Bank of Canada reminds us why investing in Bitcoin is your ticket to the moon

bitcoin
moon
canada

#1

What do you think?


#2

I’m trying to get two tickets for me and my wife so we can both go to the moon…together!


#3

I think that the Bank of Canada hates Bitcoin lol
They are making it stupid expensive to buy it. 2.5% fees to start.
first I used QuadrigaCX then they changed the structure on how you can purchase more bitcoin so I switched to Coinsquare… fees are high. Not to enthusiastic about fees over all… Now Coinsquare is changing how you can purchase Bitcoin as well as how much is allowed to purchase.
Peer to peer seems to be the only way to do it, with low fees and no restrictions. I am just not sure how safe it is to do over all yet.

Any other Canadians have a tip on where to go to purchase, whether it is peer to peer or on an exchange.
Any Tips will be greatly appreciated.


#4

@Canadian_Bacon What do you consider to be reasonable trading fees for an exchange?

Obviously 2.5% is way too high.


#5

I feel like it is after the exchange from bank to exchange is a fee.
Then there’s a fee for fiat to crypto 2.5% is interact (which is always changing).
Then a fee for transfer, and I do find that coinsquare and Quad. aren’t really feeding into live price. or so it seems to me.

That is not really my beef is the fees
I can tolerate a little over priced crypto when I know it’ll pay off…
I am actually bitter since they keep changing the interac online and e-transfers with these sites…
Last month my interac online was not working due to government regulation with co-badged debit card.
This time Coinsquare will no longer fund my account unless it’s $100 a day max. and min amount…

Not to mention I wait 7 days before I can change my bitcoin to an alt coin or put that bitcoin into my ledger.
It’s a lot of control that these two exchanges in particular have.

I am not sure if there is a better solution, if exchange fees can be better or not (would be nice to know but not really my main focus).
Thanks for any input


#6

Do a little reading in reddit.com/r/bitcoinca

I have been using Shakepay since the changes in funding method at Quadriga. You can transfer your coin out as soon as you purchase it. They just added ETH, and their “take it or leave it” price is decided by wherever they are purchasing Bitcoin from, many times price is lower than last trade at Quadriga. High fees are just something you have to deal with.


#7

Thanks for a little input. Like I said fees aren’t my main concern at all. I just want to make sure I am not in the dark on the best deals.
I loved Quadriga for instant transfers, my favorite part about that platform actually.

I did some digging and Bitbuy has 2% fees instead of 2.5%. So I signed up. May take a couple of days to get verified, no big deal.

The thing that gets me is how the methods change. I think I can go ahead and DCA well… lol, maybe not… This is the second time in 3 weeks, so I get a little frustrated.

So thanks again for the tip johnnytturbo


#8

The changing landscape is just part of the game right now. Those that make the rules are behind on the 8 ball both in understanding/knowledge and just getting in. Their only play is to change up the rules on a constant basis until they get comfy. We just need to be more agile.

I am surprised more governments are not putting a fee on the purchase of crypto as many are seeing it as a way out of FIAT. This would be the smartest play against these types as if you never exchange back to FIAT they never get their cut.


#9

Yes, I assumed this is the reasoning for the run around. It’s still good to hear that I am not the only one that believes this to be true.

As for charging for crypto, I can see this happening in Canada.
The Debt that the liberals have racked up paired with the bad leadership/relations that Trudeau has with various countries (Saudi, USA,India) will enviably be our cost.

I just hope we have more time to accumulate crypto before the socialist (communist) manifesto latches on to Bitcoin in Canada.


#10

The premium we’re paying, compared to true USD/CAD exchange rate, and the price variance between exchanges, is more maddening than 2.5% difference in fees.

Shakepay BTC/CAD

Shakepay CAD/BTC

Quadriga CAD/BTC

USD/CAD exchange

z


#11

maddening, so true… it’s a little bit sugar coat lol, but very accurate