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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Preparing For A Happy And Healthy Retirement

Healthy Aging: Preparing for Healthy Retirement in Your 40s

As people hit their 40s, many of them start thinking about the future, especially their retirement. It's a time when they begin to contemplate the quality of life they want to enjoy once they bid farewell to the daily grind of work. While envisioning leisurely days and fulfilling experiences during retirement is exciting, it's crucial to remember that good health is the foundation for a happy and healthy retirement. This article will delve into the importance of maintaining good health in midlife and explore how it intersects with the financial side of retirement planning. The Role Of Health In Retirement Planning When it comes to planning for your golden years, health should be a top priority. After all, what good is a hefty retirement savings if you're not in good health to enjoy it? This is where the expertise of a retirement advisor can prove invaluable. These professionals specialize in helping individuals like you prepare for retirement by taking into account various factors, including your health. Prioritizing Your Health In your 40s, it's the perfect time to take stock of your health and make necessary adjustments. Regular exercise, a balanced diet, and proper stress management become even more critical. These habits not only improve your current well-being but also set the stage for a healthier future. Healthcare And Insurance Planning One of the key aspects of health in retirement planning is understanding the financial implications of healthcare. Medical expenses can quickly eat into your retirement savings if you're not adequately prepared. This is where a financial advisor with expertise in retirement strategy can be your guiding light. Retirement Income Planning Retirement income planning is an essential component of securing your financial future. It involves estimating your retirement expenses, including healthcare costs, and then determining how to generate income to cover those expenses. This process may involve various income sources, such as pensions, Social Security, and personal savings. Retirement Planning Services Many financial institutions offer specialized Retirement Planning Services to help you navigate the complexities of planning for your retirement years. These services can provide you with personalized strategies tailored to your unique financial situation and goals. The Cost Of Healthcare In Retirement Here's a closer look at the financial aspect of healthcare planning for retirement. Healthcare costs tend to increase with age, making it a significant consideration in your retirement budget. Here are some key factors to keep in mind: Medicare Coverage Most Americans become eligible for Medicare at age 65, which can provide essential coverage for hospital stays and medical services. However, Medicare doesn't cover all healthcare expenses, and you may need supplemental insurance to bridge the gaps. Long-Term Care Another critical aspect of healthcare planning is considering the potential need for long-term care. Long-term care insurance can help protect your assets in case you require assistance with activities of daily living, such as bathing or dressing. Prescription Medications The cost of prescription medications can also add up in retirement, especially if you have chronic health conditions. It's essential to budget for these expenses and explore options like Medicare Part D for prescription drug coverage. Building A Retirement Nest Egg To ensure a happy and healthy retirement, it's crucial to start building a robust retirement nest egg in your 40s. Here are some strategies to consider: Maximize Retirement Account Contributions Take full advantage of employer-sponsored retirement plans like 401(k)s and individual retirement accounts (IRAs). The contributions you make in your 40s can grow significantly over the years thanks to compound interest. Diversify Your Investments Work with a financial advisor to create a diversified investment portfolio that aligns with your risk tolerance and retirement goals. Diversification can help protect your savings from market volatility. Create An Emergency Fund Life is unpredictable, and unexpected expenses can arise. Building an emergency fund in a high-yield savings account can provide a financial safety net during retirement. Pay Down Debt Reducing your debt load before retirement can free up more of your retirement income for leisure activities and healthcare expenses. Staying Active And Engaged While financial planning is crucial, it's equally important to stay active and engaged in life during your 40s and beyond. Maintaining a robust social network, pursuing hobbies, and staying mentally active can contribute to your overall well-being. Conclusion In your 40s, the journey to a happy and healthy retirement begins with prioritizing your health and making sound financial decisions. Seek guidance from a professional like a retirement advisor or financial advisor who specializes in retirement planning strategies. Remember that maintaining good health is the cornerstone of enjoying your retirement to the fullest, and proper healthcare and insurance planning are integral parts of your financial strategy. By taking proactive steps now, you can set yourself on the path to a fulfilling and prosperous retirement, both financially and in terms of your overall well-being. Read Also: Smart Ways to Invest in Gold How To Start Your Investor Journey: 5 Credible Options To Explore What Investors Should Know about Investment in Gold and Silver Assets

