Bitcoin Wallet for Canadians

[BitTechNewbie]

Hi Everyone,

I was wondering what Bitcoin wallet would you recommend for Canadians that works on Desktop, Mac's and Mobile that I works for Canadians?


I ask because I was trying out Coinbase and found out it doesn't work to Sell and transfer the money out to any Canadian institutions.

Thank you in advance for your help.

[Opquar]

Don't bother with online wallets. Try Electrum. It's convenient and secure. You can simply transfer coins to an exchange if you need to convert them to CAD.

[avikz]

Coinbase and blockchain. info are online wallets. Even though both are time tested and trusted but it is always better to go with a hardware wallet instead od an online one. If you are planning keep just a small amount of bitcoin, then you can try online wallets, it will give you convenience of use from any internet environment.

However, if you are looking to invest a good amount of money in to bitcoin, try Electrum wallet. It is a lightweight wallet and you don't require to download the entire blockchain in to your computer. It saves both time and space for you. Just download and install. That works!

[IamJustInTime]

You can find many useful options here: https://bitcoin.org/en/choose-your-wallet

[LoyceV]

You can find many useful options here: https://bitcoin.org/en/choose-your-wallet

Or here: [General] Bitcoin Wallets - Which, what, why? .

But, I don't think that's what you're looking for:

I ask because I was trying out Coinbase and found out it doesn't work to Sell and transfer the money out to any Canadian institutions.

It's important to distinguish between wallets and companies. In my definition, a wallet gives you full control over your own private key, and can't be limited to any countries. All the rest, from Coinbase to Poloniex, are companies where you can trade coins, but they are in control of your money.

So, for a wallet: read the two links above.
Unfortunately I don't live in Canada, so I can't speak from my own experience other than Google: Try https://www.buybitcoinworldwide.com/canada/ . The first one they recommend though is Coinbase:

Residents of Canada can use Coinbase to purchase bitcoins with a credit card. The fees are 3.99% per purchase, and your bitcoins are delivered instantly.

If you use Coinbase to buy Bitcoins, send them to your own wallet so you control them, and procede from there.

[Immakillya]

You can try other offline wallets mate. Electrum and Mycelium is the beet so far. Im using both of them and never encountered any problems. Coinbase is a US based wallet/exchange. You have to comply with their terms and regulations in order to use their service. You have to give any copy of your identification documents. That's sucks. Mycelium wallet has Buy and Sell option. You can buy thru your bank account both US and Canada. Also has a function like localbitcoins which you can locate traders who wants to trade their Bitcoin near to your place. Anyway, don't use any web wallets like coinbase or xapo because you don't have access to your private keys.

[BitTechNewbie]

Thank you everyone for the great information. It appears more people are recommending Electrum as the preferred wallet.

Just a few questions about Electrum:

1) Is there a limit for buying and selling bitcoins for Electrum's wallet? I know Coinbase had a $3,000 cap
2) I noticed Electrum doesn't work on iOS, I would like to use it on the go as well. How do you Electrum users do that?
3) How much resources does Electrum use? I am just trying to figur out what system to install it on.
4) It's interesting that there are so many different wallets. I was only introduced initially to CoinBase and online wallets. I had no clue about Hardware wallets, and offline wallets.

I do appreciate the Hardware wallet of Electrum which I am going to seriously look into and have that has possibly my main storage wallet. Then I might have another wallet for day to day and smaller amounts. What do you guys think of Xapo for the smaller amounts?

[LoyceV]

1) Is there a limit for buying and selling bitcoins for Electrum's wallet? I know Coinbase had a $3,000 cap

Electrum handles Bitcoins, not dollars. It has no limits on how many Bitcoins you can store.

2) I noticed Electrum doesn't work on iOS, I would like to use it on the go as well. How do you Electrum users do that?

I don't use iOS, but pick one: https://bitcoin.org/en/wallets/mobile/ios/
Based on my current knowledge, I'd choose breadwallet from this list.
Best practice: Store small amounts of Bitcoins on your mobile wallet to use "on the go", and keep the majority of your Bitcoins safely in cold storage.

3) How much resources does Electrum use? I am just trying to figur out what system to install it on.

It doesn't use much. Virtually any system should work.

4) It's interesting that there are so many different wallets. I was only introduced initially to CoinBase and online wallets. I had no clue about Hardware wallets, and offline wallets.

Again: Coinbase is not a wallet, it's an exchange.

