How To Buy Ethereum In Canada: A Detailed Guide
What is Ethereum?
Before you buy Ethereum you should know what it is! Ethereum (Ether) is one of the major cryptocurrencies available today and has been incredibly popular since it’s release in July 2015. It was originally designed to push blockchain technology into new frontiers, and many would agree it has done so. Ethereum is a blockchain that can be used to create decentralized applications, operate smart contracts and much more.
Vitalik Buterin, the founder of Ethereum, sought to create a new blockchain project that was unique from Bitcoin. This led him to create a programming language that allows developers to create further programs in which blockchain transactions automate outcomes, hence ‘smart contracts’.
Vitalik was quoted as saying “I thought [those in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.”
For more on what Ethereum is and how it works, you’ll want to check out the Ethereum comprehensive starter guide.
Smart contracts help you exchange items such as money, property, shares, or really anything of value. Smart contract transactions happen in a transparent, conflict-free way while avoiding the services of a middleman.
For example, codifying a legal agreement without the need for an actual lawyer. When you start understanding how a Smart Contract works, you can see that the usages of Ethereum are literally endless.
For more on Smart contracts, see our previous article here.
What is ETH used for?
Ethereum’s cryptocurrency, Ether or ETH, is often used to pay for transaction fees, development work on the Ethereum network, online payments and more. ETH is also the currency of choice for funding ICO’s that are built on top of the ERC20 protocol.
Another extremely promising use case for Ethereum is decentralized finance applications, sometimes called “DeFi”. These applications include smart contract powered loans and agreements, minting of new currencies or stablecoins, and decentralized exchanges. A notable recent example is “MakerDAO”, which through the use of elaborate usage of Ethereum smart contracts, has built a stablecoin (DAI) that is backed by Ether and is always worth $1 USD. For more information on MakerDAO please read our guide here.
The last reason people buy Ether and many other cryptocurrencies is because they speculate that the price will go higher. People look at Ethereum as the premiere Web 3 platform and want to get in on the action by buying the currency the fuels the system. Whether the bet they make is right or now remains to be seen but so far Ether has outperformed traditional asset classes since its inception.
Now that you know a little bit more about Ethereumand all of its great use cases, you will want to know how you can get your hands on some yourself. If you are looking to buy ethereum in Canada, look no further. In this guide we walk you through the easiest and quickest way to buy Ether in Canada.
How To Buy Ethereum In Canada
If you want to leverage the Ethereum blockchain for any of the reasons listed above, you will need to buy Ether from a trusted source. The best way to get Ethereum is through a trusted online exchange. Online exchanges offer fast access, low fees and are by far the most convenient way to buy Ether in Canada.
Step 1: Set Up an Exchange Account
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