Where can I Use Bitcoin in Canada?

There are a number of retail and service providers in Canada who accept Bitcoins for payment of goods and services. Dell, Expedia, and conwaytransport.com.au are a few. Perhaps of greater interest is conwaytransport.com.au The company sells prepaid gift cards that can then be used at Air Canada, Amazon, Apple, Cineplex, Costco, Canadian Tire, Toys “R” Us, and many more.

Bitcoin holders are even able to pay their bills using Bitcoin. Bylls provides a platform to pay select from a list of over 6, biller companies, send funds directly to your bank account or send funds into a personal payee account for friends and family.

While the number of retailers accepting Bitcoin directly may be on the smaller side, the combined reach of Coincards and Bylls alone is significant and propels Canada into the forefront, when it comes to transitioning away from the use of fiat currency.

For Bitcoin holders looking to keep up to date with which retailers accept Bitcoin, Coinmap is the place to go.

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Bitcoin ATMs in Canada

Bitcoin ATMs are not to be confused with the more traditional bank ATMs that are linked to banking networks to allow bank customers to withdraw and deposit fiat money and make other banking requests.

Bitcoin ATMs are linked to the internet and have no connection to the bank networks. The purpose of the ATMs is to provide a platform for the buying and selling of Bitcoin. With a particularly limited verification process, ATMs provide buyers and sellers with a high degree of anonymity, which is one of the desired characteristics of Bitcoin. For this, however, the transaction fees are on the higher side with the limits on the size of transactions being lower than on Bitcoin exchanges.

The world’s first Bitcoin ATM was reportedly opened in a coffee shop in Vancouver back in The ATM used palm and ID scan technology to allow Bitcoin transactions. Bitcoin was c$ at the time that the ATM was installed…

There are a total of Bitcoin ATMs in Canada, with the largest concentration of ATMs being in Calgary (30), Montreal (47), Toronto () and Vancouver (47).

In Canada, the buying fees of between % are more in line with the global average of around 8%, while the fees for the sale of Bitcoins are more competitive and in the range of between %, more aligned with the global average.

Looking at ATM fee averages on a global basis, Bitcoin purchase fees are % on average, with redemption fees averaging at %.

To find the nearest Bitcoin ATM, Coin ATM Radar is a good website to search for the nearest Bitcoin ATM. For many, the distances will certainly too great to travel in order to buy or sell Bitcoin, which would leave buying and selling via an exchange or on sites such as LocalBitcoin.

Conclusion

Canada has certainly embraced Bitcoin and is reflected in, not only the easy purchase of Bitcoin from Bitcoin exchanges but with the ability to purchase goods and services across the goods and services sector.

Fees seem to be on the more competitive side, particularly when looking for anonymity and based on the above findings, Canada could be considered as one of the more advanced markets in moving away from the use of Fiat Currency for day to day living.

The downside for those looking to use Bitcoin in the more remote areas of the country is that most of the ATMs and retailers accepting Bitcoin are located in the most populated areas. So, while the major cities may be able to limit the use of the Canadian Dollar, other areas are unlikely to be out with the palm pilot or laptop just yet.