Investing in cryptocurrency can be a worthwhile step in your 2021 financial planning. Netcoins is a Canadian cryptocurrency exchange that allows Canadians to buy, sell and trade cryptocurrencies.
When we talk about investing, we often talk about traditional vehicles like savings accounts, bonds, stocks, and real estate. However, in the last few years, there is another member of the investment family that has slowly but gradually entered into the mainstream: cryptocurrency.
What is cryptocurrency?
A cryptocurrency (or crypto for short) is a digital asset designed to work as a medium of exchange. It functions like paper money, but it doesn’t exist in any physical form. Cryptocurrencies typically use decentralized control as opposed to central banking systems like our central bank. Each cryptocurrency typically works through a blockchain that serves as a public financial transaction database. That is, every creation of additional coins and every transaction is recorded on the blockchain, so you can easily verify coin ownership.
What are some of the most common cryptocurrencies today?
Netcoins: a Canadian cryptocurrency exchange
I had the opportunity to meet with Ayelen Osorio, the Content & Community manager at Netcoins, to learn more about how you can use Netcoins to invest in cryptocurrency. Here’s what she has to say:
What is Netcoins?
Netcoins is a Canadian cryptocurrency exchange, which means it’s a platform where you can buy, sell and trade cryptocurrencies. We’re based in Vancouver, British Columbia, Canada and service Canadian investors.
Can you tell us a bit about Netcoins’ story, including how it has evolved from the very beginning?
Netcoins was started by two brothers back in 2014. We started with a virtual Bitcoin ATM concept, where we enabled retail stores to sell Bitcoin through a wifi enabled device. The idea was that people could just go up to the counter and buy Bitcoin, similar to the way they would go up to pay for a bag of chips.
In more recent years, we’ve made the pivot away from retail stores, to focus on our online platform. Users can just go online, create an account, fund it with email transfers, and buy or sell crypto 24/7 from the comfort of their homes or while they’re on the go.
Our mission is to make it easy for Canadians to understand, buy, sell and trade cryptocurrencies.
How do you stand out from other crypto exchanges?
First, we’ve put a lot of effort into designing a platform that is easy to use. So even if you’ve never bought cryptocurrencies before, or if you don’t know a lot about investing, you’ll still find the Netcoins platform intuitive.
We also have a dedicated customer success team that we are proud of. They’re very friendly, helpful and quick to reply. We understand that our customers are investing real, hard-earned money, so we want to be there to answer any questions they may have.
Our focus on education
We’ve never done cryptocurrencies before so there is a lot of education that needs to take place for mass adoption. At Netcoins, we’ve made it our mission to help Canadians understand the origins of money, how to invest in cryptocurrencies and how to keep their investments safe.
In fact, we’ve recently launched our crypto academy to help beginners understand what cryptocurrencies are, how the blockchain works and so much more. It’s not technical at all so it’s a great resource for beginners.
We’re publicly traded and volunteered to be regulated
Netcoins trades under our parent company BIGG Digital Assets (CSE: BIGG / OTCQB: BBKCF), which means our financials and books are more transparent.
We also see the need for a regulated crypto trading platform in Canada that investors and traders can trust, and therefore applied for registration from the British Columbia Securities Commission (BCSC) and the Canadian Securities Administrators’ (CSA) regulatory sandbox.
What are the steps people need to take to invest with Netcoins?
Investing with Netcoins is very easy. It’s all done with the click of a few buttons, and can typically take between 5-10 minutes from start to finish.
Here are the steps to buying crypto:
- Create an account with Netcoins here.
- Deposit Canadian dollars into your account with Interac e-Transfers, online bill payments, wire transfers or crypto deposits. It’s free to fund your account!
- Once you’ve funded your account, you can choose to buy your cryptocurrency of choice (we currently offer 7 cryptocurrencies).
- Then confirm your transaction! Congratulations, you are now a cryptocurrency investor.
What most people don’t know is that you can choose to invest with as little as $10 or $10 million – up to you. That’s because you can buy a fraction of a cryptocurrency, or an entire cryptocurrency. Again, it’s up to you.
Why should people invest in cryptocurrencies?
As a hedge against Inflation
Our dollar continues to lose value over time because governments and banks are printing more and more money. But, cryptocurrencies like bitcoin are scarce. Bitcoin has a limited supply of 21 million coins. This scarcity protects bitcoin against hyperinflation, and in theory should hold value in the long-term.
To build wealth
Cryptocurrency is seen as another way to build wealth. Real estate, stocks, and bonds, etc., they’re becoming less and less accessible for millennials. Cryptocurrencies can be a good alternative way to build wealth. In fact, bitcoin is the best performing asset in the last 10 years.
To diversify your investment portfolio
Investors looking to diversify their portfolio could benefit from investing in cryptocurrencies by having non-traditional assets mixed in with traditional assets. But similar to stock trading, you need to be comfortable with a certain level of risk.
If anyone has any questions, or concerns with getting started in crypto investing, please don’t be shy to reach out to myself or the Netcoins team. We’d love to chat more about crypto and help you get started if you need a little support.
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Bella Wanana is a freelance writer. She is the owner of bellawanana.com, a personal finance and lifestyle blog. She loves sharing with her readers the best tips and tricks on personal finance and how to live a balanced but fulfilling life. She has been featured on sites like MSN.com, Reader’s Digest, The Financial Diet, Yahoo Finance, and GOBankingRates.