 Hopefully in this video you'll be learning how to buy Bitcoin because should be told if you're looking to buy Bitcoin at the beginning It's quite complicated for the most part, right? It certainly can be you hear some convoluted stories about wait a second someone go raw for Bitcoin What is this? Where do I buy it? And you're like you have this hesitation So hopefully Ethan and I well today will be educating you on what we believe are the safest But also easiest with those kind of contradictory sometimes Sometimes sometimes but safe is an easiest way to purchase a Bitcoin in a theory now before we begin I want Ethan to introduce himself, right? So yeah, my name is Ethan. I've been in the space since 2012 I really wish I had caught some of the early investment advice and when it was like 25 cents per Bitcoin to pick it up Yeah Do we all wish we were there? But yeah, I've been in the space for a long time Used to do a radio show. I think actually our radio show that I was involved in It was the first live-to-air commercial radio broadcast maze it was became put Bitcoin related It was fantastic. It was a lot of fun But yeah, there's been so much development in this space and as the space develops and as people get more interested in it You get more people who want to want to buy it because they want to find out a bit In fact friends of mine they go back to visit friends and family and they tell them what they've heard from me And then they get they come back and tell me my friends and family Bitcoin stuff and how do you buy it? How do you get your hands on what's going on in the space? So yeah, lots of interest and people who are new to it. They gotta figure out how does they get into it, right? So what do you think right now is one of the simplest ways for somebody who's we'll just focus for Bitcoin for now Right. What do you think is one of the simplest and safest ways for let's say a mom paw to buy Bitcoin? I you know, there are so many ways as you mentioned earlier and sometimes simple and safe doesn't go together Yeah, but I think that if you look at at a market like local bitcoins.com for instance That's that's a popular market where people will trade cash for Bitcoin. There are there are scams on there That's right. So it's like the Kijiji for Bitcoin That's right exactly totally like Kijiji for Bitcoin And you have to you have to just like when you're buying a bicycle often Kijiji that might be stolen or something Right, you really have to kind of keep in your mind that you know, you're dealing with strangers You have to look at ratings and past reviews of people that's something the local Bitcoin actually incorporates into its system Which makes for a safer system is is you you totally can if you want to Buy Bitcoin from the brand-new user account who's got you know, Smith one two three is its username And in a life workout chances are that might be pretty darn risky Or you can you can approach these merchants that have been on local Bitcoin for five years You know what they're there they were there when it started they've got you know a thousand Bits of feedback and review you look for that you look for those people who will be able to trade Bitcoin for you And really it's about as simple as install a wallet on your phone, right? And you get When you buy a wallet you're talking about it, you know, let's kind of like dive in deep for a wall sure so What's the simplest explanation you can give somebody what is a wallet a wallet is a place where? Your Bitcoin addresses live and your Bitcoin addresses are where your Bitcoin. Okay, right? I even let's say let's say a wallet is a digital version of your actual physical wallet You have in your pocket a little bit different obviously We won't get into technicalities of it and I would I always tell people it's almost like the same thing as if you want To use online banking so opposed of you logging in like for example online bacon I say your TD you got a login to your password Think of that but without all the hassle and without actually without TD owning your wallet you own it It's yours on your phone. You have access you don't have to worry about passwords because it's encrypted in a different matter But that's what it is It's a digital platform on your phone or on a desktop run other devices Which you have access towards a crypto that you buy right exactly so you get something like this on your phone Yes, and it's as simple as Showing your your address your public address. Yeah, so you basically you kind of open up your wallet. Yeah, somebody else here Yeah, give me money stuff cash in there. That's right And that's it's pretty much that simple, right? They'll send the people who you're buying from If you meet them in person, they'll they'll send money. They're they'll send Bitcoin to your wallet You'll give them physical cash that you're familiar with right and at that point. It's a simple exchange So what do you say local bitcoins is a good start for some people? I would say it okay Yeah, I would say it's a good start because it's typically it's pretty straightforward It doesn't take a lot to settle my account on mobile phones. It's pretty straightforward So let's kind of summarize So before you get to local Bitcoin you need to get yourself a Bitcoin wallet. That's right. Do you recommend any wallets? I mean, there's so many good moments out there. I mean my favorite is the Jack's wallet That's a good multi currency. Yeah, yeah, it's a good multi currency wallet I think if you're looking for something a little bit more basic you'd probably go with the blockchain.info wallet or bread or bread wallets We're same ever But good wallet, right? I mean, there are a lot of good wallets out there Definitely when you're looking for wallets. Yeah, you do want to go to reputable sources like friends on blockheats.com We have we have some wallet information there. We have a guide. I'll make sure I'll link you below this video So go to reputable sources to look for wallets that you might want to start to use because if you just search out any wallets offered Again, this is a space where you do need to be aware of the potential for getting ripped off on