Don’t fret. We’ve compiled a FAQ for you below—dive in and explore.
You can easily buy Bitcoin with CAD and EUR in CoinSmart . Simply make sure that you have a registered account with full verification. Following that, you will be able to buy Bitcoins with ease.
Bitcoin is a peer-to-peer, decentralized cryptocurrency that utilizes public key cryptography and hash functions to ensure trustless payments without relying on a third-party. The currency began use in 2009 when its implementation was released as open-source software.
One can think of Bitcoin mining as an online game wherein nodes with specialized mining equipment use their computational power to solve cryptographically challenging puzzles continually. Those who successfully solve this puzzle get to add their block to the blockchain and earn a block reward. The method used by Bitcoin is called proof-of-work.
Satoshi Nakamoto created Bitcoin. No one knows who Nakamoto is, and no one knows if this is one person or a group of people. Nakamoto holds 1 million Bitcoins and was last heard from on April 26, 2011.
Bitcoin halving is an event that takes place every 4 years or 210,000 blocks. During this event, the amount of block reward given to miners gets slashed in half. The latest halving happened in May 2020, which slashed the block reward from 12.5 to 6.25 BTC.
Bitcoin uses public key cryptography to send and receive BTC coins. Bitcoin’s public address can be thought of as your account number. When you send Bitcoins to someone, you do it by sending them to their public address. Since the public address is often a complex string of characters, it is much simpler to use the accompanying QR code.
Go to Wallet -> Click on Bitcoin -> Click on Withdraw -> Enter the destination public address -> Mention how much Bitcoin you want to transfer -> Send!
Answer our “SmartRewards” quizzes and get a chance to win 1000 SATs/quiz. Use the email you registered on CoinSmart with to earn the reward.
Most recent update: October 22, 2021
This overview provides a summary of certain risks involved trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.
No securities regulatory authority has expressed an opinion about the Crypto Contracts or Bitcoin, made available on the CoinSmart Platform, including an opinion that Bitcoin is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of your crypto assets and such changes may be sudden and without notice.
Prior to listing Bitcoin on the CoinSmart Platform, Simply Digital Technologies Inc. (SDT) conducted due diligence and determined that Bitcoin is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:
Like all crypto assets, there are general risks associated with Bitcoin including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Risk Statement.
As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading Bitcoin and we encourage you to conduct your own due diligence to determine whether trading Bitcoin is right for you.
SDT is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Simply Digital Technologies Inc. dated October 22, 2021 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.