Canadian Bitcoin users do not have to use internationally based exchanges to buy, sell, and trade bitcoins. Instead, they can turn to an increasing number of Canada based bitcoin exchanges like Bull Bitcoin.
Its parent company, Satoshi Portal Inc., offers both an exchange via Bull Bitcoin and a sister platform for making Bitcoin payments via Bylls, which is also integrated into BullBitcoin.com. Customers can use both if they choose; if not, they can simply utilize Bull Bitcoin to buy bitcoins. The most important thing to know is that Bull Bitcoin only buys and sells with Canadians, and only bitcoins.
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Bull Bitcoin is different in that it deals only in Bitcoin. In contrast, a company like Coinsquare offers several other cryptocurrencies; even Bitcoin-focused Shakepay allows its customers to trade Ethereum. Unlike these other exchanges that cover both Bitcoin and a variable range of altcoins, Bull Bitcoin is committed to Bitcoin and Bitcoin only. They consider themselves Bitcoin maximalists; they believe wholeheartedly that Bitcoin will eventually "replace central-bank fiat currencies as the global monetary and financial system."
The company and its owners also consider themselves cypherpunks and Bitcoin holders of last resort. They like to say they have skin in the game, which is true. Bull Bitcoin is totally self financed – there are no outside investors propping the company up.
Creating an Account on Bull Bitcoin
Creating a Bull Bitcoin account is a simple and straightforward process. You will need your bank account information, an email, and your phone number. Once your bank account has been verified, you are ready to start buying bitcoins. You fund your purchases through your bank account. It is just that simple.
Note that you must supply personal information – including proof of identity – to meet ‘know your customer’ (KYC) regulations. This is information that Bull Bitcoin says they only use to meet its own legal obligations related to KYC. They claim to never share your personal information with anyone else.
How to Buy Bitcoin on Bull Bitcoin
Buying bitcoin on BullBitcoin is simple and secure. An important to note that arguably makes Bull Bitcoin the best place to buy bitcoins is that it never acts as a custodian of customer funds. It is a non-custodial exchange, so customers must provide their own Bitcoin wallet address for storage and payment purposes.
Their platform has a built-in Crypto Contract feature that provides irrefutable proof of all transactions. Thus, when you buy your bitcoins, they are sent to your own wallet, and Bull Bitcoin supplies an invoice proving that the transaction took place.
Funding Your Account on Bull Bitcoin
The actual process of buying bitcoins starts with funding your account. You log on and click the 'Fund Your Account' link in the main menu on the left side. Choose your payment method and the amount you wish to transfer. The current accepted payments methods are Interac e-Transfer, Direct Debit, Wire Transfer, Desjardins Transfer, and L-CAD (Liquid CAD, more on that in a future article).
The system then generates an invoice with the information you will need to give your bank. Then you log on to your bank website and initiate the transfer in the selected manner from there.
Once your account is funded, your Canadian dollars will appear as Funds Available in your Bull Bitcoin account. You can now select the ‘Buy Bitcoin’ option. You will then input the amount of CAD $ you want to spend, and the site will show you how many bitcoins you will receive. You must then input your BTC address (or L-BTC address) where your bitcoins will be sent.
This process may not seem as intuitive the first time around compared to buying on other platforms like Shakepay, but the advantage is that you are always in control of your funds given that Bull Bitcoin is non-custodial. I insist on the non-custodial aspect - it is a feature that all “exchanges” should implement in my opinion in the spirit of the Bitcoin ethos.
Bull Bitcoin Fees
So, what’s Bull Bitcoin’s business model? Just like some of its competitors, the fees Bull Bitcoin charges are not obvious to determine. Technically, Bull Bitcoin’s fees are nil. Indeed, they do not charge additional fees when you fund your account or when you buy bitcoins. Instead, Bull Bitcoin makes its revenue through the spread: i.e. the difference in price between the price at which they sell you bitcoins and the price they buy bitcoins from you or OTC.
For instance, Shakepay’s business model is similar, whereas they make their money in the spread. Coinbase, however, not only benefit from the spread, but also charge transaction fees, notably when you buy bitcoins with a credit card.
Paying Your Bills with Bitcoins via Bull Bitcoin
You can use the Bylls side of the platform to pay your bills with Bitcoin. According to the company, their list of billers currently stands at about 9,000. To pay a bill, you navigate to the main menu and click the 'Spend Bitcoin' link.
You will be presented with a searchable list of billers covering everything from utilities to internet service and Canada Revenue Agency tax payments. You can even create your own billers not already on the list. You pay with bitcoins while the biller receives fiat.
To facilitate paying of bills, Bull Bitcoin utilizes a rate lock procedure that gives you 15 minutes to complete the transaction without having to worry about the value of your coin. Bull Bitcoin will convert your Bitcoin to fiat at the going rate at the time you initiated the transaction.