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Considering putting a few $$$$ in bitcoin, what exchange and how?

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  • Nov 14th, 2017 11:55 am
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[OP]
Deal Addict
Oct 28, 2009
1165 posts
218 upvotes

Considering putting a few $$$$ in bitcoin, what exchange and how?

Hey guys

If I wanted to put a few K into bitcoin, what's the least cost way of doing so?
The supply is set to tighten, and maybe I'm interested in checking this out.
So I'm happy to hear info on exchanges and methods but also the merits of the idea :)

thx
27 replies
Jr. Member
Jul 1, 2015
121 posts
41 upvotes
Ottawa, ON
bluenote wrote:
Dec 23rd, 2015 1:12 pm
Hey guys

If I wanted to put a few K into bitcoin, what's the least cost way of doing so?
The supply is set to tighten, and maybe I'm interested in checking this out.
So I'm happy to hear info on exchanges and methods but also the merits of the idea :)

thx

I found coinbase.com to be quite good for purchasing Bitcoins. You can link to your CAD bank account and make purchases. The purchase process takes a few days to settle but it seems to work quite well.
[OP]
Deal Addict
Oct 28, 2009
1165 posts
218 upvotes
Thanks Lance. I guess if we're talking about exchanges I should say that I'm looking for the Questrade of exchanges, not the TD Waterhouse..
Jr. Member
Jul 1, 2015
121 posts
41 upvotes
Ottawa, ON
bluenote wrote:
Dec 23rd, 2015 2:03 pm
Thanks Lance. I guess if we're talking about exchanges I should say that I'm looking for the Questrade of exchanges, not the TD Waterhouse..
To buy 1 BTC at coinbase.com costs the current market value of BTC + $7.18 fee at the time of writing this message. Not sure if you can really get any better than that. If there is better I too would love to hear about it.
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Oct 9, 2008
4032 posts
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Thornhill
bluenote wrote:
Dec 23rd, 2015 2:03 pm
Thanks Lance. I guess if we're talking about exchanges I should say that I'm looking for the Questrade of exchanges, not the TD Waterhouse..
The cheapest option outside of online exchanges is in-person via Kijiji or Craigslist but there's obviously some caveats to this.
Member
Dec 31, 2006
402 posts
83 upvotes
QuadrigaCX and Coinbase have the most volume at this time. Quadriga's fee is 0.5%. Coinbase has 2 types of accounts, one is the brokerage account and the other is the exchange account. In my opinion, they've complicated things. The broker charges 1% to buy while the exchange charges 0.25% for market taking and 0% for market making. The broker only allows you to buy at market rates while the exchange allows you to place market and limit orders. The brokerage account allows deposits with Interac but the exchange doesn't. So to fund your exchange account, you could deposit cash with Interac to the broker account and then transfer the cash to the exchange account to buy bitcoin with the cheaper fee. So for example, if you bought 1 btc for $600 CAD on the Coinbase Exchange with a market taking order, then the fee would be $1.50 CAD compared to $6.00 CAD if you bought it on the Coinbase Broker.

Here's the fee table for the Coinbase Exchange:

https://support.coinbase.com/customer/e ... -exchange-

I found this interesting Canadian Bitcoin Exchange Year in Review:

https://medium.com/@cbix_ca/2015-canadi ... .mdedi1l17
Jr. Member
Jan 30, 2010
163 posts
8 upvotes
Toronto
ekcivichb wrote:
Jan 6th, 2016 8:31 pm
LOL @ buying bitcoins
Do you REALLY know what bitcoin is?
Deal Addict
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Aug 9, 2011
1873 posts
264 upvotes
GTA
roca1777 wrote:
Jan 7th, 2016 6:22 am
Do you REALLY know what bitcoin is?
digital cash? what is the point in purchasing a bitcoin? are we viewing it in a form of a investment where we are getting a return on it? :S noob question
Deal Addict
User avatar
Oct 29, 2002
1426 posts
117 upvotes
Toronto
I'm happy to discuss bitcoin with anyone. PM me if you have any questions.

As for buying:

Quadriga is updating their interac and having minor problems with banking right now
Cavirtex has had periods of holding customer withdrawals. Not sure of current status
Localbitcoins is a buyer/seller market. Sellers often charge a premium and you may have to meet them in person. Bit of a hassle and not 100% reliable
Coinbase has been good in my experience. Fees are low. Easy to deposit/buy/sell/transfer/withdraw
Jr. Member
Jan 30, 2010
163 posts
8 upvotes
Toronto
Yeah!

But I would advise to research which wallet to use. Bitcoin is going to be scarce in the future due to the crypto programming that will increase the difficulty of mining in the future. That means 1 BTC can be worth $1 million sometime soon :) ***I don't own bitcoin, but I have a huge interest in learning***
Jr. Member
Apr 15, 2014
194 posts
61 upvotes
Guelph, ON
roca1777 wrote:
Jan 7th, 2016 7:41 pm
Yeah!
Bitcoin is going to be scarce in the future due to the crypto programming that will increase the difficulty of mining in the future.
Not exactly, the difficulty of mining only ensures that the time per block processed stays at a consistent time interval. As more people mine, thus more hashing power the difficulty increases.

Each block gives the same BTC amount, 50 i believe? unless its halved since.

Every few years, the number of BTC generated per block is reduced by half, until all 21 million coins have been mined. Thats when it becomes scarce, or rather the generation of new BTC is reduced to the point of 0. At that time, the idea is that small fraction of a cent fees for each transaction will be the incentive for miners to continue to maintain the blockchain.
Deal Addict
Feb 6, 2014
1453 posts
112 upvotes
St. Johns
I'm completely lost with this whole bitcoin mining thing. So you essentially setup a system to mine bitcoins, eventually you get mine a block (?) which gives you BTC. At that point you can sell the BTC for market value or hold until you wish to sell?

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