Exploring the use of cryptocurrency exchanges in Canada
In just a few short years, the Bank of Canada has revealed major changes to the Canadian economy through a financial system review. As of 2023, it is reported that up to 13 percent of citizens in Canada owned Bitcoin–an increase from 5 percent in 2018.
After the world had recovered from the pandemic and Canadians started to improve their financial situation, Bitcoin usage increased sharply in Canada. Due to some of the reasons like cryptocurrency exchange offers a lot to attract new customers, Bitcoin RIO before a year like a boom and few other factors.
Is Canada The Next Potential Crypto Hub?
Canada’s advancement in technology and new industries is driven by its innovation and low energy costs. With regards to blockchain technology, Canada ranks third globally after the US and UK. The adoption of Ethereum among startups worldwide, including Canada, is unparalleled compared to other countries.
Many cryptocurrency exchanges, such as Coinberry, are present in Canada. Ethereum node data centers are more widely distributed compared to other types of nodes, unlike Bitcoin, which has nodes in smaller countries for more centralized locations.
Toronto, the home of Vitalik Buterin, the creator of the Ethereum Blockchain, is a factor that contributes to Canada’s recognition in the field. Ethereum is a second-generation open-source software platform that provides a scripting language for building reliable decentralized trusted networks, expanding on Satoshi Nakamoto’s Blockchain design by adding the concept of smart contracts.
Canada also saw an influx of cryptocurrency miners from China. Unlike gold miners who work in challenging conditions, cryptocurrency miners have a relatively relaxed lifestyle.
What Do Crypto Owners in Canada Look Like?
The reasons for purchasing cryptocurrency cited by respondents were mainly financial, including a desire for higher returns than traditional savings accounts, confidence in the technology’s value, and an interest in portfolio diversification or gambling.
The survey results from the Ontario Securities Commission (OSC) in Canada shed light on the demographic profile of crypto investors. The study found that 67% of all crypto holdings in Canada are owned by men, with half holding an undergraduate degree or higher and 37% earning over $100,000 annually.
Statistics Canada’s study shows that over 13% of Canadians have Bitcoin in their crypto portfolio. This percentage rose from 5% in 2018 to 13% by the end of 2021 as Canadians started saving more. They used mobile apps or web-based crypto exchanges in Canada but not retail outlets when purchasing Bitcoin. If you’re interested in purchasing cryptocurrency, you’ll need to open an account with the best crypto exchange Canada. There are many options available, including leading players, to determine the Canadian crypto exchange for both beginner and experienced investors.
It is estimated that in 2021, around 90% of Canadians will have heard of the term “Bitcoin.” To gauge their knowledge, respondents were asked about their agreement with the statement “Bitcoin is backed by the government,” which is false. Based on their answers to three core questions, the study found that 40% of Bitcoin owners in Canada showed a low level of understanding, higher than any year prior. 66% also showed a high level of non-ownership awareness for this crypto asset.
How Many Crypto Owners Are There in Canada?
Data shows that over 2.6 million individuals in Canada have invested in cryptocurrencies. The ownership ratio reveals that 31% of women and 69% of men in the Canadian population have crypto holdings.
The results of a study showed varying levels of knowledge among Bitcoin owners. 40% of those who had limited knowledge about Bitcoin, and 40% who said they had some understanding, reported owning it. The survey found that 90% of people polled were aware of Bitcoin in 2021, with a portion still having only a basic understanding of it. This shows a substantial increase in awareness about cryptocurrency, and it’s possible that more people may own Bitcoin in 2022, although they may not have as much expertise in it. This is only a speculative statistic for Canada.