Canada Is the First Country to Allow Trading BTC on Its Stock Exchanges

Published on: 13 April 2021 Last Updated on: 30 October 2024

Bitcoin has officially been introduced at the traditional stock exchange. The first country to make this significant move was Canada. Before that, the only way to buy and sell BTC was by using a digital currency stock exchange, which is still the most popular way to trade Bitcoin and other cryptocurrencies.

The Great White North officials authorized a Bitcoin fund that was immediately introduced to the stock market. This event will pave the way for many investors to access the popular cryptocurrency and try to make a profit with its help.

The Bitcoin index fund was proposed by a company called Purpose Investments.

The Toronto Stock Exchange approved the start of the fund on February 18. As announced by the spokesperson from the Ontario Securities Commission, the fund uses the acronym BTCC.

The role of the fund’s administrator belongs to a Canadian company called CIBC Mellon Global Securities Company. The sub-custodian is the Gemini Trust Company. There are no similar traded Bitcoin funds anywhere in the world. It means that Canadian stock traders could start a trend where many other stock exchanges will introduce a cryptocurrency-backed fund.

Purpose Investments issued an official press release declaring that the fund was the first in the world to be physically settled in BTC and not derivatives. It means investors will access cryptocurrencies conveniently without self-custody risks and all associated dangers that digital cryptocurrency wallets bring.

The main risk brought by digital wallets is the usage of keys. A private key is the only thing that allows you access to your cryptocurrencies. This key is like a password, but it’s irretrievable, meaning your Bitcoin storage will be lost forever if you forget the key.

For instance, if you lose your Facebook password, you can always send a request to change it. The platform, being a centralized entity, will grant you that request. Unfortunately, that option isn’t available when it comes to digital wallets, meaning a lost key is gone forever.

Many people don’t feel confident about this arrangement and believe handling your own keys brings a certain risk. That is why an exchange-traded fund seems like a better option at the moment.

In other words, being in charge of your own fortune requires having a high level of responsibility and keeping your private keys safe and secure.

Bitcoin Reaches New Heights:

When Bitcoin was introduced to the world in 2009, it was worth almost nothing. You could buy hundreds of Bitcoins for a couple of dollars. The first time that the cryptocurrency peaked was in December 2017, when the price reached almost $20K. After that, the price started going down, with many pessimists predicting the ultimate fall of BTC.

However, there was no reason to worry. After a somewhat quiet period in 2018, when the BTC rate reached as low as $3,500, a slight bump happened when the price increased to more than $10k in 2019.

Then, the Covid-19 pandemic started, and people started looking for a way to store their wealth. At that moment, Bitcoin turned out to be one of the most lucrative solutions.

Therefore, they joined a stock exchange cryptocurrenc y and started massively buying BTC. The price first reached around $30K, and it is currently being traded at about $45K. This was a reason good enough for many people to consider buying “digital gold.”

Another reason why this cryptocurrency increased in value was the fact that big companies started investing in it heavily. For example, Tesla invested approximately $1.5 billion in bitcoin, and many smaller investors followed its steps.

What About Other Cryptocurrencies?

So far, Bitcoin has been the most popular cryptocurrency, traveling the longest distance on the road to widespread adoption.

However, it’s definitely not the only crypto out there, as many other altcoins are pretenders to BTC’s trone. Some of them might even get a similar treatment by traditional stock exchanges. The most likely candidate for that is Ethereum, a cryptocurrency supporting the Ethereum platform.

Besides Ethereum, Bitcoin Cash is doing a pretty good job, as well as Tether, Binance Coin, Ripple, Litecoin, and more.

Final Thoughts:

The introduction of Bitcoin to the traditional stock exchange gives Canadian investors more room to access the cryptocurrency.

They’ll be the first ones to test how that works and whether one can make a profit by investing in the Bitcoin ETF. If all goes well, we could expect other exchanges to do the same.

All eyes are now on the Wall Street exchange, which is expected to copy the homework from the Canadian stock exchange. Will there be additional Bitcoin funds used by investors to trade on stock exchanges around the globe? At this moment, everything seems possible.