Commonly Misunderstood Facts About The Employee Retention Tax Credit

The ERC, employee retention tax credit, or employee retention credit, is a hot topic regarding business taxes. However, it is often overlooked because it originated with the PPP or Paycheck Protection Program. Additionally, as more people are talking about it, it seems that many misunderstandings have caused business owners to believe that they don't qualify for it when they do. Some of these misunderstandings stem from prior laws that have since changed, while others are based on the fact that some methods of getting ERC money are more popular than others. Additionally, there are other misunderstandings stemming from scams and confusion about the ERC. Here Are Four Common Misunderstood Facts About The Employee Retention Tax Credit Here are some frequent misconceptions regarding the ERC and the truth around them. 1. Two Eligibility Tests The most notable misconception is that a business must have a decrease in revenue to be eligible for the ERTC. This stems from the eligibility facet that states that companies must have a gross receipts decline compared to their pre-pandemic numbers to be eligible. This is one of the tests used to determine ERC eligibility and is the more popular option. However, some areas of confusion within this test include: An increase in revenue doesn't disqualify you if you still have a decrease in gross receipts. This test is based on quarters, so failing to meet it in one quarter doesn't disqualify you from others. There are multiple methods to apply a gross receipt test. PPP loan money is not included in the amount you claim for the ERC. While this is one test, there is also another. Although often overlooked, a full or partial suspension of operation due to government orders can also qualify your business without a decrease in gross receipts. Despite popular belief, you can still be eligible for the credit if you meet this requirement, even if you have an increase in revenue and do not have to shut down your business. 2. Credit Amount Employers who qualify can receive up to $7,000 per quarter per employee for the first three quarters of the year. Small businesses that opened during the COVID-19 pandemic can receive an extra $7,000 per employee. However, most companies will cap out at $21,000 per employee per year. If you have 100 employees meeting the salary requirements, you could receive $2,100,000. The ERC is refundable, which means it will be a refund credit for these employers. That means you can still write off other expenses on your taxes and get a return. That can make it more desirable than other tax credits, which must be taken immediately or forfeited. 3. PPP Loan Disqualification Another common misconception is that receiving funds through the PPP disqualifies employers from ERC eligibility. While that was initially true, recent legislation has changed this. You can now receive PPP loans and an ERC, but you cannot use the same wage money towards both programs. That means that if you take out a loan, the money from it doesn't count towards your ERC. Instead, the money that you spend on paychecks in addition to your PPP loan is what matters toward your ERC. 4. Third-Party Assistance This is more of a warning about issues that have caused concern among business owners. Due to the potential for significant credits, many scams have been established to help business owners file for ERC money. While some small businesses are qualified to help individuals analyze the ERC laws and apply them for you, there are still scams out there. If you file with third-party help, ensure your chosen company is appropriately qualified. These misunderstandings have kept many small business owners from applying for the ERC when they were eligible—small business owners who have previously missed out need to consider whether they qualify for the ERC. If you are eligible, you can receive thousands of dollars in tax credits. That can help your business recover from the recent pandemic and stay afloat amid future financially challenging times. Read Also: Five Ways an Employee Recognition Can Help Employees Perform Better The Role of Communication in Employee Retainment The Best Ways To Successfully Fund Our Dreams