scanners That's right. It's a possibility. So if we summarize get yourself the wallet that we don't have a preference per se Like I said, we have a guide for the best wallets that we think for blockheats There's a link below but get yourself a wallet You can go to local bitcoins register yourself like any other website and then pretty much find people with great Ratings who've been there for a while no different than if you and I go for like trip advisor. I'm like, hey ratings for this Resort garbage. All right. I'm not doing business with them or five five stars out of five great I'm going over there. So no difference in that you meet up and they when you meet up. They first give you the Bitcoin It depends on the person I think the person because I mean They they you have to understand that especially when you're new and you're on this website You are essentially the unknown unknown person. Yes, so As long as you're dealing people with people who have a very good history You might expect some of them to say look, well, I will want you to give me money first and then I'll give you the Bitcoin Yeah, it's it's a it's a security issue where if you get Bitcoin from them Yeah, there's no way for them to get it back. Sure. So if you just run off You know, so that's a risk for them to share it on this platform. There's there's a lot of different angles But yeah, it's very simple. Just sign up. You there's a chat interface. So you can talk to this person before you meet them And you'll essentially hammer out the the terms of your of your trade. So fantastic. That's local Bitcoin is number one What do you say is a secondary option? Well, actually, there's a there is an option. We were talking about this off camera Well, there's an option right here in Canada. It's a quick PT, right? Yes Yeah, and that is very simple and That you're you're pretty much eliminating any of the risks that we talked about with Bitcoin, right? So go to quickbt.com You can buy limited amounts of Bitcoin with interact. So it's super simple. It's it's fast secure quickbt.com Put your interact in it. I do want to state this caveat though. It's not an interact visa It has to be a traditional interact the old-school interact not interact visa type in your interact It's gonna say, hey, you know, do you accept these payments? Yes, I do. I believe the limit is 200 bucks a day for interact Yeah, but it's pretty simple quick and secure like this. There is actually I Know a couple years ago or a year ago when I was using it a little bit more regularly There is a tier where you get into like an inflight. Yes, there is. You can actually start once you have more trust Yeah, yeah, and again, that's the trust thing, right? Yeah But and I think it's really important to make note that the reason that that trust thing is there is because Bitcoin transactions are irreversible Yes, they are once Bitcoin are sent. That's it Refun, please So so that I mean whenever you're buying Bitcoin Yeah, I have to think of that as one of the transaction dynamics that exists is when you get Bitcoin It's all yours and nobody can take it back from you. So that is that is a level of risk So, yeah, but that is a really simple way. Okay quick BT.com. I love that that website. I love it. So let's go to number three Let's start talking about exchanges. Sure. I before exchange. Yeah, I want to talk about BTMs because that's another really simple way Yeah, yeah, we can talk about them. Sure. Yeah, really quickly I mean if you do if you do find Bitcoin ATM machine in your neighborhood Those are pretty simple to and usually all you need is a phone number Yes, the BTM will text you a confirmation code. There's we met BTM or time a little bit of Bitcoin ATM I get ATM for Bitcoin So but those are pretty simple because really you just plug cash into the machine. Yes, so and a lot of Bitcoin ATMs or BTMs they can actually Give you cash as well. Yeah, you can buy and sell. Yeah. Yeah, they're they go both ways So it's really simple just because it's just a machine you walk up. It's like a vending machine Yeah, right. So really easy if you do find a Bitcoin ATM in your local neighborhood I think it's worth checking out. I do want to state though. Some of them do have high fees though That's true. It's like ten percent. So yeah, so some of them are high some of them are low So I do suggest that you figure out what's the transaction fee that you're paying, right? And it's not a bad idea to contact the operator if you can find out the information who runs it Yeah, not a bad idea to contact them directly by email or something. It just kind of yeah How much do you charge because I have seen BTMs that actually turn to zero percent. That's good. Yeah, very rare But I have seen it But yeah, when it comes to exchanges, you know, it's it's worth it's worth mentioning that It can be very difficult. Yes in comparison to all the options. We've talked about already, right? Yeah So we've gone from Barrier of entry from zero and incrementally getting harder. Sure. So local Bitcoin's pretty zero And we'll expand to the second why and then we went to quick BT. It's pretty zero just your interact call card and then BTM where you physically have to go there So now we're getting to exchanges where she have to go through a process a waiting period approval period a KYC system and Based on exchanges and this is really determined on where you live So we may we might make suggestions for certain exchanges that you may not have access to right? So basically what we're talking about right now as Canadians would be speaking about what we have access to as Canadians. Yeah Yeah, totally You see the moose over there a I There's exchanges in Canada like exchanges the most any other country they have to they have to operate under ML and KYC laws Which is anti-mining laundering and know your customer laws, right? These are regulations that prevent financial fraud in in the banking system or at least try to prevent it So When you're setting up an exchange again, have you ever opened a brokerage account for trading stocks that kind of thing? No, I haven't no so I so I have I've done that and that's a complicated