I do appreciate the Hardware wallet of Electrum which I am going to seriously look into and have that has possibly my main storage wallet. Then I might have another wallet for day to day and smaller amounts. What do you guys think of Xapo for the smaller amounts?

Xapo too is not a wallet. Many people use it though. Just try a few and see what works for you, that's the beauty of so many different wallets.

[BitTechNewbie]

1) Is there a limit for buying and selling bitcoins for Electrum's wallet? I know Coinbase had a $3,000 cap
Electrum handles Bitcoins, not dollars. It has no limits on how many Bitcoins you can store.

No I understand that, and the Coinbase restrictions is $3,000 which is what ever amount of Bitcoin you can purchase at that time. Which is just south of half a bitcoin I think currently.

2) I noticed Electrum doesn't work on iOS, I would like to use it on the go as well. How do you Electrum users do that?
I don't use iOS, but pick one: https://bitcoin.org/en/wallets/mobile/ios/
Based on my current knowledge, I'd choose breadwallet from this list.
Best practice: Store small amounts of Bitcoins on your mobile wallet to use "on the go", and keep the majority of your Bitcoins safely in cold storage.

That makes sense

4) It's interesting that there are so many different wallets. I was only introduced initially to CoinBase and online wallets. I had no clue about Hardware wallets, and offline wallets.
Again: Coinbase is not a wallet, it's an exchange.

ok maybe I am not understanding the difference. From what I understand an exchange is where you can buy and sell Bitcoins correct? A wallet is where you store them once you have purchase them.

Coinbase I do understand has an exchange componet to it, but form what I have read they have a Mobile wallet  https://www.coinbase.com/?locale=en  

That is why I keep referring to them as a wallet, but I should refer to them as both, is that correct?

I do appreciate the Hardware wallet of Electrum which I am going to seriously look into and have that has possibly my main storage wallet. Then I might have another wallet for day to day and smaller amounts. What do you guys think of Xapo for the smaller amounts?
Xapo too is not a wallet. Many people use it though. Just try a few and see what works for you, that's the beauty of so many different wallets.

Are you sure Xapo is not a wallet ?

BRINGING BITCOIN TO EVERYDAY LIFE
Interested in getting started with Bitcoin? Make a smooth transition from fiat to digital money! Xapo provides the tools you need to purchase bitcoins, then manage them through our easy-to-use online wallet, spend them with a swipe of the Xapo Debit Card, or store them in Xapo's free, ultra-secure Vault."

https://xapo.com/



Again I am just trying truly understand Bitcoin and the process so I understand how to invest, as well as use Bitcoin properly.

Thank you

[BrickWall]

Doesn't matter what your nationality is. A wallet is a wallet. Bitcoin core for a full node and electrum if you can't store a full node.

[BitTechNewbie]

Doesn't matter what your nationality is. A wallet is a wallet. Bitcoin core for a full node and electrum if you can't store a full node.

Sorry what do you mean a wallet is a wallet? I have been finding that there have been limitation for certian wallets for Canadians, which I am learning appears to be mostly online wallets (not hardware or offline), also certain exchanges.

To be clear I do understand they are just storing Bitcoin, not Canadian currency. I am clear on that. But when it comes to support or purchasing products in Canada. There has been some limitation from what I have found.

That is why I am asking these questions.

[LoyceV]

Please edit your post and fix your quotes: add a /quote here:

Code:

It has no limits on how many Bitcoins you can store.[/quote][/quote]

4) It's interesting that there are so many different wallets. I was only introduced initially to CoinBase and online wallets. I had no clue about Hardware wallets, and offline wallets.
Again: Coinbase is not a wallet, it's an exchange.

ok maybe I am not understanding the difference. From what I understand an exchange is where you can buy and sell Bitcoins correct? A wallet is where you store them once you have purchase them.

Correct.

Coinbase I do understand has an exchange componet to it, but form what I have read they have a Mobile wallet  https://www.coinbase.com/?locale=en  

That is why I keep referring to them as a wallet, but I should refer to them as both, is that correct?

Several companies call their own centralized system a wallet. In my definition a wallet gives you (and only you) full access to your private keys. In other words: if Coinbase would turn off their webserver, you can't access your Bitcoins anymore. That has happened to several "trusted" exchanges in the past.

I do appreciate the Hardware wallet of Electrum which I am going to seriously look into and have that has possibly my main storage wallet. Then I might have another wallet for day to day and smaller amounts. What do you guys think of Xapo for the smaller amounts?
Xapo too is not a wallet. Many people use it though. Just try a few and see what works for you, that's the beauty of so many different wallets.