Read Also:

How To Cope Up With Debt For New Residents In Canada

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Good To Know Tips When Buying Or Financing An RV

Buying an RV requires making a huge decision that you should not take lightly. As an RV is a major investment, it is important that you do your research so you will know what your options are. If you do a bit of prep work, you can save yourself from making a purchase of the wrong type of RV that you will eventually regret. There are factors that will influence your decision. What is your financial situation? When it comes to determining your interest rate, there will be aspects of your financial situation that will come into play. These factors will include your financial history, your income, and the amount of money you are able to pay, which will serve as your downpayment. Before you consider shopping for RVs, you need to assess your finances first. Analyze how much you can afford before shopping around. By knowing your financial standing, you will know the amount of money you need to pay throughout the duration of your loan. If you think you will not be able to manage your finances when buying a new RV, do not lose hope. In recent years, the used RV market has seen an explosion. There are so many options out there with less miles and exceptionally long feature lists. You can easily go for used rv financing to get your dream machine and be out on the open roads with your family. Here, the interest period will be lower, along with the premium rates and processing fees. What is the price you can afford? Buying an RV entails spending a large amount of money. An RV combines both aspects of purchasing a home and purchasing a car. A car will depreciate quickly. In a few years, you will notice that its value decreases by 5%. If converted to cash, it can be a big amount. It is important that you know the type of loan you are getting yourself into. Having the ability to pay back the amount before your RV depreciates is important. Avoid These Financing Mistakes: 1. Not accurately estimating what you can afford: Compared to a regular passenger vehicle, RVs cost much more. In fact, you can expect to invest in an RV to be similar to investing in a real estate property. Some who are eager to buy an RV will exhaust all ways and means to secure a loan. However, when the times comes when you need to pay back your loan, this is where a series of problems start creeping in. Without carefully analyzing how much you can afford, you will end up having difficulties catching up with your loan. Before you take the plunge, you can use a personal loan calculator so you can estimate the monthly payments and interest you will have for an RV loan. The calculator will also provide you with essential details like your amortization schedule. When financing an RV for the first time, these details are going to be a big help. Aside from taking the taxes, loans and registration fees for owning an RV into account, you should also include the campsite and storage fees, the costs of maintenance, utility costs, and mileage rates. 2. Not reviewing your credit score: As part of taking out a loan, it is your responsibility to know your credit score as this can have an impact on your RV loan. If your credit score is in the mid-700s or higher, it is considered as the best rate. A credit score of 700 is also a good score. While a credit score in the 600s can still qualify you for a personal loan, your interest rate will be much higher. You should also keep in mind that the interest rates vary from state to state. However, borrowers with bad credit scores are expected to have higher interest rates which can go up to 24%. 3. Not doing thorough research: It can be tempting to settle for the first loan offer you get, but this can spell trouble. Regardless of the type of loan you consider, taking the time to do your research is important. Lenders have different payments terms. Some offer lower interest rates while others are a little bit higher. When you are financing an RV, you should also understand the RV policy being offered. It might be similar to regular car insurance, but there is coverage that is specific to an RV. One of which is property insurance because you essentially consider your RV as your home when you are using it. You should also know the difference between an auto loan and unsecured RV loans before you make a decision. 4. Owing more than the future sale price: One thing that you need to understand about owning an RV is that it can depreciate by as much as 30% once you start using it. That said, you are at risk of paying more than the future sale price of your RV. You can avoid this from happening by paying a large downpayment so you will owe less when you decide to sell or trade your RV. Another technique you can employ is by starting small until you have the capacity to invest in a larger RV. By buying a lower-priced RV that you can pay off, it will be easier for you to trade it in an improved model in the future without risking falling behind your monthly payments. Buying an RV can be quite complex. You need to be thorough so you will know the implications of taking out a loan. A Dallas RV dealer will be able to help you weigh your options and find the best deal. Read Also: 7 Simple Tips To Pay Off Your Loans Faster 3 Must Know Accounting Tips To Help You Finance Correctly Are Debt Consolidation Loans Recommended For Credit Card Consolidation

