The new age of IT and cryptocurrency
Cryptocurrencies are one of the most modern parts of our lives, perhaps more so than most other inventions of our century such as the smartphone or the ever-improving Artificial Intelligence. Considering that the first successful attempt at a decentralised currency (and most prominent of them all) hit us only 8 years ago under the name Bitcoin we have had enough time to get used to it and stop considering it new and alien, but not enough to impact us in a meaningful way. Or did it?
One of the booming industries around the world is the IT environment. Whether we are talking about the software part or the hardware aspect, both have been heavily influenced by the invisible, untraceable hand of Bitcoin. The way this currency is created is quite different from your average, physical and centralized currency as it is awarded to the first computer which mines (solves an equation) the fastest. Following this process and the increase of interest in the Cryptocurrencies the equation was improved and the time a single computer could process the calculus has multiplied to the point you can acquire a single coin in roughly 4 years.
This development has led to the creation of community computers and dedicated devices that have an immense power, yet which rely not on processors but on graphics cards to do the math. How exactly does that affect the Canadian economy though? It is quite simple, the most well-rounded graphics card that can be bought in Canada (and the most popular with the Bitcoin miner crowd) has multiplied 5 times in price and the local extension of the producer had to invest in more components and manpower to satisfy the need at least on a local level. The company still failed to meet its production target, yet the impact was noticeable enough for the Canadian government to take interest in this currency and approve an investment fund in it (the first of its kind, after a similar idea was cancelled in the US).
The Conversion Rate For Bitcoin to CAD
Surely after reading all this you may ask yourself: How come such a currency is not used in far more transactions, if it indeed is so powerful? A rightfully asked question, especially as even the name may alienate some of us into thinking it is something only IT-inclined people use, yet one that can be answered simply. As Bitcoin is always fluctuating, similar to most other common currencies, someone has to track its conversion rates and value so that others may use it safely. Bitcoin converters are spread all over the internet, yet the most widely accepted ones are Coin Sqaure and Coinbase, primarily due to the checks they apply to visitors to assure that bots will not tamper with the charts and statistics and their direct tracking of the currency. As of 26th of November 2017 the conversion rate of 1 BTC to CAD is of 1: 7640.45, which follows the expect-able upward trend.
As expected, the Bitcoin value has been going up, as more and more individuals acquire a fragment of one in spite of the creators attempt to make the process harder and harder, and investments seem to become more and more commonly accepted by the banking environment. Considering the unavoidable fate of deprecation, the miners are racing time and their competitors for and always have to double check that they are still turning a profit. To fill this need of the Bitcoin miner market, the far more refined and better suited for the task of anticipating conversion rates Bitcoin calculators were created. Though very similar to convertors, they are typically specialized in analyzing the patterns of the currency’s evolution on a far finer scale and can provide a reasonably accurate image of what the charts may show the following day. An average user needs not concern themselves with such matters however, mainly because the fluctuations are not influenced by matters of politics, public deals or corporate interference and the devaluation index has slowed down in the past 3 years.
Cryptocurrency and the Canadian Economy
The main benefit of not switching from Bitcoin to Canadian Dollars in a short amount of time after buying the currency is that it is steadily increasing in value. If its beginnings were uncertain and its growth was shunted by fears of instability, it has proven that it is a safe and fool-proof coin and thus gained incredible amounts of backing. One must also consider that among its greatest perks is that its untraceable; a quality highly valued by those who seek discretion or safety. This has made the coin, which is extremely resilient to tampering, a favorite among the shadier corners of society. Although it may be an uncanny indicator, the fact that illegal agents prefer it to the USD or EUR which are far more widely used currencies with less abstract points than Bitcoin, vouches for its stability and safety. To the man that keeps himself in the boundaries of law this only serves as an indicator to what the Cryptocurrency can do and why it is the better choice for the adventurous economic agent.
Of note may also be a detail that advocates of the Bitcoin often forget to mention to the uninitiated in this currency is that the transactions are very rarely dealt in proper currency, and much more in very specific fractions of it. Thus, many are shocked to see conversions of 0.3045631 BTC to 320 CAD. As impactful as it may be, it is easy to get accustomed to this sort of transactions as the bulk of it is done in such brackets of value. Although seemingly complicated, it is no different from your average transaction and thus it is very easy to get involved into it, the only odd part of it being the increased number of digits and not much else.
Thus, judging by the current trends in the economic environment those Canadians who are willing to experiment and invest into possibly one of the biggest gambles of the modern world or simply want to be discreet with their acquisitions would not be making a mistake by checking this option out.