 

Conclusion

While not considered a legal tender within the Canadian regions, cryptocurrency still serves an important purpose in the country. There are several ways to transact with cryptocurrency when living in Canada. This includes the use of a Bitcoin ATM, as well as an exchange from crypto to a digital voucher.

 

References

https://www.sableinternational.com/blog/20-interesting-facts-about-canada

https://www.statcan.gc.ca/eng/start

https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html

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