The best cryptocurrency brokers in Canada

Big Financial Institutions in Canada React on Bitcoin Craze

As Bitcoin rises to popularity, Canadian banks started to express their concern and plotted against crypto trading Bitcoin. Particularly, the Bank of Montreal, one of the largest banks in Canada, joined the other banking institutions in the nation to restrict crypto buyers.

One restrictive measure implemented by the bank was preventing customers from making direct debits via Mastercard and Interac Online Payment. After this move by BMO, more banks followed this suit and joined BMO by blocking purchases of cryptocurrencies using credit cards. The Toronto Dominion Bank joined the “protest” against buying crypto assets using credit cards as it explained that customers could face higher debt levels.

The propaganda of restricting users from purchasing crypto coins propagated across the globe to avoid getting overpowered by Bitcoin and other digital coins rising from nowhere. After the Canadian banks, other big financial institutions, including Citigroup, Commonwealth Bank, and Danske Bank, also had countermeasures against cryptocurrency.

Despite the adversity, Bitcoin remained unfazed and continued to grow in size and value as more traders joined Bitcoin’s revolution in Canada. Since users are restricted using credit cards to purchase crypto coins, they used the internet to build turfs that served as their gateway to trading cryptocurrencies. Localbitcoins was established and flourished in Canada. P2P stock exchange portals, Bitcoin ATMs, and local credit unions were also used to purchase crypto coins.

Bitcoin remained strong, and mining companies were interested in using Canada as its location to hold mining businesses. In 2018, the National Research Council Canada held its first test of the public blockchain technology, which is Ethereum, for the transparent administration of government orders. The blockchain technology run by the leading crypto coins is used and supported by the Canadian government. Another noteworthy development of the crypto influence is Canada’s decision to collaborate with the World Economy Forum to design a blockchain-based ID system which was called Traveler Digital Identity. This development is on its initial planning and testing phase as of now, and its results may take time before the product will be integrated into the public system.

Now what: Is crypto trading a good investment in Canada?

After learning about the crypto currency’s historical narrative in Canada – its humble beginning, rise in popularity, defiance against the odds, and growing significance, let us assess and put a value on its viability as an investment in these changing times.

Over the last five years, cryptocurrency trading became an active option to earn money in Canada. The presence of blockchain technology added to the cryptocurrency craze as it has limitless potential to establish a secure and anonymous online transaction. It is also cost-effective as it spares users from fees banks charge its customers during transactions.

More so, mining is also starting to gain more attraction from crypto investors, as this can be a very profitable investment using Bitcoin. Ultimately, Bitcoin’s value continues to increase over time.

But just like any other form of investment, cryptocurrency has its limitations as the value of the coins is only assigned and accepted by those who decide the coins have worth. Hence, wild fluctuation of its value can happen at any given time that might cost investors their whole funds.