Torontonians can feel it in the air. There’s a big buzz about Bitcoin all around the city, and it did not come out of nowhere. But what exactly does it mean, and how is daily life in the 6ix going to change because of it? Well, let’s just say that if you live in Toronto, you have only to gain from this situation. We’ll try to explain what we mean.
First, however, let’s take a look at the main driving force behind this phenomenon. Last week the Canadian government decided to authorize Bitcoin exchange traded funds (ETFs), to be traded on the Toronto Stock Exchange. This means that for the first time in North America, Bitcoin has been institutionalized as an asset, and traders can make money off its value on the TSX.
The rocky road of cryptocurrencies in 2020
Let’s go back a bit further, though, and understand how Bitcoin and the other cryptocurrencies have become such a strong economic force. The financial slowdown, brought on by COVID-19, had investors searching for venues which are not related to any specific economy, and therefore not affected by any national crisis. Cryptocurrency was at the right place and at the right time, and that’s how the tokens’ values rose so dramatically over the course of the past months.
Now that cryptocurrencies have become a thing, it is clear why the demand for them has risen, and why more and more people want access to them and ability to trade on them. The question remains whether or not the infrastructure currently available for crypto trade is able to meet this high demand, and we can definitely say that a lot of work is being put into upgrading infrastructure, just for that cause.
You can take advantage of this new reality
That’s not all, though. Since today anyone can trade from the internet at home, these new ETFs are extremely accessible. All you need to do is find an online trading brand that is authorized to operate in Canada and that offers cryptocurrency venues. One that we have deemed trustworthy is CreditEUBank, a firm with 15 years of experience in the field.
This company offers buying and selling of different cryptocurrencies, including trading investments, equity growth and other venues related to crypto. One of the most important things you need to keep in mind when choosing the platform you want to trade on is the security and infrastructure. It seems CreditEUBank has taken many efforts, especially in recent months, to upgrade its system in order to handle future demand for services. As can be seen, a lot of good feedback is noted regarding this platform, suited for all types of devices with a browser.
Do things the legal way
One thing all traders need to keep in mind, regardless of whether the asset is a Bitcoin ETF or anything else, is that all people wishing to trade online in Canada must go through a process of identity verification before withdrawing profits. This process, called the Know Your Client policy, may take a while, and requires providing several documents. However, traders only need to do it once and it is valid for all transactions made with the platform.
The cryptocurrency revolution has certainly reached Toronto. True, we don’t see businesses accepting payment in Bitcoin or Ethereum over the city yet, but winds of change are blowing. That’s why we think this is a good time to start investing in cryptocurrency. Just make sure you choose a reliable trading brand for it, like CreditEUBank and several others out there.