FAQ
Bitcoin is digital money that works without a bank or government. You can send it to anyone in the world, and all transactions are recorded on a public ledger called the blockchain.
Bitcoin was created by an anonymous person or group known as Satoshi Nakamoto, who published the Bitcoin whitepaper in 2008 and launched the network in January 2009. Nakamoto’s true identity remains unknown.
There will only ever be 21 million Bitcoin. As of 2025, over 19.5 million have already been mined. The last Bitcoin is expected to be mined around the year 2140.
Yes. You can convert Bitcoin to Canadian dollars (or any currency) through a cryptocurrency exchange, a Bitcoin ATM, or by selling to another individual. Localcoin Bitcoin ATMs support instant cash-out in Canada.
A Bitcoin wallet is an app or device that stores your private keys — the credentials that prove ownership of your Bitcoin. Without your private key, you cannot access your funds.
Yes. The Canada Revenue Agency (CRA) treats Bitcoin as a commodity. Capital gains tax may apply when you sell or exchange Bitcoin. Always keep records of your transactions and consult a tax professional.
Bitcoin is a cryptocurrency — the first and most well-known one. Cryptocurrency is the broader category of digital assets that includes Bitcoin, Ethereum, Litecoin, and thousands of others.
Beginners can buy Bitcoin using a cryptocurrency exchange (like Newton or Coinbase), a Bitcoin ATM with cash, or a P2P platform. Bitcoin ATMs are often the easiest option for those without a bank account or crypto experience.