FREQUENTLY ASKED QUESTIONS

What is Bitcoin?

Bitcoin is a cryptocurrency using peer to peer technology. As a virtual currency, it has the potential to provide faster, cheaper and more secure global payments without any prerequisite screening or abitrary limits. At it’s core, bitcoin utilizes an open ledger (blockchain technology) to create a more transparent system. Bitcoin is allowing a new level of financial inclusion and letting people transact on their own terms.

 

What is a Bitcoin wallet?

A ‘wallet’ allows the user to receive Bitcoin, store them, and send them to others. There are various types of Bitcoin wallets, which you need before purchasing any Bitcoin. If you require assistance, we can help you set up a ‘wallet’.

 

Do I have to buy 1 Bitcoin? What is the minimum amount of Bitcoin I can buy?

No, you do not. You can purchase the minimum amount of $5 CAD worth of bitcoins. You will receive the BTC equivalent of the CAD you input, depending on the exchange rate at the time.

Or you can get started with one of our unique introductory packages. Click to find out more

 

What denominations do you accept?

We accept Canadian Dollar bank notes in the following denominations:

$5, $10, $20, $50, $100

 

What can I do with Bitcoin?

Bitcoin can be a faster, cheaper and more secure global payment option. It can be used at participating retailers and service providers. Large retailers include Overstock and Expedia. The list of participating retailers and service providers is constantly growing. Please check here for a full list https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/

 

Do you charge a fee?

Our Bitcoin price is among the most competitive in the industry. It is based on the market rate, in addition to an exchange fee, much like how a currency exchange sells you fiat money.

You can purchase one of our unique introductory packages that sells Bitcoin at a market rate price and includes a low fee. Packages start at $300. Click for more details

 

Fraud Prevention.

Never make a transaction for someone else, without knowing who they are, or what it is for. You could be unknowingly aiding criminal activity, and opening up yourself to criminal prosecution. Also consider that, if you do not know this person, and you were promised payment, there’s no guarantee you’ll get paid. And there’s nothing you could possibly do about it, if they’re anonymous.

Toronto Bitcoin Exchange operates a bitcoin payment service. Like other network providers, Toronto Bitcoin Exchange is not responsible for your actions on the network.

Toronto Bitcoin Exchange cannot help you if you deal with someone or for a purpose that you haven’t taken the steps to verify.

Remember: Bitcoin transactions are irreversible.

 

How do I buy it?

Bitcoins can be purchased at an automated machine at one of our Locations, or one of our knowledgeable agents can assist with one of our exclusive Introductory Packages.

 

Why aren’t my Bitcoins showing up?

All Toronto Bitcoin Exchange transactions happen immediately, so you should receive your bitcoins right away. If you don’t see your bitcoins in your wallet app, you most likely just need to close out of your wallet app, then reopen it.

Bitcoin utilizes block chain technology, so some wallets will not show your coins until the transaction has been confirmed on the blockchain. This usually takes about 10 minutes, depending on how congested the network is.

If you are concerned that your coins haven’t been sent, you can check the status of your transaction by going to blockr.io and searching for it by using your wallet address.

 

Can I sell my Bitcoin to the Toronto Bitcoin Exchange?

Yes, you can sell Bitcoin to the Toronto Bitcoin Exchange. Please contact us to sell your Bitcoins.

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