Apologies if this has been asked, is Purpose Bitcoin ETF a good way to get in on Bitcoin in Canada? BTCC.TO. Thanks
Not that I have a ton, but I switched all my Bitcoin to an ETF. For any taxable accounts, trading crypto directly was kind of pain to decipher during tax time.
If this is your first entry point, you probably don't want to go all in right now. Bitcoin has rocketed up like 40-50% in the last while, so a pullback is probably pretty likely. Personally I sold half of my ETF last week. Will probably get back it when this thread dies down again.
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Wealthsimple or Coinbase are also very secure for Canada if you want to buy / trade coins with a simple UI/UX
Wealthsimple even has a 1% cashback on debit card purchases that you can receive directly in BTC.
If you want to hold in a RRSP or TSFA the above is a good options
2nd Wealthsimple.
My small dabbling into crypto has been through them and it at least gives me some confidence and comfort it won't disappear into thin air.
Tax reports are also very easy to pull and they have other coins as well if you want to try out a little Doge or whatnot.
The purchase fees are a little higher than other exchanges but if you're not constantly making transactions it isn't a big deal.
Last edited by Winsor_Pilates; 11-26-2024 at 12:54 PM.
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Not that I have a ton, but I switched all my Bitcoin to an ETF. For any taxable accounts, trading crypto directly was kind of pain to decipher during tax time.
If this is your first entry point, you probably don't want to go all in right now. Bitcoin has rocketed up like 40-50% in the last while, so a pullback is probably pretty likely. Personally I sold half of my ETF last week. Will probably get back it when this thread dies down again.
Gonna put in a position when BTC is around $2000 again.
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For anyone new to the space from this recent uptick, I'd highly recommend educating yourself on Bitcoin first and foremost and staying far away from "your favourite crypto", unless of course it's Bitcoin.
For anyone new to the space from this recent uptick, I'd highly recommend educating yourself on Bitcoin first and foremost and staying far away from "your favourite crypto", unless of course it's Bitcoin.
I mean Bitcoin, for all the cash it's given to the randos who bought it in 2014, isn't a great entry in 2024. Not to mention it's basically useless technology-wise, regardless of the bolt-ons devs have tried to jam in over the last 5 years.
It doesn't help that BTC lovers are aggressively weird about actually making the chain useful (eg insanely frothy Ordinal hate 2 years ago).
There's a lot of good and useful tech out there, but tech weirdly doesn't make as much short-term money as memes.
It's been a while since I used crypto, my parents want to buy my son some Bitcoin (or some kind of cryptocurrency) as a gift. My son doesn't have any kind of digital wallet (that I'm aware of anyway). They've given him gold and silver in the past, so intent of the gift is like helping him invest for the future (though it's not going to be a large amount, probably only a few hundred $ worth though I guess I don't know for sure).
What would be the best way to do such a thing?
Get him to set up a self directed account and something like Wealthsimple (which I assume includes setting up a digital wallet)? A hardware wallet? Paper wallet?
Or is there a better coin to get him?
__________________ Uncertainty is an uncomfortable position.
But certainty is an absurd one.
It's been a while since I used crypto, my parents want to buy my son some Bitcoin (or some kind of cryptocurrency) as a gift. My son doesn't have any kind of digital wallet (that I'm aware of anyway). They've given him gold and silver in the past, so intent of the gift is like helping him invest for the future (though it's not going to be a large amount, probably only a few hundred $ worth though I guess I don't know for sure).
What would be the best way to do such a thing?
Get him to set up a self directed account and something like Wealthsimple (which I assume includes setting up a digital wallet)? A hardware wallet? Paper wallet?
Don't buy it from Amazon! They tend to be compromised more often than not.
A Ledger is a safe hard wallet that supports a ton of networks natively within Ledger Live (Bitcoin, Ethereum, Polygon, Arbitrum, Base, etc. etc. etc.) and can be connected to a Web3 wallet like Rabby, Metamask etc to interact with sites (should you choose to do so).
Definitely the best bet for self-custody/long-term holding. The Nano X is a better device (easier to use) but costs more than twice as much.
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Can you stake using a Ledger wallet? I'm looking at specifically ADA. I currently use the Yoiroi app but thought about maybe taking advantage of the $85 Nano S sale. Thanks.
Don't buy it from Amazon! They tend to be compromised more often than not.
A Ledger is a safe hard wallet that supports a ton of networks natively within Ledger Live (Bitcoin, Ethereum, Polygon, Arbitrum, Base, etc. etc. etc.) and can be connected to a Web3 wallet like Rabby, Metamask etc to interact with sites (should you choose to do so).
Definitely the best bet for self-custody/long-term holding. The Nano X is a better device (easier to use) but costs more than twice as much.
Can you stake using a Ledger wallet? I'm looking at specifically ADA. I currently use the Yoiroi app but thought about maybe taking advantage of the $85 Nano S sale. Thanks.
I have my ADA on a nano S but still stake it with yoroi
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Heh he might get a kick out of just the hardware itself!
Yeah an ETF sure seems simpler, though he doesn't have anything like that set up.
How old is he ? / can he have a TSFA (18)
And yes the hardware and learning how to use offline wallets is actually a really good skill to learn - I would just make sure he understands that it’s the same as losing a physical wallet with cash if you go that route - it’s gone !
He's 20 so he could have one. Yeah I'd be a little wary of him losing it, he's not very organized. Though losing access to a trading account would also concern me lol, I got a family 1Password account for that reason but I always have to remind him to use it.
Turns out they want to give only about $100 worth so the device would eat most of that so I might just do a paper wallet or software wallet in 1Password.
__________________ Uncertainty is an uncomfortable position.
But certainty is an absurd one.
What I would suggest then is having him register for a Coinbase or Wealthsimple account and deposit $100 for him to trade/buy crypto if his choice . It would be a good learning experience in a few ways and most likely have him more interested
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Yeah probably best. Kind of funny though because he's IMPOSSIBLE to buy for, he doesn't really like anything or have any interests so everyone just ends up getting him cash, a Steam gift card, or clothes or some combination.
So this will basically just be cash again
Cash with some learning attached at least.
__________________ Uncertainty is an uncomfortable position.
But certainty is an absurd one.
What I would suggest then is having him register for a Coinbase or Wealthsimple account and deposit $100 for him to trade/buy crypto if his choice . It would be a good learning experience in a few ways and most likely have him more interested
I was going to debate you on the overkill statement as someone that has lost a wallet but then forgot about WealthSimple which I use now. I like the idea of letting him learn treading crypto with $100 wallet its win/win. He loses it then its only $100 lost and lessons learned or he makes some lucky trades and makes a bunch of money.
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