Which Health Insurance Plan Offers The Best Coverage For A 23-Year-Old In India

The decision of selecting the right health insurance policy at 23 is a turning point. It sets one up for a lifetime of financial security and medical coverage. The young adults are thinking in terms of affordability, comprehensive benefits, and flexibility to shift as medical requirements change. When a plethora of products are available in the market, it is essential to stay updated with the terms of a health insurance policy to make informed decisions. This piece considers the crucial factors, the policy options, and advice on how to choose the best options for a 23-year-old Indian. Why Health Insurance Matters for Young Adults? Health insurance is usually taken to be something that the family or the elderly might need, but its importance during the young age cannot be exaggerated. Medical insurance plans offer more than just coverage for hospital bills, but they are not just that; they serve as a safety net economically in times of urgency and help infuse preventive habits towards health. The Rising Cost Of Healthcare Indian medical bills are rising steadily, and even a minor medical problem can lead to handsome bills. For a younger person who has less money saved, it can be a financially crushing experience. A well-chosen health insurance policy makes a person feel less anxious by paying for unforeseen medical bills. Early Entry Benefits Buying health insurance at an early age has its advantages. The premiums are low, and the policyholder remains healthy and is less likely to pay additional premiums for pre-existing conditions. Waiting times for certain conditions or treatments are also evenly spread among one's 20s. Tax Advantages The health insurance qualifies for tax deduction under Section 80D of the Income Tax Act and therefore provides a further push to young professionals to invest in a plan for life. Factors To Consider While Selecting A Health Insurance Policy While buying a policy, ensure that the insurance company is stable and sound. The best health insurance providers in India are the ones with extensive networks, high claim settlement ratios, and service-oriented offerings. They generally provide innovative policies that can fit young adult requirements, including a cashless facility, well-being programs, and e-tools for simple policy management. Selecting a suitable health insurance policy entails a proper evaluation of your own requirements and policy information. Here's what to look for: 1. Comprehensive Coverage A hospitalization plan, outpatient surgeries, diagnostic tests, and even psychiatric treatment are ideal for a 23-year-old. Preventive health check-ups and vaccine protection are a bonus. 2. Network Hospitals See that the insurer has a comprehensive network of empanelled hospitals with emergency cashless options. Connectivity is a nice plus point, especially for young adults who travel and reside out of station. 3. Room Rent Capping Every plan has a room rent cap, and that is the out-of-pocket costs when hospitalized. Select those plans in which there is no capping or flexibility in selecting the room. 4. Premium Affordability Affordability first, but do not compromise on the cover at the cost of the expense. Compare the plans and select one with the best cover that does not make a hole in your pockets. 5. Add-On Benefits Look for optional riders or add-ons to the policy, such as maternity cover, critical illness, or personal accident cover. These are tailor-made according to your life stage and requirements. Types Of Health Insurance Plans For Young Adults The Indian market for healthcare insurance has many plans for different needs. Convenience and overall benefit are of paramount value for an individual who is 23 years old. A. Individual Health Insurance A personal health policy provides individualized coverage to the individual. It is best for young singles who do not desire an individualized plan but one that accommodates their individual medical needs. B. Family Floater Plans If you have parents and siblings to provide for under a single policy or if you economically keep your family together, then opt for a family floater policy. Under this policy, various members bear the insured amount collectively, thus turning out to be cost-effective. C. Critical Illness Plans Though not the first thing on everyone's mind, a critical illness policy can be a worthwhile add-on. It pays a lump sum on a pre-defined life-threatening illness diagnosis, keeping money flowing in when times get difficult. D. Top-Up And Super Top-Up Plans Top-up and super top-up plans are best suited to young adults for additional cover at a reasonable premium. They provide cover on your existing policy, especially for high mediclaim expenditure. E. Preventive Health Plans These plans are to promote wellness by subsidizing yearly health check-ups, consultations, and diagnostic tests. A suitable choice for those who are health-conscious and would like to remain healthy. How To Compare And Choose The Best Plan? With so many options available, it becomes difficult while making a choice. Don't worry, the process is given below in order to make it easier for you: 1. Research And Shortlist Start with research in the market. Compare the health plans provided by the top health insurance providers in India. Read customer reviews, claim settlement ratio, and policy terms to shortlist. 2. Evaluate Coverage And Benefits Check the exclusion and inclusion of each plan. Ensure that the policy applies to your medical history and anticipated healthcare needs. For instance, in case you engage in outdoor activities or sports on a frequent basis, choose a policy on accidents. 3. Check For No-Claim Bonuses A few insurers have the benefit of a no-claim bonus, increasing the sum insured for each claim-free year. This feature is more appropriate for healthy and young policyholders who do not make claims at all. 4. Read The Fine Print Read policy conditions such as waiting periods, sub-limits, and co-payment terms. Avoids surprises at the time of claim settlement. 5. Take Professional Advice If you’re unsure which plan best suits you, consult an insurance advisor or use online comparison tools to make an informed decision. The Reason Why Health Insurance Matters For a 23-year-old Indian, spending money on a good health insurance policy is a wise step towards a healthy and secure future. With rising medical costs and an insecure environment, investing in medical insurance schemes at the right time brings peace of mind and advantages in the long term in terms of lower premiums and complete cover. Niva Bupa is the best Health Insurance company in India. It offers a wide range of policies tailored to young individuals. With an emphasis on affordability, comprehensive benefits, and seamless customer service, Niva Bupa ensures you’re prepared for any medical eventuality. Choose Niva Bupa to start your health insurance journey on a high note and enjoy a future that appreciates your well-being at every step of life. Read Also: Insure Your Health, Ensure Your Wealth: How To Dodge Common Insurance Blunders Self-employed Health Insurance: Best Types for Every Freelancer The Comprehensive Guide To Property Insurance Toronto

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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Healthy Aging: Preparing for Healthy Retirement in Your 40s

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

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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.

Leave a Reply

Popular

Follow Us

Recent

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