7 Wise Financial Choices That Will Help You Follow Your Budget

Spending is an obvious thing in life. Inasmuch as someone is alive, he or she cannot just avoid spending money. To keep living, we need money. We cannot access some basic necessities such as food without money. Spending money is a basic fact in life. But the manner in which you spend can determine the quality of life you live now and in the future. Proper spending behaviors will protect you from incurring too many costs on an item. In fact, good financial habits will help you not overspend and use your finances in an appropriate manner instead. It is very important to take time and examine your spending habits. Make the necessary changes and see yourself succeeding financially. The key to financial health is to always stop and think. Before you make a purchase, it is important to ask yourself if the purchase is really necessary. But the most significant thing you can do is to budget. Through budgeting, you can save a lot of money and help you have extra cash to spend. Put differently, your budgeting style along with healthy financial decisions will determine how successful you will be. You need to decide how much money you will regularly spend on some items and stick to that decision. In this blog, we are going to address two things; the wise financial choices that will help you stick to your budget and the best way to outrank bad spending habits with good ones. A good housekeeper will always know when the home is organized and when it is not. This should always be followed by a remedial course of action. The same thing happens with your budget. You know when it is not effective and then you take steps to redesign it. When it comes to budgeting, you control everything. One way of appreciating your hard work and efforts is to remain true to your budget and even seek help where necessary. The following tips will help you follow your budget always: Make it realistic and practical. Let us take an example of what you set aside for entertainment monthly. If your budget is $80 every month but you spend a total of $240, something is wrong somewhere. The best thing to do is to get to the middle. Increase the allocation to probably $160 and lower your spending down to that level. The more real your budget is, the more you are likely to go by it. So make your budget real and be true to it. Plan how you spend on meals: Do you go for grocery unplanned, not knowing how much you are going to spend at the store? That is like taking a financial poison and you might get overwhelmed with time. The point is, you should plan for your meals, breakfast, dinner, and lunch. You do not have to pick whatever appears to be good in the stores. Just visit the stores with a list of the things you are going to pick along with how much you are going to spend on them. Pick all you need and leave the store right away. Stop using credit cards: Recent studies show that about 83% of Americans prefer credit card payments to cash. This is because credit card postpones the pain that comes with payments until later in the month. This is a temptation that can make you spend too much money that what is worth for an item. Avoid this problem by sticking to your debit card or cash. Do not allow the challenge that comes with delayed payment to force you into incurring more costs on items than their worth. People even seek loan online as it’s convenient moreover for you to be sure that your lender is legit, they need to explain the loan terms clearly like A1 Credit a trusted financial institution. Learn to wait: If you out for window shopping with no desire to make a purchase, then you come across a very nice t-shirt but nothing is left on the money left set aside for clothing, just walk away. Breathe in and convince yourself that you will actually buy it but only next month. By that time, you have accumulated enough cash to make that purchase. Consider social events: You perhaps like celebrating events with friends. This could be on events such as weddings and anniversaries. But the problem is that you fail to include the associated costs in your budget. Draft a social calendar and always consult it. Note your necessities: Your basic necessities may include food, housing, and medication. If you commute to work, transport cost may also be included in your basic wants. Do not spend too much on luxuries. But note that a basic a luxury to you may be a basic want to someone else. Just define your basic necessities and prioritize them. Restrict to your budget: Prioritize your needs and how you spend on them. Set goals on your money. Try to restrict yourself to the provisions of your budget. Do not live beyond your means. Accept to live within your abilities. It can be quite challenging to stick to your budget. However, it is possible if you fully determined to do that. The seven tips discussed will help you in this regard. What about your financial habits? Well, let us briefly see how you can break them. It can equally be challenging but you can be successful if you use the following tips. Cut spending on clothing. You don’t have to visit a store on a weekly basis. If it is necessary that you spend, but let it be at a thrift store and you will save money Eat at home. Incontrovertibly, eating out is expensive. Learn to cook your meals at home. Besides, if you have a family, it is only good to share meals as a family. Reduce entertainment costs. Consider free entertainment alternatives around. Avoid credit cards. They postpone the pain that comes with making payments at a cost. Learn to use cash or your debit card instead. Repay debts in time to avoid extra charges. At whatever cost, do not use funds from your retirement account. Conclusion: Making a budget and sticking to it are two different things. But if you follow the tips discussed in the first section of this blog, you will be successful. Nevertheless, sticking to your budget can be senseless if you have the same bad spending habits. We have discussed six tips that will help you outrank bad spending behaviors. We wish you the best as you shape your financial life. Read Also: Debt Consolidation Plans For Your Debt Relief Ways That You Are Wasting Money On Marketing How To Become Financially Stable Before Age 30 How Financial Trading Can Give You The Life You Want How Artificial Intelligence Is Helping Banking And Financial Institutions? The Importance Of Saving: The Bedrock Of A Bright Financial Future

