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In this 2nd part of our blog series on the risks in using digital currency, we’ll look at 3 more risks that you have to be aware of to be able to protect yourself when you do get into buying and using Bitcoin or any other type of digital currency. Exchanging your digital currency may prove to be challenging. Digital currencies can be difficult to buy and use. It is not easy to exchange them for cash or purchase goods and services. Right now, there are very few merchants that accept digital currencies and they are not required to exchange your...
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We continue our blogs on digital currencies this week. On this blog, we’ll look at the risks in using digital currencies. As with any other financial transactions – or really with any other transaction done online – there are certain risks. So before you start getting into Bitcoin, know what the risks are. There are very few protections in place when using digital currencies. As digital currencies are not issued or governed by a single organization such as a central bank or government, you will have fewer protections when using them. It is not like using a credit card or debit...
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In this 2nd part of our blog series on digital currencies, we’ll look at how Bitcoin ATMs are used, if they are considered legal tender in Canada and how they are taxed. Let’s start!Automated Exchangers (Bitcoin ATMs)There are automated exchangers commonly called Bitcoin ATMs available in many areas in Canada. These are vending machines that allow you to insert cash in exchange for bitcoins and in some cases bitcoins for cash. These machines are not connected to any bank, credit union or the Interac network. There may be charges that will apply if you use a Bitcoin ATM. Are digital currencies...
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Bitcoin has been all over the news these past few months and it is getting more and more popular with Canadians. But before jumping in on the Bitcoin bandwagon, let’s take a step back and re-learn the basics of what we are getting into. First of all, cryptocurrencies are not issued by or governed by any government or central bank. So what is digital currency? Digital currency is electronic money. It is not available as bills. Cryptocurrencies are a type of digital currency created through computer algorithms. And as everyone knows, Bitcoin is the most popular type of cryptocurrency nowadays. As...
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