Home » Technology & Innovation » Demystifying the World of Cryptocurrency for Canadians

Technological solutions make buying, storing, and managing Bitcoin and other types of digital assets seamless and secure.

Cryptocurrencies like Bitcoin have caught the attention of Canadians as they often make the news headlines. This has sparked a lot of interest, and their popularity continues to grow. Some people are gravitating toward cryptocurrencies as long- or short-term investments, while others like the fact that they have the ability to be in total control of their assets without the need for a bank or financial institution to hold them.

Bitcoin was the first currency to exist only electronically. It was invented in 2008 and has steadily gained devotees ever since. It’s the world’s most popular cryptocurrency. Balances are recorded on a decentralized public ledger system or blockchain that anyone can access. This transparency is part of the appeal for many users and investors.

Cryptocurrency removes the middleman

Others like the fact that holders of the cryptocurrency are in full control of what they want to do with it and that transfers occur from one person to another directly without banks or financial institutions. It cuts out the middleman to reduce fees and potential data breaches. Crypto is available to users around the clock and only owners have access to it, giving them true financial independence.

Bitcoin has been described as a peer-to-peer version of electronic cash. In recent years, it’s also being embraced by institutions, governments, and more than 20,000 retailers. It’s a global phenomenon with everything from a Japanese deli to a New York state auto repairs shop, accepting Bitcoin as a form of payment. Large companies like Microsoft and Tesla have also come on board. The transferring of cryptocurrency, even internationally, can be quickly completed (in 10 minutes or less) without racking up significant fees, unlike costly and time-consuming traditional wire transfers.

While Bitcoin may be the most well-known cryptocurrency, hundreds of others, known as altcoins, have also been introduced. Those new to the crypto world may find it intimidating. Fortunately, it’s not as complicated as it seems. There are companies that make the foray into cryptocurrencies safe and easy with the latest technology.

How to buy and hold cryptocurrency securely

When buying cryptocurrency, security and ownership of your coins should be your top priorities. Since crypto assets are digital money, they don’t exist physically so it’s your responsibility to ensure that they remains 100 percent yours. Just like traditional wallets used every day to carry bills and coins, there are wallets available for cryptocurrency.

An online wallet is a platform where you can buy and leave your coins post-purchase. It’s the most popular way today but the downfall is that you don’t really own your crypto — the platform does. This means that the platform could deny you access to your coins or it could be hacked, causing you to lose your money.

There are also software wallets, dedicated online applications on your computer or smartphone that let you buy and store your coins outside of the exchange or platform. The good news is that you own your crypto. However, they can be hacked. A malware can be introduced on your desktop or smartphone which runs the software wallet and your crypto can be stolen.

Hardware wallets are a bit different. It’s a physical crypto wallet you can actually hold in your hand to store your crypto offline in a secure chip. They are the safest way to store and own crypto. Since your crypto is stored offline, you’re fully protected against hacking or malware. In addition to security, they also give you full ownership of your crypto. You’re the sole owner and the only one who can access it.

Not all hardware wallets offer the same level of security. Ledger hardware wallets offer the best security and control for your crypto assets. To store your assets, they use the most secure type of chips to ensure that your coins are always safe.

Ledger, founded in 2014, is a global leader in security and infrastructure solutions for digital assets and blockchain applications. Ledger is your gateway to everything crypto. It combines its hardware wallets — to protect your assets — with Ledger Live, an app that lets you manage your crypto and access key services — to buy, exchange, or grow your assets — safely.
With Ledger, you can secure, store, and manage more than 1,800 different crypto assets from a single app, including Bitcoin and Ether. Ledger introduced the first and only certified hardware wallet on the market. It’s the most popular, too. More than two million of the company’s hardware wallets have been sold in over 160 countries worldwide.

A Ledger hardware wallet combined with the Ledger Live app to buy, store, exchange, sell, and grow crypto assets. Easily and securely.

Cryptocurrency as an investment

Some investors like cryptocurrency because it puts them in charge of their portfolios in a way that traditional investments, such as savings accounts, stocks, and commodities, don’t. You have limited ownership of those types of assets. With crypto, ownership belongs exclusively to the holder of cryptocurrency, not a bank or some other company. Some Canadians have looked to cryptocurrency after being disappointed by more conventional investments. Savings accounts, for example, offer low interest rates that may not keep pace with inflation.

Over the last decade, many cryptocurrencies, like Bitcoin and Ether, have outperformed most traditional assets. The value of cryptocurrencies is subject to market demand, which may increase over time. You can shape your own portfolio by selling, buying, or trading or you might also grow your assets just by securely holding crypto. The beauty of crypto is that you’re the one in charge.

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