Introduction to Cryptocurrency for Canadians
Introduction to Cryptocurrency for Canadians
The cryptocurrency market has been making quite a bit of a stir in the financial industry. When Satoshi Nakamoto first unveiled his idea for a decentralized, digital currency, no one could have predicted that the project would achieve the notoriety, fame (and infamy), and success that it enjoys today. Today, according to surveys, it has been established that over 40% of the American adult population have either invested in cryptocurrency or are planning to do so in the future.
But cryptocurrency is not just an American phenomenon. El Salvador recently became the first country to officially recognize Bitcoin as legal tender. Bitcoin mining has been shown to be most popular among Eastern European countries, such as Ukraine, Poland, Russia, and various other countries, and, of course, countries like the UK, Germany, France and of course, Canada have begun to embrace the phenomenon. Crypto trading sites, Bitcoin casinos in Canada, and even crypto-based business have been quite successful among the Canadian population.
Cryptocurrency, for all its popularity, is still a new phenomenon. Quite a lot of people either have a tenuous grasp on what exactly crypto is, and some are completely unfamiliar. In this article, we are going to explain just what crypto is, and look over the most popular cryptocurrencies available in Canada.
What is Cryptocurrency?
So, let us first answer the question, “What is cryptocurrency?” In simple terms, cryptocurrency is a decentralized, digital currency, which is untraceable and not beholden to any central authority. This is just one of the aspects that most attracts people to bitcoin, and other cryptocurrencies. The earnings made from bitcoin can’t be taxed by banks or governments, as the assets are decentralized, and their encrypted nature makes it nigh-impossible for bitcoin-based purchases to be traced by anyone.
Cryptocurrency officially began in 2009, when Satoshi Nakamoto unveiled Bitcoin to the public. While back then a single Bitcoin unit was worth less than a dollar, today, the value of the crypto has grown significantly, making it one of the most popular investment options. Today, a single Bitcoin unit is worth close to $30.000, with prospects of the price increasing further in the future.
Most Popular Cryptocurrencies in Canada
In this next section, we are taking a look at the three most popular cryptocurrencies which Canadians have adopted and taken a liking to. It is very simple to see why the following three cryptocurrencies are so popular on the Canadian market, as they are the three most popular cryptocurrencies on the market in general. Let us take a look.
- Bitcoin
Bitcoin is, by far the most popular cryptocurrency in the world. We won’t delve deep into it in this section, as we already discussed it in previous sections, but we will say some new things. Bitcoin came to the scene in 2009, making it the first of its kind. It was also the first cryptocurrency which was used for purchases. In 2010, a programmer named Laszlo Hayecz traded a huge sum of Bitcoin in exchange for two pizzas, marking May 22, 2010, as the date when the first commercial Bitcoin transaction occurred.
- Ethereum
Ethereum is the second most popular cryptocurrency in the world today. It was created in collaboration with a dozen programmers, though the man whose name is most often associated with the brand is Vitalik Buterin. It was Mr. Buterin who named the crypto, apparently based on a word he picked up from a science fiction novel. Today, Ethereum is worth close to $2000, and rising.
- Ripple
Another of the most popular cryptocurrencies on the market, Ripple is certainly one of the biggest cryptos in Canada. The Ripple XRP cryptocurrency is one of the fasting growing on the market, having almost reached a $1 in value. The company, Ripple Labs Inc. was also named one of the 50 Smartest Companies in 2014, for their contribution to the crypto market.
- Canadian Stablecoin
What is a stablecoin? In simple terms, a stablecoin is a cryptocurrency, the value of which depends on another form of currency, whether FIAT or crypto. Canadian Stablecoin is a digital, encrypted currency, whose value is entangled with that of the Canadian dollar. So, it isn’t much of a surprise that it is one of the most successful cryptocurrencies in Canada.
By
Mo
More Finances

Canada's Biggest Lottery Payouts
The lottery in Canada was introduced in 1969. Take a look at some of the largest Lottery Wins in Canada throughout history.

The Top 5 Online Games in Canada for 2022
It's no secret that online gaming has become increasingly popular recently, with people of all ages looking for ways to entertain themselves in the comfort of their own homes. And while there are countless different games to choose from, not all of them are equally popular in every country.

A Foolproof Guide to Investing in Stocks
Everyone should invest in stocks because it is a great way to save for retirement. When you invest in stocks, you are buying a piece of a company that will be worth more in the future.

How to make Money online in 2022
When you are equipped with a stable internet connection and a data-enabled device, you have at your disposal a means that can help you earn extra income. Technological advancement is exposing people from different parts of the world.

Best ways to transfer money from Canada to the US
With just a few clicks, it is possible to send money from Canada to the US. Read here!

Review of Tech Age Fun Activities That Make Money
What if someone told you that you could earn extra spending money by simply spending time doing your favorite hobbies? You'd probably think they were crazy.

The best ways to invest a $1000 in 2022
The economy is composed of distinct individuals with different levels of financial freedom as stakeholders. As such, while $1000 may seem like a substantially large sum to some. Find out how to earn it!

More Companies Accept Bitcoin as Payment: Here Are Entertaining Activities You Can Pay for With Bitcoin
While it’s great to hold on to things, sometimes it’s better to use them – and the same can be said for Bitcoin. Luckily, many companies now accept crypto as payment, especially within the gaming and entertainment industry. Here are seven of the best options.