Canada's capital city of Ottawa, Ontario is one of the most technologically advanced metropolises in the world. It has a lot of startups and is a great place to live and work if you're into technology. It also has a vibrant Bitcoin and crypto community.
The first Bitcoin ATM in Canada was installed in Vancouver in 2013. Since then, there have been several others installed in major Canadian cities, including Toronto, Montreal, and Calgary.
Ottawa currently has several Bitcoin ATMs, which are pretty evenly spread out across the city. If you're looking for a Bitcoin ATM in Ottawa, you should be able to easily locate one on any up-to-date map.
Disclaimer The following ATMs are listed online, so Coinberry isn't able to confirm the legitimacy of the ATM locations listed below:
In case you haven't heard about it yet or just need a refresher, Bitcoin is a decentralized peer-to-peer payment network that was created some time shortly before 2009 by an individual or ground only known by the name Satoshi Nakamoto.
Bitcoin was designed as an alternative currency that would allow people to send money to each other over the internet without having to rely on a third party like a bank or credit card company. The system is based on a public ledger called the blockchain that keeps track of all the transactions that have ever been made using Bitcoins.
Bitcoin ATMs are physical machines that allow you to trade cash for Bitcoins or vice versa at your local machine. You can use them to buy and sell Bitcoins for Canadian dollars (CAD) or any other currency that they support.
CBC reports that the first Bitcoin ATM was first introduced in Ottawa in early 2014. The machine was unveiled at the Byward Market pub, which is a popular tourist attraction in the area. After that, more Bitcoin ATMs were installed in various locations around the city over the next several years.
The fees charged by each Ottawa Bitcoin ATM can vary quite significantly depending on where you are located and how much money you want to trade. Occasionally (mostly in areas with a high concentration of Bitcoin ATMs) you can find Bitcoin ATM fees of less than 10%, but this is unfortunately quite rare. For this reason, it's always better to find a good crypto platform for buying Bitcoin instead.
There are many options for buying Bitcoin online in Canada, but the best is currently Coinberry. This platform allows you to buy Bitcoin directly with your credit card, or you can use an electronic transfer (like Wire or Interac e-Transfer). And if you have ETH (Ether) that you'd like to use to buy some Bitcoin in Ottawa, you can easily do that as well on Coinberry.
Coinberry has an easy-to-use website, but also has a mobile app that you can download for iOS or Android. The user interface is very intuitive and they even have a Learning Center with plenty of educational resources for newbies and veterans alike!
Although they can be expensive, there are some benefits to using Bitcoin ATMs over other methods of buying and selling crypto assets. Here are some examples of those benefits:
If you're traveling somewhere without a reliable internet-connected device like your smartphone, it's not always possible to access your online banking account and an ATM can come in handy if you want to buy some Bitcoin. Ottawa is a big tourist destination with many attractions so Bitcoin ATMs are great to have around for emergencies.
If you're buying or selling from a Bitcoin ATM with cash instead of using your credit card, it's hard for third parties to spy on your activity. This is because when using your credit card, your transaction is recorded by the merchant's POS terminal and then sent to your financial institution for verification before being processed on the blockchain. With cash transactions, however, there's less of a paper trail so it's harder for third parties to see exactly what's going on.
One of the main reasons why many people don't like using traditional banks is because they require you to create an account with them before you can access their services. This can require you to spend a lot of time and effort uploading and verifying documents and personal information, which is both time consuming and privacy infringing. But a standard Bitcoin machine in Ottawa allows you to just buy or sell your assets without having to jump through so many hoops.
There are several alternatives to using a Bitcoin ATM if you're in Ottawa. If you have an internet-connected device, like a computer or smartphone, then you’ll want to sign up with an online crypto platform in order to get a broader range of services with much lower fees.
While you have a lot of different options when it comes to these services, Coinberry remains the best. Its easy-to-use website makes it very simple for beginners to get started while still offering advanced features for more experienced users as well as educational materials for those who want more information about crypto and blockchain technology itself.
Additionally, you can set limit orders for your Bitcoin purchases on Coinberry so that you can wait until the price of BTC reaches a designated point before your buy or sell order is executed. Several other crypto assets are also supported on Coinberry, so if you want to get involved in crypto other than Bitcoin, Coinberry has you covered with that as well.
Bitcoin ATMs are great if you're traveling somewhere without an internet connection or if you just need Bitcoin immediately without having to set up an account on a crypto platform. The city of Ottawa has embraced crypto quite well and there are several options for finding and using a Bitcoin ATM in Ottawa if you lack access to something better, like a Coinberry account.