Are you sure Xapo is not a wallet ?

Ask yourself: what if they disappear? Can you still access your Bitcoins? If the answer is no, it's not a wallet.

Again I am just trying truly understand Bitcoin and the process so I understand how to invest, as well as use Bitcoin properly.

One more thing: don't instantly find a limit higher than $3k. Start small, buy some, transfer some, learn how change addresses work, try some wallets, make backups, and get used to how it works. Once you're confident you know what you're doing, buy and store the large amount you want to invest in.
Another thing: don't trust anybody NEVER show anyone your private keys or seeds, assume everybody is out to get your money, as they most likely are.

To be clear I do understand they are just storing Bitcoin, not Canadian currency. I am clear on that. But when it comes to support or purchasing products in Canada. There has been some limitation from what I have found.

Storing Bitcoin and buying Bitcoin are two completely different things. The moment you touch dollars, you're in for a full Know Your Customer (KYC) and Anti Money Laundering (AML) regulations. Once it's in Bitcoin, it's the Wild West

[carefumles]

use coinbase Because you can get your bitcoin from Bank transfer

[BitTechNewbie]

4) It's interesting that there are so many different wallets. I was only introduced initially to CoinBase and online wallets. I had no clue about Hardware wallets, and offline wallets.
Again: Coinbase is not a wallet, it's an exchange.

ok maybe I am not understanding the difference. From what I understand an exchange is where you can buy and sell Bitcoins correct? A wallet is where you store them once you have purchase them.

Correct.

Coinbase I do understand has an exchange componet to it, but form what I have read they have a Mobile wallet  https://www.coinbase.com/?locale=en  

That is why I keep referring to them as a wallet, but I should refer to them as both, is that correct?
Several companies call their own centralized system a wallet. In my definition a wallet gives you (and only you) full access to your private keys. In other words: if Coinbase would turn off their webserver, you can't access your Bitcoins anymore. That has happened to several "trusted" exchanges in the past.

That makes sense

I do appreciate the Hardware wallet of Electrum which I am going to seriously look into and have that has possibly my main storage wallet. Then I might have another wallet for day to day and smaller amounts. What do you guys think of Xapo for the smaller amounts?
Xapo too is not a wallet. Many people use it though. Just try a few and see what works for you, that's the beauty of so many different wallets.
Are you sure Xapo is not a wallet ?
Ask yourself: what if they disappear? Can you still access your Bitcoins? If the answer is no, it's not a wallet.

True that is why I would do the strategy that most people are referring to, online wallet for day to day spending and then Hardware wallet for storage of Bitcoins.

Again I am just trying truly understand Bitcoin and the process so I understand how to invest, as well as use Bitcoin properly.
One more thing: don't instantly find a limit higher than $3k. Start small, buy some, transfer some, learn how change addresses work, try some wallets, make backups, and get used to how it works. Once you're confident you know what you're doing, buy and store the large amount you want to invest in.
Another thing: don't trust anybody NEVER show anyone your private keys or seeds, assume everybody is out to get your money, as they most likely are.

Right, I was looking for limitation in wallets just to make sure I don't run into any issues later. As for the amount I agree. This is going to be low investiments for me to see how it all works. I agree be careful, this is no different from any other investment.

To be clear I do understand they are just storing Bitcoin, not Canadian currency. I am clear on that. But when it comes to support or purchasing products in Canada. There has been some limitation from what I have found.
Storing Bitcoin and buying Bitcoin are two completely different things. The moment you touch dollars, you're in for a full Know Your Customer (KYC) and Anti Money Laundering (AML) regulations. Once it's in Bitcoin, it's the Wild West

Got it

[jorneyflair]

Honestly just use Electrum for now. The best, most convenient and widely supported light bitcoin wallet available out there at the moment. Multibit is no longer supported and Armory is just kind of dead right now. Downloading the entire blockchain takes too long.

Bitcoin wallets are not restrictive of country.

Unless you are talking about bitcoin exchanges, which i'm assuming you're not.

[Taki]

Did you hear about Elecrtum wallet? I have heard that it is one of the best, I don't use it myself, cause I cash out my coins every week and I get the payments directly on my exchanger's profile to skip unnecessary fees, but you can install it directly on your computer or a smartphone.

[BitTechNewbie]

Thanks, I am going to try Elecrum wallet for now.

Thank you everyone for your advise and helping me understand bitcoin better.