Cryptocurrencies like bitcoin, ether, and even dogecoin have become mainstream knowledge, but not in the ways that at least the creator of Bitcoin intended.
The earliest crypto communities banded together with the hopes of changing the state of play, taking control away from central banks and politics to create a fair system of payments. It forged a kind of anti-establishment lifestyle that prioritizes the embracement of crypto technologies and ideas.
In Canada, the crypto community is going fairly strong, and not just on the investments front. Bitcoin is legal in Canada, as are many of its fellow cryptocurrencies. It’s not a form of legal tender, but less than a handful of countries in the world have made adjustments to this to date. Still, crypto’s use is unrestricted, allowing anyone in Canada to embrace the crypto lifestyle as they see fit.
Crypto Being Embraced in Pockets of Canada
There’s been a gradual gaining of momentum for the crypto community in Canada. Naturally, the price rises through 2017 and subsequent surges – particularly of Bitcoin – spurred more to discover the crypto lifestyle, but even as crypto has faded, somewhat, from the headlines, the people have remained. Seeing this, it’s reported that half of the financial platforms in the country now offer crypto services, and many offer two or three services.
On the investment side – the side that many in the mainstream think of when Bitcoin or Ethereum are mentioned – there’s also strong backing from Canada. Some 39 per cent of institutional investors are in on crypto of some kind. Beyond the investors, it’s estimated that over four million Canadians are owners of crypto assets in some form, be it cryptocurrencies or digital items like NFTs.
That said, 2023 figures indicate a kind of shift in the Canadian crypto community. It seems as though some have departed from the crypto lifestyle, but at the same time, many have only entrenched themselves further. The number of holders reportedly dropped slightly last year, but on the flip side, the average value of what Canadians are holding in crypto has increased.
Uses For Crypto in Canada Continue To Grow
People who live the crypto lifestyle aren’t satisfied with simply holding onto crypto as an investment vehicle. Rather, they want to use the cryptocurrencies as they were intended by Satoshi Nakamoto – the pseudonym of Bitcoin’s creator. Bitcoin was created to unseat fiat currencies, be used by the masses to make payments in the digital world, and be free of any central bank manipulation.
Luckily, many options for sending and even receiving crypto have sprung up for Canadians. Chief among them is the collection of top-rated crypto casinos. Not only can players deposit popular coins to play real money games like slots and roulette, but withdrawals can also be made in crypto. Being able to bet and potentially win crypto on these sites has proven very popular, so most now accept a diverse range of cryptocurrencies.
Even more ways to use crypto in Canada
Beyond online casino gaming, you can also use crypto for more every day and living costs. HGregorie in Québec lets you buy cars with bitcoin, and Newegg is an electronics store that also accepts the famed coin. Toronto Brewing will let you buy beers and home brews with crypto, and you can even buy precious metals with your Bitcoin at SilverGoldBull.
The number of options in Canada for spending crypto continues to grow, and these are just a few of the options that are already out there. So, getting into and living the crypto lifestyle is only becoming easier for Canadians.
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