How To Cope Up With Debt For New Residents In Canada

For new residents in Canada, it is not unusual to incur debt. Moving and settling in a new country often involves a lot of money, after all. If you are not careful, you will find yourself coping with unmanageable dues, dealing with bouncing checks, and avoiding calls from collection agencies. There is no absolute way to get rid of debts altogether, but with proper planning and execution, you will be able to get your finances back on track. Freeing Up Money To Reduce Debt The first thing to do to take control of your debts is to free up some money. This will involve creating a spending plan, paying your debts consistently, and tracking your progress. With a spending plan, you will be able to determine how much money you can work with. Start by summing your monthly expenses and removing them from your income. The money left over is the money you will use to pay down your debt. If you are spending more than you earn and have no spare money, you need to review your spending habits and determine which ones you have to cut down. Sitting down with a budgeting expert may be advantageous. One way to reduce spending is by not using credit, at least until you have paid off your debt. This includes your overdraft. If you have to use it, you must treat it like a bill that you need to settle. Another way to free up money is by spending less than you plan to spend. Many people get into debt because they buy things they cannot afford. Follow a simple rule – if you do not have money, do not purchase it. If you can be gratified with less than what you usually want, you can use the cash you saved and pay down your debt. Eventually, you will have adjusted to your new setup and learn to put away money for other financial priorities. Tracking your spending and identifying which areas to cut back from also helps. You need to exercise honesty in doing this, otherwise, it will not work. Many people end up being surprised by how much they actually spend daily. Once you have mapped out your spending habits, it will be easy to pinpoint areas where you can cut back. The next step will be to allocate the money you found and settle your debts. Using Funds Strategically To Eliminate Debt Once you have freed up money, you can use it to pay down your debts. There are different ways to do it strategically. New residents in Canada typically apply for a mortgage to be able to afford a home. Banks and lending institutions require a minimum of 35% down payment, paid in cash, with a maximum of 65% of the value of the home provided as a mortgage. Monthly payments will be based on the mortgage option they will choose. In paying a mortgage, a bi-weekly payment may be better than a monthly option to accelerate the process. It may seem like you are paying the same amount of mortgage, but you are actually settling your debt faster by including an equivalent of one extra payment annually. This way, you will be able to pay everything off several years earlier. For more information about the mortgage, visit this page: https://alpinecredits.ca/home-equity-line-of-credit-vs-mortgage/ Another smart way to settle your debt is by paying as much extra as you can afford. With a minimum credit card payment per month, it will take a long time to pay off the balance. Meanwhile, some borrowers choose to settle their most expensive debts first, then work their way to the least. In this snowball method, you will be focusing all your extra payments on the debt with the biggest rate, while making minimum payments on all the others. First, arrange your debts in the order of their interest rates. Then, pick the one that is charging you the most and prioritize it. Once your most expensive debt is settled, use all the money you were reserving and allocate it to the next highest loan. Continue this scheme until you are left with the least expensive debt to pay down. Many attest to this strategy as very effective in getting out of debt quickly. If your debts are becoming too unmanageable and you are really struggling with your financial obligations, it may be time to start speaking with a credit counselor. Credit counselors are experts in helping people assess their situation and eventually put together a working plan to set their finances back on track. They will also negotiate with your creditors to explore your options. Credit counseling is a legal process that is usually for free or at a very low cost. Other Ways To Cope-Up With Debt Having your own vehicle when living in Canada is useful as there are places where public transport is limited. When buying, it is better to choose a quality used car rather than a new one. You can go to a local library or read reviews online to see your options. Meanwhile, if you do choose to buy a new car, pick one with good fuel economy. By keeping it for 15 years, you can stretch your dollars and have plenty of time to save for another vehicle. Reducing your grocery bills also helps. Watch out for sales then stockpile your cupboard with non-perishable items like canned goods, rice, and cereals. Freeze bread and meat properly. Live off your stocks and skip doing groceries every month. This way, you can save up to 25% of your annual bill. If this is not manageable, try skipping once every other month. You can still save a good amount of money. Finally, if you want, you can get a second job or pick up additional shifts to earn extra money. For this to work, you have to consistently allot all your extra income to pay your debts. This does not always suite everyone, but if you can do it, you will find yourself free of debt faster. You also do not need to work extra shifts forever, just until all your debts are paid off. After that, you can consider scaling back again. More Resources: How to Eliminate Hassles of Outstation Travels The Five Most Important Things to Know Before Moving How to Save Time During Your Workday?

Canada Is the First Country to Allow Trading BTC on Its Stock Exchanges

Bitcoin Reaches New Heights:

What About Other Cryptocurrencies?

Final Thoughts:

Read Also:

Top 7 Tips To Save Up Money

How To Cope Up With Debt For New Residents In Canada

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Good To Know Tips When Buying Or Financing An RV

7 Wise Financial Choices That Will Help You Follow Your Budget

How To Cope Up With Debt For New Residents In Canada

Canada Is the First Country to Allow Trading BTC on Its Stock Exchanges

Bitcoin Reaches New Heights:

What About Other Cryptocurrencies?

Final Thoughts:

Read Also:

Share this Article

Top 7 Tips To Save Up Money

How To Cope Up With Debt For New Residents In Canada

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related