process You have to provide identification. You have to give them all of your your personal information Setting up a Bitcoin exchange account is slightly less complicated than that So if you've ever opened up a brokerage account online for a discount brokerage firm Yeah, then opening up a Bitcoin exchange account would be a little bit less onerous than that. Yeah, right? But yeah, that is everything you mentioned. It's you have to have to be able to provide personal documentation So photo ID you have to provide things like utility bills to prove your address You have to prove who you are, right? if you if you want to withdraw Canadian dollars from the exchange, yeah, you have to send them a check and debit Probably things that automatic withdrawal forms. Oh, it's direct deposit. Yeah, direct deposit for me. Yeah, exactly So you have to provide things like that when you're opening up an exchange account That's what you have to keep in mind is you're going to have to provide a lot of information about who you are Yeah, because you are opening up a regulated account and a regulated sort of Because basically what you're doing is you're connecting your bank account to the bank account that represents the exchange So based on that you have to go through the processes and making sure that you're not money laundering So they're gonna ask you for verification whether it's birth certificate driver's license or passport They'll ask you for Utility bill to prove that you're what you're living somewhere. Yeah, you're gonna have to scan all these documents up to their platform It's gonna take them sometimes two days sometimes a week I've heard sometimes two weeks depending on don't don't even be surprised if this lasts I it went when when Bitcoin especially gets overheated lots of people get interested in it Exchanges for massive amounts of traffic those backlogs. I've seen this as long as a month by not typical, right? But I've seen it get that bad So, I mean that's something you want to keep in mind too is there is a review period just like he said And also don't be surprised if changes ask you even for a picture of you holding your identification for cracking ahead Crackings like yeah, actually, that's only when I'm aware of just where it is Actually that coins were is my favorite exchange. Yeah Free plug guys should see some ether in my account But like it's you have to be aware that all this information is going to be requested of you and the reason for that is because of all Regulation you are proving who you are you are proving that you you are not a Ghost so once you're on there. It's pretty easy from there. Sure. So once you're on there It's pretty simple. They'll have various different deposit methods So you can maybe direct deposit cash. You can wire them my transfer. Yeah, you can send email money Some exchanges use Something called flex pin which is you just go to a corner story by this little flex pin Yeah, enter a code and it's instantly in here, right? So there are a lot of different funding options Some of these options typically come of the cost for instance You might you might find that if you're wiring money to an exchange It will cost you money at your bank to wire. Yeah, and then it will cost you money to even have the deposit in there It's a change on the other end their bank charges them to receive the right double charge So you all of these exchanges should lay out pretty clearly Yeah charges that they'll associate with your deposit options, but that's something to keep in mind So you mentioned one already Maybe give us another one that you kind of recommend Rodrigo CX They are they are currently the largest exchange in Canada for crypto They're they're definitely a popular exchange, they're not my favorite, but they are popular exchange They do have a lot of funding options. So Solid option, I guess they've got a good reputation. Why do you like coin as opposed to Kraken? Well, I mean coin square. Yeah So the reason I like coin square is first partially because it's right here where I live in the greater Toronto area I kind of like that. There's a local company here The person who runs it is very much into trying to advance crypto and trying to get people Involved right and it's just a solid exchange. I mean, here's the thing if you have an exchange run by a mathematician Yeah, this is a guy who's who is absolutely focused on trying to make sure this exchange is solid and usable I really enjoyed it, but it's just got adequate liquidity. Yeah, just a good exchange a good solid exchange But all the other ones are really not bad even there's a new one in Canada. That's just starting up Easy, I think it's easy btc.ca or.com EZ BTC and They're a neat exchange They've got a lot of different deposit options, but very new so the liquidity is very low If you're buying Bitcoin or an exchange, you really want to go where liquidity is because you're gonna get the best market price So let's recap everything number one from the beginning. We got local bitcoins Number two we got is quick BT for the interact number three is Bitcoin ATMs and finally number four is the exchanges, right? So there you have it. That's our summary of how to buy Bitcoin and what we mean by how to buy Bitcoin This is also applicable to many other currencies as well You have a theorem as well at least the big ones the ones with market caps of at least more than a hundred million dollars, right? What I recommend for you is don't just take our word for granted do your own research Look up other people like I said, it really does matter where you live. What country you're in Geopolitics of your area as well, but for the most part, this is mainly applicable for most people my suggestion Like always educate yourself first. Don't just work. Don't just accept information as is Understand the concepts as opposed to just knowing the concepts. So any last questions? Just be aware. There's a slight learning curve Yeah, it's okay. It's okay Everybody I've spoken to has had some difficulty easing into the space force because it's new so don't be intimidated about any purpose I was just gonna be there. Well, thank you, Ethan Thanks a bunch