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

Published on: 13 April 2021 Last Updated on: 27 December 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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Achieving Financial Freedom As A Millennial Is Easier Than You Think

People often say that financial freedom is hard to achieve when you are a millennial. Though it can be true for the most part, it all lies in your mindset and how you control yourself. Achieving financial freedom is as easy as turning the tables to something positive. And if you’re a struggling millennial who is stuck in this dilemma, this is the change you have been looking for. Are you ready to take on the challenge to achieve that financial freedom breakthrough? Seeing you here in this article is already a good sign. Read on! Your Goals Matter: Setting goals is the first step in achieving financial freedom and everything will then follow after. By having goals, you will be able to control and discipline yourself when it comes to handling finances. And this not only affects your finances but also how you deal with life overall as well. This includes your relationship with the people around you, traits, and behavior. Settings goals mean doing yourself a favor in stepping up to greater heights financially and mentally. Overspending Is Your Enemy: Sometimes, we are all so glued to our wallet that leads to overspending. And the moment we are bombarded with bills, we have nothing left in our hands. That’s why you should always be careful when spending on things. This is where self-control comes into play. We know it can be tempting to get that latest gadget that’s trending on the internet. But is it a good investment worth paying for? Or you just want to buy it so you can keep up with the trend? So take time to reflect before adding it to your cart. Quality is King: This section is a continuation of the one discussed above. Because when you opt for quality products, you will be assured that they will last for years. Thus, saving you cash from buying another one. That’s why it’s important to buy legit and authentic items when you go shopping. And this can apply to anything, be it for work, personal use, or for your passion. If you are more into filming, it’s essential to see your work in all its glory. And for that, choose a LED screen manufacturer that you can trust. Love photography? Buy your camera from a trusted brand that is already known by many. Whatever that might be, always choose quality over anything. Sometimes, companies love to sway customers with flowery words through the power of marketing. But before you get carried away by these promises, check the quality first and your wallet will thank you later. Stick To Your Budget: If you are a working millennial, it’s best to stick to your budget based on your salary. There’s no use eating in fancy restaurants or buying expensive things if your payroll won’t even last for a week. That’s why the importance of your budget should never be overlooked. Don’t worry if your salary is not so big for now. Because you will eventually have a bulky wallet in no time as long as you work hard for it. One effective way to control your budget is by making a list of things or stuff you are going to spend with your money. And of course, don’t forget to save some cash for your emergency fund too. Life troubles are just around the corner. That’s why it’s better to have extra money that we can grab in times of need. Invest As Early As Now: Start investing in things that will make your money grow while you are still young. Should you want to try businesses such as stock trading, or marketing, then go for it! Just make sure that the one you will be joining is not a scam. Having trouble? There are myriads of guides and mentoring courses that you can find online that talk about investing. The best way to grow your money at such an early age is doable by the power of an investment. Take the Leap of Faith: Sometimes, the only enemy that is stopping us is ourselves. Maybe there are a lot of financial doors for opportunities in front of you. But instead, you choose to close them because you think that you can’t make it. But have you ever thought that opportunity might be the one you’ve been waiting for? We never know, maybe that is finally the financial breakthrough that can give you financial freedom. So don’t be afraid to take the leap of faith even if how treacherous the path can be. Become a person that is teachable to such possibilities when it comes to finances. Opportunities come and go, so it’s better to grab some of them before it’s too late. You will look back one day and thank yourself for finally taking the next step. Conclusion: Some say financial freedom is not a walk in the park if you are a millennial. But by following these pointers above, you will be surprised how far your wallet will take you someday. It’s going to be one hell of a climb, but the journey will be worth every effort you have exerted for it. So don’t give up just because things didn’t go your way financially. But instead, be a person who is willing to change and explore new heights to achieve financial freedom. So what are you waiting for? There is no better time to hunt for financial greatness than today. Read Also: 5 Proven Ways to Reduce Your Home Insurance Rates Features To Ensure Success Of Your Money Saving Service Does Equipment Rental Really Result in Savings? The Vital Components of Thriving in the Gig Economy

