There’s no getting around it – Bitcoin in Canada is popular. The most recent figures put the share price for a single coin at CAD 57,000. That alone highlights the value of the cryptocurrency and how integral it is to the community in Canada as a whole.
Of course, BTC is popular pretty much everywhere because of the unique benefits it provides. No one wants less security or anonymity, which is why this particularly crypto has skyrocketed in recent years. But as new kids hit the block, will it remain at the top of the tree or will a pretender take the throne? To find out, let’s take a look at a couple of factors.
Over Half of Canadians Own Bitcoin
As far as crypto stats go, this is a pretty impressive one. More than 50% of the population of Canada has taken the opportunity to invest in BTC, with a 2018 report edging closer to the two-thirds at 58% of the populace. However, only 4% of owners use it for payments, so they aren’t experiencing the features for which Bitcoin is heralded.
Why do they buy it, then? It’s because it can be a fantastic investment. The share value is in the tens of thousands of dollars now, yet it was much less five to ten years ago. As savvy Canadians began to see this, millions snapped up Bitcoins where they could in the hope they would trend in a positive direction. So, that’s one reason why BTC is popular in the Great White North.
People Use It Four Times More Than Other Cryptos
As mentioned above, just 4% of Canadians used Bitcoin for purchase, which seems low on the surface. When you factor the currency’s infancy into account, it’s not as small as the number suggests. Compare it to the other successful cryptocurrencies on the market, and it’s four times more popular than Ethereum. Seeing as Ether is the second biggest blockchain platform after Bitcoin, it shows that BTC is well in front in terms of usage.
More and more often, Canadians are seeing this reflected in everyday life, because regular services are now accepting the crypto as payment, from Twitch to KFC. Online gambling is a significant cryptocurrency industry as Bitcoin gaming in Canada is big news, meaning digital casinos and sports betting companies readily accept customer deposits and withdrawals.
Canada Has Bitcoin ATMs
ATMs were once imperative to everyday life when cashless societies didn’t exist. Now that everywhere accepts card payments, they aren’t used as much. Well, Canada has found another function for them, which involves depositing and buying Bitcoins. Bitcoin ATMs are among their most ubiquitous in North America, where there are around 850 to 900 of them in Canada alone – but the number has grown significantly in the past six years.
For example, there were only 58 of these ATMs in 2015. By 2021, the figure went past the 800 point and continues to rise. Even better, Canada has two different types – basic and complex. The former lets you purchase Bitcoins, whereas the latter allows you to buy and sell BTCs. 6.5% of the world’s Bitcoin ATMs are in Canada, and that tells its own story.
Bitcoin’s popularity in Canada is immense, which suggests it won’t be overtaken by its peers any time soon. For the general public, this is a welcome thought because this cryptocurrency is transforming into a foundation of modern Canadian life.
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