How To Buy Bitcoin In Canada 2021
Use this link to set up a bitcoin Canada account with Mogo - http://bit.ly/mogonm
How to buy bitcoin in Canada has become a frequently requested video on this channel. It's the hot topic.
First off, I am not an expert on bitcoin. I’m not an investing professional. These are just my thoughts on the subject distilled down into the most layman, easy to understand terms. But before we get into it do me that favour and don’t forget about our race to 10,000 subscribers contest. All you have to do is subscribe.
The basics of bitcoin are as follows. It is designed to be a mainstream currency that is not attached to a bank or a government. It is mined by computers that solve progressively harder and harder puzzles to earn bitcoins.
I’ve avoided cryptocurrency for quite a while because I haven’t felt comfortable with the volatility and the speculative nature. I mean just look at today, they price ranges from $35,000 to $49000 in a single 24 hour period. Highly volatile. A single buyer or sellers can push the market.
However it is becoming harder and harder to ignore. Since 2009 it has had an almost 9million percent increase. It was the best performing asset of the last decade.
Sidebar - if you are investing in bitcoin you need to understand that you are speculating on the demand of that currency. Supply is somewhat stagnant and predictable especially with bitcoin which only has 21,000,000 bitcoins available, of which 18.5 million have been mined., so what you are betting on is that people will continue to want bitcoin and that demand will increase, thus increasing the price. Bitcoin has value because people give it value - and we don’t know what’s going to happen
With crypto gaining mainstream acceptance it can no longer be ignored. You can now buy a lamb with bitcoin, PayPal is now using it, and investment platforms like wealth simple and robin hood are dipping their toes into it as is American Express.
So it is starting to make sense to make it part of your investing portfolio. Not a big part, a very small part, and a part that you are absolutely willing to lose. In the world of investments this would be what’s considered a flyer.
For me I wouldn’t be opposed to investing a small portion of portfolio into it. I would put it into the same asset class as gold and silver
Perhaps 1-2% of a portfolio, and I would rebalance quarterly.
I would also want to make sure that I am investing it in a safe and secure manner. The goto platform seems to be coinbase, but I’m a big fan of mogo for investing in bitcoin, and the reason is simple. It is Easy, safe, secure.
It takes less than 5 minutes to set up an account, you can fund it using an interact e-transfer, then they give you $5 to activate the account and $5 for funding a minimum of $100.
Then buying bitcoin is easy. You click the transaction button, select buy, enter an amount, and complete the transaction. It is that easy.
For me, I am starting with a $1000 investment, but given the volatility I am going to do what is called dollar cost averaging, which means I am going to make 10 purchases of $100 over 10 weeks. I’ll schedule this for every Monday morning. The only exception I might make is if there is a big single day drop.
Then I will eventually work up to 1-2% of my total portfolio, rebalancing quarterly. If bitcoin becomes worth more than 2% I will sell enough to get it back to 2%, if it becomes worth less I will buy, unless it looks like it is going to completely go bust. In the future I may diversify to other types of crypto as well.
Another reason I like mono for this investment is because of the security. 95% of the bitcoin held by mogo members is held in cold storage, which means there is no internet connection to it, so it can’t get hacked. That is really important to me.
Now of course, mogo isn’t anonymous, so all of the conspiracy theorist doomsday reasons for having crypto don’t apply, but I’m not buying crypto to avoid taxes or to cross borders, I’m doing so because I want to make sure I can ride the wave up if it continues to go up while not risking a huge amount of my net worth. So the safety and not having to worry about remembering where I put a digital wallet etc. really are important to me.
The presenter has taken great care in preparing
this video, however makes no representations or warranties with
respect to the accuracy or completeness of its content. The contents
of this video should not be considered a substitute for
professional financial advice. Please consult a financial professional
before implementing any of the strategies described in
this video. The presenter shall not be held liable
for any loss of profit or any other financial damages, including
but not limited to special, consequential, incidental, or other
damages.
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