Features To Ensure Success Of Your Money Saving Service

We all have plans and dreams. Nonetheless, to implement them we need financial resources. Todays’ advanced technologies offer a solution to collect the sum we need. So, we shall discuss how to design a great saving application to help people build their dreams into reality, and how you as an owner can succeed as well. Interested? Let’s get down to business. Functionalities a money-saving platform should provide Let’s explore what parameters are critical for users. # Profiles It’s pretty obvious that, first of all, a person downloads an app and sets up a personal profile. Try to keep those processes simple and straightforward. People shall fill in a certain form to specify some information, including the financial one. It’s okay if the account activation takes some time since all customers’ details must be processed and verified carefully. We’re dealing with money issues, thus, everything shall be checked adequately. # Bank account involvement A budget framework shall allow the audience to connect their bank accounts. Here the trick is for app owners to cooperate with multiple financial facilities to make such a feature available for every individual. Moreover, it would be amazing if you also find some solutions for those persons who have no bank accounts and who choose other ways to manage their finances. That approach will enlarge your target audience. # Possibility to set several goals Setting goals is a pretty fascinating aspect of an online money resource. Let’s assume that a person starts applying an online system to save some funds and enforce ceratin plans that demand specific monetary investments. It could be anything, say, university fees or vacations. Thus, a user takes advantage of a financial program and sets a goal to implement a particular plan he/she has. If you want to create a successful app, you shall allow your people to name that plan, put deadlines if it’s required, provide a brief description, etc. That’s how a saving procedure starts. In most cases, customers have the following goal variants: travel; vacations; gifts purchasing; nest egg for a rainy day; others. Clients will appreciate not being limited to implement only one plan at a time, so individuals shall be free to set multiple goals to realize their desires. Speaking about allocating funds to specific goals, you could provide a few options here. The thing is that some users would prefer to take the total withdrawing sum and divide it equally between all current plans, while others would rather specify how much money specifically shall be sent to each goal. Just remember to keep your money-saving application customizable. And after a person manages to save the sum he/she put as a target, budget software shall stop allocating funds to that particular goal, however, the money shall still get sent to other ongoing plans, if any. # Withdrawal options Every decent money manager platform shall ensure that its customers can withdraw cash from their accounts when they need to. Moreover, no-fee and no-commission policy will be highly appreciated. Additionally, it would be a brilliant idea to give your people several options to withdraw money. Let’s say, chatbots could be one of the tools. Still, the audience needs to be patient, since the processing of such transactions is time-consuming, meaning, individuals will have to wait for the funds to get returned to their main accounts at their requests. However, you could offer specific options for those who can’t wait: say, you might impose a $1 charge to make transfers instant. It’s your call. # Overdraft-proof Your clients shall not worry about possible overdrafts, thus, think carefully about how you could protect their accounts. You could ask users to determine the amount of money that must remain on their accounts at any time. In such a way, an online financial service won’t be able to take the money, in case that indicated mark is already reached. Nevertheless, if some technical issues occur and a money-saving framework withdraws too much, a specific algorithm shall be launched to refund the difference and reimburse all overdraft fees. Make sure you discuss those options with the development team you hire. # Unique features Nowadays, you can find a great variety of diverse financial resources, thus, your objective is to come up with one-of-a-kind parameters to differ from others. Here’s an idea for you. The reality is that many people have to pay off their debts. Of course, they can simply borrow the amount they need, but it’s better to have several options to deal with those issues. Besides bank loans, people can also resource to online money-saving systems. Your program can help people deal with their debts. Clients can set specific debt settlement goals, attaching their credit cards to your platform. The process could be completely automated, and a specified amount will be allocated to pay creditors. If you impose special conditions, you can help your customers repay debts faster. Think about it. Of course, you can brainstorm more to generate other great unique features to bring a wider audience. # Smart notifications Individuals will enjoy the possibility to communicate with an application they use, and text messages will do the magic. Clients need to know their accounts’ statuses, moreover, the messaging notification system can update users on any important news. The audience might want to set the service to receive requests to write off funds, and more. Additionally, people could use particular code words to launch certain activities. Just be creative, don’t limit yourself, and you’ll find multiple ways to assist your customers making them happy. There’s one more aspect we’d like to discover this time. Benefits a saving app shall provide Every app shall serve to resolve certain problems people have. The below-mentioned ideas are for you to keep the audience pleased with your online solution: Special bonuses. Why not offer your active users certain bonuses, say, a 2% annual bonus? That would be a nice touch of yours. Chatbot assistance. A person might need some financial advice, so think about how chatbots could help with that. Setting numerous goals. As we’ve mentioned earlier, that would be a great idea, since it’ll improve customers’ online experience. Automatized processes. It’s in your hands to help clients enjoy the saving process: let them stipulate the amount to put aside and make your framework to take care of the rest. Regular updates. Don’t allow your audience to feel lost, not knowing what’s happening with their accounts. Update them constantly. Referral bonuses. You could be grateful to people who bring new users to your program by giving them, say, $10 or so. Keep it simple. Individuals will really enjoy your application if it is user-oriented and appealing. Web interface. Some people would rather prefer web resources, so consider developing it as well. We believe our hints and tips will help you consider key aspects of money-saving system development to build a successful and credible service. Read Also: How to Become Financially Stable Before Age 30 How to use IT to Save Your Business Money The Importance Of Saving: The Bedrock of a Bright Financial Future

HOW TO EXCHANGE BITCOINS AND OTHER COINS ON BINARYX?

Binaryx is one of the best digital asset trading platforms that has emerged in the last few years. It offers a number of simple, progressive, and functional solutions for everybody who wants to exchange bitcoins or buy and sell digital and fiat currency. The cryptocurrency exchange was created in 2019, with headquarters in Tallinn. It is authorized by law and has a European legal license for trading and other crypto operations. The scalable and intuitive interface of the trading and exchange modules delivers convenience for every user, who can exchange bitcoins or other assets from the comfort of their home or office. The Key Features Of The Binaryx Cryptocurrency Exchange Often, the bitcoin and the forex traders can not find an authentic platform to exchange Bitcoin. The cryptocurrency as the platform’s authentication and trustworthiness makes the platform unique and reliable. While you are doing the cryptocurrency exchange, the requirements of the authentic platform are high. When you are doing transactions on many types of cryptocurrency, it is quite absurd that you are going to use individual platforms for the individual types of cryptocurrency. The Binaryx is the all square platform. Binaryx suits both novice traders and savvy investors. Go to https://www.binaryx.com and start making money on trading and exchange right now! The project’s main idea is to implement a trading platform for customers who want to exchange money for bitcoins or sell and buy digital assets, regardless of their experience or expertise. This is a comprehensive project with a smooth-running ecosystem incorporating trading services, educational products, and opportunities for making money on crypto skills. The cryptocurrency exchange offers a range of useful tools and provides broad functionality. Platform users appreciate a user-friendly website, profitable trading terms, professional support, high security, and extensive functionality. Binaryx means good trading limits, low commissions, minimum registration requirements, and the availability of the exchange bitcoins process for everyone. The developers of the cryptocurrency exchange, inter alia, are constantly working on improving the current offers to provide the best solutions to exchange bitcoins and more. Step-By-Step Guide: How To Sell And Exchange Money For Bitcoins Are you a beginner in cryptocurrency trading? Take a look at the step-by-step guide to perform the cryptocurrency exchange in the Binaryx. This platform is quite a comfortable place for beginners. Follow these steps and start with the registration. 1. Registration: The registration process is twofold — you can log in via your social media account or create an account using your email. Whichever method you choose, following the registration process, you will be able to sell, buy, exchange bitcoins, and perform any trading operations. 2. Verification: To complete registration, you must go through the basic stages of verification. First, it’s confirmation of your email. Then, you will need to undertake extended verification to trade and exchange money for bitcoins without any restrictions. 3. Account replenishment and withdrawal of funds: Replenishment of the cryptocurrency exchange account is carried out in wallets. After crediting money to your wallet, you can move on to trading or exchange bitcoins operations. 4. Trade and exchange money for bitcoins: Binaryx has a great multifunctional trading terminal and exchanger that allows you to buy or sell coins quickly. Conclusion: For bitcoin traders, secure platforms are the only authentic platform to exchange bitcoins. When you are using this platform, you will understand how the platform is made easy. Join Binaryx and experience all the benefits of this advanced and innovative cryptocurrency exchange! Read Also: What Embracing Crypto-Backed Lending Means for the Finance Industry How To Become A Successful Cryptocurrency Trader In 5 Easy Steps HybridBlock: Why Binance Is Investing In Crypto-Fiat Trading

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:

11 Tips To Save Money For Financial Trouble And Emergencies

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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Achieving Financial Freedom As A Millennial Is Easier Than You Think

Features To Ensure Success Of Your Money Saving Service

HOW TO EXCHANGE BITCOINS AND OTHER COINS ON BINARYX?

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

11 Tips To Save Money For Financial Trouble And Emergencies

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.

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Follow Us

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